Report
EUR 88.49
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Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments.
Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business even though the company will be paying out generous dividends just ahead of its listing.
In my earlier notes:
I spoke about the company and its past performance in Nongfu Spring Pre-IPO - Leaves one thirsty for more.
In Nongfu Spring Pre-IPO, Superior Margins and Growth, I compared the company to some of its listed peers.
In Nongfu Spring Pre-IPO - First stab at valuation I talked about valuation
In this note, I’ll talk about updates from the PHIP and update my valuation
Nongfu Spring Pre-IPO
Nongfu Spring is looking to raise up to US$1bn in its Hong Kong listing. The company is the market leader in packaged drinking water in China.Apart from packaged drinking water, it is also one of the leading players in tea, functional beverages and juice segments.
Earnings growth has been relatively steady and the business remains highly cash generative. There is a lot to like in the business even though the company will be paying out generous dividends just ahead of its listing.
In my earlier notes:
I spoke about the company and its past performance in Nongfu Spring Pre-IPO - Leaves one thirsty for more.
In Nongfu Spring Pre-IPO, Superior Margins and Growth, I compared the company to some of its listed peers.
In Nongfu Spring Pre-IPO - First stab at valuation I talked about valuation
In this note, I’ll talk about updates from the PHIP and update my valuation
Underlyings
Nongfu Spring Co Ltd
Tingyi (Cayman Isln) Hldg Co
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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