Report
EUR 93.06
For Business Accounts Only
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. In addition, the company also has a presence in the flavored milk segment, fresh white milk segment, chilled processed meat and frozen processed meat sub-categories.
CMD’s revenue grew by 28% YoY in FY19 and by another 34% YoY in FY20. For 1H21, it reported a growth of 115% YoY. Its margins too have been on the rise with net margin doubling in 1H21 and thus, its PAT has grown even faster. A lot of this growth has come from introduction of new products and expansion of its distribution. A strategy that the company aims to continue over the next few years.
However, the company reported its highest margins in 1H21, just ahead of listing. Its margins were a lot higher than its past record and those reported by its local and overseas peers. Were we to discount some of the margin gains going forward, that would imply that the IPO pricing isn’t exactly cheap.
Cisarua Mountain Dairy (Cimory) IPO
PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, aims to raise up to US$263m in its Indonesian IPO.It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. In addition, the company also has a presence in the flavored milk segment, fresh white milk segment, chilled processed meat and frozen processed meat sub-categories.
CMD’s revenue grew by 28% YoY in FY19 and by another 34% YoY in FY20. For 1H21, it reported a growth of 115% YoY. Its margins too have been on the rise with net margin doubling in 1H21 and thus, its PAT has grown even faster. A lot of this growth has come from introduction of new products and expansion of its distribution. A strategy that the company aims to continue over the next few years.
However, the company reported its highest margins in 1H21, just ahead of listing. Its margins were a lot higher than its past record and those reported by its local and overseas peers. Were we to discount some of the margin gains going forward, that would imply that the IPO pricing isn’t exactly cheap.
Underlying
PT CISARUA MOUNTAIN DAIRY TBK
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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