Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>HK F&amp;B is set to have a reprieve as dine-in services at catering businesses can now remain open from 6 pm-10 pm ( max seating up to 4 people).</li>
<li>We provide a list of 34 names that will benefit from the removal of restrictions ( some with further catalysts down the road as they are exposed to China)</li>
<li>Our favorite pick remains <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group (8371 HK)</a> which we have written about in our insight <a href="https://www.smartkarma.com/insights/taste-gourmet-multibagger-reopening-play" target="_blank" data-smartkarma-citation="insights:67297" rel="noopener">Taste Gourmet: Multibagger Reopening Play</a>.</li>
</ul>


HK F&amp;B is set to have a reprieve as dine-in services at catering businesses can now remain open from 6 pm-10 pm ( max seating up to 4 people).
We provide a list of 34 names that will benefit from the removal of restrictions ( some with further catalysts down the road as they are exposed to China)
Our favorite pick remains Taste Gourmet Group (8371 HK) which we have written about in our insight Taste Gourmet: Multibagger Reopening Play.


A Comprehensive List of Hong Kong F&B Names to Play the Reopening

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>China State Construction International and Sinopec Engineering have short term reversal patterns indicating profit taking from recent advances.</li>
<li>China Resources Cement reverses downtrend with volume indicating some near term gains after reporting that 1st half profit was under pressure.</li>
<li>Yum China continues to show downward pressure given the increasing competition in the retail food segment, while Nongfu Spring collapses on news about the safety of its products.</li>
</ul>


China State Construction International and Sinopec Engineering have short term reversal patterns indicating profit taking from recent advances.
China Resources Cement reverses downtrend with volume indicating some near term gains after reporting that 1st half profit was under pressure.
Yum China continues to show downward pressure given the increasing competition in the retail food segment, while Nongfu Spring collapses on news about the safety of its products.


Technically Speaking: Breakouts & Breakdowns: HONG KONG (July 17)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Super Hi International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/super-hi-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:36125:1" rel="noopener">Super Hi International Holding (9658 HK)</a> aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.</li>
<li>Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. </li>
<li>In this note, we talk about the deal dynamics and the listing impact.</li>
</ul>



Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.
Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. 
In this note, we talk about the deal dynamics and the listing impact.


Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (2555 HK)</a> (SBBI) raised around US$330m in its HK IPO.</li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.</li>
<li>We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO.
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.8% in FY23.
We have looked at the company’s performance and valuations in our past note. In this note, we talk about the trading dynamics.


Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial (SCBCBDID CH)</a>, a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:136692" rel="noopener">Baicha Baidao IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/baicha-baidao-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:136734" rel="noopener">Baicha Baidao IPO: The Bear Case</a>. </li>
<li>There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.</li>
</ul>



Sichuan Baicha Baidao Industrial (SCBCBDID CH), a leading freshly made tea drinks company, has launched an HKEx IPO to raise US$330 million. The shares will be listed on 23 April.
We previously discussed the IPO in Baicha Baidao IPO: The Bull Case and Baicha Baidao IPO: The Bear Case. 
There are no cornerstone investors. Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.


Baicha Baidao (2555 HK) IPO: Valuation Insights

Hong Kong

Fosun Tourism Group operates as a leisure focused integrated tourism group. The Company provides resorts management, tourism destinations development, and other related services. Fosun Tourism Group offers its services worldwide.

China Travel International Investment Hong Kong Limited, through its subsidiaries, operates tourist attractions, golf clubs, hotels, and other travel related activities.  The Company also provides passenger transportation as well as freight forwarding and cargo services.

China Travel International Investment Hong Kong (308 HK)

China Travel International Investment Hong Kong

Regal Hotels International Holdings Limited owns and operates hotels.  The Company also manages and invests in real estate properties as well as invests in and trades financial instruments and marketable securities.  In addition, Regal hotel operates brewery, operates restaurants, and provides travel and florist and wedding services.

Miramar Hotel and Investment Company Limited, through its subsidiaries, invests in, develops, and sells properties. The Company also owns and manages hotels, operates food and beverage business, and provides travel services.

Melco International Development Limited, through its subsidiaries, operates investment banking, financial services, technology, fine-dining, leisure and tourism, property investment, and investment businesses. The Company carries on financial service businesses under the VC CFN and VC CEF brand names.  Melco also customizes and sells trading and back office systems under the iAsia name.

Sino Hotels Holdings Limited, through its subsidiaries, operates hotels and clubs.  The Company also invests in securities and provides hotel management services.

China Star Entertainment Limited, through its subsidiaries, principally engaged in the production and distribution of films and television drama series that are based in Chinese dialect. The Company also invests the gaming promotion business, property and hotel investments.

Fairwood Holdings Limited, through its subsidiaries, operates a chain of fast food restaurants.  The Company also invests in properties.

Ajisen (China) Holdings Limited operates a chain of casual restaurants that offers Japanese ramen and Japanese-style dishes in Hong Kong and People's Republic of China.

China Energy Development Holdings Limited, through its subsidiaries, is engaged in the sale of food and beverages in Hong Kong and exploration and production of natural gas in the People's Republic of China (PRC).

China Energy Development Holdings Ltd (228 HK)

LiJiang YuLong Tourism Co., Ltd. provides travel services in Lijiang, Yunnan. The Company provides cableway transportation, bus transportation, food and beverages services, and other related tourism services.

Ruth's Hospitality Group Inc. operates a chain of upscale steak houses. The Company's restaurants are located throughout the United States and in several international locations.

ARCLAND SERVICE CO., LTD. operates a restaurant chain based in Tokyo. The Company mainly serves pork cutlets and barbecue.

HIDAY HIDAKA Corp. operates a chain of Oriental noodle and Chinese restaurants mainly in Saitama Prefecture.  The Company produces noodles, soup, and dumplings at its own factory.

DOUTOR NICHIRES Holdings Co., Ltd is establish through merger of DOUTOR COFFEE and NIPPON RESTAURANT SYSTEM.  The Company operates a coffee shop and restaurant chain. DOUTOR NICHIRES manages all business operations, from producing and procuring coffee beans to roasting, wholesaling, and retailing.

Collins Foods Ltd. operates fast-food restaurants.  The Company operates chains of steak and chicken restaurants in Australia.

Biglari Holdings Inc. operates as a holding company. The Company, through its subsidiaries, invests in food and insurance companies. Biglari Holdings serves clients in the State of Texas.

Hana Tour Service Inc. wholesales a variety of travel related services.  The Company provides outbound, inbound and domestic travel packages and cooperates with credit card companies and Internet shopping malls to market its services. Hana Tour Service also works as general sales agency (GSA) of overseas cruise and rail passes.

Chuy's Holdings Inc. is a full-service restaurant concept offering a distinct menu of authentic Mexican food.  The Company operates chains throughout Texas, Alabama, Indiana, Kentucky, and Tennessee.

MOS Food Services Inc operates hamburger chain stores.  The Company started out by selling Teriyaki Hamburgers.  The Company also sells rice burgers, hot dogs, and fried chicken.  Mos Food has a branch store in Hawaii, Taiwan, and Singapore.

Cafe De Coral Holdings Limited, through its subsidiaries, operates quick service restaurants, fast casual dining, institutional catering and specialty restaurant chains, and food manufacturing business.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cafe De Coral Holdings (341 HK)

A Comprehensive List of Hong Kong F&B Names to Play the Reopening

We list 34 names that will benefit from the easing of dine-in restrictions in Hong Kong. Our favorite pick remains Taste Gourmet Group (8371 HK).

Sameer Taneja

Technically Speaking: Breakouts & Breakdowns: HONG KONG (July 17)

Sinopec Engineering and China State Construction have entered short term corrections while CRC has broken its downtrend in the near term. Yum...

David Mudd

Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADS offering. MS and Huatai are on the deal.

Sumeet Singh

Sichuan Baicha Baidao IPO Trading - Tepid Demand, While Peers Have Corrected

Sichuan Baicha Baidao Industrial (2555 HK) (SBBI) raised around US$330m in its HK IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Baicha Baidao (2555 HK) IPO: Valuation Insights

Our valuation analysis suggests that Baicha is fairly valued at the HK$17.50 IPO price. Therefore, we would pass on the IPO.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)