Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.</li>
<li>The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. </li>
<li>Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.</li>
</ul>


Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.
The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. 
Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.


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.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. </li>
<li>The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).</li>
<li>The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.</li>
</ul>


The Best World International (BEST SP) IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. 
The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.


Best World (BEST SP): EGM Vote on 19 July

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade A-shares, please contact us because the universe gets a lot bigger if we add A-shares. The two names that top the list were <a href="https://www.smartkarma.com/entities/14905" target="_blank" data-smartkarma-citation="entities:14905:1">Grape King Bio Ltd (1707 TT)</a> and International Games System (3293 TT).</p><h2>Screen Criteria</h2><ol>
<li>Daily Value traded (6M Average) is greater than 5mn USD</li>
<li>Only 1 Analyst or no coverage at all</li>
<li>Positive OP growth 9 out of the last 12 quarters</li>
<li>Median…</li>
</ol>

We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade A-shares, please contact us because the universe gets a lot bigger if we add A-shares. The two names that top the list were Grape King Bio Ltd (1707 TT) and International Games System (3293 TT).Screen Criteria
Daily Value traded (6M Average) is greater than 5mn USD
Only 1 Analyst or no coverage at all
Positive OP growth 9 out of the last 12 quarters
Median…


Growth Names in Asia You Probably Have Not Heard About but Can Invest In....

Taiwan

Microbio Co., Ltd. applies symbiotic fermentation technology to develop botanical drug. The Company's products include clinically proven botanical drugs, pharmaceutically active ingredients, and nutrient supplements.

TCI Co Ltd develops and produces healthy food, functional beverages and skin care products. The company's products include vegetarian capsule, soft gel capsule or control release particular beverage.

Chlitina Holding Limited manufactures, markets, and distributes beauty and skin care products. The company promotes its business through franchise chain stores.

Maxigen Biotech Inc.develops, manufactures and markets biomedical and cosmeceutical skincare products.

Murad Chia Jei Biotechnology Co., Ltd. primarily engages in the manufacturing and sales trading of terrapin products, such as, powder, eggs, and oil, in addition to the processing and trading of terrapins.

G&E Herbal Biotechnology Company, Limited specializes in the production of western conventional drugs, Chinese traditional drugs, unclassified food, cosmetics, and health products.

Sagittarius Life Science Corporation develops a wide range of Chinese herbal medicines and supplements such as bone fracture and osteoporosis prevention and treatment supplement.

NatureWise Biotech & Medicals Corporation mainly specializes in the research, development, clinical trials, production, and sales of traditional Chinese medicines and healthcare products, as well as the provision of technical services.

KNH Enterprise Co., Ltd. manufactures and sells sanitary paper products. The Company produces sanitary napkins, disposable diapers, facial tissues, paper napkins, wipes, and other products. KNH Enterprise markets its products to Japan, Hong Kong, China, Southeast Asia, and other countries and regions.

Farcent Enterprise Co., Ltd. manufactures and markets air fresheners and disposable dehumidifiers, recyclable dehumidifiers, and refrigerator deodorants. The Company markets its products under the Farcent and Everfresh brand names. Farcent is also authorized to utilize the Snoopy brand name.

Milbon Co., Ltd. manufactures hair care products for beauty salons.  The Company produces chemicals for permanents, hair coloring, shampoos, rinses, and hair growth stimulant products.

Ontex Group NV. produces disposable personal hygiene solutions. The Company's products cater to babies, women and senior adults.

Marico Bangladesh Limited manufactures and markets fast moving consumer goods in Bangladesh. The company offers coconut oil, hair nourishment products, edible oils, and male grooming products. It provides coconut oil and value added hair oil products, such as Parachute Advansed Beliphool, Nihar Naturals Shanti Badam Amla, Parachute Advansed Extra Care Enriched Coconut Hair Oil, Parachute Advansed Enriched Hair Oil, and Parachute Advansed Cooling Hair Oil. The company�s hair dye products comprise HairCode, HairCode Active, and HairCode Keshkala; hair serum products include Livon Silky Potion; edible oils include Saffola Active; and male grooming products consist of Set Wet and Set Wet Infinity. It also offers skin care products, such as Parachute Advansed Body Lotion. The company sells its products through its own distribution channels comprising of sales depots located in Gazipur, Chittagong, Bogra, Jessore, and Comilla. Marico Bangladesh Limited was incorporated in 1999 and is based in Dhaka, Bangladesh. Marico Bangladesh Limited operates as a subsidiary of Marico Limited.

Cosmecca Korea Co., Ltd. develops and manufactures cosmetics. The Company specializes in research and development of cosmetics. Cosmecca Korea serves customers in Korea.

Best World International Limited sources, formulates, brands, and distributes a range of health and lifestyle products under the BWL, Avance, DORS, DR's Secret, and DRs Seager brand names.  The Company also distributes a range of third-party cosmetics and skin care products under the brand C'bon.

Bajaj Consumer Care Limited develops and manufactures a wide range of hair care products. The Company offers a wide range of hair oils for different hair types.

euglena Co., Ltd. develops and manufactures euglena based products. The Company uses the unique growing and nutritional properties to produce functional food tablets, jelly, beverages, cookies, noodles, and cosmetics. euglena grows in high carbon dioxide environments which enables it to be used for environmental and outer space applications as well.

Nu Skin Enterprises, Inc. is a global direct selling company.  The Company distributes premium quality personal care products and nutritional supplements. Nu Skin markets its products in the Americas, Europe, and the Asia Pacific region.  The Company provides marketing and distribution of technology-based products through Big Planet, Inc.

Brother Enterprises Holding Company Limited develops, produces and sells vitamin products and leather chemicals.  The Company's vitamin products include vitamin K3 and vitamin B1 series products. The Company's leather chemicals include chrome powder and leather auxiliaries series products.

Cupid Ltd. manufactures and markets condoms. The Company sells its products in India and elsewhere throughout the world.

Grape King BIO Ltd manufactures and markets beverages, nutrition, pharmaceuticals, syrups, and hair care products.

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Grape King Bio (1707 TT)

Asian Dividend Gems: Grape King Bio

Grape King Bio is one of the leading health food, drink, and supplement manufacturers in Taiwan. It has one of the most remarkable consistency in...

Douglas Kim

Best World (BEST SP): EGM Vote on 19 July

The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.

Arun George

Growth Names in Asia You Probably Have Not Heard About but Can Invest In....

We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade...

Custom Products Group

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