In today’s briefing:
- FineToday Pre-IPO – The Positives – Established Brands Across Multiple Regions
- Zinka Logistics IPO Trading – Subdued Demand; Lags Recent Listings
- CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile
- Pre-IPO Mokingran Jewellery Group (PHIP Updates) – Some Points Worth the Attention
FineToday Pre-IPO – The Positives – Established Brands Across Multiple Regions
- CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
- FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
- In this note, we talk about the positive aspects of the deal.
Zinka Logistics IPO Trading – Subdued Demand; Lags Recent Listings
- Blackbuck (1355652D IN) raised about US$130m in its India IPO.
- Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
- We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.
CiDi IPO Valuation Analysis: High Valuation Is Warranted Due To Unicorn Status/Hyper Growth Profile
- Changsha Intelligent Driving Institute, more commonly known as CiDi, filed for an IPO in Hong Kong. The company was valued at ~RMB9B in its last private funding round.
- CiDi was backed by HongShan Capital, Xinding Capital, Founder Hesheng Investment, Legend Holdings, Baidu Venture, and Lens Technology, among others.
- The terms of the IPO were not disclosed. CiDi is a category winner that is addressing a large TAM (~$10B by 2030) with room for hyper growth for years.
Pre-IPO Mokingran Jewellery Group (PHIP Updates) – Some Points Worth the Attention
- The skyrocketing gold prices have driven up the prices of gold jewelry, but actually dampen the enthusiasm of many people to buy gold jewelry, which will directly affect MOKINGRAN’s performance.
- MOKINGRAN’s prediction of gold price is incorrect. For an industry veteran, MOKINGRAN shouldn’t make such mistakes. The error in the judgment of important raw material trends is worth investors’ vigilance.
- We think that valuation of MOKINGRAN should be lower than that of Lao Feng Xiang (600612 CH)/Chow Tai Seng Jewellery (002867 CH)/Chow Tai Fook Jewellery (1929 HK) and industry average.
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