The Zhitong Finance App learned that Tehai International (09658) has continued to rise recently, with a cumulative increase of over 80% since the beginning of February. The stock fell more than 4% this afternoon. As of press release, it was down 4.52% to HK$14.8, with a turnover of HK$106.34 million.
According to the news, Tehai International submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) at the end of last month, and plans to raise up to 100 million US dollars. According to reports, Tehai International was spun off from Haidilao International Holdings Co., Ltd. and is the company responsible for operating overseas markets. As of December 31, 2023, Tehai International already has 115 self-operated restaurants in 12 countries on four continents.
SPDB International previously stated that the broad scope for expansion has not yet been reflected in its current valuation. I am optimistic about the accelerated expansion of TEHAI stores and the continued increase in store profit margins after 2024, which is expected to drive the market to give TEHAI a higher valuation level again. Under the current strong trend, the bank believes that the company's valuation still has potential to be unleashed.