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.

Equity Capital Markets

Pop Mart International Group L / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/pop-mart-international-group-limited" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">POP MART (POP HK)</a>  plans to raise around US$200-300m in its Hong Kong IPO.</p></div><div><p>Pop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market.</p></div><div><p>Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.</p></div><div>
<p>In my previous insights, I spoke about the positive and negative aspects of the deal:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/pop-mart-pre-ipo-the-positives-expanding-portfolio-wider-distribution-explosive-earnings-growth" target="_blank" rel="noopener">Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth,</a> and</li>
<li><a href="https://www.smartkarma.com/insights/pop-mart-pre-ipo-the-negatives-is-it-a-brand-owner-or-just-a-retailer" target="_blank" rel="noopener">Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer?</a></li>
</ul>
<p>In this insight, I'll talk about peers and valuation.</p>
</div>

POP MART (POP HK)  plans to raise around US$200-300m in its Hong Kong IPO.Pop Mart (PM) is the largest and fastest growing pop toy company in China, in terms of 2019 revenue and revenue CAGR over 2017-19. PM had a 8.5% market share by retail value, making it the largest player in the pop toy retailing market.Earnings growth has been stupendous, to say the least, as revenue has increased by a factor of 10.6x over 2017-19, while PAT increased by 281x. Revenue growth has been driven by both an increase in its IP portfolio, as well as rapid expansion of its distribution network.
In my previous insights, I spoke about the positive and negative aspects of the deal:


Pop Mart Pre-IPO - The Positives - Expanding Portfolio+Wider Distribution= Explosive Earnings Growth, and
Pop Mart Pre-IPO - The Negatives - Is It a Brand Owner or Just a Retailer?

In this insight, I'll talk about peers and valuation.


Pop Mart Pre-IPO - Peer Set and Valuation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Global indexes remain overwhelmingly positive which is supported by the fact that there is a dearth of breakdowns. Overall our big picture view remains unchanged; overhead longer-term resistance on the MSCI EM, EAFE, and ACWI ex-US indexes (all priced in local currency) is something to be aware of, however if the ACWI-US is above $70 our intermediate-term outlook remains bullish and we suggest buying any dips. In today's report we highlight attractive charts within defensives (<strong>Consumer Staples &amp; Utilities</strong>), cyclicals (<strong>Consumer Discretionary, Energy, Financial, &amp; Materials</strong>), and in-between Sectors (<strong>Communications, Services, &amp; Health Care</strong>)</p>

Global indexes remain overwhelmingly positive which is supported by the fact that there is a dearth of breakdowns. Overall our big picture view remains unchanged; overhead longer-term resistance on the MSCI EM, EAFE, and ACWI ex-US indexes (all priced in local currency) is something to be aware of, however if the ACWI-US is above $70 our intermediate-term outlook remains bullish and we suggest buying any dips. In today's report we highlight attractive charts within defensives (Consumer Staples &amp; Utilities), cyclicals (Consumer Discretionary, Energy, Financial, &amp; Materials), and in-between Sectors (Communications, Services, &amp; Health Care)

Global Equity Strategy: Stick With Technology

United Kingdom

ME Group International PLC manufactures, sells, and operates automated instant-service equipment. The Company offers coin-operated automatic photobooths, photographic development, and printing equipment, as well as operates copiers, express print services, and children's rides.

Burberry Group PLC is a global luxury brand with British heritage, core outerwear, and large leather goods base. The Company designs and sources apparel and accessories, selling through a diversified network of retail, digital, wholesale, and licensing channels worldwide.

Bellway p.l.c. is a holding company whose subsidiaries build residential houses and conduct associated trading activities. The subsidiaries build starter or first time buyer homes, featuring two and three bedroom semi-detached houses, apartments and terraced houses. The Company operates in England, Wales and Scotland.

The Character Group plc designs, develops, and distributes toys, games, and gifts in the United Kingdom and Rest of the world. The company sells its products under the Peppa Pig, Scooby Doo, Doctor Who, Fireman Sam, and Weebles, as well as Teksta, The Zelfs, Shimmer ?n Sparkle, Little Live Pets, and Minecraft brands. It also imports and distributes gifts; and invests in properties. The Character Group plc was founded in 1991 and is based in London, the United Kingdom.

Barratt Developments plc develops and builds properties. The Group's UK Operations include the building of houses and housing complexes, general building and civil engineering services, participation in urban renewal and the development  of commercial properties.

The Berkeley Group Holdings PLC is a residential and commercial property development company focusing on urban regeneration and mixed-use developments. The Company purchases and develops land, in addition to constructing homes, and apartment complexes throughout the South of England, the Midlands, and the North West.

Persimmon plc designs, builds and develops residential housing.  The Company has regional branches in Yorkshire, the North East and North West, Scotland, the Midlands, Anglia, Wessex, Thames Valley, the South East, South Coast, South West and Wales.

Persimmon plc designs, develops, and builds residential housing units. The Company constructs residential homes ranging from studio apartments to executive family homes throughout the United Kingdom.

Barratt Developments plc develops and builds properties. The Group's UK operations include the building of houses and housing complexes, general building and civil engineering services, participation in urban renewal and the development of commercial properties.

Taylor Wimpey plc, through its subsidiaries, conducts business in the housing, construction and engineering, and property development and investment sectors. The Group has international housing activities in the United Kingdom and Spain.

Mattel, Inc. designs, manufactures, and markets a broad variety of children's toy products on a worldwide basis.  The Company sells its products to retailers and directly to consumers.  Mattel's products include branded fashion dolls, infant and preschool products, toy cars, and electrical vehicles, among others.

Polaris Inc. designs, engineers, and manufactures off-road and on-road vehicles. The Company produces vehicles including snowmobiles, terrain vehicles, and motorcycles. Polaris Industries markets its products and related replacement parts and accessories through dealers and distributors located in the United States, Canada, and Europe.

YAMAHA CORPORATION mainly manufactures musical instruments, audio equipment, and golf equipment.  The Company also produces information & communication equipment and semiconductors.  Yamaha operates recreation business. The Company has many overseas subsidiaries.

Brunswick Corporation manufactures consumer products serving the outdoor and indoor active recreation markets.  The Company's products include sterndrives, outboard and inboard marine engines, fitness, billiards, bowling equipment. Brunswick also manufactures pleasure, fishing, and high performance boats.

SEGA SAMMY HOLDINGS INC. is a holding company established through the merger of Sega and Sammy.  The Group mainly develops and manufactures commercial-use video game machine, home-use video game software, and pachinko pinball machine. Sega Sammy Holdings also operates amusement parks.

The Thule Group AB manufactures bike racks, cargo carriers, and hitch solutions for vehicles. The Company also makes carry solutions for mobile and computer equipment, luggage and packs, RV accessories, and  trailers. The Thule Group offers products and services throughout the world.

Acushnet Holdings Corp. operates as a holding company. The Company, through its subsidiaries, designs, develops, manufactures, and distributes golf products. Acushnet Holdings sells its products primarily to on-course golf pro shops, selected off-course golf specialty and sporting goods stores, and other retailers worldwide.

BRP Inc. produces Ski-Doo snowmobiles, Sea-Doo personal watercraft, all-terrain vehicles and motorcycles including the three-wheeled Can-Am Spyder roadster as well as engines.

YETI Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs, markets, and distributes products for the outdoor and recreation markets. YETI Holdings offers coolers, seat cushions, beverage holders, security cable locks and brackets, bottles, t-shirts, caps, gear cases, tumblers, and tie-down kits. YETI Holdings serves customers worldwide.

Vista Outdoor Inc. designs, manufactures, and markets consumer products in the outdoor sports and recreation market . The Company has spun-off of Alliant Techsystems Inc.. Vista Outdoor Inc. operates in the United States.

Games Workshop Group Plc manufactures and retails tabletop war-game systems and associated miniatures. The Company operates approximately 250 stores and serves over 350 independent retailers in the United Kingdom. Games Workshop also has stores in North America, Continental Europe and Australia.

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

Games Workshop Group PLC (GAW LN)

Pop Mart Pre-IPO - Peer Set and Valuation

POP MART (POP HK) plans to raise around US$200-300m in its Hong Kong IPO.Pop Mart (PM) is the largest and fastest growing pop toy company in...

Sumeet Singh

Global Equity Strategy: Stick With Technology

Global indexes remain overwhelmingly positive which is supported by the fact that there is a dearth of breakdowns. Overall our big picture view...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)