Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>After the market close on 20 June, Doosan Enerbility announced that it will sell 5 million shares of Doosan Bobcat through a block deal worth about 300 billion won.</li>
<li>The block deal price range is from 54,800 won to 56,200 won, which represents a discount range from 6.18% to 8.51% (versus current price).</li>
<li>We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn in North America.</li>
</ul>


After the market close on 20 June, Doosan Enerbility announced that it will sell 5 million shares of Doosan Bobcat through a block deal worth about 300 billion won.
The block deal price range is from 54,800 won to 56,200 won, which represents a discount range from 6.18% to 8.51% (versus current price).
We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn in North America.


Doosan Bobcat Block Deal Sale: Concerned About North America Construction Sector Downturn

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Caterpillar had a strong start to 2023 with an all-around beat.</li><li>The company’s result was marked by double-digit top-line growth across all segments, higher operating profit margins, and significant adjusted profit per share.</li><li>Caterpillar experienced healthy customer demand across most end markets for its products and services, reflecting the successful execution of its long-term growth strategy.</li></ul>

Caterpillar had a strong start to 2023 with an all-around beat.The company’s result was marked by double-digit top-line growth across all segments, higher operating profit margins, and significant adjusted profit per share.Caterpillar experienced healthy customer demand across most end markets for its products and services, reflecting the successful execution of its long-term growth strategy.

Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> raised around US$210m in its Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In this note, we will talk about the trading dynamics and valuation.


Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

<ul><li>Caterpillar delivered a mixed quarterly result as its revenues surpassed Wall Street expectations on account of a healthy demand over many end markets for the company's products and services.</li><li>Sales rose better than expected, and the adjusted operating profit margins also increased but the company failed to meet the earnings expectations of analysts.</li><li>Despite the challenges of the supply chain, Caterpillar generated robust ME&T free cash flow and achieved double-digit top-line growth.</li></ul>

Caterpillar delivered a mixed quarterly result as its revenues surpassed Wall Street expectations on account of a healthy demand over many end markets for the company's products and services.Sales rose better than expected, and the adjusted operating profit margins also increased but the company failed to meet the earnings expectations of analysts.Despite the challenges of the supply chain, Caterpillar generated robust ME&T free cash flow and achieved double-digit top-line growth.

Caterpillar Inc: New Excavator Launch & Other Developments

Japan Specialist

Mark Chadwick

<ul>
<li>Komatsu Q3 operating profit rose 54% YoY, beating analyst estimates by around 12%</li>
<li>Construction and Mining Equipment sales rose 31% in the quarter, or ~10% on a constant currency basis versus industry volume of -6%</li>
<li>Komatsu shares have sharply lagged the recovery at CAT. We still see significant upside with current P/B of 1.2x</li>
</ul>


Komatsu Q3 operating profit rose 54% YoY, beating analyst estimates by around 12%
Construction and Mining Equipment sales rose 31% in the quarter, or ~10% on a constant currency basis versus industry volume of -6%
Komatsu shares have sharply lagged the recovery at CAT. We still see significant upside with current P/B of 1.2x


Komatsu (6301) | Plenty of Gas in the Tank

United States

Caterpillar Inc. designs, manufactures and markets construction, mining and forestry machinery. The Company also manufactures engines  and other related parts for its equipment, and offers financing and insurance. Caterpillar distributes its products through a worldwide organization of dealers.

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Caterpillar Inc (CAT US)

Doosan Bobcat Block Deal Sale: Concerned About North America Construction Sector Downturn

We have a negative view of Doosan Bobcat block deal as we expect lower share price of Doosan Bobcat in 2H 2023 due to construction sector downturn...

Douglas Kim

Caterpillar Inc.: Collaboration With Nouveau Monde Graphite & Other Drivers

Caterpillar had a strong start to 2023 with an all-around beat. The company’s result was marked by double-digit top-line growth across all...

Baptista Research

Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support

Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO. In this note, we will talk about the trading dynamics...

Ethan Aw

Caterpillar Inc: New Excavator Launch & Other Developments

Caterpillar delivered a mixed quarterly result as its revenues surpassed Wall Street expectations on account of a healthy demand over many end...

Baptista Research

Komatsu (6301) | Plenty of Gas in the Tank

We remain bullish on Komatsu. Komatsu shares have sharply lagged the recovery at CAT. We still see significant upside with current P/B of 1.2x

Mark Chadwick

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