ECM Daily Briefs | Page 10 of 123

In today’s briefing:

Sai Life Sciences Pre-IPO Tearsheet
Hyundai Motor India Pre-IPO – Thoughts on Valuation
Zinka Logistics (Blackbuck) Pre-IPO Tearsheet
Pre-IPO TYK Medicines (PHIP Updates) – Some Points Worth the Attention
Solera IPO Preview: Low Single-Digit Growth and $8B+ of Variable Rate Indebtedness

Sai Life Sciences Pre-IPO Tearsheet

SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
As per Frost & Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.

Hyundai Motor India Pre-IPO – Thoughts on Valuation

Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.

Zinka Logistics (Blackbuck) Pre-IPO Tearsheet

Blackbuck (1355652D IN) is looking to raise up to US$300m in its upcoming India IPO. The deal will be run by Axis Capital, Morgan Stanley, JM Financial, IIFL Securities.
Blackbuck is India’s largest digital platform for truck operators, with 963,345 operators in India transacting on its Blackbuck platform in FY24, comprising 27.52% of India’s truck operators, as per Redseer.
Through Blackbuck, its customers digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics, find loads on its marketplace and get access to used vehicle financing.

Pre-IPO TYK Medicines (PHIP Updates) – Some Points Worth the Attention

TY-9591 has differentiated indication compared with the current listed third-generation EGFR-TKI, but it still depends on the final clinical results, which also bring more uncertainty to the commercialization performance.
TYK’s development strategy requires it to invest heavily on head-to-head trials.Due to cash shortage, until TYK successfully addresses survival pressure,we recommend a more cautious assessment of pipeline prospects/future R&D arrangements.
TYK is a “mediocre” company. The valuation (RMB3.08 billion) is based on optimistic expectations that core product will be successfully developed, become Me-Better, and commercialized smoothly.We’re, however, conservative about this.

Solera IPO Preview: Low Single-Digit Growth and $8B+ of Variable Rate Indebtedness

By Andrei Zakharov

Solera Corp, the global leader in vehicle lifecycle management and automotive software solution provider, filed to list IPO on New York Stock Exchange.
The software company plans to raise capital and repay a portion of massive debt obligations, which exceeded $8B as of Jun-24. Goldman Sachs is leading the offering.
With $8B+ of variable rate indebtedness and low single-digit growth, the risk-reward profile of Solera IPO looks increasingly skewed to the downside.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 23

Daily Brief ECM: ASICS (7936 JP): The Current Playbook and more

In today’s briefing:

ASICS (7936 JP): The Current Playbook
Bloks Group Pre-IPO – The Positives – Wide Portfolio of Established IPs
SAI Life Sciences Pre-IPO Tear Sheet
ACME Solar Holdings Pre-IPO Tearsheet
Bloks Group Pre-IPO – The Negatives – Concentration Risk Is Concerning, and Limited Overseas Reach
Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain

ASICS (7936 JP): The Current Playbook

Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Bloks Group Pre-IPO – The Positives – Wide Portfolio of Established IPs

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the positive aspects of the deal.

SAI Life Sciences Pre-IPO Tear Sheet

By Tina Banerjee

SAI Life Sciences (SAILS12 IN) is planning to raise INR50B, consisting of INR8B worth of fresh issue and the rest will be OFS.
Out of the proceeds from fresh issue, the company intends to utilize INR6B for repayment/pre-payment, in full or part, of all or certain outstanding borrowings availed by the company.
Sai Life Sciences is the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue as well as EBITDA CAGR during FY22–24.

ACME Solar Holdings Pre-IPO Tearsheet

ACME Solar Holdings (1700918D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are ICICI, JM Financial, Kotak, Nuvama Wealth and Motilal Oswal.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
As per CRISIL, the firm was among the top 10 renewable energy players in India in terms of operational capacity as of FY24.

Bloks Group Pre-IPO – The Negatives – Concentration Risk Is Concerning, and Limited Overseas Reach

Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the not so positive aspects of the deal.

Pre-IPO Saint Bella – The Outlook for Future Performance Growth Is Highly Uncertain

SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage.
The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal & Child Health Limited (286 HK).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 22

Daily Brief ECM: ASICS Placement Updates – Share Pop Done and more

In today’s briefing:

ASICS Placement Updates – Share Pop Done, Now Needs to Correct
ECM Weekly (22nd July 2024) – Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil
Pre-IPO Elpiscience Biopharmaceuticals – Will Investors Still Buy in These Stories?

ASICS Placement Updates – Share Pop Done, Now Needs to Correct

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).
In our earlier note, we talked about the placement and ran the deal through our ECM framework.
In this note, we talk about the updates and share price performance since then.

ECM Weekly (22nd July 2024) – Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.

Pre-IPO Elpiscience Biopharmaceuticals – Will Investors Still Buy in These Stories?

Elpiscience is incubated by LAV from the very beginning.The Company has strong capital operation capabilities, but the story of “founding team’s decent background + star cornerstone investors” doesn’t work anymore.
Elpiscience’s pipelines are still in early stage. However, investors are rational. They will no longer believe in those “good stories”, but focus more on cash flow and drug sales revenue.
Elpiscience’s business model has raised concerns about its future product sales scale and profits.The market may not recognize the post-investment valuation of US$599 million if check the valuation of peers.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 20

Daily Brief ECM: Kokusai Electric (6525 JP): The Current Playbook and more

In today’s briefing:

Kokusai Electric (6525 JP): The Current Playbook
India Channel Insight | What Is the EV Scene in India?

Kokusai Electric (6525 JP): The Current Playbook

Since the US$2.0 billion secondary placement announcement, Kokusai Electric (6525 JP)’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

India Channel Insight | What Is the EV Scene in India?

By Pranav Bhavsar

We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.
Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.
E-2 Wheelers show resilience with stable sales led by aggressive pricing from Ola Electric (1700674D IN).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 19

Daily Brief ECM: Big Honda (7267) Offering – Flow Timing Matters and more

In today’s briefing:

Big Honda (7267) Offering – Flow Timing Matters
Invincible Investment Corp Placement – Another Accretive Acquisition, past Deals Have Done Well
Premier Energies Pre-IPO – Still Ramping up but Already Profitable

Big Honda (7267) Offering – Flow Timing Matters

By Travis Lundy

The ¥500bn Offering of Honda shares is now priced (¥1,664.5/share) making it ¥497.46bn. Bookbuilding for retail – 80% of the book – is now. The price today closed at ¥1,665/share.
The Offering has follow-on “non-discretionary” demand which is non-negligible. It is worth understanding the amounts and timing.
The lockups and non-discretionary demand, along with Honda’s relative cheapness as a large cap OEM and likely upcoming offerings on competitors means it has support.

Invincible Investment Corp Placement – Another Accretive Acquisition, past Deals Have Done Well

Invincible Investment (8963 JP) is looking to raise around US$375m in its primary follow-on offering. The proceeds will be used to partially acquire 12 assets from its Sponsor’s affiliates.
The REIT has been very active on the acquisition front, and has highlighted its ongoing discussions with its Sponsor for acquisitions. Thus, the current deal should be well flagged.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Premier Energies Pre-IPO – Still Ramping up but Already Profitable

Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. It is a manufacturer of solar photovoltaic (PV) cells, and solar modules.
It also executes engineering, procurement, and construction (EPC) projects and provides follow-up operation and maintenance (O&M) services.
In this note, we talk about the company’s historical performance.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 18

Daily Brief ECM: Hyundai Motor India Pre-IPO – Peer Comparison – Doesn’t Stand Out and more

In today’s briefing:

Hyundai Motor India Pre-IPO – Peer Comparison – Doesn’t Stand Out
Sanil Electric IPO Book Building Results Analysis
Pre-IPO Distinct Healthcare Holdings- Hard to Deliver the Expected Returns Due to Growth Bottleneck

Hyundai Motor India Pre-IPO – Peer Comparison – Doesn’t Stand Out

Hyundai Motor (005380 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous note, we looked at the company’s past performance. In this note, we undertake a peer comparison.

Sanil Electric IPO Book Building Results Analysis

By Douglas Kim

Sanil Electric reported excellent IPO book building results. The IPO price has been determined at 35,000 won, which is 16.7% higher than the high end of the IPO price range.
The demand ratio from 2,205 institutional investors was 414 to 1. Sanil Electric (062040 KS) IPO will start trading on 29 July 2024.
Our base case valuation of Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (67% higher than the IPO price of 35,000 won).

Pre-IPO Distinct Healthcare Holdings- Hard to Deliver the Expected Returns Due to Growth Bottleneck

Due to industry characteristics, it would be difficult for Distinct Healthcare to scale up. The Company is more of “a supplementary role” in the entire medical service system in China.
Profit margin is not satisfactory and cost side is also difficult to reduce. Even if Distinct Healthcare successfully turns losses into profits, it’s hard to generate good returns for investors.
Post-Money valuation was US$510 million after Series E financing. For a company that would encounter bottlenecks in both revenue and profit growth, it would be difficult to achieve high valuation.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 17

Daily Brief ECM: The Honda (7267) Offering – Much Easier Than It Looks and more

In today’s briefing:

The Honda (7267) Offering – Much Easier Than It Looks
Honda (7267 JP): The Current Playbook
Gigabyte GDR Offering – Not Wholly Convinced, but Discount at Wide End Is Inline with the Average
Hyundai Motor India IPO: The Bear Case
OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers
I-Scream Media IPO Valuation Analysis
Niva Bupa Health Insurance Pre-IPO Tearsheet
ZIP Placement – Worth a Small Punt, at Best
Pre-IPO Bloks Group – High Growth May Not Be Sustainable
Timee IPO: Forecasts and Valuation

The Honda (7267) Offering – Much Easier Than It Looks

By Travis Lundy

At the beginning of this month, we got a scoop from Reuters about a US$3bn selldown of Honda Motor (7267 JP) by P&C insurers and others.
We knew this was coming at some point. The FSA had pushed the insurers to unwind cross-holdings, and it is otherwise of the zeitgeist.
It came out as heavily retail-oriented, and the supply/demand details are otherwise interesting. To boot, there is an EPS boost to come.

Honda (7267 JP): The Current Playbook

Since the US$3.3 billion secondary placement announcement, Honda Motor (7267 JP)’s shares are down 5% from the undisturbed price of JPY1,791 per share (4 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Honda’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 17 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Gigabyte GDR Offering – Not Wholly Convinced, but Discount at Wide End Is Inline with the Average

Gigabyte Technology (2376 TT) is looking to raise up to US$307m in its global depository receipts (GDRs) offering. The firm is also looking to raise another US$300m via convertible bonds.
Similar to previous GDR listings, the firm has undergone a long drawn out process prior to launching the deal, having to jump through a number of board/shareholder/regulatory approval loops.
In this note, we run the deal through our ECM framework and comment on deal dynamics.

Hyundai Motor India IPO: The Bear Case

Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
In Hyundai Motor India IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on market share losses in the key SUV sub-segment, bottom-quartile revenue growth, higher royalty rates and dividends to Hyundai ahead of the IPO.

OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

By Andrei Zakharov

OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.
The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.
The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.

I-Scream Media IPO Valuation Analysis

By Douglas Kim

Our valuation analysis suggests a base case implied market cap of 567 billion won or implied price per share of 41,450 won.
This suggests a 3% upside to the high end of the IPO price range. We would not subscribe to this IPO due to lack of upside.
Our base case valuation is based on P/E of 18.8x using the company’s net profit of 30.2 billion won in 2023.

Niva Bupa Health Insurance Pre-IPO Tearsheet

Niva Bupa Health Insurance (1226871D IN) is looking to raise US$360m in its upcoming India IPO. The bookrunners on the deal are MS, Kotak, Axis, ICICI, HDFC, and Motilal Oswal.
Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
As per Redseer, the firm was one of India’s largest and fastest growing standalone health insurers (SAHI) based on overall health gross direct premium income (GDPI) in FY24.

ZIP Placement – Worth a Small Punt, at Best

Zip (ZIP AU) plans to raise around US$145m in order to repay its outstanding debt.
The company has undertaken a number of deals in the past and has a mixed track record.
In this note, we will talk about the placement and run the deal through our ECM framework.

Pre-IPO Bloks Group – High Growth May Not Be Sustainable

By Shifara Samsudeen, ACMA, CGMA

The key for high growth in 2023/24Q1 lies in its assembly character toys with renowned IPs,which may not be sustainable or even collapse if Bloks fails to renew license agreements.
The advantages of Bloks in development prospects, self-developed IPs, brand stickiness are not obvious. The latest valuation reached RMB7.2 billion, but the founder has already cashed out before IPO.
Hong Kong stock market has been “lukewarm” to toy companies. Except Pop Mart, valuation/share price of peers are quite weak.How to gain investor/market’s recognition for Bloks is a question mark.

Timee IPO: Forecasts and Valuation

Timee has set an indicative IPO price range of ¥1,350-1,450 per share and will raise US$280m (at the midpoint) where existing shareholders will sell down part of their ownership.
We expect Timee’s earnings to grow as the company is still in its early stages and with further growth in scale, we expect Timee’s margins to continue to expand further.
Our analysis shows that Timee Inc (215A JP) IPO is valued attractively as the company has better-than-peer margin profile which suggests that there is further upside to implied valuation multiples.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 16

Daily Brief ECM: Honda Motor Placement – Past Large Deals Analysis – Could Do with a Bit More Correction and more

In today’s briefing:

Honda Motor Placement – Past Large Deals Analysis – Could Do with a Bit More Correction
Remember DiDi Global? We Check in on China’s Dominant Rideshare Company and Review Recent Results
Sagility India Pre-IPO Tearsheet

Honda Motor Placement – Past Large Deals Analysis – Could Do with a Bit More Correction

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP).
The possibility of such a selldown was flagged by Reuters prior to the deal launch.
In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.

Remember DiDi Global? We Check in on China’s Dominant Rideshare Company and Review Recent Results

By Daniel Hellberg

First, we offer a recent history of Didi going back to its June 2021 IPO
Next, we review the company’s annual results from 2020-23 plus Q124
Finally, we try to answer the question, “Does Didi need to raise cash soon?”

Sagility India Pre-IPO Tearsheet

Sagility India (2058883D IN) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by ICICI Securities, IIFL Securities, Jefferies and JP Morgan.
Sagility India is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
It supports the core business operations of both Payer and Provider clients.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief ECM: ASICS Placement – Needs to Correct and more

In today’s briefing:

ASICS Placement – Needs to Correct, but Watch Out for the Revision Impact
ECM Weekly (15th July 2024) – Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse
T.S. Lines Pre-IPO – Looks like an Opportunistic Listing
TS Lines Pre-IPO: Should We Expect TS Lines to Match Wan Hai’s Strength in YTD 2024?
Pateo Connect Technology Pre-IPO Tearsheet

ASICS Placement – Needs to Correct, but Watch Out for the Revision Impact

A group of shareholders aims to raise around US$1.3bn via selling around 11% of ASICS Corp (7936 JP).
For the two large banks, this will be a cleanup of their cross-shareholding.
In this note, we will talk about the placement and run the deal through our ECM framework.

ECM Weekly (15th July 2024) – Kokusai, Wiwynn, Kelun-Biotech, Timee, Shift Up, Sanil, Avanse

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there were a number of listing in the past week, most of which performed as per our expectations.
On the placement front, Japan continued to dominate the ECM flows.

T.S. Lines Pre-IPO – Looks like an Opportunistic Listing

T.S. Lines (TSL HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In this note, we look at the firm’s past performance.

TS Lines Pre-IPO: Should We Expect TS Lines to Match Wan Hai’s Strength in YTD 2024?

By Daniel Hellberg

TS Lines’ comp Wan Hai has reported strong numbers so far in 2024
But TS Lines is unlikely to match Wan Hai’s impressive H124 gains
Next for TS Lines: H124 financials and valuation vs Wan Hai, RCL

Pateo Connect Technology Pre-IPO Tearsheet

Pateo Connect Technology (PTC HK) seeks to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC, Guotai Junan, CMBI, Huatai and Citic Securities.
Pateo Connect Technology (PCT) provides one-stop smart cockpit solutions and intelligent vehicle connectivity solutions. Its smart cockpit solutions enhance driving safety, convenience and connectivity, offering a more intelligent driving experience.
It offers OEM customers the flexibility to choose individual software and products or combine various components into a seamless and integrated smart cockpit solution.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 14

Daily Brief ECM: Hyundai Motor India IPO: The Bull Case and more

In today’s briefing:

Hyundai Motor India IPO: The Bull Case
Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
I-Scream Media IPO Preview

Hyundai Motor India IPO: The Bull Case

Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
HMIL is India’s second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai’s production and export hub for emerging markets.
The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile.

Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex