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.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-initiation-creamy" target="_blank" data-smartkarma-citation="insights:61066" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy</a>, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.</li>
<li>In <a href="https://www.smartkarma.com/insights/cisarua-mountain-dairy-cimory-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61144" rel="noopener">Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights</a>, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.</li>
<li>It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.</li>
</ul>


In Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy, we noted Cimory is delivering strong growth in both its operating segments, rising margins and cash generation.
In Cisarua Mountain Dairy (Cimory) IPO: Valuation Insights, we noted that we would participate at the low end of the IPO price range of IDR2,780-3,160 per share.
It priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but full.


Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

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.

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition</li>
<li>On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition
On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. 


ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In this note, we will talk about the trading dynamics and valuation.


Cisarua Mountain Dairy  (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  </li>
<li>Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets</li>
<li>Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.</li>
</ul>



Cisarua Mountain Dairy just kicked off its public offering and has set the IPO price slightly below the top of the range and at a slight premium to peers  
Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods such as sausages and chicken nuggets
Proceeds will be used to expand capacity and distribution reach to drive future growth with the introduction of new products helping to drive near term growth. Listing 6th December.


Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

Cisarua Mountain Dairy / Equity Bottom-Up

<ul><li>A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not nearly attractive as it appeared</li><li>Cosco’s spin-off of liquor distribution subsidiary Keepers (KEEPR PM) has received strong investor demand following a move to reprice the offering 25% below the low end of the original range</li><li>Robinsons Land (RLC PM) announced a P3bn buyback that’s equivalent to around 3% of their market cap</li></ul>

A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not nearly attractive as it appearedCosco’s spin-off of liquor distribution subsidiary Keepers (KEEPR PM) has received strong investor demand following a move to reprice the offering 25% below the low end of the original rangeRobinsons Land (RLC PM) announced a P3bn buyback that’s equivalent to around 3% of their market cap

Wickhams Hill Research | Under-The-Radar Issue 12

Indonesia

PT Media Nusantara Citra Tbk operates as a media company. The Company owns radio, print media, and talent management company, as well as engages in general trading, development, industry, agriculture, transportation, printing, and multimedia through satellite and other telecommunication equipment. Media Nusantara Citra Tbk serves customers in Indonesia.

PT Multistrada Arah Sarana Tbk manufactures vehicle tires. The Company markets its tires worldwide.

PT Elang Mahkota Teknologi Tbk operates television, telecommunications and computer businesses.  The Company operates television channels; constructs and maintains telecommunications infrastructure; retails mobile telephones; provides satellite communications services; and offers Internet access.

PT Mitra Adiperkasa Tbk operates department stores and specialty stores selling a broad range of goods including clothing, toys, food, and other merchandise.

PT MAP Aktif Adiperkasa Tbk retails sporting goods. The Company operates an online portal that offers a wide range boots, shoes, sandals, shorts, caps, hoodies, and accessories. Map Aktif Adiperkasa serves customers in Indonesia.

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

PT Trikomsel Oke Tbk operates in the retail telecommunication business.  The Company operates retail stores in cities throughout Indonesia that offer a wide range of branded cellular phones.

PT Selamat Sempurna Tbk manufactures automotive components such as filters, radiators, condensers, air conditioners, brake pipes, fuel pipes, fuel tanks, mufflers, and machinery spare parts.

PT Indonesian Paradise Property Tbk works in the property sector, hotel operation, general contractor, and general trading.

PT ACE Hardware Indonesia Tbk retails tools, home improvement products, lawn and garden supplies, plumbing, furniture, sporting goods, and pet supplies.

Zhou Hei Ya International Holdings produces casual braised food with a specialisation in braised duck products.

Srinanaporn Marketing Public Company Limited operates as a food manufacturing company. The Company offers snack such as jelly, fruit juice, fish, squid, herb drinks. Srinanaporn Marketing serves customers worldwide.

Srinanaporn Marketing Public Company Limited (SNNP TB)

Srinanaporn Marketing Public Company Limited

Natural Food International Holding Limited operates as a holding company. The Company, through its subsidiaries, processes and sells natural health food products made of grains, beans, nuts, dried fruits, and other natural ingredients. Natural Food International Holding serves customers in China.

Thai Union Feedmill Public Company Limited provides frozen products. The Company offers Shrimp, prawn, and fish. Thai Union Feedmill Public serves customers in Thailand.

Osotspa Public Company Limited produces and distributes non-alcoholic beverages. The Company offers energy drinks and candies. Osotspa also provides personal and health care products, including shampoos, deodorant, soaps, herbal medicines, and creams. Osotspa serves customers in Thailand.

China Star Food Group Limited provides integrated snacks products. The Company offers cultivation and supply of sweet potato, as well as focuses on product innovation, production, brand building, marketing, and distribution services. China Star Food Group serves clients in China and Singapore.

BAIC Motor Corporation Limited designs, researches, develops, manufactures and sells a variety of passenger vehicles in China.

Takashimaya Company, Limited., founded in Kyoto in 1831, operates department stores.  The Company's main stores are located in Tokyo, Osaka, and Kyoto. Takashimaya also operates department stores in Paris, France, Singapore, China, Australia, and New York, USA.  The Company retails clothing, foods, art objects, sundry goods, and household utensils.  The Company also operates restaurants.

GOLDWIN INC. manufactures and markets sportswear for skiing, snowboarding, soccer, tennis, swimming, and other outdoor activities.

Brilliance China Automotive Holdings Limited, through its subsidiaries, manufactures and distributes minibuses and sedans in the People's Republic of China.  The Company also manufactures and trades automotive components.

PT Cisarua Mountain Dairy TBK produces diary products. The Company offers milk and yogurt. Cisarua Mountain Dairy serves customer in Indonesia.

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Cisarua Mountain Dairy (CMRY IJ)

Cisarua Mountain Dairy (Cimory) IPO: Trading Debut

Cimory priced its IPO at IDR3,080.00 per share. Our DCF value of IDR3,331.04 per share is an 8% upside to the IPO price. The IPO price is fair but...

Arun George

ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Cisarua Mountain Dairy (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO. In this we will talk about...

Sumeet Singh

Cisarua Mountain Dairy (Cimory) IPO - A Legend in Dairy

Cimory is the leader in Indonesia for yoghurt both spoonable and drinking but has been growing its exposure to UHT milk plus consumer foods in a...

Angus Mackintosh

Wickhams Hill Research | Under-The-Radar Issue 12

A deeper look into Cisarua Mountain Dairy – Cimory (CMRY IJ) since we initially highlighted the deal in Issue 8 revealed that is business is not...

Lloyd Moffatt

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52-week Range

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