In today’s briefing:
- JD Industrials Pre-IPO – Peer Comparison
- Manyo Factory IPO Bookbuilding Results Analysis
- JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings
- Microport Cardiac Rhythm Management Pre-IPO Tearsheet
- Pre-IPO Cutia Therapeutics (CUT HK) – Outlook Is Uncertain Due to Unique Pipeline Characteristics
- Horizon Construction Dev IPO Trading – Subscription Rates Still Weak, Despite Cornerstone Support
- Trimble Inc.: Acquisition Of Transporeon & Other Drivers
- FLEETCOR Technologies Inc.: Is The Double-Digit Organic Growth Enough To Make It A Buy? – Key Drivers
- Bio-Techne Corporation: Collaboration With Lunaphore & Other Drivers
JD Industrials Pre-IPO – Peer Comparison
- JD Industrials (JDI) is looking to raise about US$1bn in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- In this note, we will undertake a peer comparison versus domestic and international peers.
Manyo Factory IPO Bookbuilding Results Analysis
- Manyo Factory IPO price has been finalized at 16,000 won. The demand ratio for this IPO among institutional investors was very high at 1,800 to 1.
- Our base case valuation of Manyo Factory is target price of 29,555 won per share, which represents 85% higher than the the IPO price of 16,000 won.
- We believe a premium valuation multiple to the comps is appropriate due to Manyo Factory’s higher sales growth rate, operating margins, and ROE than the comps in 2020 to 2023.
JD Industrials Pre-IPO – Peer Comparison – Some Interesting Nuggets from Peer Filings
- JD Industrials is looking to raise about US$1bn in its upcoming HK IPO.
- JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
- We undertook a peer comparison in our previous note, in this note we talk about some additional useful information that we found interesting from peer filings.
Microport Cardiac Rhythm Management Pre-IPO Tearsheet
- MicroPort Cardiac Rhythm Management (1813053D CH) is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Goldman Sachs and CICC.
- Microport Cardiac Rhythm Management (MCRM) is a R&D-driven, commercial-stage medical technology company specializing in active implantable medical devices for cardiac rhythm management (CRM).
- Its operations are dedicated to the design, development and commercialization of products and solutions to treat and manage arrhythmias and heart failure.
Pre-IPO Cutia Therapeutics (CUT HK) – Outlook Is Uncertain Due to Unique Pipeline Characteristics
- Majority of Cutia’s products are based on license-in/distribution agreements. Cutia’s independent R&D capability has yet to be proven. Stock prices of companies that completely rely on license-in are unsatisfactory.
- Cutia’s pipelines have unique characteristics. So, the requirements on team’s ability are comprehensive. Purely medical background of Cutia’s team could be a “hindrance” and may fail to commercialize them well.
- There is a real need in the fields Cutia is focusing on, so the story is compelling. However, with limited commercialized products, it’s difficult to prove anything at current stage.
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.
- 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.
Trimble Inc.: Acquisition Of Transporeon & Other Drivers
- Trimble delivered mixed results in the first quarter, with revenues of $915 million that were below Wall Street expectations.
- The quarter’s cash flow improved significantly year on year, with both cash flow from operations and free cash flow exceeding non-GAAP net income.
- Revenues in the transportation business increased organically year over year during the quarter, and operating margins were higher than 15%.
FLEETCOR Technologies Inc.: Is The Double-Digit Organic Growth Enough To Make It A Buy? – Key Drivers
- FLEETCOR Technologies delivered another all-around beat while managing a decent top-line growth and accretive operating leverage.
- The company had $901 million in revenue, a 14% increase, and cash EPS of $3.80, a 4% increase.
- We give FLEETCOR Technologies, Inc. a ‘Hold’ rating with a revised target price.
Bio-Techne Corporation: Collaboration With Lunaphore & Other Drivers
- Bio-Techne had a weak quarter, with revenues below market expectations.
- Its revenue growth was not up to the mark despite the key drivers being physician uptake, utilization of its ExoDx prostate test, and increased demand for its cell therapy workflow solutions.
- Their Exosome Diagnostics business remained extremely strong in the quarter due to a better marketing message, a stronger commercial team, and the recently modified Medicare LCD, which generated significant test volume and revenue growth.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
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
