In today’s briefing:
- Trial Holdings IPO: The Investment Case
- Xiaocaiyuan International Holding Pre-IPO – Strong Network Expansion and Same Store Sales Growth
Trial Holdings IPO: The Investment Case
- Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$235 million at the IPO reference price of JPY1,550 per share. Pricing on 11 March.
- Trial aims to act as a one-stop shopping store where consumers can buy whatever they want at a great price. Trial’s basic pricing strategy is Every Day Low Price.
- The investment case rests on steady revenue growth, industry-leading same-store sales growth, solid margin profile and cash generation.
Xiaocaiyuan International Holding Pre-IPO – Strong Network Expansion and Same Store Sales Growth
- Xiaocaiyuan International Holding (XCY HK) is looking to raise up to US$200m in its upcoming HK IPO.
- Xiaocaiyuan is a Chinese home-style cuisine restaurant operator. It prices its menus’ items to achieve average spending per consumer between RMB50 and RMB70 for its dine-in customers at its restaurants.
- In this note, we talk about the company’s historical performance.
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