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Nayuki is the operator of Nayuki teahouses, a premium modern teahouse chain in China. The company had a network of 420 Nayuki teahouses across 61 cities in China as of September 30, 2020. As per CIC, Nayuki is the most extensive premium modern teahouse network in China in terms of the number of cities covered.
The fresh tea industry in China is highly competitive but Hey Tea and Nayuki are the two main brands that have been able to consolidate market share with Nayuki being the second in the market. We think Hey Tea has better branding and execution but Nayuki isn’t too far behind.
Compared to listed peers which are mostly restaurant operators, we think Nayuki has better unit economics. Given that it is still in its high growth stage, and has resilience, in terms of being able to grow revenue despite COVID-19 in FY20, we think it can at least trade in line with Jiumaojiu and at a premium to Zhou Hei Ya.
We previously covered the IPO in:
Nayuki (奈雪) Pre-IPO - Fast-Growing, Cash Flow Positive Teahouse Chain
Nayuki (奈雪) Pre-IPO - Industry landscape and peer comparison
Nayuki is looking to raise US$500m in its upcoming Hong Kong IPO.Nayuki is the operator of Nayuki teahouses, a premium modern teahouse chain in China. The company had a network of 420 Nayuki teahouses across 61 cities in China as of September 30, 2020. As per CIC, Nayuki is the most extensive premium modern teahouse network in China in terms of the number of cities covered.
The fresh tea industry in China is highly competitive but Hey Tea and Nayuki are the two main brands that have been able to consolidate market share with Nayuki being the second in the market. We think Hey Tea has better branding and execution but Nayuki isn’t too far behind.
Compared to listed peers which are mostly restaurant operators, we think Nayuki has better unit economics. Given that it is still in its high growth stage, and has resilience, in terms of being able to grow revenue despite COVID-19 in FY20, we think it can at least trade in line with Jiumaojiu and at a premium to Zhou Hei Ya.
We previously covered the IPO in:
Nayuki (奈雪) Pre-IPO - Fast-Growing, Cash Flow Positive Teahouse Chain
Underlying
Nayuki
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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