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

Pop Mart International IPO: Valuation First Look

Pop Mart International IPO: Valuation Insights

Poppins IPO Valuation: Attractively Priced for a Growing Company

Pop Mart International IPO Initiation: State of Play

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

Pop Mart International Group L / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/pop-mart-international-group-limited" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">POP MART (POP HK)</a> is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. “Pop Mart” has become the most popular pop toy brand in China. Pop Mart has filed its PHIP and is pre-marketing to raise $200-300 million through a Hong Kong IPO, according to press reports. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-initiation-state-of-play" target="_blank" data-smartkarma-citation="insights:42200" rel="noopener">Pop Mart International IPO Initiation: State of Play</a>, we stated that setting aside the short-term negative impact due to COVID-19, Pop Mart presents a unique opportunity to gain exposure to China’s pop toy retailing market. The 1H20 results disclosed in the PHIP demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. With the impact of the COVID-19 outbreak gradually receding in China, Pop Mart has strong fundamentals to ride a recovery in demand for pop toys. Overall, we continue to believe that Pop Mart’s fundamentals are attractive.</p></div>

POP MART (POP HK) is the largest and fastest-growing pop toy company in China, as measured by revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to Frost &amp; Sullivan. “Pop Mart” has become the most popular pop toy brand in China. Pop Mart has filed its PHIP and is pre-marketing to raise $200-300 million through a Hong Kong IPO, according to press reports. In Pop Mart International IPO Initiation: State of Play, we stated that setting aside the short-term negative impact due to COVID-19, Pop Mart presents a unique opportunity to gain exposure to China’s pop toy retailing market. The 1H20 results disclosed in the PHIP demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. With the impact of the COVID-19 outbreak gradually receding in China, Pop Mart has strong fundamentals to ride a recovery in demand for pop toys. Overall, we continue to believe that Pop Mart’s fundamentals are attractive.

Pop Mart International IPO: Creditable Performance in Tough Times