Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a>, the market leader in instant noodles, biscuits, oyster sauce and drinking yogurt in Philippines, filled for an IPO on The Philippine Stock Exchange on 2<sup>nd</sup> March 2021. The company will issue 3.6bn new shares at an offer price of ₱17.50 per share to raise to raise about ₱63.0bn ($1.3bn), making Monde Nissin the largest ever listing on The Philippine Stock Exchange.</li>
<li>The company has two business lines, The APAC Food &amp; Beverages segment, which sells the market leading instant noodle brand Lucky Me!, biscuits brands, SkyFlakes, Fita, Nissin, M.Y. San Grahams, the drinking yogurt brand Dutch Mill and the oyster sauce brand Mama Sita’s, had stable revenue and OP growth over the years.</li>
<li>However, the hidden gem is the relatively small alternative meat business, that competes with the likes <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>, <a href="https://www.smartkarma.com/entities/impossible-foods-inc" target="_blank" data-smartkarma-citation="entities:28361:1" rel="noopener">Impossible Foods Inc (1249597D US)</a> and other major alternative meat companies.</li>
<li>Our early thoughts on the Monde Nissin IPO is mostly positive as the company provides a discounted way into the high growth meat alternatives market.</li>
</ul>



Monde Nissin Corp (0191881D PM), the market leader in instant noodles, biscuits, oyster sauce and drinking yogurt in Philippines, filled for an IPO on The Philippine Stock Exchange on 2nd March 2021. The company will issue 3.6bn new shares at an offer price of ₱17.50 per share to raise to raise about ₱63.0bn ($1.3bn), making Monde Nissin the largest ever listing on The Philippine Stock Exchange.
The company has two business lines, The APAC Food &amp; Beverages segment, which sells the market leading instant noodle brand Lucky Me!, biscuits brands, SkyFlakes, Fita, Nissin, M.Y. San Grahams, the drinking yogurt brand Dutch Mill and the oyster sauce brand Mama Sita’s, had stable revenue and OP growth over the years.
However, the hidden gem is the relatively small alternative meat business, that competes with the likes Beyond Meat (BYND US), Impossible Foods Inc (1249597D US) and other major alternative meat companies.
Our early thoughts on the Monde Nissin IPO is mostly positive as the company provides a discounted way into the high growth meat alternatives market.


Monde Nissin IPO: A Discounted Way Into Fast Growing Alternative Meat

Philippines

Monde Nissin Corp. manufactures and distributes prepared food products. The Company markets its products such as noodles and biscuits through retail food outlets. Monde Nissin serves customers worldwide.

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Monde Nissin (MONDE PM)

Monde Nissin IPO: A Discounted Way Into Fast Growing Alternative Meat

Mode Nissin provides a way into the fast-growing alternative meat market at a 20% discount to Beyond Meat (which is currently trading at 23.1x...

Oshadhi Kumarasiri

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