Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt
Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO. In this note, we take a look at the...
307 Views
Horizon Construction Development IPO: The Bear Case
The key elements of the bear case rest on core business margin decline, unexplained headcount reduction, cash burn, long receivable days and...
280 Views
Horizon Construction Development IPO: The Bull Case
The key elements of the bull case rest on market share gains, an anticipated post-COVID recovery boost, high revenue visibility, stable operating...
360 Views
Gushengtang Pre-IPO - The Negatives - Small Player in a Fragmented Market
Gushengtang (GUS HK) is looking to raise US$150m in its Hong Kong IPO. The firm provides TCM healthcare services and products via its offline...
273 Views
Horizon Construction Dev (宏信建设发展) Pre-IPO - Good Growth, Stable Margins, but Fueled by Debt
Horizon Construction Development (HCD) is looking to raise US$500m in its upcoming Hong Kong IPO. We are not particularly excited about the business.
360 Views