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本间高尔夫有限公司(6858.HK):新股速递

Local Golf Co., Ltd. (6858.HK): new stock courier

致富證券 ·  Sep 23, 2016 00:00  · Researches

Main date:

Public release closing date: 12: 00 noon on September 28, 2016

Scheduled date: September 29, 2016

Announcement application results: October 05, 2016

Listing date: October 06, 2016

Family caretaker and family global coordinator:

Morgan Stanley Luozhou Co., Ltd.

Summary of statistics:

Number of shares sold globally: 133991000 shares

Share sold in Hong Kong: 10%

Sales: HK $8.46 to HK $10.98

Estimated collection of funds: HK $1.133 billion to HK $1.471 billion

Income per hand: HK $5545.32

A summary of the collection

The collection mainly designs, develops, manufactures and sells all kinds of exquisite and high-performance high-husband balls, as well as HONMA-branded high-husband balls, clothing, accessories and other related products. Founded in 1959, Ji Fu is one of the oldest professional brands in the market.

The vertically integrated service model of the collection includes design, development, production, marketing and sales and management. The sales and marketing network of the collection is made up of HONMA brand stores and dealers. Dealers include (a) third-party retailers who sell products directly to them by the marketers, and (b) wholesalers who resell the products of the collection to other third parties.

Industry summary

Among the world's main markets for high-end products are the United States, Japan, the United Kingdom and China. According to Frost Sullivan's report, the United States is the world's largest market for high-end products, with retail sales of 4.4 billion US dollars in 2015, accounting for 37.3% of the global market. Japan is the second largest market for high-end products in the world, with retail sales of US $3 billion in 2015, accounting for 25.1% of the global market. China is the third largest market for high-wage products in the world, with retail sales of US $1 billion in 2015, accounting for 8.9% of the global market.

Cymbals

Valuation

In recent years, the Chinese government has dealt with officials who play high ball or receive payment by receiving high-ranking membership cards. These anti-corruption activities may cause people to associate Gao's husband with corruption, publicize this event face-to-face, and may have a negative impact on the people in China who participate in it. If the public's views on Gao Jiefu continue to be affected by corruption cases, the demand for collective products in China may be adversely affected.

According to the IPO documents, assuming that the global offering was completed on March 31, 2016, 6.09 shares were expected to be issued after the sale of the shares was completed, and a dividend of 19.95 yen was declared in May this year, equivalent to an untested net worth of tangible assets per share of HK $2.21 to HK $2.74 (at an exchange rate of HK $1.0 to $13.19 per day).

The translation is provided by third-party software.


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