Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 15 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Capital Markets

Clarity Medical Group / Equity Capital Markets

This insight deals with <a href="https://www.smartkarma.com/entities/clarity-medical-group" target="_blank" data-smartkarma-citation="entities:28042:1" rel="noopener">Clarity Medical Group (CMG HK)</a>, an IPO that will happen in HK.  It would be worth looking out for depending on how it is priced.
1) If the IPO is priced between 25-30(x), I believe it would leave a lot on the table for investors based on precedents of IPOs in this space that have taken place earlier in HK, namely Euroeyes 1846 HK and <a href="https://www.smartkarma.com/entities/c-mer-eye-care-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27816:1" rel="noopener">C-Mer Eye Care Holdings Limited (3309 HK)</a>. Here is a look a the valuations of both names for reference in the table. With C-Mer trading 47x FY20 and Euroeyes at 39x FY20, I think that Clarity would be an extremely good bet if priced between 25-30(x), preferably at the lower range.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/105/384/original/Eyecare.png?1573387497" class="editor-image img-responsive" data-smartkarma-image-id="105384"></figure>
source : company filings, internal estimates
2) This is a high growth space, with Clarity having an angle of expansion in China to play as well (although that could pose risks too, but thankfully not in numbers for the company). 
3) This insight takes a deep dive into the HK listed eyecare names, obviously with a special emphasis on Clarity's operations.

This insight deals with Clarity Medical Group (CMG HK), an IPO that will happen in HK.  It would be worth looking out for depending on how it is priced.
1) If the IPO is priced between 25-30(x), I believe it would leave a lot on the table for investors based on precedents of IPOs in this space that have taken place earlier in HK, namely Euroeyes 1846 HK and C-Mer Eye Care Holdings Limited (3309 HK). Here is a look a the valuations of both names for reference in the table. With C-Mer trading 47x FY20 and Euroeyes at 39x FY20, I think that Clarity would be an extremely good bet if priced between 25-30(x), preferably at the lower range.

source : company filings, internal estimates
2) This is a high growth space, with Clarity having an angle of expansion in China to play as well (although that could pose risks too, but thankfully not in numbers for the company). 
3) This insight takes a deep dive into the HK listed eyecare names, obviously with a special emphasis on Clarity's operations.

C-Mer Eye Care Holdings Limited  (3309 HK)

Clarity Medical - Deep Dive into an IPO to Look Out For