Report
EUR 88.49
For Business Accounts Only
We look at the company’s past financials and note that the revenue has been volatile with the majority of revenue in the track record period recorded in 2019 due to the launch of two TV series. We examine the reason behind such volatility.
We highlight the risk of regulation for the TV series production industry in China. The TV/film business is highly regulated. Regulators are notorious for issuing restrictive notice at surprise.
We further look at the company’s education business and have an impression that its growth is slow and it lacks growth drivers.
We value the company on an SOTP basis at USD 546 million.
Cathay Media (åŽå¤è§†å¬) Pre-IPO - Volatile earnings smoothened by private university
Cathay Media, a China media company with businesses in TV/film production and not-for-profit university education, is looking to raise up to USD 200 million. The company has a track record of producing popular TV series based on the novel by the famous author, Jin Yong.We look at the company’s past financials and note that the revenue has been volatile with the majority of revenue in the track record period recorded in 2019 due to the launch of two TV series. We examine the reason behind such volatility.
We highlight the risk of regulation for the TV series production industry in China. The TV/film business is highly regulated. Regulators are notorious for issuing restrictive notice at surprise.
We further look at the company’s education business and have an impression that its growth is slow and it lacks growth drivers.
We value the company on an SOTP basis at USD 546 million.
Underlying
Cathay Media and Education Group
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.
Ke Yan
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