HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Xiaocaiyuan International Holding / Equity Capital Markets

<ul>
<li>The financial data for 2024 has already shown investors weak growth signal.After IPO, Xiaocaiyuan may face stricter scrutiny from investors and the market in terms of its sustainable performance growth.</li>
<li>It’s not easy for Xiaocaiyuan to find new growth points. Catering companies commonly face problems such as performance fluctuations and uncertain profitability, which has left their share price underperforming.</li>
<li>Post investment valuation has already reached RMB10 billion, which far exceeds the market value of A-share peers. Due to concerns on the outlook, valuation performance after IPO could be lower-than-expected.</li>
</ul>


The financial data for 2024 has already shown investors weak growth signal.After IPO, Xiaocaiyuan may face stricter scrutiny from investors and the market in terms of its sustainable performance growth.
It’s not easy for Xiaocaiyuan to find new growth points. Catering companies commonly face problems such as performance fluctuations and uncertain profitability, which has left their share price underperforming.
Post investment valuation has already reached RMB10 billion, which far exceeds the market value of A-share peers. Due to concerns on the outlook, valuation performance after IPO could be lower-than-expected.


Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) - Some Points Worth the Attention

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Another victim of the pandemic, Tang Palace, appears attractive with a single-digit P/E and a juicy FCF yield based on pre-COVID financials;</li>
<li>However, investors should, by no means, draw their deep-value conclusion without a full examination of the business economics;</li>
<li>We employ the same framework as we did with other names previously to assess the value-trap risks.</li>
</ul>


Another victim of the pandemic, Tang Palace, appears attractive with a single-digit P/E and a juicy FCF yield based on pre-COVID financials;
However, investors should, by no means, draw their deep-value conclusion without a full examination of the business economics;
We employ the same framework as we did with other names previously to assess the value-trap risks.


China

China Quanjude Group Company Ltd. owns and operates Peking roast duck restaurant chains.

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

China Quanjude (Group) Co., (002186 CH)

Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) - Some Points Worth the Attention

Investors wary of Xiaocaiyuan's weak growth signal post-IPO, facing scrutiny over sustainability and struggle to find new growth points.Valuation...

Xinyao (Criss) Wang

Tang Palace: Deep Value or Value Trap

Current share price points to juicy yields on a pre-COVID basis, but is there any value trap? We examine business economics in detail.

Steven Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Xiaocaiyuan International Holding (PHIP Updates) - Some Points Worth the Attention

​Investors wary of Xiaocaiyuan's weak growth signal post-IPO, facing scrutiny over sustainability and struggle to find new growth points.Valuation...

Xinyao (Criss) Wang

Tang Palace: Deep Value or Value Trap

Current share price points to juicy yields on a pre-COVID basis, but is there any value trap? We examine business economics in detail.

Steven Chen

Investors wary of Xiaocaiyuan's weak growth signal post-IPO, facing scrutiny over sustainability and struggle to find new growth points.Valuation...