IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

China Feihe: Trading Debut, Valuation Scenario Analysis

Ausnutria: Blue Orca’s Attack Lacks Heft

China Feihe IPO Preview: The Winning Formula?

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/china-feihe" target="_blank" data-smartkarma-citation="entities:24413:1" rel="noopener">China Feihe (FEIHE HK)</a> is the leading player in the China IMF (infant milk formula) market as measured by retail sales value in 2018, according to Frost &amp; Sullivan. Feihe has launched its IPO at an indicative price range of HK$7.50-10.00 per share. The price range implies a market cap range of $8.5-11.4 billion.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-the-winning-formula" target="_blank" rel="noopener">our initiation note</a>, we stated that the Feihe’s equity story offers more positives than negatives, and we would place it on our must-look IPO watchlist. We <a href="https://www.smartkarma.com/insights/china-feihe-ipo-uncowed" target="_blank" rel="noopener">furthered noted that the PHIP</a> which discloses 2Q19 metrics reinforces this view.  Our valuation analysis suggests that the IPO valuation is attractive and we would participate in the IPO. </p></div>

China Feihe (FEIHE HK) is the leading player in the China IMF (infant milk formula) market as measured by retail sales value in 2018, according to Frost &amp; Sullivan. Feihe has launched its IPO at an indicative price range of HK$7.50-10.00 per share. The price range implies a market cap range of $8.5-11.4 billion.In our initiation note, we stated that the Feihe’s equity story offers more positives than negatives, and we would place it on our must-look IPO watchlist. We furthered noted that the PHIP which discloses 2Q19 metrics reinforces this view.  Our valuation analysis suggests that the IPO valuation is attractive and we would participate in the IPO. 

Inner Mongolia Yili Industrial Group (A) (600887 CH)

China Feihe IPO: Valuation Is Good for You