Report
EUR 89.58
For Business Accounts Only
JMJ is a Chinese fast fashion restaurant brand manager and operator in China. The strong revenue growth has been largely driven by its new Tai Er brand.
Tai Er’s strength shine as its operating metrics were on par with that of Haidilao and growth has been the strongest amongst peers since it is a relatively new brand. As per our previous insight, we have concerns about its growth runway but, for now, there are no signs of slowing down.
JMJ is offered at 21 - 25.2x FY2020E P/E ratio which implies upside of 32 - 59% compared to peer average. Even if we assumed that JMJ trades at a 40% discount to HDL, the downside from the top-end of the price range is limited.
We have previously covered the IPO in Jiumaojiu (ä¹æ¯›ä¹) Pre-IPO Early Thoughts - New Brand Driving Growth
Jiumaojiu (ä¹æ¯›ä¹) IPO - Tai Er’s strength shines through
Jiumaojiu (9929 HK) (JMJ) is looking to raise up to US$282m in its Hong Kong IPO.JMJ is a Chinese fast fashion restaurant brand manager and operator in China. The strong revenue growth has been largely driven by its new Tai Er brand.
Tai Er’s strength shine as its operating metrics were on par with that of Haidilao and growth has been the strongest amongst peers since it is a relatively new brand. As per our previous insight, we have concerns about its growth runway but, for now, there are no signs of slowing down.
JMJ is offered at 21 - 25.2x FY2020E P/E ratio which implies upside of 32 - 59% compared to peer average. Even if we assumed that JMJ trades at a 40% discount to HDL, the downside from the top-end of the price range is limited.
We have previously covered the IPO in Jiumaojiu (ä¹æ¯›ä¹) Pre-IPO Early Thoughts - New Brand Driving Growth
Underlying
Haidilao International Holding Ltd
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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