IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. </li>
<li>Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. </li>
<li>While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. </li>
</ul>



Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. 
Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. 
While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. 


Emperador SGX Secondary Listing: Scotch, Not so Neat

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/thaibev-s-beerco-ipo-third-time-s-the-charm" target="_blank" data-smartkarma-citation="insights:71795" rel="noopener">ThaiBev’s BeerCo IPO: Third Time’s the Charm?</a>, we look at the latest developments and results. </li>
<li>The target raise by offering 20% of BeerCo's issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests a valuation range of US$5.0-5.2 billion. </li>
</ul>



Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion, according to press reports.
In ThaiBev’s BeerCo IPO: Third Time’s the Charm?, we look at the latest developments and results. 
The target raise by offering 20% of BeerCo's issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests a valuation range of US$5.0-5.2 billion. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion (vs US$2 billion previously), according to press reports. </li>
<li>In 1HFY2022, the group revenue returned to growth due to Vietnam. The easing of restrictions in Thailand should boost volumes in 2HFY2022.  </li>
<li>Creditably despite rising raw material costs, the margins remained steady helped by forward buying contracts. However, the unwinding of the forward contracts will likely lead to margin pressures in FY2023.</li>
</ul>



Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion (vs US$2 billion previously), according to press reports. 
In 1HFY2022, the group revenue returned to growth due to Vietnam. The easing of restrictions in Thailand should boost volumes in 2HFY2022.  
Creditably despite rising raw material costs, the margins remained steady helped by forward buying contracts. However, the unwinding of the forward contracts will likely lead to margin pressures in FY2023.


ThaiBev’s BeerCo IPO: Third Time’s the Charm?

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>The Holdco trade involving <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a>, which we suggested last year has generated over 33% during the last 12 months against Topix’s 3.8% and Nikkei’s 2.6%.</li>
<li>We expect additional gains from this Holdco trade mostly alongside improvements in the core-business EBITDA expectations.</li>
<li>In addition, Kirin is looking outright positive with multiple catalysts assisting Kirin to turn around price performance.</li>
</ul>


The Holdco trade involving Kirin Holdings (2503 JP), which we suggested last year has generated over 33% during the last 12 months against Topix’s 3.8% and Nikkei’s 2.6%.
We expect additional gains from this Holdco trade mostly alongside improvements in the core-business EBITDA expectations.
In addition, Kirin is looking outright positive with multiple catalysts assisting Kirin to turn around price performance.


Kirin: Holdco Trade Has More Room to Run, Also Outright Attractive

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Q1 cost pressures surprised the market but the share price has already discounted the news</li>
<li>Underlying beer demand is solid as global economies recover from 2 years of Covid restrictions</li>
<li>Improving sales mix and higher prices should offset the cost pressures. With Asahi trading at the bottom of its valuation range, our glass is half full on the stock</li>
</ul>


Q1 cost pressures surprised the market but the share price has already discounted the news
Underlying beer demand is solid as global economies recover from 2 years of Covid restrictions
Improving sales mix and higher prices should offset the cost pressures. With Asahi trading at the bottom of its valuation range, our glass is half full on the stock


Asahi (2502 JP) | Is Your Glass Half Full or Half Empty?

Japan

Asahi Group Holdings, Ltd. produces beer and other beverages including non-alcoholic drinks. The Company sells its products in Japan and overseas.

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Asahi Group Holdings (2502 JP)

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

ThaiBev’s BeerCo IPO: What's It Worth?

The target raise by offering 20% of BeerCo's issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests...

Arun George

ThaiBev’s BeerCo IPO: Third Time’s the Charm?

BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion. In this note, we look at the latest set of results and highlight the key...

Arun George

Kirin: Holdco Trade Has More Room to Run, Also Outright Attractive

Almost 12 months down the line, our Holdco trade involving Kirin has given us a return of around 33.3% against Topix’s 3.8% and Nikkei’s 2.6%...

Oshadhi Kumarasiri

Asahi (2502 JP) | Is Your Glass Half Full or Half Empty?

The share price now is trading at the bottom of the pre-covid valuation range. We are bullish due to two key catalysts: improving mix/price hikes...

Mark Chadwick

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