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EUR 88.49
For Business Accounts Only
BMG is a consumer household care company in China, which sells its products in three main categories: fabric care, personal hygiene and home care. As per Frost & Sullivan, it has been the market leader in liquid laundry detergent, liquid soap and concentrated liquid laundry detergent market over 2017-19.
While sales have grown at 11.88% CAGR over FY17-19, gross profit has grown at 22.89% CAGR while PAT has grown even faster at 253% CAGR, essentially growing by 12.5x. At the same time, the company has also shown an ability to launch new brands and products.
In my previous notes, Blue Moon Group Pre-IPO - Riding on online sales while offline flags and Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison, I covered the company’s background and the positive and negative aspects of the deal and compared it to some of the liste peers.
In this note, I talk about my earnings forecast and look at valuations.
Blue Moon Group Pre-IPO
Blue Moon Group plans to raise around US$1bn in its Hong Kong listing. The company is backed by Hillhouse who first invested in the company in 2010.BMG is a consumer household care company in China, which sells its products in three main categories: fabric care, personal hygiene and home care. As per Frost & Sullivan, it has been the market leader in liquid laundry detergent, liquid soap and concentrated liquid laundry detergent market over 2017-19.
While sales have grown at 11.88% CAGR over FY17-19, gross profit has grown at 22.89% CAGR while PAT has grown even faster at 253% CAGR, essentially growing by 12.5x. At the same time, the company has also shown an ability to launch new brands and products.
In my previous notes, Blue Moon Group Pre-IPO - Riding on online sales while offline flags and Blue Moon Group Pre-IPO - Online Reviews and Peer Comparison, I covered the company’s background and the positive and negative aspects of the deal and compared it to some of the liste peers.
In this note, I talk about my earnings forecast and look at valuations.
Underlying
Blue Moon Group Holdings
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.
Sumeet Singh
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