Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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<a href="https://www.smartkarma.com/entities/26778" target="_blank" data-smartkarma-citation="entities:26778:1">TCNS Clothing Co Ltd (0365999Z IN)</a> plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up <a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a>. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations.

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations. 

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billion</li><li>Flavoured breakfast cereals are becoming popular among Indian consumers</li><li>Muesli and granola is the fastest-growing category in 2017, with current value sales rising by 27%</li><li>The average unit price of breakfast cereals increases by 2% in 2017</li><li>Kellogg India Ltd retains the lead in breakfast cereals with a 56% value share in 2017</li><li>Breakfast cereals is set to register a value CAGR of 11% at constant 2017 prices over the forecast period and reach INR40.4 billion in 2022</li></ul>

Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billionFlavoured breakfast cereals are becoming popular among Indian consumersMuesli and granola is the fastest-growing category in 2017, with current value sales rising by 27%The average unit price of breakfast cereals increases by 2% in 2017Kellogg India Ltd retains the lead in breakfast cereals with a 56% value share in 2017Breakfast cereals is set to register a value CAGR of 11% at constant 2017 prices over the forecast period and reach INR40.4 billion in 2022

Sector Capsule: Breakfast Cereals in India

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Sector Capsule: Breakfast Cereals in India

Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billion Flavoured breakfast cereals are becoming popular among...

Euromonitor International Ltd.

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