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 Insights

Poppins IPO Valuation: Attractively Priced for a Growing Company

Pop Mart International IPO: Creditable Performance in Tough Times

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

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<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 is seeking to raise $600 million (double the original $200-300 million target) at a $7 billion valuation, according to Reuters. </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. In <a href="https://www.smartkarma.com/insights/pop-mart-international-ipo-creditable-performance-in-tough-times" target="_blank" data-smartkarma-citation="insights:45653" rel="noopener">Pop Mart International IPO: Creditable Performance in Tough Times</a> we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In this note, we take a first look at Pop Mart's valuation. Overall, based on valuation analysis, we think that the rumoured IPO valuation can be justified.</p></div>
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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 is seeking to raise $600 million (double the original $200-300 million target) at a $7 billion valuation, according to Reuters. 
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. In Pop Mart International IPO: Creditable Performance in Tough Times we noted that the 1H20 results demonstrate that Pop Mart has navigated a tough trading environment by delivering creditable growth and margin. In this note, we take a first look at Pop Mart's valuation. Overall, based on valuation analysis, we think that the rumoured IPO valuation can be justified.


Pop Mart International IPO: Valuation First Look