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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/farm-fresh-ipo-initiation-bet-the-farm" target="_blank" data-smartkarma-citation="insights:66352" rel="noopener">Farm Fresh IPO Initiation: Bet the Farm</a>, we stated that the IPO is worth a closer look on a fundamental basis. The offer period is from 28 February-10 March.  </li>
<li>30 cornerstone investors will take up c.80% of the institutional offering tranche. Our valuation analysis suggests that the IPO price is attractive. </li>
</ul>



Farm Fresh Berhad (FF MY) is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million.
In Farm Fresh IPO Initiation: Bet the Farm, we stated that the IPO is worth a closer look on a fundamental basis. The offer period is from 28 February-10 March.  
30 cornerstone investors will take up c.80% of the institutional offering tranche. Our valuation analysis suggests that the IPO price is attractive. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million. </li>
<li>The business is navigating the normalisation of consumer demand and input cost inflation by delivering healthy growth, market share gains, creditable margin performance and cash generation. </li>
<li>Overall, this IPO is worth a closer look. The offer period is from 28 February to 10 March. The listing is on 22 March.   </li>
</ul>



Farm Fresh Berhad (FF MY) is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million. 
The business is navigating the normalisation of consumer demand and input cost inflation by delivering healthy growth, market share gains, creditable margin performance and cash generation. 
Overall, this IPO is worth a closer look. The offer period is from 28 February to 10 March. The listing is on 22 March.   


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/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$239m in its Malaysia IPO.</li>
<li>While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. </li>
<li>In this note, we will look at peers, assumptions, and share our thoughts on valuation.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO.
While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. 
In this note, we will look at peers, assumptions, and share our thoughts on valuation.


Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$240m in its upcoming Malaysia IPO.</li>
<li>Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. </li>
<li>Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$240m in its upcoming Malaysia IPO.
Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. 
Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.


Farm Fresh Pre-IPO - Distribution Model Has Led to Strong Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In this note, we will talk about the trading dynamics and valuation.


Cisarua Mountain Dairy  (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

Malaysia

Nestle (Malaysia) Berhad is an investment holding company.  The Company, through its subsidiaries, markets and sells powdered milk and drinks, liquid milk and juices, instant coffee, and instant noodles. Nestle also manufactures and provides packaging for culinary and chocolate-based food products and trades flavoring ingredients.

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

Nestle (Malaysia) (NESZ MK)

Farm Fresh IPO: Valuation Insights

The IPO price is attractive for a market-leading business. The offer period is from 28 February to 10 March. The listing is on 22 March.

Arun George

Farm Fresh IPO Initiation: Bet the Farm

Farm Fresh has launched an IPO to raise RM1 bn (US$239 m). The fundamentals are sound and this IPO is worth a look. The offer period is from 28...

Arun George

Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO. In this note, we will look at peers, assumptions, and share our thoughts...

Clarence Chu

Farm Fresh Pre-IPO - Distribution Model Has Led to Strong Growth

Farm Fresh Berhad (FF MY) is looking to raise US$240m in its upcoming Malaysia IPO. The dairy group covers the entire value chain and has a total...

Clarence Chu

Cisarua Mountain Dairy (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO. In this we will talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)