非洲卫生用品龙头乐舒适启动全球发售：基石阵容豪华 IFC曾参投 2025前四月增速下滑 估值比...

Core Viewpoint - The company, LeShuShi, is set to launch its global IPO on November 6, 2023, with a pricing range of HKD 24.2-26.2 per share, aiming to raise between HKD 22.0-23.8 billion, and potentially up to HKD 27.4 billion with the green shoe option. Despite institutional interest, the company faces multiple operational risks including slow market expansion and declining performance growth [1][2][3]. Group 1: IPO Details - The IPO will consist of 90.88 million shares, with a total fundraising target of HKD 22.0-23.8 billion, and a potential green shoe option raising it to HKD 25.3-27.4 billion [1]. - The net proceeds from the IPO will be allocated as follows: 71.4% for capacity expansion and production upgrades, 11.6% for marketing in emerging markets, 4.7% for strategic acquisitions, and 9.3% for working capital [2]. Group 2: Investor Participation - A strong cornerstone investor lineup includes 15 institutions investing a total of USD 139 million, representing 49.1% of the base offering size, marking the highest cornerstone participation for projects in the HKD 20-30 billion range in 2024 [3][4]. - Notably, there is a lack of industrial participants in the cornerstone investment, which may limit the company's support in supply chain integration and market channel expansion [3]. Group 3: Financial Performance - Revenue growth has slowed, with projections showing a drop from 28.6% in 2023 to 10.5% in 2024, raising concerns about sustainable growth in a maturing African market [6]. - The company reported revenues of approximately USD 3.2 billion in 2022, increasing to USD 4.5 billion in 2024, but the growth rate is expected to decline further [6][8]. - Gross margins have fluctuated, with a drop from 34.9%-35.3% in 2023-2024 to 33.6% in early 2025, primarily due to declining product prices [6]. Group 4: Operational Risks - The company faces significant inventory management issues, with inventory turnover days averaging 140 days, compared to industry leaders at around 60 days, indicating potential cash flow pressures [6][10]. - The customer concentration is low, with the top five customers contributing only 6.3% of revenue, reflecting weak customer loyalty and sales stability [6][10]. Group 5: Compliance and Valuation Concerns - The company has outstanding social security and provident fund payments totaling USD 200,000, raising compliance concerns amid a cash balance of USD 84.53 million [10]. - The IPO valuation corresponds to a price-to-earnings ratio of 19.6, which is slightly lower than Procter & Gamble but significantly higher than Kimberly-Clark, raising questions about growth sustainability given the operational risks [12].