In today’s briefing:
- DPC Dash Pre-IPO – The Positives – On a Rapid Expansion Spree
- China Funeral Industry – Investment Opportunity with Both Alpha and Beta Superposition
- Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making
- Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22
DPC Dash Pre-IPO – The Positives – On a Rapid Expansion Spree
- DPC Dash aims to raise around US$100m in its Hong Kong IPO.
- The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
- In this note, we will talk about the positive aspects of the deal.
China Funeral Industry – Investment Opportunity with Both Alpha and Beta Superposition
- China funeral industry has large growth potential.The total market scale would be about RMB400 billion if based on annual death toll of 10 million and per capita expenditure of RMB40,000.
- Information asymmetry weakens the bargaining power of buyers. Administrative barriers raise the threshold of market access and weaken competition. So, related companies usually have high profitability and return on capital.
- Changes in population structure would have a negative impact on most consumer goods, but demand of funeral industry would continue to rise. Investors would have both alpha and beta superposition.
Keepers Holdings: Highlights From The Q3 2022 Call / A Multibagger In The Making
- The Keepers Holdings, Inc. (KEEPR PM) trades at 7.1x/5.6x FY22e/FY23e on revised numbers (including earnings from the W&H acquisition) and has 10% of its market cap in net cash.
- The outlook from the conference call was bullish, and the Q4 2022 revenue growth trend is expected to be similar to the 9M2022 (34% YoY) and future structural teens growth.
- At a 300 mn USD market cap, you get a virtual monopoly (>70% marketshare by volume) of the imported spirits business with sole distributorship of the most recognizable brands.
Save Foods Inc. – Investment Thesis, Key Drivers, Financial & Price Forecasts, DCF Valuation 11/22
- This is our first report on Save Foods and we look to provide a detailed account of the various drivers that will be responsible for the company’s growth in the coming years.
- Despite catering to a sizable addressable market, Save Foods is currently trading at valuation ratios far lower than its competitors.
- Baptista Research looks to evaluate the different factors that could influence Save Foods’ price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology to determine a suitable price for the company’s stock.
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