Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Nameson Holdings / Equity Capital Markets

Nameson Holding, a knitwear manufacturer in PRC, plans to raise US$66-86m through an issuance of primary shares. Proceeds from the deal will primarily be used to fund the second phase of its Vietnam factory. The deal scores a marginally positive score on our framework, as its supported by strategic cornerstones and valuations appear undemanding at the low end.However, the company's past record has been lackluster and might not improve before 2017-18. In addition, all the founders assets aren't being listed and recent related party dues adjustments are almost the same as the IPO proceeds.

Nameson Holding, a knitwear manufacturer in PRC, plans to raise US$66-86m through an issuance of primary shares. Proceeds from the deal will primarily be used to fund the second phase of its Vietnam factory. The deal scores a marginally positive score on our framework, as its supported by strategic cornerstones and valuations appear undemanding at the low end.However, the company's past record has been lackluster and might not improve before 2017-18. In addition, all the founders assets aren't being listed and recent related party dues adjustments are almost the same as the IPO proceeds.

Nameson Holdings IPO -  (K)Nitpicking - Lacks the Warm, Fuzzy Feeling

Hong Kong

Eagle Nice (International) Holdings Limited, through its subsidiaries, designs and manufactures sportswear for men, women, and children on an OEM (Original Equipment Manufacturing) basis.  The sportswear supplies by the Company includes sports pants, jackets, tracksuits, sweaters, and T-shirts.

Regina Miracle International Holdings Limited is an intimate and sports apparel designer and manufacturer. The Company's biggest customers include Adidas, Reebok, Under Armour, and Champion. Regina Miracle International operates in Southeast Asia.

Texwinca Holdings Limited, through its subsidiaries, produces, dyes, and sells knitted fabric and yarn.  The Company also distributes and retails casual apparel and accessories, provides repair and maintenance services for motors and generators, trades generators, and provides franchise services.

Nameson Holdings is a Knitwear manufacturer in PRC

Pak Tak International Limited, through its subsidiaries, manufactures (through its own producing facilities or sub-contracting to garment manufacturers), on an OEM basis, and export men's, ladies' and children knitted garments to the United States and Europe. The Company also manufactures non-knitted garment for international airlines and retail chain store "Target" in the United States.

Legendary Education Group Limited operate educational businesses. The Company provides financial quotient and investment education services. Legendary Education Group also conducts OEM and money leading businesses.

Time Watch Investments Limited manufactures watches. The Company designs, develops, assembles, markets and sells brand name watches throughout Hong Kong and the Peoples Republic of China.

State Energy Group International Assets Holdings Limited manufactures outerwear apparel products. The Company mainly designs, produces, and sells down-filled jackets and functional outerwear products. State Energy Group International Assets Holdings also exports its products.

Texhong Textile Group Limited manufactures and sells yarn and grey fabrics. The Company's main focus is promoting and selling spandex stretch yarn and spandex stretch grey fabrics.

Mainland Headwear Holdings Limited, through its subsidiaries, designs, manufactures, and sells casual headwear.  Products include baseball caps, bucket hats, winter caps, Gatsby hats, headbands, and sun visors which are made of fabric materials.  The Company exports its products to the US and European markets.

Best Pacific International Holdings Limited, through its subsidiaries, provides lingerie materials. The Company manufactures elastic fabrics, webbing and lace.

Best Pacific International Holdings (2111 HK)

Zhejiang Giuseppe Garment Company Limited manufactures and sells business suits, men's and casual wear. The Company's main products include men's and women's suits, trousers, vests, skirts, shirts, jackets, and windbreakers.

Lealea Enterprise Co., Ltd. produces polyester textured yarns as the raw materials of woven fabrics used to make garments and home furnishings.

Nitin Spinners Ltd. manufactures yarns and knitted fabrics. The Company produces yarns for terrycloth towels, denims, furnishing fabrics, carpets and industrial fabrics, and knitted fabrics for the apparel industry.

Fujian SBS Zipper Science & Technology Co., Ltd. manufactures and markets plastic and metal zippers, as well as the accessories. The company's products  a re mainly sold to garments, bags and shoes manufactures in China and other countries worldwide.

Fujian Sbs Zipper Science & Technology (002098 CH)

Jiangsu lianfa textile Co.Ltd. Manufactures and sell woven fabric, apparel and textile.  The Company's products include pure cotton fabric, cotton yarn, special fiber, and shirt.

Handsome Co., Ltd. manufactures and retails women's and men's apparel, furs, and accessories.  The Company provides its products to domestic department stores.

Metaltech Industrial Co Ltd. manufactures and markets fabrics. The Company's products include air-texture yarns, spun-like fabrics, and other related products.

LF Corp. is a fashion clothing company and was spun off from LG International Corp. in 2006.  The company imports and distributes famous foreign brands into Korea.  The company's lines of business include men's/women's apparel, accessories and sports wear.

Siyaram Silk Mills Limited manufactures fabrics, texturised and dyed yarn, and readymade garments.

Pacific Textiles Holdings Limited manufactures customized knitted fabrics. The Company's fabrics are used in a broad range of fabrics, including men's, women's, and children's clothing, sportswear, swimwear, and inner-wear.

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Pacific Textiles (1382 HK)

Nameson Holdings IPO - (K)Nitpicking - Lacks the Warm, Fuzzy Feeling

Nameson Holding, a knitwear manufacturer in PRC, plans to raise US$66-86m through an issuance of primary shares. Proceeds from the deal will...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)