ECM Daily Briefs | Page 39 of 118

In today’s briefing:

IdeaForge Technologies IPO- Forensic Analysis
Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well
The IPO Shot in the Arm for Softbank (9984 JP), but Is It Enough?
4Paradigm Pre-IPO – Refiling Updates – Has Been Paring Down Losses but Cash Runway Seems Short
J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability
Luyuan Group IPO Preview: An Ambitious Manufacturer of Electric Bicycles Based in China
JST Group Pre-IPO Tearsheet

IdeaForge Technologies IPO- Forensic Analysis

By Nitin Mangal

IdeaForge Technology Limited (1475641D IN)‘s IPO opens for subscription this week.
The company is said to be the market leader in manufacturing of drones, an industry that is expected to grow rapidly in the next five years.
However, there are several forensic takeaways that include disclosure errs relating to litigations, treatment of R&D, cash generation, etc.

Tryt IPO – The Positives – Supportive Macro Backdrop and Has Weathered the Pandemic Well

Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
In this note, we will talk about the positive aspects of the deal.

The IPO Shot in the Arm for Softbank (9984 JP), but Is It Enough?

By Victor Galliano

We believe that Masa’s AI predictions and ambitions in the AGM presentation may well need a reality check; nonetheless, Softbank subsidiary Arm is a beneficiary of increasing AI applications
The prospective Arm IPO is a key driver in the recent Softbank group share price rally; we look at AMD’s acquisition of Xilinx for an indication of Arm’s potential valuation
Softbank group’s stated NAV discount narrowed by 19 pp to 31%; we explore Arm IPO valuation scenarios for NAV upside but we only see Softbank upside in a super-premium valuation

4Paradigm Pre-IPO – Refiling Updates – Has Been Paring Down Losses but Cash Runway Seems Short

By Shifara Samsudeen, ACMA, CGMA

4Paradigm (1764934D HK) is looking to raise about US$600m in its upcoming IPO in Hong Kong.
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
In our previous note, we took a look at the company’s background and financial performance. In this note, we will cover the firm’s refiling updates.

J&T Global Express IPO: SEA Margins Declining and Other Businesses Far from Profitability

Global logistics and express delivery service provider J&T Express (1936374D CH) has filed for an IPO on the HKEx to raise about US$500m-1bn.
J&T’s SEA operation is the only gross margin making business, however, the segment’s gross margin has been on a declining trend.
Though the gross losses of China biz has reduced during 2020-2022, J&T continues to invest in China to capture market share which we think would delay profits.

Luyuan Group IPO Preview: An Ambitious Manufacturer of Electric Bicycles Based in China

By Andrei Zakharov

Luyuan Group (LUYUAN HK), a founder-led company and a pioneer in the e-bike industry in China, is looking to raise capital via the upcoming Hong Kong IPO.
Luyuan Group (LUYUAN HK) is an extremely ambitious manufacturer of electric bicycles and electric motorcycles in China. ”Luyuan” is a trusted and well-known brand in Asia and worldwide.
I like profitable growth at scale and believe Luyuan Group IPO would be attractive to investors, given the company’s 40% y/y revenue growth and valuable brand.

JST Group Pre-IPO Tearsheet

JST Group (1703609D CH) is looking to raise at least US$100m in its upcoming HK IPO. The deal will be run by CICC and JP Morgan.
Jushuitan (JST) is China’s largest e-commerce SaaS ERP provider in terms of revenue in 2022, with a market share of 20.7%, according to CIC.
The firm offers a suite of cloud-based e-commerce SaaS products, and is able to connect merchants with over 350 e-commerce platforms in China and across the world.

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Jun 26

Daily Brief ECM: Weekly Deals Digest (25 Jun) – Alibaba and more

In today’s briefing:

Weekly Deals Digest (25 Jun) – Alibaba, JSR, Shinsei, Arcland, InvoCare, J&T Global, Amman Mineral
Pre-IPO Deshengtang Pharmaceutical – Benign Development Momentum, but Still Face Some Risks

Weekly Deals Digest (25 Jun) – Alibaba, JSR, Shinsei, Arcland, InvoCare, J&T Global, Amman Mineral

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Alibaba (ADR) (BABA US)‘s Cainiao & Cloud Intelligence Group, J&T Global Express (1936374D CH), Amman Mineral Internasional (1416286D IJ), Tata Technologies (TATATECH IN) IPOs.
Event-Driven developments – Invocare Ltd (IVC AU), Arcland Service (3085 JP), JSR Corp (4185 JP), SBI Shinsei Bank (8303 JP), Amara Holdings (AMA SP), Yashili International Holdings (1230 HK).

Pre-IPO Deshengtang Pharmaceutical – Benign Development Momentum, but Still Face Some Risks

By Xinyao (Criss) Wang

Due to COVID-19, the consumption pattern of customers has changed.The rapid development period of pharmacies is coming to an end and the industry has entered a new era of integration.
The essence of Deshengtang’s business model is more like traditional retail offline pharmacies, relying heavily on selling drugs. The Company’s healthy gross margin gives hope for an early turnaround.
However, no matter from which field to seek expansion, Deshengtang would encounter strong competitors.It remains to see if Deshengtang can survive in the industry rather than be acquired by competitors.

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Jun 25

Daily Brief ECM: ECM Weekly (25th June 2023) – Tryt and more

In today’s briefing:

ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

ECM Weekly (25th June 2023) – Tryt, Shiyue Daotian, Keep, SML, HDFC, Shriram, Tata Tech, Doosan, J&T

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Tryt Inc (9164 JP) launched its Japan IPO, while we also looked at Big C Supercenter (BIGC TB)‘s past performance.
On the placement front, in India the market hitting all-time highs appears to have driven a flurry of blocks.

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Jun 24

Daily Brief ECM: SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price and more

In today’s briefing:

SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price

SK Innovation: Rights Offering of 1.2 Trillion Won at a 21% Discount to Current Price

After the market close on 23 June, SK Innovation (096770 KS) announced that the company will conduct a rights offering worth 1.2 trillion won.
We have a positive view on SK Innovation’s rights offering of 1.2 trillion won. The expected rights offering price is 143,800 won which is 21% discount to current price.
Although we have a positive view of SK Innovation over the next 12 months, its share price could face some weakness in the near term due to this capital increase.

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Jun 23

Daily Brief ECM: Almac IPO: Change in IPO Regulation & Trading Strategy in First Day of Trading and more

In today’s briefing:

Almac IPO: Change in IPO Regulation & Trading Strategy in First Day of Trading
Alibaba’s Cloud Intelligence Group Spin-Off: The First Look
HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

Almac IPO: Change in IPO Regulation & Trading Strategy in First Day of Trading

Almac IPO is likely to benefit from the change in IPO regulations in Korea, which could result in a spike in its share price in the first day of trading.
Starting next week, the Korean IPO rules are changed so that the price limit on the newly listed companies will be expanded to 60-400% of the IPO price.
We believe Almac’s shares could OVERSHOOT by more than 200-250% versus the IPO price on the first day of trading, which would be 150,000 won to 175,000 won per share.

Alibaba’s Cloud Intelligence Group Spin-Off: The First Look

Alibaba (ADR) (BABA US) aims to complete a spin-off of the Cloud Intelligence Group via a stock dividend distribution, with it becoming publicly listed in the next 12 months.
The Cloud business is pursuing a land-grab strategy to reignite growth. While it is the only profitable Chinese cloud platform, the profitability gap to Amazon AWS highlights the opportunity.
The aim to bring in external strategic investors before the spin-off will provide a valuation benchmark. Our analysis points to a Cloud business valuation range of US$45-58 billion.

HKEX Launches Yuan Counter for Trading of Hong Kong-Listed Shares

By Caixin Global

The Hong Kong Stock Exchange (HKEX) launched its new dual-currency counter Monday, and the first batch of 24 stocks had a total turnover of 163 million yuan ($22.9 million) on the first day.
The Hong Kong Dollar-yuan dual-currency counter allows investors to trade and settle designated shares in Hong Kong or mainland China currency, offering the potential to access new liquidity.
The model also lays the groundwork to support the next phase of development to allow investors from the Chinese mainland to trade Hong Kong-listed yuan, or renminbi, securities through the southbound Stock Connect, the HKEX said.

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Jun 22

Daily Brief ECM: Alibaba’s Cainiao IPO: The First Look and more

In today’s briefing:

Alibaba’s Cainiao IPO: The First Look
Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant
Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet
Western Carriers Pre-IPO Tearsheet
Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID

Alibaba’s Cainiao IPO: The First Look

Alibaba (ADR) (BABA US) aims to complete the IPO of Cainiao Smart Logistics (1437124D HK) in the next 12 to 18 months. Alibaba holds a 67% stake in Cainiao.
Cainiao’s revenue growth, while on a declining trend, remains in double digits. Encouragingly. narrowing losses set a path to profitability.
On 30 March, Bloomberg reported that Cainiao is currently valued at more than US$20 billion. Our valuation analysis suggests that such a valuation is justifiable.

Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant

Keep Inc (KEEP HK) is looking to raise around US$100m in its upcoming Hong Kong IPO.
Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.
In this note, we discuss the updates since our last note.

Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet

Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.
Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.
According to Frost & Sullivan (F&S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.

Western Carriers Pre-IPO Tearsheet

Western Carriers (1489172D IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by JM Financial and Kotak.
The firm provides multi-modal logistics services which include road, railway, ocean/coastal/river and air logistics services.
It also provides chartering services to overseas destinations, stevedoring services at Indian ports and coastal movement of cargo within India.

Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO.
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the not-so-positive aspects of the deal.

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Jun 21

Daily Brief ECM: Shriram Finance Placement – Well Flagged Cleanup but Watch Out for the Recent Spike and more

In today’s briefing:

Shriram Finance Placement – Well Flagged Cleanup but Watch Out for the Recent Spike
Tata Technologies Pre-IPO – Thoughts on Valuation
CJ CGV: A Rights Offering 74.7 Million Shares (Destroying Shareholder Value)
J&T Global Express IPO: The Bear Case
SML Group Pre-IPO – Guided Decline in Profitability but Spike in Dividend Payout
Workday Inc.: Expanding The Global Footprint
The Cooper Companies Inc.: Is It The Future Of Vision Correction? – Key Drivers
Zscaler Inc.: Is Zero Trust Architecture The Future of Security? – Key Drivers
Big C Retail Pre-IPO – The Positives – Has a Strong Presence
Lululemon Athletica Inc.: Community-Based Model Remains The Key To Success – Major Drivers

Shriram Finance Placement – Well Flagged Cleanup but Watch Out for the Recent Spike

Piramal Enterprises (PIEL IN) plans to raise around US$600m via selling its entire 8.3% stake in Shriram Finance.
The deal is very well flagged with Piramal having sold half its stake in 2019 and having publicly stated its intention to completely exit as well.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.

Tata Technologies Pre-IPO – Thoughts on Valuation

Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.

CJ CGV: A Rights Offering 74.7 Million Shares (Destroying Shareholder Value)

CJ CGV announced a massive capital increase plan of nearly 1 trillion won which includes a rights offering of 570 billion won and 450 billion won of in-kind investments.
This capital increase is likely to negatively impact CJ CGV’s share price in the coming months. Through this capital raise, the existing shareholders are likely to be diluted significantly.
The expected rights offering price is 7,630 won, which is 47% discount to its current price.

J&T Global Express IPO: The Bear Case

J&T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.
In J&T Global Express IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on organic revenue decline in SEA/China, deteriorating contract liabilities, SEA margin pressure, high cash burn and weak balance sheet.

SML Group Pre-IPO – Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).
SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.

Workday Inc.: Expanding The Global Footprint

Workday managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
In the quarter, subscription revenue increased by 20% year over year to $1.53 billion.
Outside of the United States, overall revenue was $420 million, which represents 25% of total sales.

The Cooper Companies Inc.: Is It The Future Of Vision Correction? – Key Drivers

Cooper delivered a solid result and managed an all-around beat in the last quarter.
CooperSurgical also reported high revenues and achieved ten consecutive quarters of double-digit organic revenue growth, led by their fertility business.
In addition to the strong financial performance, CooperVision’s new product launches, expanded product ranges, and market-leading flexibility contributed to the positive results.

Zscaler Inc.: Is Zero Trust Architecture The Future of Security? – Key Drivers

Zscaler managed to exceed analyst expectations in terms of revenue as well as earnings.
The company’s disciplined approach, high gross retention rates, and high operating income contributed to its success.
We give Zscaler a ‘Hold’ rating with a revised target price.

Big C Retail Pre-IPO – The Positives – Has a Strong Presence

Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO.
Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
In this note, we talk about the company background and the positive aspects of the deal.

Lululemon Athletica Inc.: Community-Based Model Remains The Key To Success – Major Drivers

Lululemon Athletica managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
They surpassed their guidance with strong top and bottom-line results.
We give Lululemon Athletica a ‘Hold’ rating with a revised target price.

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Jun 20

Daily Brief ECM: HDFC AMC Placement – It’s a Cleanup but the Momentum Is Very Weak and more

In today’s briefing:

HDFC AMC Placement – It’s a Cleanup but the Momentum Is Very Weak
Far EasTone Placement – Parent Selling, Recent Momentum Has Been Strong
J&T Global Express Pre-IPO Tearsheet
J&T Global Express IPO: The Bull Case
Shiyue Daotian (十月稻田) Pre-IPO: Aggressive Brands – A Local Viewpoint
Mobvoi IPO: Rapidly Growing AI Unicorn And Creator of Universal LLM “Xuliehouzi.”

HDFC AMC Placement – It’s a Cleanup but the Momentum Is Very Weak

Aberdeen Asset Management (ADN LN) plans to raise around US$500m via selling its remaining 10% stake in HDFC Asset Management Co Ltd (HDFCAMC IN).
We have covered one of the past deals in HDFC AMC Placement/OFS – Forced to Sell, but It’s Not the Best of Times to Be Selling or Buying.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.

Far EasTone Placement – Parent Selling, Recent Momentum Has Been Strong

Far Eastone Telecomm (4904 TT)’s (FE) parent aims to raise around US$165m via selling 1.9% of its stake.
As far as we could see this appears to be the first selldown by the parent and doesn’t seem to have been well flagged.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.

J&T Global Express Pre-IPO Tearsheet

J&T Global Express (1936374D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
J&T Global Express (J&T) is a global logistics service provider.
As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.

J&T Global Express IPO: The Bull Case

J&T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China has filed for a HKEx IPO to raise US$1 billion, according to press reports.
J&T is the number one express delivery operator in Southeast Asia by parcel volume from 2020 to 2022, according to Frost & Sullivan.
The key elements of the bull case rest on large addressable markets, market share gains, robust reported revenue growth and narrowing losses which set a path to profitability.

Shiyue Daotian (十月稻田) Pre-IPO: Aggressive Brands – A Local Viewpoint

By Ming Lu

The company mainly sells its products online and spends much of its advertising budget online.
The rice market is fragmented and there are two main competitors, Arawana and Fortune.
We believe the company’s dry food can use the reputation of its rice to boost sales.

Mobvoi IPO: Rapidly Growing AI Unicorn And Creator of Universal LLM “Xuliehouzi.”

By Andrei Zakharov

Mobvoi, the innovative Chinese AI company backed by Google, Volkswagen Group, and top-tier VC firms, filed for a Hong Kong IPO. The company plans to raise between $200M and $300M.
Mobvoi is a rapidly growing AI unicorn. Revenue from AI software solutions skyrocketed 400%+ y/y in 2022. The company will launch AI painting assistant and AI writing assistant 2.0. soon.
China-Based startup chose CICC and CMB international to tap capital markets to develop universal LLM, market expansion, strategic alliances, acquisitions, and working capital.

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Jun 18

Daily Brief ECM: Almac IPO Bookbuilding Results Analysis and more

In today’s briefing:

Almac IPO Bookbuilding Results Analysis
ECM Weekly (18th June 2023) – JD Property, Tata Tech, SBFC Fin, Auckland Air, Weilong, Sula, Abacus

Almac IPO Bookbuilding Results Analysis

Almac announced its IPO price of 50,000 won, which is 11% higher than the high end of the IPO price range. Demand ratio was very high at 1,697 to 1.
A 98.7% of the IPO shares applied thought that the company’s value is more than 45,000 won
Given the exceptional demand for IPO shares, it is likely that the IPO share price is likely to trade at higher end of the IPO range in our sensitivity analysis.

ECM Weekly (18th June 2023) – JD Property, Tata Tech, SBFC Fin, Auckland Air, Weilong, Sula, Abacus

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, HK remained quiet with Australia seeing some more action.
On the placement front, Bain continued to exit Axis Bank Ltd (AXSB IN) while Weilong Delicious Global (9985 HK) and Sula Vineyards had lock-up expiries.

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Jun 17

Daily Brief ECM: Ralph Lauren Corporation: Digital Business Is Booming and more

In today’s briefing:

Ralph Lauren Corporation: Digital Business Is Booming
Best Buy Co: Investing in Omnichannel Capabilities to Stay Ahead of the Competition – Key Drivers
Burlington Stores: Robust Inventory Management Cushioning The Inflation Impact? – Key Drivers
Dollar Tree Inc.: Is The Multi-Price Strategy Its Real Secret Sauce For Success? – Key Drivers
Royal Bank of Canada: Is It Underperforming Versus Its Canadian Rivals? – Key Drivers
The Toronto-Dominion Bank: Failed Acquisition Of First Horizon A Positive For Shareholders? – Key Drivers
Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers
Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers

Ralph Lauren Corporation: Digital Business Is Booming

Ralph Lauren delivered an all-around beat in the previous quarter.
In the fourth quarter, the company’s total revenues climbed 9% in constant currency, driven mostly by double-digit growth in Asia.
Mid-single-digit revenue declines in constant currency were seen in their digital environment.

Best Buy Co: Investing in Omnichannel Capabilities to Stay Ahead of the Competition – Key Drivers

Best Buy delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.
Despite cautious consumer behavior due to inflation and low confidence, Best Buy maintained consistent purchasing patterns and demographics.
Customer satisfaction scores improved for in-home services, delivery, and remote support, highlighting the company’s focus on customer support.

Burlington Stores: Robust Inventory Management Cushioning The Inflation Impact? – Key Drivers

Burlington Stores delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.
Comparable store sales increased by 4%, while overall sales increased by 11% during the quarter.
Product sourcing costs increased by 60 basis points as a percentage of sales.

Dollar Tree Inc.: Is The Multi-Price Strategy Its Real Secret Sauce For Success? – Key Drivers

Dollar Tree delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.
Both the Dollar Tree and Family Dollar sectors had good top-line growth.
At Family Dollar and Dollar Tree, in-stock positions improved by 200 basis points and 400 basis points, respectively.

Royal Bank of Canada: Is It Underperforming Versus Its Canadian Rivals? – Key Drivers

Royal Bank of Canada delivered a mixed set of results for the previous quarter with revenues above the analyst consensus.
Capital Markets had another solid quarter despite a challenging climate for global investment banking fee pools.
Besides, the entrenched benefits of their structural low-beta core deposit business persisted this quarter, indicating the latent impact of recent interest rate increases.

The Toronto-Dominion Bank: Failed Acquisition Of First Horizon A Positive For Shareholders? – Key Drivers

Toronto Dominion delivered a mixed result in the recent quarter with revenues above market expectations but it failed to surpass the analyst consensus in terms of earnings.
During the last quarter, TD’s Canadian Personal and Commercial Banking segment showed steady progress, with increased net income and revenue.
Loan volumes and deposits saw modest growth, although there was a shift towards term deposits and higher-yielding investments.

Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers

The last quarter was decent for Autodesk as it managed to meet the revenue expectations as well as the earnings expectations of Wall Street.
Key indicators remained consistent with the previous quarter, with modest growth in product usage, record bid activity on BuildingConnected, and improved renewal rates.
Autodesk is driving innovation and transformation, shifting from products to capabilities, exemplified by the successful launch of the AEC industry cloud, Forma.

Ulta Beauty: Strong Self-Care Sales Are a Sign of Things to Come – Key Drivers