Removal of overhang: One of Beisen's major shareholders, Sequoia Capital, has announced the completion of the sale of its shareholdings, totaling 39mn shares at HKD3.3 per share, to Gaocheng Capital on 27 December 2023. The transaction took place at a slight premium to Beisen's last close price of HKD3.05 the day before the trade. We believe this move removes a major overhang for Beisen's share price after it suffered from sustained selling pressure from major shareholders after the lockup period. After the transactions, Gaocheng's shareholding increases to 6.14%.
Multiple recovery underway. Beisen's share price has increased 60.3% since 15 December, vs -0.9% for the HSI, reflecting the positive development. Beisen's 1.7x 2024E EV/sales still marks a significant discount to HK-listed ERP peer, Kingdee (4.9x), with its slightly lower 3-year revenue CAGR and similar breakeven timetable. We expect Beisen's share price to see better performance soon and further multiple recovery is underway. We remain OW.
移除積壓：北森的主要股東之一紅杉資本宣佈於2023年12月27日完成向高成資本出售其持有的股權，總額爲3,900萬股，每股3.3港元。該交易的價格略高於交易前一天Beisen的最後收盤價3.05港元。我們認爲，此舉消除了北森股價的重大懸而未決，因爲封鎖期過後，北森遭受了來自主要股東的持續拋售壓力。交易後，高誠的股權增加到6.14％。
多重恢復正在進行中。自12月15日以來，北森的股價上漲了60.3％，而恒指的股價爲-0.9％，這反映了積極的發展。北森的2024E電動汽車/銷量爲1.7倍，與在香港上市的ERP同行金蝶（4.9倍）相比仍有大幅折扣，其3年收入複合年增長率略低，盈虧平衡時間表也相似。我們預計，北森的股價將很快出現更好的表現，並且進一步的多重複蘇正在進行中。我們仍然是OW（看漲）。
