APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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COFCO Joycome Foods / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/22858" target="_blank" data-smartkarma-citation="entities:22858:1">COFCO Meat Holdings (1610 HK)</a> plans to raise US$251-333m in its IPO through selling 975.6m primary shares. Proceeds will be mainly used for building new slaughtering and feeding facilities.In this insight, we will look into COFCO Meat Holding's business model, segmental performance, and valuation in comparison to peers. We will also run the deal in our ECM framework.

COFCO Meat Holdings (1610 HK) plans to raise US$251-333m in its IPO through selling 975.6m primary shares. Proceeds will be mainly used for building new slaughtering and feeding facilities.In this insight, we will look into COFCO Meat Holding's business model, segmental performance, and valuation in comparison to peers. We will also run the deal in our ECM framework.

COFCO Meat IPO Review - As Good as Betting on Hog Futures

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork prices (demand and supply) from a domestic perspective. I also look to answer the following questions: <ul><li>Are its earnings sustainable when prices of pork within China falls?  </li><li>How strong are their consumer brands and margins compared to peers? </li><li>What are the key differences between the company and its peers?</li><li>At what valuations should the company trade?</li></ul>

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork prices (demand and supply) from a domestic perspective. I also look to answer the following questions: Are its earnings sustainable when prices of pork within China falls?  How strong are their consumer brands and margins compared to peers? What are the key differences between the company and its peers?At what valuations should the company trade?

China

Shenzhen Agricultural Products Co., Ltd. operates chain supermarkets and wholesale markets for agricultural products.  The Company also provides agricultural products processing and other related services.

Shenzhen Agricultural Products Co, Ltd. (000061 CH)

Yixintang Pharmaceutical Group Co., Ltd. operates pharmaceutical stores. The Company retails Chinese medicines, western medicines, and other products. Yixintang Pharmaceutical Group also provides medical equipment.

Yixintang Pharmaceutical Group (002727 CH)

Sanjiang Shopping Club Company Limited operates community budget supermarket franchises. The Company provides customers with retail services.

New Huadu Supercenter Co., Ltd. engages in chain operations in marketplaces, sup ermarkets, department stores.

Luyan Pharma Co Ltd is a medical distributor. The Company wholesales medical equipment, vaccines, and more.

Better Life Commercial Chain Share Co., Ltd. operates a chain of supermarkets, general merchandise stores and household electrical appliances stores.

Better Life Comm Chain Share Co (002251 CH)

Shanghai NO. 1 Pharmacy Co., Ltd. trades and markets medical products on a retail basis, chain drug store basis, and a wholesale basis.  The Company, through its subsidiaries, produces drugs, as well as develops, leases, and manages commercial real estate properties.

Ping An Healthcare and Technology Company Limited provides health care software solutions. The Company offers mobile platform for online consultation, hospital referral and appointment, health management, and wellness interaction services, as well as connects consumers and patients with health care resources. Ping An Healthcare and Technology serves customers in China.

Zhongbai Holdings Group Co., Ltd. owns and operates several department stores and supermarkets.  Through it subsidiaries, the Company also operates in pharmaceuticals manufacturing, real estate development, and property management.

Renrenle Commercial Group Co.,Ltd. operates shopping outlets, supermarkets and department stores. The Company operates its stores throughout China.

LIFE CORPORATION operates a supermarket chain mainly in Kansai and Kanto areas. The Company sells mainly groceries, and also clothing, and household utensils.

VALOR HOLDINGS CO., LTD. is a chain store operator which handles perishables, general foods, and daily-use sundry goods.  The Company is active to diversify into new business including home centers, restaurants, fitness clubs, and pet shops. Valor is based in Gifu area and moving into Aichi, Kanagawa, and Tokyo.

PT Midi Utama Indonesia Tbk operates a chain of retail stores.  The Company operates convenience stores in Indonesia.

KATO SANGYO CO., LTD. is a wholesaler which handles processed foods including seasoning, dried foodstuffs, soft drinks, and frozen and canned foods.  The Company has a distribution network through supermarkets and co-op stores.

United Natural Foods, Inc. distributes natural foods and related products.  The Company offers natural products consisting of groceries and general merchandise, nutritional supplements, bulk and foodservice products, personal care items, perishables, and frozen foods.

E-MART Inc. operates E-Mart discount stores. The Company retails food, clothing, household goods, electronics, and other items through several branch stores.

Arcs Co Ltd operates supermarket and discount store chain in the Hokkaido area.  The Company mainly retails foodstuffs, clothing, and sundry goods.

Robinsons Retail Holdings, Inc. operates various retail outlets. The Company owns and operates supermarkets, department, home improvement, convenience, drug, and other specialty stores. Robinsons Retail Holdings serves customers in Philippines.

KANSAI SUPER MARKET LTD. is a food supermarket chain operator which mainly deals in foodstuffs, daily products, and miscellaneous goods.  The Company has markets in Hyogo and Osaka areas.

Belc CO., LTD. operates food supermarkets in Saitama and Gunma area. The Company also manages restaurant business.

COFCO Joycome Foods Limited engages in animal meat production. The Company produces, processes, distributes, and sells fresh pork, pork products, and animal feeds. COFCO Joycome Foods also operates and manages slaughterhouse throughout China.

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COFCO Joycome Foods (1610 HK)

COFCO Meat IPO Review - As Good as Betting on Hog Futures

COFCO Meat Holdings (1610 HK) plans to raise US$251-333m in its IPO through selling 975.6m primary shares. Proceeds will be mainly used for...

Zhen Zhou, Toh

COFCO Meat IPO: Any Meat Left?

COFCO Meat Holdings (a unit of COFCO group) is benefiting from higher-than-usual pork prices. In this insight, I analyse the driver of the pork...

Valerie Law, CFA

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52-week Range

Market Cap (USDm)

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