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As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.
Ximalaya has enjoyed rapid user and revenue growth over the past few years. It is also the leader in its field and has been able to expand its reach beyond just its own app.
On the flip side, despite the heady growth it hasn’t been able to turn a profit. Its growth has mainly been driven by an increase in paying users while the average revenue per user has been declining. Furthemore, one of its co-founders, who owns a large stake, appears to be missing in action.
In our previous notes, Ximalaya Pre-IPO - A whole lot of listening, we looked at various aspects of the deal and Ximalaya Pre-IPO - Peer comparison, we undertook a peer comparison.
In this note, we will talk about our earnings and valuation estimates.
Ximalaya Pre-IPO
Ximalaya, the largest online audio platform in China, is looking to raise around US$1bn in its US listing.As of 1Q21, it had 250m average MAUs, which included 104m mobile MAUs through its apps and 146m MAUs through internet-of-things (IoT) and other third-party platforms. As per CIC, it accounted for 75% of total mobile listening time among all online audio platforms in China. It had 5.2m active content creators in 2020.
Ximalaya has enjoyed rapid user and revenue growth over the past few years. It is also the leader in its field and has been able to expand its reach beyond just its own app.
On the flip side, despite the heady growth it hasn’t been able to turn a profit. Its growth has mainly been driven by an increase in paying users while the average revenue per user has been declining. Furthemore, one of its co-founders, who owns a large stake, appears to be missing in action.
In our previous notes, Ximalaya Pre-IPO - A whole lot of listening, we looked at various aspects of the deal and Ximalaya Pre-IPO - Peer comparison, we undertook a peer comparison.
In this note, we will talk about our earnings and valuation estimates.
Underlyings
TENCENT MUSIC
XIMALAYA INC
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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