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EUR 88.49
For Business Accounts Only
The company provides freight-as-a-service (FaaS) via its platform to connect shippers and carriers. It digitalizes the entire road freight transportation process, including pricing, route planning, dispatching, transportation and fee settlement.
As of Mar 2021, ForU had delivered 3.2m loads cumulatively. It had cumulatively served 11,174 large and SME shippers and had approximately 905,000 registered drivers and 580,000 drivers who had completed orders.
Foru’s FY20 revenue was up only 5.23%. As compared to the tepid growth in FY20, 1Q21 revenue was up 76.1% YoY. However, it hasn’t provided any clear reasons for either the tepid FY20 growth or for the acceleration seen in 1Q21.
It also chooses to book revenue as a principal, implying that it's actually recording the full value of the freight transaction as its revenue versus recording its share of the transaction as revenue. Thus, its actual revenue is its gross profit, which is next to non-existent.
ForU Worldwide Pre-IPO
ForU Worldwide (Foru), the largest technology-driven road freight transportation platform in China, aims to raise up to US$500m via a US listing.The company provides freight-as-a-service (FaaS) via its platform to connect shippers and carriers. It digitalizes the entire road freight transportation process, including pricing, route planning, dispatching, transportation and fee settlement.
As of Mar 2021, ForU had delivered 3.2m loads cumulatively. It had cumulatively served 11,174 large and SME shippers and had approximately 905,000 registered drivers and 580,000 drivers who had completed orders.
Foru’s FY20 revenue was up only 5.23%. As compared to the tepid growth in FY20, 1Q21 revenue was up 76.1% YoY. However, it hasn’t provided any clear reasons for either the tepid FY20 growth or for the acceleration seen in 1Q21.
It also chooses to book revenue as a principal, implying that it's actually recording the full value of the freight transaction as its revenue versus recording its share of the transaction as revenue. Thus, its actual revenue is its gross profit, which is next to non-existent.
Underlyings
FORU WORLDWIDE INC
JD.com Inc. Sponsored ADR Class A
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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