External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Carote is a global kitchenware brand in the online marketplace.</li><li>It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).</li><li>Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Carote is a global kitchenware brand in the online marketplace.It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online marketplaces (Amazon, Walmart, Tmall, etc.).Thanks to the Company’s nearly two decades of industry experience and consumer insights, and its focus on the online channel and the asset-light model (cooperation with contract manufacturers), it generated RMB 1.58bn sales/ RMB 237mn net profit in FY23 and managed to deliver an impressive CAGR of 53%/ 173% during FY21-23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>Relying mainly on online channels and successful internationalization strategy, CAROTE’s performance growth showed strong momentum in recent years. However, after the short-term demand outbreak, future performance growth could slow down.</li>
<li>CAROTE adopts a product strategy similar to ZARA, launching a massive product matrix, constantly attracting consumers' interest, but the innovation capability and core competitiveness of products are not high.</li>
<li>Valuation of CAROTE could be higher than <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>.If Trump is elected, the friction/trade war between China and US may escalate, which is detrimental to CAROTE's future valuation performance.</li>
</ul>


Relying mainly on online channels and successful internationalization strategy, CAROTE’s performance growth showed strong momentum in recent years. However, after the short-term demand outbreak, future performance growth could slow down.
CAROTE adopts a product strategy similar to ZARA, launching a massive product matrix, constantly attracting consumers' interest, but the innovation capability and core competitiveness of products are not high.
Valuation of CAROTE could be higher than Vesync (2148 HK).If Trump is elected, the friction/trade war between China and US may escalate, which is detrimental to CAROTE's future valuation performance.


Pre-IPO Carote Ltd (PHIP Updates) - High Performance Growth May Not Be Sustainable

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carote-ltd" target="_blank" data-smartkarma-citation="entities:40980:1" rel="noopener">Carote Ltd (CARO HK)</a> is looking to raise around US$120m in its upcoming Hong Kong IPO.</li>
<li>Carote Ltd is a distributor of kitchenware products. Expanding its lineup of products, Carote aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.</li>
<li>We had looked at the firm’s past performance in an earlier note. In this note, we discuss its PHIP updates.</li>
</ul>



Carote Ltd (CARO HK) is looking to raise around US$120m in its upcoming Hong Kong IPO.
Carote Ltd is a distributor of kitchenware products. Expanding its lineup of products, Carote aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.
We had looked at the firm’s past performance in an earlier note. In this note, we discuss its PHIP updates.


Carote Limited Pre-IPO - PHIP Updates - Recent Growth Led by International Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carote-ltd" target="_blank" data-smartkarma-citation="entities:40980:1" rel="noopener">Carote Ltd (CARO HK)</a> is looking to raise US$150m in its upcoming Hong Kong IPO.</li>
<li>Carote Ltd is a distributor of kitchenware products. Expanding its lineup of products, Carote aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Carote Ltd (CARO HK) is looking to raise US$150m in its upcoming Hong Kong IPO.
Carote Ltd is a distributor of kitchenware products. Expanding its lineup of products, Carote aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.
In this note, we look at the firm’s past performance.


Carote Limited Pre-IPO - Expanding Product Portfolio, Although Some Questions Remain Unanswered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carote-ltd" target="_blank" data-smartkarma-citation="entities:40980:1" rel="noopener">Carote Ltd (CARO HK)</a> is looking to raise around US$150m in its upcoming Hong Kong IPO. The bookrunners on the deal are BNP Paribas, and CMB International.</li>
<li>Carote is a distributor of kitchenware products. Expanding its lineup of products, the firm aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.</li>
<li>Initially engaged to provide original equipment manufacturing (OEM) overseas, the firm has since ventured into the online retail sector, introducing kitchenware products under its own brand name “CAROTE”.</li>
</ul>



Carote Ltd (CARO HK) is looking to raise around US$150m in its upcoming Hong Kong IPO. The bookrunners on the deal are BNP Paribas, and CMB International.
Carote is a distributor of kitchenware products. Expanding its lineup of products, the firm aims to meet its customers’ varied kitchen scenarios and enhance their culinary experience.
Initially engaged to provide original equipment manufacturing (OEM) overseas, the firm has since ventured into the online retail sector, introducing kitchenware products under its own brand name “CAROTE”.


Hong Kong

Carote Ltd is a distributor of kitchenware products.  Initially engaged to provide original equipment manufacturing (OEM) overseas, the firm has since ventured into the online retail sector, introducing kitchenware products under its own brand name “CAROTE”.

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Carote Ltd (CARO HK)

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online...

CMB International

Pre-IPO Carote Ltd (PHIP Updates) - High Performance Growth May Not Be Sustainable

CAROTE's strong growth may slow down due to lack of innovation/core competitiveness of products. Potential friction/trade war between China and...

Xinyao (Criss) Wang

Carote Limited Pre-IPO - PHIP Updates - Recent Growth Led by International Markets

Carote Ltd (CARO HK) is looking to raise around US$120m in its upcoming Hong Kong IPO. We had looked at the firm’s past performance in an earlier...

Clarence Chu

Carote Limited Pre-IPO - Expanding Product Portfolio, Although Some Questions Remain Unanswered

Carote Ltd (CARO HK) is looking to raise US$150m in its upcoming Hong Kong IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Carote Ltd Pre-IPO Tearsheet

Carote Ltd (CARO HK) is looking to raise around US$150m in its upcoming Hong Kong IPO. The bookrunners on the deal are BNP Paribas, and CMB...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carote Ltd (2549 HK) - Global Quality & Affordable Kitchenware Brand

It has a presence in around 19 countries/ regions (key markets include China, the US, etc.), selling its kitchenware in about 19 online...

CMB International

Pre-IPO Carote Ltd (PHIP Updates) - High Performance Growth May Not Be Sustainable

​CAROTE's strong growth may slow down due to lack of innovation/core competitiveness of products. Potential friction/trade war between China and...

Xinyao (Criss) Wang

Carote Limited Pre-IPO - PHIP Updates - Recent Growth Led by International Markets

Carote Ltd (CARO HK) is looking to raise around US$120m in its upcoming Hong Kong IPO. We had looked at the firm’s past performance in an earlier...

Clarence Chu

Carote Limited Pre-IPO - Expanding Product Portfolio, Although Some Questions Remain Unanswered

Carote Ltd (CARO HK) is looking to raise US$150m in its upcoming Hong Kong IPO. In this note, we look at the firm’s past performance.

Clarence Chu

Carote Ltd Pre-IPO Tearsheet

Carote Ltd (CARO HK) is looking to raise around US$150m in its upcoming Hong Kong IPO. The bookrunners on the deal are BNP Paribas, and CMB...

Clarence Chu

CAROTE's strong growth may slow down due to lack of innovation/core competitiveness of products. Potential friction/trade war between China and...