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

Nayuki Holdings IPO: Valuation First-Look

Nayuki Holdings IPO Initiation: A New Leaf

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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/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (NYK HK)</a> is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC. Nayuki also has the most extensive teahouse network in China as measured by the number of cities covered, among premium modern teahouse chains in China in 2020, according to CIC. It is pre-marketing an HKEx IPO to raise up to $500 million, according to press reports.</p><p>In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-initiation-a-new-leaf" target="_blank" data-smartkarma-citation="insights:48532" rel="noopener">Nayuki Holdings IPO Initiation: A New Leaf</a>, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. </p><div class="content-highlight"><p>In this note, we look at the PHIP which discloses the 2020 results and recent developments. We think that recent results show that Nayuki is well-positioned as a post-COVID-19 recovery play. Overall, we continue to think that Nayuki is worth a look.  </p></div>

Nayuki Holdings (NYK HK) is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC. Nayuki also has the most extensive teahouse network in China as measured by the number of cities covered, among premium modern teahouse chains in China in 2020, according to CIC. It is pre-marketing an HKEx IPO to raise up to $500 million, according to press reports.In Nayuki Holdings IPO Initiation: A New Leaf, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. In this note, we look at the PHIP which discloses the 2020 results and recent developments. We think that recent results show that Nayuki is well-positioned as a post-COVID-19 recovery play. Overall, we continue to think that Nayuki is worth a look.  

Nayuki Holdings

Nayuki Holdings IPO: Drinking Habits