In today’s briefing:
- MIXUE Group (2097.HK) – Updates on Performance Forecast and Valuation Outlook
- British Land: Buy on Improving Industry Fundamentals
- Chifeng Jilong A/H Trading – Weak Institutional Demand and Probably Close to Fair Value
- ECM Weekly (10th Mar 2025) – BYD, Japan Post, Mixue, Sanhua, Chifeng, Nanshan, Goertek, Travel Food
MIXUE Group (2097.HK) – Updates on Performance Forecast and Valuation Outlook
- MIXUE’s IPO debut was stellar. the IPO pricing of HK$202.5/share was indeed conservative. MIXUE is able to obtain more valuation premium space after IPO from a relatively low IPO pricing.
- However, concerns on future performance growth remains. Investors need to pay attention to the performance verification. Market sentiment is becoming “overheated”, and the pressure for short-term stock price corrections increases.
- We updated our forecast for 2025-2027. If based on P/E of 20-25x, market value is HK$109.4-136.8 billion, HK$122.5-153.2 billion, HK$134.8-168.5 billion based on 2025, 2026 and 2027 net profit, respectively.
British Land: Buy on Improving Industry Fundamentals
- British Land is an office and retail landlord in UK. Around 60% of its assets are campus/offices, with all assets located in UK
- We think the underling retail and office market are showing solid recovery, which will support British Land key operating business
- British Land also sees capital recycling as an important pillar, including dividend, balance sheet management, and M&As to drive shareholders’ returns
Chifeng Jilong A/H Trading – Weak Institutional Demand and Probably Close to Fair Value
- Chifeng Jilong Gold Mining (600988 CH) , a gold mining company in China, raised around US$363m in its H-share listing in Hong Kong.
- It operates six gold mines in Asia and Africa and has been listed on the Shenzhen Stock Exchange since 2004.
- We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.
ECM Weekly (10th Mar 2025) – BYD, Japan Post, Mixue, Sanhua, Chifeng, Nanshan, Goertek, Travel Food
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Mixue Group (2097 HK) provided some much needed relief to the HK tea chains, Seoul Guarantee Insurance (031210 KS) might not do the same this week.
- On the placements front, BYD (1211 HK)‘s jumbo offering has been doing well, while Japan Post Bank (7182 JP) hasn’t been correcting much.
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