Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> is offering 158.6 million shares in a price range of HK$8.68 to HK$9.94 in its Hong Kong IPO aiming to raise up to HK$1.58 Bn.</li>
<li>Despite outperforming peers in revenue and profit growth, Guming is grappling with a bleak macro environment, operational slowdowns, and intensified competition.</li>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> 's faltering operating metrics for last reporting period cast doubt on its near-term growth and profitability outlook—leaving investors to ask: Sip or skip?</li>
</ul>



Guming Holdings (GUM HK) is offering 158.6 million shares in a price range of HK$8.68 to HK$9.94 in its Hong Kong IPO aiming to raise up to HK$1.58 Bn.
Despite outperforming peers in revenue and profit growth, Guming is grappling with a bleak macro environment, operational slowdowns, and intensified competition.

Guming Holdings (GUM HK) 's faltering operating metrics for last reporting period cast doubt on its near-term growth and profitability outlook—leaving investors to ask: Sip or skip?


Guming IPO: The Good, The Bad and The Valuation. Is It Time to Sip or Skip?

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> is looking to raise US$202m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.</li>
<li>Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.</li>
<li>In this note, we discuss our thoughts on valuation at the IPO price range.</li>
</ul>



Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. Guming Holdings (Guming) sells freshly-made beverages in China.
Guming Holdings (Guming) sells freshly-made beverages in China. Guming focuses on the mid-priced freshly-made tea beverage market with product prices typically ranging between RMB10-18.
In this note, we discuss our thoughts on valuation at the IPO price range.


Guming Holdings IPO - Digestible Valuation from the Bottom End

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Good me), a freshly-made tea store brand, is pre-marketing an HKEx IPO to raise US$300 million, according to press reports.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/guming-holdings-good-me-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:173217" rel="noopener">Guming Holdings (Good Me) IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on under-pressure store KPIs, unsustainable historical growth rates, declining contract liabilities, margin pressure due to competition and a sizeable pre-IPO dividend.</li>
</ul>



Guming Holdings (GUM HK) (Good me), a freshly-made tea store brand, is pre-marketing an HKEx IPO to raise US$300 million, according to press reports.
In Guming Holdings (Good Me) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on under-pressure store KPIs, unsustainable historical growth rates, declining contract liabilities, margin pressure due to competition and a sizeable pre-IPO dividend.


Guming Holdings (Good Me) IPO: The Bear Case

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a>, a leading player in China's freshly-made branded beverage sector, is widely expected to launch its IPO soon.</li>
<li>Guming's Good Me brand is China’s largest mid-priced freshly-made tea store brand in terms of store count as well as GMV.</li>
<li>Guming reported robust revenue and profit growth for first nine months of 2024 led by new store openings, although same-store sales declined due to rising competition and weak consumer spending.</li>
</ul>



Guming Holdings (GUM HK), a leading player in China's freshly-made branded beverage sector, is widely expected to launch its IPO soon.
Guming's Good Me brand is China’s largest mid-priced freshly-made tea store brand in terms of store count as well as GMV.
Guming reported robust revenue and profit growth for first nine months of 2024 led by new store openings, although same-store sales declined due to rising competition and weak consumer spending.


Guming (Good Me) IPO: Key Facts and Financials at First Glance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guming-holdings-limited" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming Holdings (GUM HK)</a> (Good me), a freshly-made tea store brand, is pre-marketing an HKEx IPO to raise US$300 million, according to press reports. </li>
<li>Guming is China’s largest mid-priced freshly-made tea store brand and the second largest freshly-made brand across all price ranges, regarding GMV in 2023.</li>
<li>The bull case rests on a rising market share, strong franchisee profitability, top-tier revenue growth, high margins, cash generation and a strong balance sheet. </li>
</ul>



Guming Holdings (GUM HK) (Good me), a freshly-made tea store brand, is pre-marketing an HKEx IPO to raise US$300 million, according to press reports. 
Guming is China’s largest mid-priced freshly-made tea store brand and the second largest freshly-made brand across all price ranges, regarding GMV in 2023.
The bull case rests on a rising market share, strong franchisee profitability, top-tier revenue growth, high margins, cash generation and a strong balance sheet. 


Guming Holdings (Good Me) IPO: The Bull Case

China

Gum Holding Ltd is headquartered in China. The Company's line of business includes investing in commodity contracts, tax liens, venture capital companies, and other miscellaneous investing.

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Guming Holdings (1364 HK)

Guming IPO: The Good, The Bad and The Valuation. Is It Time to Sip or Skip?

With a weak macro environment and mounting competition dragging down its operating metrics, Guming's near-term performance could disappoint...

Devi Subhakesan

Guming Holdings IPO - Digestible Valuation from the Bottom End

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. In this note, we discuss our thoughts on valuation at the IPO price range.

Clarence Chu

Guming Holdings (Good Me) IPO: The Bear Case

The bear case rests on under-pressure store KPIs, unsustainable historical growth rates, declining contract liabilities, margin pressure due to...

Arun George

Guming (Good Me) IPO: Key Facts and Financials at First Glance

China's Guming Holdings, a leading player in the freshly-made beverage sector with the Good Me brand, is set to launch its IPO soon. Know the Key...

Devi Subhakesan

Guming Holdings (Good Me) IPO: The Bull Case

The bull case rests on a rising market share, strong franchisee profitability, top-tier revenue growth, high margins, cash generation and a strong...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guming IPO: The Good, The Bad and The Valuation. Is It Time to Sip or Skip?

​With a weak macro environment and mounting competition dragging down its operating metrics, Guming's near-term performance could disappoint...

Devi Subhakesan

Guming Holdings IPO - Digestible Valuation from the Bottom End

Guming Holdings (GUM HK) is looking to raise US$202m in its Hong Kong IPO. In this note, we discuss our thoughts on valuation at the IPO price range.

Clarence Chu

Guming Holdings (Good Me) IPO: The Bear Case

The bear case rests on under-pressure store KPIs, unsustainable historical growth rates, declining contract liabilities, margin pressure due to...

Arun George

Guming (Good Me) IPO: Key Facts and Financials at First Glance

China's Guming Holdings, a leading player in the freshly-made beverage sector with the Good Me brand, is set to launch its IPO soon. Know the Key...

Devi Subhakesan

Guming Holdings (Good Me) IPO: The Bull Case

The bull case rests on a rising market share, strong franchisee profitability, top-tier revenue growth, high margins, cash generation and a strong...

Arun George

With a weak macro environment and mounting competition dragging down its operating metrics, Guming's near-term performance could disappoint...