IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</a> priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:95096" rel="noopener">Pertamina Geothermal IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Pertamina Geothermal Energy (PGEO IJ) priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case and Pertamina Geothermal IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a>/PGE, a subsidiary of <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener">PT Pertamina (Persero) (PERT IJ)</a>, is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a>. </li>
<li>PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.</li>
</ul>



Pertamina Geothermal (0125738D IJ)/PGE, a subsidiary of PT Pertamina (Persero) (PERT IJ), is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case. 
PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.


Pertamina Geothermal IPO: Valuation Insights

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

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State Bank of India: SBIN reported a strong all-around performance, leading to earnings well above our estimatesBalance sheet growth gained further traction across segments, with an impressive loan growth of +21% YoYAsset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and SMA-I+II at 0.3%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: State Bank of India, Titan, GAIL, Aditya Birla Fashion and Retail

<ul><li>Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line</li><li>Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%</li><li>Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in lineRevenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

India

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

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Gail India (GAIL IN)

Pertamina Geothermal IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price...

Arun George

Pertamina Geothermal IPO: Valuation Insights

The price range has been narrowed from IDR820-945 to IDR875-880 per share. PGE is attractively valued at the IPO price range. We would participate.

Arun George

HSIE Results Daily: State Bank of India, Titan, GAIL, Aditya Birla Fashion and Retail

Asset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and...

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%. Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%,...

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line. Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%

HDFC Securities

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