Ipsos Business Consulting advised M&L Holdings Limited on the industry overview of its listing on the GEM Board of the Hong Kong Stock Exchange (stock code: 8152.HK) on July 21, 2017. The Group positions itself as an Integrated Engineering Solutions provider in connection with specialised cuting tools and parts for construction equipment with particular focus on Disc Cutiers. Disc Cutiers are widely used in conjunction with TBMs and micro-tunnelling equipment and typically applied towards the excavation of tunnels with a circular cross section through a variety of soil and rock strata. In addition to our focus in the tunnelling sector, the Group also provides Integrated Engineering Solutions which involve (i) the supply of specialised cuting tools and parts for construction equipment; (ii) the supply of fabricated construction steel works and equipment; (iii) the supply of specialised construction equipment; and (iv) ancillary services which include leasing of specialised construction equipment, and repair and maintenance services.
Ipsos Business Consulting conducted an analysis of market landscape and competitive Analysis of the TBM Disc Cutier industry in Hong Kong, PRC and Singapore. During the IPO process, Ipsos Business Consulting worked with the Group, IPO sponsor and the lawyer to complete the contents of the prospectus as well as follow up questions from HKEX, thus to help investors to understand the market overview, competitive landscape and other value. According to Ipsos Business Consulting's analysis, from 2011 to 2015, the number of completed TBM units produced increased from 372 units to 455 units, at a CAGR of approximately 5.2%. During this period, there were a number of factors influencing production and capacity, with the move of manufacturing bases to the PRC seen as the biggest influence. For the period from 2016 to 2020, it is expected that production will increase from 462 units to 519 units, expanding at a more modest rate of CAGR of around 3.0%.