Huaiji Dengyun Auto-parts (002715) is an air valve leader with high- quality customers. The Company is a leading air valve manufacturer in China with advantages in technology, brand and capital, among others. Its 2013/14/15E net profit is forecast to be Rmb37/52/65mn, implying 2013/14/15E fully diluted EPS of Rmb0.40/0.57/0.71 (supposing 23mn shares are issued, EPS of Rmb0.43 in 2012). Based on the sector’s average valuation, we believe 2014E PE of 16-18x is fair for it, and suggest an inquiry range of Rmb9.15-10.29 per share.

    Muyuan Foodstuff (002714) is a hog breeding leader with outstanding cost advantages. It is forecast to register Rmb305/481/ 631mn in 2013/14/15E net profit attributable to shareholders of parent company (-7.60%/57.69%/31.13% YoY), implying 2013/14/15E fully diluted EPS of Rmb1.30/2.05/2.68 (assuming a total of 23mn shares after IPO). Given its cost advantages and expectations for accelerated growth in slaughtering scale, we believe Rmb47.1-55.3 per share is fair for it (implying 2014E PE of 23-27x). Assuming a 20% discount between the primary and secondary markets, we suggest an inquiry range of Rmb37.7-44 per share (implying 2014E PE of 18-22x).

    China Wafer Level CSP (603005) is a global leading WLCSP semiconductor packaging enterprise. The Company is China’s first and the world’s second largest high-tech company providing WLCSP packaging services for CMOS image sensors (CIS). It is forecast to enjoy a market cap of tens of billions of yuan through exponential growth in business scale. Its 2013/14/15E fully diluted EPS is projected to be Rmb0.64/0.80/0.94 (assuming 63.17mn shares are issued). The A-share packaging sector is trading at an average 2014E PE of 25-30x. Given that it secures a leading industry position and a solid technical strength over comparables, we believe Rmb30.4-36.0 per share is fair for it (implying 2014E PE of 38-45x, 1.5 times of the sector’s level). Assuming a 20% discount between the primary and secondary markets, we suggest an inquiry range of Rmb24-29 per share.

    Shenzhen Ysstech Info-tech (300359) is a professional asset management and custody system solutions provider. Its core products are of high technical barriers and it enjoys outstanding advantages in customers and channels. The company is forecast to log Rmb43/54/65mn in 2013/14/15E net profit with a CAGR of 21%, implying 2013/14/15E EPS of Rmb0.77/0.97/1.18 (assuming 10.5mn shares are issued). Given its steady operation and prominent cost advantages, we believe Rmb24.25-29.1 per share is fair for it (implying 2014E PE of 25-30x). Assuming a 15% discount between the primary and secondary markets, we suggest an inquiry range of Rmb21.34-25.22 per share (implying 2014E PE of 22-26x).

    Beijing Kingee Culture Development (002721) is a creative pioneer in precious metal artware sector. The Company is a precious metal artware leader consistently pursing for innovation. We forecast its 2013/14/15E fully diluted EPS to be Rmb0.65/0.67/0.81 (assuming 21mn shares are issued) with a 19% CAGR of net profit in 2013-15E. With outstanding R&D and innovation ability, and notable channel advantages, it is projected to further tamp its leading advantages and expand its market share after listing, thereby benefiting from the feast of cultural creativity and precious metal consumption. Based on the valuations of listed precious metal jewelry brands Lao Feng Xiang/CHJ/Eastern Gold Jade, and factoring in an offering discount in the primary market, we suggest an inquiry range of Rmb9.4-10.9 per share (implying 2014E PE of 14-16x).

    Guangdong Europol Steel Logistics (002711) is a steel logistics service provider with outstanding location advantage and strong profitability. The steel logistics market sees a huge market size, and the company enjoys notable location and market advantages. It is forecast to post Rmb125/142/164mn in net profit in 2013/14/15E (+4.73%/13.08%/15.15% YoY), implying 2013/14/15E EPS of Rmb0.87/1.00/1.15 (assuming 25mn shares are issued). DCF valuation stands at Rmb20.84 per share; and relatively valuation of the ore business based on valuation of five comparables including CMST Development (600787) is Rmb22. We believe a price of Rmb22.9-24.2 per share is fair for its e-commerce Opsteel.cn with a 10% premium, and suggest an inquiry range of Rmb20.6-22 per share.

    Sichuan Troy Information Technology (300366) is a consistently growing telecom service outsourcing enterprise in western China. It is conservatively estimated to issue 5.63mn new shares during the IPO, bringing its total share capital to 55.63mn shares. Based on the assumption, we forecast its 2013/14/15E EPS to be Rmb0.75/0.88/0.97 with a CAGR of 13%. Given its small capacity and a relatively huge growth potential, we believe Rmb19.3-22.8 per share is fair for it (implying 2014E PE of 22-26x), and suggest an inquiry range of Rmb17.4-20.5 per share based on a 10% discount.