In today’s briefing:
- APR IPO Valuation Analysis
- China Tourism Group (601888 CH | BUY | CNY): New Duty-Free Contracts with Airports, Slight Negative
- Dada Nexus (DADA.OQ) – Leading Chinese On-Demand Retail Platform Accelerates on Significant Runway
- Quiddity JPX-Nikkei 400 Rebal 2024: End-Dec 2023
APR IPO Valuation Analysis
- Our base case valuation of APR is implied price of 370,809 won per share, representing an 85% upside from the high end of the bankers’ valuation range.
- We estimate APR to generate sales of 683.9 billion won (up 25.7% YoY) and operating profit of 114.6 billion won (up 39.5% YoY) in 2024.
- APR is one of the best IPOs in the Korean cosmetics sector in the past several years.
China Tourism Group (601888 CH | BUY | CNY): New Duty-Free Contracts with Airports, Slight Negative
- China Tourism Group Duty Free Corp Ltd (601888 CH) (CTG) announced last week a new supplementary contract for its duty-free airport businesses in Beijing and Shanghai airports
- The new deal aims to promote collaborations between the airports and CTG, acting like true partners. However, we think it is more positive for airports and slight detriment to CTG
- Maintain our Bullish call with an unchanged target price of CNY106 (+27% UPSIDE), based on the company’s lowest recorded PE ratio in the past 10 years of 23.2x into FY24
Dada Nexus (DADA.OQ) – Leading Chinese On-Demand Retail Platform Accelerates on Significant Runway
- Dada Nexus Limited (DADA.OQ) (“Dada”), with a market cap of USD 869.9 million, is one of China’s leading on-demand retail platforms holding around 20% market share behind Meituan (42%, 3690.HK) and Ele.me (24%, Alibaba-owned).
- Dada, a 54% subsidiary of JD.com (JD.OQ; 9618.HK) and 9% owned by Walmart Inc. (WMT.N) operates two core businesses, namely:
JD Daojia (JDDJ), which is a local non-restaurant online to offline (“O2O”) retail marketplace
Quiddity JPX-Nikkei 400 Rebal 2024: End-Dec 2023
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
- A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
- Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 Index Rebal to come in August 2024 based on trading data as of end-December 2023.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
