Report
EUR 87.90
For Business Accounts Only
It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative business (MA) which includes Quorn and Cauldron meat alternatives brands.
MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel.
In our previous notes, Monde Nissin Pre-IPO - High market share but lacks growth, we looked at the company background and its past financial performance and Monde Nissin Pre-IPO - Peer comparison for food business, we compared its BFB division with local and regional peers.
In this note, we’ll compare its meat alternative (MA) division with its global rivals.
Monde Nissin Pre-IPO - Peer comparison for Meat Alternative business
Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative business (MA) which includes Quorn and Cauldron meat alternatives brands.
MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel.
In our previous notes, Monde Nissin Pre-IPO - High market share but lacks growth, we looked at the company background and its past financial performance and Monde Nissin Pre-IPO - Peer comparison for food business, we compared its BFB division with local and regional peers.
In this note, we’ll compare its meat alternative (MA) division with its global rivals.
Underlyings
Monde Nissin
UNIVERSAL ROBINA CORP
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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