IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

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<p><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> is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.</p>
<p>Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. </p>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-initiation-instant-karma" target="_blank" data-smartkarma-citation="insights:49745" rel="noopener">Monde Nissin IPO Initiation: Instant Karma</a>, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. </p></div></div></div>


Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.
Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. 
In Monde Nissin IPO Initiation: Instant Karma, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. 

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance.</p></div><p>In this note, we’ll compare its BFB division’s performance with other listed regional peers.</p>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance.In this note, we’ll compare its BFB division’s performance with other listed regional peers.

Monde Nissin Pre-IPO - Peer Comparison for Food Business

<p><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> is a leading food manufacturer in the Philippines with flagship brands such as <em>Lucky Me!</em> for instant noodles and <em>Quorn</em> for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen. Monde Nissin will launch pre-marketing for an IPO to raise up to PHP63 billion ($1.3 billion) in April, according to press reports. </p><div class="content-highlight"><p>Monde Nissin is a play on the growing demand for consumer staples in the Philippines and Thailand and the healthy food category on a global scale. Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. Overall, we believe that Monde Nissin’s fundamentals are attractive.</p></div>

Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen. Monde Nissin will launch pre-marketing for an IPO to raise up to PHP63 billion ($1.3 billion) in April, according to press reports. Monde Nissin is a play on the growing demand for consumer staples in the Philippines and Thailand and the healthy food category on a global scale. Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. Overall, we believe that Monde Nissin’s fundamentals are attractive.

Monde Nissin IPO Initiation: Instant Karma

<p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p><p>It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.</p><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p><p>In this note, I'll talk about the positive aspects of the deal.</p>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In this note, I'll talk about the positive aspects of the deal.

Monde Nissin Pre-IPO - The Positives - High Market Share

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.

Event-Driven

<p>Last week <a href="https://www.smartkarma.com/entities/nissin-foods-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12548:1" rel="noopener">Nissin Foods Holdings (2897 JP)</a> announced that its board of directors approved a secondary offering of 3.041m shares for international investors. Nissin's press release said that the shareholders, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation are reducing their shareholdings in the company through this secondary offer, amidst ongoing discussions between the company and shareholders regarding changes to Nissin’s shareholding structure, in response to the changing view of cross-shareholdings by the TSE.</p>

Last week Nissin Foods Holdings (2897 JP) announced that its board of directors approved a secondary offering of 3.041m shares for international investors. Nissin's press release said that the shareholders, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation are reducing their shareholdings in the company through this secondary offer, amidst ongoing discussions between the company and shareholders regarding changes to Nissin’s shareholding structure, in response to the changing view of cross-shareholdings by the TSE.

Nissin Foods Placement: Could Be a Result of a Discord Between Shareholders and The Company

Japan

NISSIN FOODS HOLDINGS CO.,LTD. produces instant noodle and processed food products.  The Company also develops pharmaceuticals.  NISSIN FOODS operates production facilities in overseas countries including Hong Kong, India, U.S., Singapore, and other countries.

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Nissin Foods Holdings (2897 JP)

Monde Nissin: Valuation First Look

Monde Nissin has received PSE listing approval to raise up to $1.3 bn at the max IPO price of PHP17.50. In this note, we present our forecasts and...

Arun George

Monde Nissin Pre-IPO - Peer Comparison for Food Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note we compare its food...

Sumeet Singh

Monde Nissin IPO Initiation: Instant Karma

Monde Nissin will launch pre-marketing for an IPO to raise up to PHP63 billion ($1.3 billion) in April, according to press reports. Overall, we...

Arun George

Nissin Foods Placement: Could Be a Result of a Discord Between Shareholders and The Company

Nissin's LT investors are reducing their shareholdings, amidst discussions regarding changes to the shareholding structure, in response to the...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monde Nissin: Valuation First Look

Monde Nissin has received PSE listing approval to raise up to $1.3 bn at the max IPO price of PHP17.50. In this note, we present our forecasts and...

Arun George

Monde Nissin Pre-IPO - Peer Comparison for Food Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note we compare its food...

Sumeet Singh

Monde Nissin IPO Initiation: Instant Karma

Monde Nissin will launch pre-marketing for an IPO to raise up to PHP63 billion ($1.3 billion) in April, according to press reports. Overall, we...

Arun George

Monde Nissin Pre-IPO - The Positives - High Market Share

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its IPO. MNC has a high market share in the Philippines...

Sumeet Singh

Nissin Foods Placement: Could Be a Result of a Discord Between Shareholders and The Company

Nissin's LT investors are reducing their shareholdings, amidst discussions regarding changes to the shareholding structure, in response to the...

Oshadhi Kumarasiri