ECM Daily Briefs | Page 40 of 118

In today’s briefing:

Sula Vineyards IPO Lock-Up – Large Investor Could Look to Completely Exit
JD Property Pre-IPO – Initial Thoughts on Valuation
JD Property IPO: The Bear Case
Cirrus Aircraft Pre-IPO Tearsheet
Bank of Montreal: Targeting The Immigrant Population Of Canada – Key Drivers

Sula Vineyards IPO Lock-Up – Large Investor Could Look to Completely Exit

Sula Vineyards raised around US$117m in its India IPO in Dec 2022.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
In this note, we will talk about the lock-up dynamics and updates since our last note.

JD Property Pre-IPO – Initial Thoughts on Valuation

By Clarence Chu

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation.

JD Property IPO: The Bear Case

By Arun George

JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
In JD Property 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 the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.

Cirrus Aircraft Pre-IPO Tearsheet

Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
According to F&S, the SR2X Series aircraft represented 46.3% of the market share in the fixed tricycle gear certified piston aircraft segment based on delivered units in 2022.

Bank of Montreal: Targeting The Immigrant Population Of Canada – Key Drivers

Bank of Montreal 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.
Despite the changing climate, BMO produced strong results, benefiting from a full quarter of Bank of the West results.
The bank’s performance reflects the continued strength of its highly diversified business mix, with good PPPT growth in its Canadian and American Personal and Commercial Banking businesses, while weaker markets and lower client activity impacted the Wealth and Capital Markets businesses.

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Jun 15

Daily Brief ECM: Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block and more

In today’s briefing:

Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block
SBFC Finance Pre-IPO – Has Grown Fast While Maintaining Asset Quality
Tata Technologies Pre-IPO – Peer Comparison – Middling

Auckland Airport Possible Placement – Will Be Very Well Flagged US$540m Block

Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ) to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.

SBFC Finance Pre-IPO – Has Grown Fast While Maintaining Asset Quality

SBFC Finance Limited (1547353D IN) is looking to raise up to US$145m in its upcoming India IPO.
SBFC Finance is a systematically important, non-deposit taking non-banking finance company (NBFC-ND-SI), offering secured MSME Loans and Loans against Gold.
Even through COVID-19, it had managed to more than double its AUM through its branch expansion efforts. However, its NIM declined over the track record period and profitability growth slowed.

Tata Technologies Pre-IPO – Peer Comparison – Middling

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 in our earlier notes, in this note we will undertake a peer comparison.

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Jun 14

Daily Brief ECM: SD Biosensor: Rights Offering Worth Nearly 310 Billion Won (Will Bionote Fund Most of This?) and more

In today’s briefing:

SD Biosensor: Rights Offering Worth Nearly 310 Billion Won (Will Bionote Fund Most of This?)
Pre-IPO Laekna (PHIP Updates) – Some Key Points Worth the Attention
Pre IPO YSB Inc (PHIP Updates) – Low Margins Are Inevitable; Valuation Upside Potential Is Limited

SD Biosensor: Rights Offering Worth Nearly 310 Billion Won (Will Bionote Fund Most of This?)

By Douglas Kim

SD Biosensor announced a rights offering of nearly 20 million shares (representing 19.1% of outstanding shares) at the expected rights offering price of 15,520 won.
Bionote has announced its intentions to purchase up to 260 billion won worth of rights offering of SD Biosensor, representing 84% of rights offering amount of nearly 310 billion won.
This is likely to be viewed negatively by both SD Biosensor and Bionote shareholders, but more so by the latter due to the lack of rights offering discount price.

Pre-IPO Laekna (PHIP Updates) – Some Key Points Worth the Attention

By Xinyao (Criss) Wang

If you look up history, Laekna has certain connection with Novartis. However, Novartis seems to have not made much progress in small-molecule targeted oncology therapies in the past few years.
LAE001 would face fierce competition. Its new mechanism may not be accepted by doctors/patients in front of many mature drug options in the market. LAE002 has high R&D failure risk.
Since the stock price performance of a number of innovative drug companies based on license-in model in HKEX is unsatisfactory, together with the weak sentiment, we remain conservative about Laekna.

Pre IPO YSB Inc (PHIP Updates) – Low Margins Are Inevitable; Valuation Upside Potential Is Limited

By Xinyao (Criss) Wang

YSB’s business model is closer to that of pharmaceutical distribution enterprises, who could carry out businesses similar to YSB based on huge market share/resource advantages/financial strength. YSB’s moat isn’t high.
The business structure of “Self-operation Business + Online Marketplace” of YSB could involve certain policy risks. Given the nature of its business, YSB’s profit margin is difficult to improve significantly.
YSB Inc (YSB HK)’s revenue scale could encounter bottlenecks after reaching a certain stage of growth. The valuation of YSB should be lower than that of traditional pharmaceutical distribution enterprises.

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Jun 13

Daily Brief ECM: JD Property IPO: The Bull Case and more

In today’s briefing:

JD Property IPO: The Bull Case
Mobvoi IPO Preview
JD Property Pre-IPO Peer Comparison – Small Amongst Giants, and Sentiment Isn’t the Greatest
Synopsys Inc.: Acquisition of Silicon Frontline Technology & Other Drivers
Deere & Company: Healthy Demand
Weilong Delicious Global IPO Lock-Up – Now for the Re-IPO with 10x Increase in Free Float
Heico Corporation: Acquisition of Wencor Group & Other Drivers
Parker-Hannifin Corporation: Aerospace Business Recovery Is A Major Highlight – Key Drivers

JD Property IPO: The Bull Case

By Arun George

JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
JDP is the third and second largest modern infrastructure provider in Asia and China, respectively, in terms of GFA, according to JLL.
The key elements of the bull case rest on large addressable markets, market share gains, reducing dependence on JD Group, core business’ accelerating organic growth and improving margin.

Mobvoi IPO Preview

By Douglas Kim

Mobvoi is getting ready to complete its IPO in Hong Kong in the coming weeks. Mobvoi is aiming to raise US$200 million to US$300 million in this IPO.
Given the exceptional interest in AI related companies such as ChatGPT and NVIDIA, the current environment should be an opportune time for Mobvoi to complete its IPO.
Furthermore, Mobvoi has achieved a strong growth in sales and operating profits in 2022 which is also likely to drive higher interest in this IPO.

JD Property Pre-IPO Peer Comparison – Small Amongst Giants, and Sentiment Isn’t the Greatest

By Clarence Chu

JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
We have looked at the company’s past performance in our earlier notes, in this note we will undertake a peer comparison.

Synopsys Inc.: Acquisition of Silicon Frontline Technology & Other Drivers

Synopsys delivered an all-around beat in the most recent quarterly result.
Despite weaker demand for semiconductors overall, Synopsys has been prioritizing research and development to emerge stronger when demand accelerates.
Collaborations with industry leaders like NVIDIA, TSMC, MediaTek, Renesas, and IBM Research have resulted in impressive results, showcasing the criticality of Synopsys.ai in delivering breakthrough outcomes.

Deere & Company: Healthy Demand

Deere managed to exceed analyst expectations in terms of revenue as well as earnings.
Revenues and net sales were up and price realization was positive.
Deere viewed production and precision ag net revenue to rise.

Weilong Delicious Global IPO Lock-Up – Now for the Re-IPO with 10x Increase in Free Float

Weilong Delicious Global (9985 HK), a spicy snack food company in China, raised around US$130m in its Hong Kong IPO in Dec 2022.
According to F&S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories
In this note, we will talk about the lock-up dynamics and updates since our last note.

Heico Corporation: Acquisition of Wencor Group & Other Drivers

Heico delivered a mixed set of results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.
The operating income of The Flight Support Group increased, reflecting the improved gross profit margin and net sales growth.
The improved gross margin replicates higher net sales within Heico’s Specialty Products as well as Aftermarket Replacement Parts product lines.

Parker-Hannifin Corporation: Aerospace Business Recovery Is A Major Highlight – Key Drivers

Parker-Hannifin delivered a solid result and managed an all-around beat in the last quarter.
Organic sales increased by roughly 12% in the quarter, extending the company’s track record of double-digit organic growth quarters.
Given these strong results, the company anticipates 4% organic growth for the next quarter, with segment operating margins of roughly 22.6%.

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Jun 11

Daily Brief ECM: ECM Weekly (11th June 2023) – Alibaba and more

In today’s briefing:

ECM Weekly (11th June 2023) – Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark
AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments
Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

ECM Weekly (11th June 2023) – Alibaba, Tencent, PDD, Redox, Amman, Kotak, Infratil, Skymark

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, Australia finally got its IPO counter ticking for the year with Redox (RDX AU).
On the placement front, Infratil Ltd (IFT NZ) raised to increase its stake in One NZ. While Skymark Airlines (9204 JP) will see a lockup expiry in the coming week.

AppLovin Corporation: Extended Global Partnership with OPPO & Other Developments

AppLovin 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.
The management’s belief in the resilience of mobile gaming was validated, as the category remained stable even during uncertain economic times.
The development of AXON 2, their advanced technology, has been a priority, with ongoing upgrades expected to bring significant revenue and cash flow improvements.

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.
Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.
We give Unity Software Inc. a ‘Hold’ rating with a revised target price.

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Jun 10

Daily Brief ECM: Chinese ChatGPT Rival Mobvoi Files for Hong Kong IPO and more

In today’s briefing:

Chinese ChatGPT Rival Mobvoi Files for Hong Kong IPO
Fox Corporation: Formation of Tubi Media Group To Lead Fox’s Digital Expansion Efforts – Key Drivers
Henry Schein Inc.: Acquisition of Regional Health Care Group & Other Drivers
Waters Corporation: Can It Weather the Storm in China? – Key Drivers

Chinese ChatGPT Rival Mobvoi Files for Hong Kong IPO

By Caixin Global

Google-backed Chinese artificial intelligence company Mobvoi Inc. filed Tuesday for an initial public offering on the Hong Kong Stock Exchange.
The Beijing-based startup, valued at $756 million in its last round of fundraising three years ago, didn’t disclose the size of the IPO.
Bloomberg reported that the company aims to raise $200 million to $300 million, citing people familiar with the matter.

Fox Corporation: Formation of Tubi Media Group To Lead Fox’s Digital Expansion Efforts – Key Drivers

Fox Corporation delivered an all-around beat in the previous quarter.
The significant Super Bowl LVII bolstered the quarter’s success on the Fox Broadcast Network, which generated significant advertising revenue across their businesses and contributed to a remarkable 61% growth in advertising revenue in the Television segment.
Despite the industry challenges, We give Fox Corporation a ‘Hold’ rating with a revised target price.

Henry Schein Inc.: Acquisition of Regional Health Care Group & Other Drivers

Henry Schein delivered a mixed set of results for the previous quarter, with revenues above analyst expectations but below-par earnings.
The global dental specialties business saw increased sales growth, particularly in premium product lines and implant sales.
Henry Schein made notable acquisitions, including a majority stake in Biotech Dental, a leading provider of dental implants and clear aligners, and the planned entry into the Brazilian implant market with the acquisition of S.I.N.

Waters Corporation: Can It Weather the Storm in China? – Key Drivers

Waters Corporation delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as earnings expectations of Wall Street.
Waters Corporation continues to invest in high-growth adjacencies and has a pending acquisition of Wyatt.
Waters Corporation is focused on managing the challenges and maintaining its growth trajectory, emphasizing customer needs and market opportunities.

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Jun 09

Daily Brief ECM: Redox IPO – Pricing Is Tricky and more

In today’s briefing:

Redox IPO – Pricing Is Tricky
Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed
Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation
Mobvoi Pre-IPO Tearsheet
TransDigm Group Incorporated: Acquisition of Calspan Corporation & Other Drivers
Jacobs Engineering Group: Infra Growth & The Palantir Partnership Accelerating Its Upward Trajectory? – Key Drivers
International Flavors & Fragrances (IFF).: Cost-Cutting Efforts Pay Off
DaVita Inc.: Mozarc Medical Launch Is A New Chapter In Shaping Kidney Health – Key Drivers
Amman Mineral International IPO – Peer Comparison & Thoughts on Valuation

Redox IPO – Pricing Is Tricky

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
In this note, we undertake a quick peer comaprison and talk about valuations.

Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed

CPPIB aims to raise around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN).
This is not the first time that CPPIB will be selling down some of its stake, the previous deal held up well.
In this note, we will talk about the placement and run the deal through our ECM framework.

Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation

By Ke Yan, CFA, FRM

Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$400m via a Hong Kong listing.
In our previous note, we examined the company’s two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC.
In this note, we will provide a valuation for the company’s key products.

Mobvoi Pre-IPO Tearsheet

By Clarence Chu

Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.
Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.
As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.

TransDigm Group Incorporated: Acquisition of Calspan Corporation & Other Drivers

TransDigm Group managed to exceed analyst expectations in terms of revenue as well as earnings in its recent quarterly result.
With approximately 90% of net sales generated by unique proprietary products, the company’s focus on aftermarket revenues has provided stability and higher margins.
TransDigm experienced substantial growth in total commercial revenues and bookings across all major market channels.

Jacobs Engineering Group: Infra Growth & The Palantir Partnership Accelerating Its Upward Trajectory? – Key Drivers

Jacobs Engineering Group managed to exceed analyst expectations in terms of revenue as well as earnings.
The People and Places line of business of Jacobs Engineering delivered a strong performance.
The divergent solutions operating unit had a strong operating profit with up in operating profit.

International Flavors & Fragrances (IFF).: Cost-Cutting Efforts Pay Off

IFF delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.
The management’s focus on cost reduction efforts was evident as they are looking to recover from the effects of inflation, and reduce inventories while enhancing service levels.
Lower volumes and inventory reduction efforts impacted adjusted operating EBITDA, but IFF successfully recovered total inflation through pricing actions and achieved substantial cost and operational efficiencies.

DaVita Inc.: Mozarc Medical Launch Is A New Chapter In Shaping Kidney Health – Key Drivers

Despite the management’s cautious approach and uncertainties surrounding treatment volume and the labor market, DaVita performed well and delivered an all-around beat in the most recent quarterly result.
One of their long-term strategies is to connect transitions of care through solutions for patients in the Kidney Care continuum.
Financially, the company delivered solid results in the first quarter, with adjusted operating income and earnings per share exceeding expectations.

Amman Mineral International IPO – Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.

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Jun 08

Daily Brief ECM: Infratil Placement – Acquisition of Familiar Asset at Higher Multiples and more

In today’s briefing:

Infratil Placement – Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish
Redox IPO – Family Owned with a Long Track Record
Skymark Airlines Lockup Expiry – Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked
YSB IPO: Core Business Lacks Profitability

Infratil Placement – Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement.
Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.
In this note, we will talk about the placement and run the deal through our ECM framework.

Redox IPO – Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
In this note, we will look at the company’s past performance.

Skymark Airlines Lockup Expiry – Still Doesn’t Seem Cheap with 50% of the Shares Being Unlocked

By Shifara Samsudeen, ACMA, CGMA

Skymark Airlines (9204 JP) raised US$242m in its Japan IPO. The shares began to trade on 14th Dec 2022, its six-month lockup will expire on 11th Jun 2023.
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In this note, we will talk about the lock-up dynamics and updates since our last note.

YSB IPO: Core Business Lacks Profitability

YSB Inc (YSB HK) is a digital pharmaceutical platform serving businesses outside of hospitals in China. The company operates a self-operating business as well as an online marketplace.
The company’s application for a HKEx IPO has been approved and according to news media outlets, the company plans to raise proceeds of around US$300-500m.
The company’s core business; Self-operations accounts for around 95% of revenues, however, it is a low-margin business and the other businesses help absorb most of the costs.

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Jun 07

Daily Brief ECM: Amman Mineral Internasional IPO: Valuation Insights and more

In today’s briefing:

Amman Mineral Internasional IPO: Valuation Insights
Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket
Pre-IPO Kelun Biotech (PHIP Updates) – Some Points Worth the Attention
Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers

Amman Mineral Internasional IPO: Valuation Insights

By Arun George

Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$870 million. Bookbuilding runs from 31 May to 16 June.
We previously discussed the IPO in Amman Mineral Internasional IPO: The Investment Case.
In this note, we discuss valuation. Our analysis suggests that the IPO price range of IDR1,650-1,775 per share is attractive. We would participate in the IPO.

Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket

By Oshadhi Kumarasiri

Freshippo (Hema) is set to be the first Alibaba (ADR) (BABA US) company to have an IPO after the business split into six units.
Two key concerns for Freshippo’s IPO are its failure to secure outside funding in two attempts last year and the potential conflict of interest arising from competition with Tmall Supermarket.
While it is still premature to make a definitive assessment of Freshippo’s IPO prospects, we maintain a level of skepticism towards the company.

Pre-IPO Kelun Biotech (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

We don’t think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.
MNCs are scrambling to in-license ADC products, which actually reflected their “general anxiety”, leading to a “sentiment-driven valuation premium”. Would the final outcome of ADC be the same as PD-1?
We’re “confused” about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn’t cheap, which makes us cautious considering the outlook and sentiment.

Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers

Amid tough year-over-year comparisons, largely driven by business divestments, Ball Corporation delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed an earnings beat.
The company’s aluminum beverage, as well as aerosol shipments, were in line with the regional expectations of the management.
However, the sales of the quarter decreased because of the sale of the company’s Russian business, lower volumes, currency translation, and pass-through of lower aluminum prices.

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Jun 06

Daily Brief ECM: GoTo: In Need of More Cash as Growth Begins to Decelerate and more

By Shifara Samsudeen, ACMA, CGMA

In today’s briefing:

GoTo: In Need of More Cash as Growth Begins to Decelerate
Amman Mineral International IPO – Promising Assets with Decent Prospects
GoDaddy Inc: Tapping Into The AI Market For Growth? – Major Drivers
Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers
Teleflex Incorporated: New Launches & Other Key Drivers

GoTo: In Need of More Cash as Growth Begins to Decelerate

GoTo (GOTO IJ) is seeking shareholder approval to raise new capital through a private placement of shares (118.4bn A shares). Shareholder meeting will be held on 30th June.
The company’s strategy to prioritise profits have put pressure on growth rates and it seems that the company is in need of more funds to refuel its decelerating growth rates.
Though profit matrices have improved, some important growth matrices such as GTV have shown a downward trend and the company is still burning cash.

Amman Mineral International IPO – Promising Assets with Decent Prospects

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI’s profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.

GoDaddy Inc: Tapping Into The AI Market For Growth? – Major Drivers

In the first quarter, GoDaddy drove double-digit growth in its Commerce and Applications segment, supported by 10% ARR growth in its Create and Grow products.
The Core Platform revenue of GoDaddy was $698 million, with a strong normalized EBITDA margin.
The newly managed WooCommerce store offering of GoDaddy replaced its old managed WordPress Commerce offering.

Taiwan Semiconductor Manufacturing: 3 nm Technology Saving The Day? – Key Drivers

Taiwan Semiconductor had a weak quarter and the company’s revenue declined 16.1% in U.S. dollars due to weaker macroeconomic conditions and declining end-market demand.
However, fabless semiconductor inventories increased in the fourth quarter at a significantly greater level.
Additionally, the end market demand recovery due to the channels’ reopening is considerably less than the company anticipated.

Teleflex Incorporated: New Launches & Other Key Drivers