In today’s briefing:
- Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling
- Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up
- ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay
Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling
- Country Style Cooking Restaurant Chain (1985552D HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
- Country Style Cooking Restaurant Chain (CSCRC) is a Chinese quick service restaurant (QSR) chain situated in China. It operates two brands, namely: CSC and Rice Space, which are all self-operated.
- In this note, we talk about the not-so-positive aspects of the deal.
Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up
- Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO.
- Betagro is an integrated agro-industrial and food business in Thailand.
- Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers.
ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, HK IPOs continued to struggle with CALB (3931 HK) joining Leapmotor (9863 HK) and Onewo (2602 HK) with its tepid performance.
- Given the mid-week HK holiday and the ongoing golden week, there weren’t any large placements this week.
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