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”.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> and <a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a>, which are two relatively large listings coming up. </li>
<li>Placement were flowing through again this week, across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at Midea Group Co Ltd A (000333 CH) and Bajaj Housing Finance (BHF IN), which are two relatively large listings coming up. 
Placement were flowing through again this week, across the region.


ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

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)

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

ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

ECM Weekly (9th Sep 2024) - Midea, Bajaj Housing, Carote, Western Digital, Challenger, CICT, Premier

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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