ECM Daily Briefs | Page 43 of 118

In today’s briefing:

Horizon Construction Development IPO: Valuation Insights
Gigavis IPO Bookbuilding Results Analysis
C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers
eBay Inc.: An Interesting Set Of New Initiatives That Could Help Crush The Market – Key Drivers
Old Dominion Freight Line Inc.: Is The Bad Result A Sign Of Trouble Or A Bargain? – Major Drivers
PACCAR Inc.: Renewed Growth
Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers

Horizon Construction Development IPO: Valuation Insights

Horizon Construction Development (1887128D HK)/HCD, a subsidiary of Far East Horizon (3360 HK), has launched its HKEx listing at HK$4.52-4.80 per share to raise up to US$223 million.
We previously discussed the IPO in Horizon Construction Development IPO: The Bull Case and Horizon Construction Development IPO: The Bear Case.
Our valuation analysis suggests that HCD is fully priced at the IPO price range. Therefore, we are inclined to pass on the IPO.

Gigavis IPO Bookbuilding Results Analysis

By Douglas Kim

On 12 May, GigaVis announced its IPO price of 43,000 won, which is 8% higher than the high end of the IPO price range of 39,700 won.
Our base case valuation of Gigavis is target price of 61,755 won per share, which is 44% higher than the IPO price of 43,000 won.
Gigavis makes automatic optical inspection equipment (AOI) and automatic optical repair equipment (AOR) for the inspection and repair process of inner layer substrates, which are core components of semiconductor substrates.

C.H. Robinson Worldwide: Can Automation & Digitization Save The Day? – Major Drivers

C.H.
Robinson had a disappointing result in Q1 and it failed to meet the revenue expectations and earnings expectations of analysts.
They believe that an increased digitization and automation are critical components of providing an improved client experience and operating leverage.

eBay Inc.: An Interesting Set Of New Initiatives That Could Help Crush The Market – Key Drivers

Despite ongoing macroeconomic challenges, eBay generated better-than-expected results across all major financial and operational indicators including revenues and earnings. eBay’s growth is particularly noticeable in its targeted categories, which had low single-digit year-over-year growth.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Old Dominion Freight Line Inc.: Is The Bad Result A Sign Of Trouble Or A Bargain? – Major Drivers

Old Dominion Freight Line produced a highly disappointing set of results as a result of the persistent downturn in the local economy and the volume decline.
The revenue decline and slight deterioration in Old Dominion’s operating ratio caused the earnings per diluted share for the quarter to decline by 0.8% to $2.58.
We give Old Dominion Freight Line an ‘Underperform’ rating with a revised target price.

PACCAR Inc.: Renewed Growth

PACCAR had a strong first quarter and the company achieved revenues and net income that were well above market expectations, driven by strong demand for trucks, parts, and financial services.
PACCAR’s management attributes this growth to its investments in new truck models, global expansion, and the strong performance of PACCAR Parts.
PACCAR Financial, the company’s financial services arm, also had an excellent quarter, achieving a pretax income of $149 million, similar to the same quarter of last year.

Teradyne Inc.: Crushed The Market With Solid Results – Key Drivers

Teradyne had a strong first quarter and delivered an all-around beat.
Its revenues were $618 million, which was $28 million higher than its mid-point estimate as well as analyst expectations.
The company’s adaptable business strategy allowed it to convert increased revenue and profit from Semiconductor Test’s improved component availability in Q1.

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May 12

Daily Brief ECM: Shiyue Daotian Pre-IPO – Looks Good at First Sight and more

In today’s briefing:

Shiyue Daotian Pre-IPO – Looks Good at First Sight, but Not Great if One Digs Deeper
SCG Chemicals Pre-IPO -The Negatives – Recent Performance Has Been Weak
Tata Technologies IPO: Negatives Outweigh the Positives

Shiyue Daotian Pre-IPO – Looks Good at First Sight, but Not Great if One Digs Deeper

By Ethan Aw

Shiyue Daotian (1892269D CH) is looking to raise about US$200m in its upcoming HK IPO.
Shiyue Daotian is a pantry staple food company in China, providing consumers with pre-packaged premium rice, whole grain, bean, and dried food products.
Shiyue Daotian’s largest revenue contributor is its rice products segment. However, the company experienced declining ASPs over the track record period while production and sales volume growth fell.

SCG Chemicals Pre-IPO -The Negatives – Recent Performance Has Been Weak

By Shifara Samsudeen, ACMA, CGMA

SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
In this note, we talk about the not-so-positive aspects of the deal.

Tata Technologies IPO: Negatives Outweigh the Positives

Tata Technologies (TATATECH IN) , a subsidiary of Tata Motors, offers turnkey product engineering and digital transformation solutions to global OEMs and operates across automobiles, heavy industrials and aerospace sectors.
The company has filed for an IPO in India to raise around US$600m through an offer for sale of its shares by existing shareholders including Tata Motors.
Though the company’s revenues and margins have seen improvement over the last 2-3 years, we have highlighted a few concerns which investors should wary about.

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May 11

Daily Brief ECM: SCG Chemicals Pre-IPO -The Positives – A Strong Regional Player and more

In today’s briefing:

SCG Chemicals Pre-IPO -The Positives – A Strong Regional Player
Guoquan Food Pre-IPO – Decent Track Record, Although Newfound Profits Could Be Unsustainable
T.S. Lines Pre-IPO Tearsheet

SCG Chemicals Pre-IPO -The Positives – A Strong Regional Player

SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
In this note, we talk about the positive aspects of the deal.

Guoquan Food Pre-IPO – Decent Track Record, Although Newfound Profits Could Be Unsustainable

Guoquan Food (Shanghai) (1786512D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
Guoquan Food (Shanghai) is a home meal solutions provider in China.
Offering a wide variety of home meal solutions products under its Guoquan Shihui (鍋圈食匯) brand, the firm had a total of 755 SKUs as of Dec 22.

T.S. Lines Pre-IPO Tearsheet

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.
As of Dec 22, its container shipping network covers a total of 24 countries and regions, 63 major ports and 42 services globally.

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May 10

Daily Brief ECM: Bikaji Foods IPO Lock-Up – Small Expiry with a Chance to Lift the Overhang and more

In today’s briefing:

Bikaji Foods IPO Lock-Up – Small Expiry with a Chance to Lift the Overhang
Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers
The Boeing Company: Acquisition Of CloudAhoy & Other Developments
Waste Management Inc.: Cleaning Up With Its Pricing Strategy – Key Drivers

Bikaji Foods IPO Lock-Up – Small Expiry with a Chance to Lift the Overhang

Bikaji Foods (BIKAJI IN), an ethnic snacks company, raised approximately US$107m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire soon.
Bikaji was the third largest ethnic snacks company in India and the second fastest growing company in the Indian organized snacks market in FY22, as per Frost & Sullivan (F&S).
In this note, we will talk about the lock-up dynamics and updates since our last note.

Southern Copper Corporation: The Best Copper Stock To Own? – Key Drivers

Southern Copper Corporation had a great quarter despite several economic difficulties and managed an all-around beat.
The company’s other open pit operations reported a decrease in annual copper production, with the exception of the Buenavista operation, where production levels were higher than those in 2021.
We give Southern Copper Corporation a ‘Hold’ rating with a revised target price.

The Boeing Company: Acquisition Of CloudAhoy & Other Developments

After a series of bad results, Boeing managed a mixed quarter to start the year as its revenues were above Wall Street expectations though company reported wider-than-expected losses.
However, Boeing still expects to deliver 450 737 airplanes this year and plans to increase its rate to 38 per month later this year.
The company also delivered 130 commercial airplanes in the quarter, steadily increasing rates across critical programs to meet robust demand.

Waste Management Inc.: Cleaning Up With Its Pricing Strategy – Key Drivers

Waste Management is off to a good start in 2023, with first-quarter performance exceeding analyst expectations.
Collection and disposal volume also increased by 0.8% in the first quarter.
Waste Management believes it is poised for another year of robust financial growth in 2023.

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May 09

Daily Brief ECM: Mankind Pharma IPO Trading – Strong Insti Demand Makes up for Retail Lag and more

In today’s briefing:

Mankind Pharma IPO Trading – Strong Insti Demand Makes up for Retail Lag
CUBox IPO Bookbuilding Results Analysis
Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers
Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers
Equifax Inc.: Leveraging The New Mortgage 36 Solution to Boost Its NPI – Key Drivers
Fiserv Inc.: Major Deals with Walmart
Elevance Health Inc.: Major Drivers
Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers
Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers

Mankind Pharma IPO Trading – Strong Insti Demand Makes up for Retail Lag

Mankind Pharma raised around US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.

CUBox IPO Bookbuilding Results Analysis

By Douglas Kim

On 8 May, CUBox (340810 KS) announced its IPO price of 15,000 won, which is 13% lower than the lower end of the IPO price range of 17,200 won.
Our base case valuation of CUBox is implied target price of 22,719 won per share, which represents 51% higher than the IPO price of 15,000 won.
CUBox claims that it has one of the world’s best technologies in the field of AI face recognition.

Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers

Corning saw a sequential drop in its total revenues of around 7% in the recent result but this was still better than analyst expectations.
Despite the lower sales, Corning’s actions to raise prices and restore productivity ratios resulted in gross margin expanding 160 basis points.
Although multiple markets remain weak, the company expects results to improve in the second quarter.

Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers

Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.
The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.
In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.

Equifax Inc.: Leveraging The New Mortgage 36 Solution to Boost Its NPI – Key Drivers

Equifax produced another all-around beat, growing non-mortgage revenue by 10% in constant currency as it met its Equifax 2025 strategic targets and the $200 million spending plan.
Equifax’s non-mortgage businesses, which accounted for roughly 80% of overall revenue in the quarter, performed well.
Workforce Solutions once again delivered an excellent quarter, with non-mortgage revenue growth up 11% and total revenue down 8%.

Fiserv Inc.: Major Deals with Walmart

Fiserv is off to quite a strong start in the year with adjusted revenue growth and an increase in adjusted earnings per share resulting in an all-around beat.
Adjusted operating margin was up and organic revenue growth was higher than expected, demonstrating the company’s ability to sustain accelerated growth.
Clover revenue growth stays strong and Fiserv continues to add merchants at quite a healthy pace.

Elevance Health Inc.: Major Drivers

Elevance Health’s first quarter results were solid and the company delivered an all-around beat with a growth of around 15% compared to last year.
The company had 48.1 million medical members at the end of the first quarter.
Due to organic growth in Medicaid and Medicare Advantage, dual-eligible special needs plans, and group members, risk-based membership increased by roughly 1 million members year over year.

Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers

Dow had a challenging quarter given the ongoing market dynamics.
The year’s first quarter is expected to align with the fourth-quarter performance, with discrete headwinds of $75 million.
We give Dow Inc. a ‘Hold’ rating with a revised target price.

Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers

Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat.
The company raised its premium and service revenue forecast by $3.7 billion, with full-year 2023 adjusted EPS guidance at $6.40.
We give Centene Corporation a ‘Buy’ rating with a revised target price.

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May 08

Daily Brief ECM: Weekly Deals Digest (07 May) – Mankind and more

In today’s briefing:

Weekly Deals Digest (07 May) – Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

Weekly Deals Digest (07 May) – Mankind, Nexus, Tata Tech, AAG, Golden Energy, Lian Beng, Penguin

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 – Mankind Pharma (6596876Z IN), Nexus Select Trust (NST IN), Tata Technologies (TATATECH IN), ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK) IPOs.
Event-Driven developments – Aag Energy Holdings (2686 HK), Golden Energy & Resources (GER SP), Lian Beng (LBG SP), Penguin International (PBS SP), Estia Health (EHE AU), Liontown Resources (LTR AU).

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May 07

Daily Brief ECM: Tata Technologies IPO: The Bear Case and more

In today’s briefing:

Tata Technologies IPO: The Bear Case
ECM Weekly (7th May 2023) – Mankind, Nexus REIT, Pertamina Hulu, Growatt, DXN, Giant Biogene, Ventia

Tata Technologies IPO: The Bear Case

Tata Technologies (TATATECH IN), the largest India-based ER&D (engineering research and development) service provider, is seeking to raise up to US$600 million, according to press reports.
In Tata Technologies 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 below-peer revenue growth, high contract assets, growth reliant on VinFast, mid-tier profitability, and high attrition rates.

ECM Weekly (7th May 2023) – Mankind, Nexus REIT, Pertamina Hulu, Growatt, DXN, Giant Biogene, Ventia

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Nexus Select Trust will open books for India’s first Retail REIT, just as the first major India IPO for the year, Mankind Pharma seeks to list.
There was only Ventia (VNT AU) placement during the week, along with Giant Biogene Holding (2367 HK) lockup expiry.

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May 05

Daily Brief ECM: Nexus Select Trust IPO: Valuation Insights and more

In today’s briefing:

Nexus Select Trust IPO: Valuation Insights
Ventia Services Group Placement – Well-Flagged and Last Deal Held up Well
DXN Holdings IPO – Peer Comparison & Valuation
Growatt Technology Pre-IPO – Revised Peer Comparison and Thoughts on Valuation

Nexus Select Trust IPO: Valuation Insights

Nexus Select Trust (NST IN), a consumption centre REIT, is seeking to raise up to Rs32 billion (US$392 million). The offer opens from 9-11 May.
We previously discussed the IPO in Nexus Select Trust IPO: The Investment Case. NST is sponsored by Blackstone Group (BX US).
Our valuation analysis suggests that the IPO price range is attractive. Therefore, we would participate in this IPO.

Ventia Services Group Placement – Well-Flagged and Last Deal Held up Well

By Ethan Aw

Ventia (VNT AU)‘s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$166m via a secondary block deal.
The deal is a slightly large one to digest at 12.5 days of three month ADV, 23 days of ADV and about 11.5% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.

DXN Holdings IPO – Peer Comparison & Valuation

DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In this note, we will undertake a peer comparison, discuss our earnings assumptions, and share our thoughts on valuation.

Growatt Technology Pre-IPO – Revised Peer Comparison and Thoughts on Valuation

By Ethan Aw

Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.

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May 04

Daily Brief ECM: Nexus Select Trust IPO – Strong 9M23 and more

In today’s briefing:

Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing
Tata Technologies IPO: The Bull Case
DXN Holdings IPO – Updates Since Our Last Note
Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share
Pre IPO Neusoft Xikang Healthcare Technology – Some Points Worth the Attention
Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster

Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing

Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.

Tata Technologies IPO: The Bull Case

Tata Technologies (TATATECH IN), the largest India-based ER&D service provider, is seeking to raise up to US$600 million, according to press reports.
Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&D services, according to Zinnov.
The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation.

DXN Holdings IPO – Updates Since Our Last Note

DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s updated financials.

Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the positive aspects of the deal.

Pre IPO Neusoft Xikang Healthcare Technology – Some Points Worth the Attention

By Xinyao (Criss) Wang

The cloud hospital platform services serve as “the entry point” of Neusoft Xikang’s overall solutions, but the restrictions imposed by cities would affect the scalability of business.
The variety of 2B objects and the diversity of medical scenarios covered would be conducive to the transformation to 2C business, resulting in stronger user stickiness and more monetization opportunities.
Xikang’s 2B business is weaker than ClouDr. Financial performance would finally reflect the effectiveness and rationality of business model. Xikang’s valuation should be lower than ClouDr and Ping An Good Doctor.

Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the not-so-positive aspects of the deal.

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May 03

Daily Brief ECM: Pre-IPO Lu DaoPei Medical Group – Profitability Is Disappointing Despite Big Potential Theoretically and more

In today’s briefing:

Pre-IPO Lu DaoPei Medical Group – Profitability Is Disappointing Despite Big Potential Theoretically
AT&T Inc.: Low Churn & Rising ARPU Saving The Day? – Key Drivers
F5 Inc.: A Resilient Performer Amidst Macro Uncertainty – Key Drivers
Nucor Corporation: Upside From Steel Recycling & Other Drivers

Pre-IPO Lu DaoPei Medical Group – Profitability Is Disappointing Despite Big Potential Theoretically

By Xinyao (Criss) Wang

The government has started to encourage social capital to run hospitals. By entering the market that haven’t been fully covered by public hospitals, LDP has large development space theoretically.
The current gross profit margin of LDP isn’t satisfactory. Together with continuous expansion of new hospitals with large investment, LDP could face either continuous loss or very low profit margin.
China’s high degree of regulation depresses medical service price.The benefit chain of hospitals is complicated.In essence, an industry with low level of terminal payment is hard to generate high profits.

AT&T Inc.: Low Churn & Rising ARPU Saving The Day? – Key Drivers

AT&T delivered mixed results in the quarter with below-par revenues but profitability above expectations.
As a result, wireless service revenues and EBITDA may increase, and margins may improve.
Despite a slowdown in industry growth, their Business Solutions wireless service revenues increased by almost 7%.

F5 Inc.: A Resilient Performer Amidst Macro Uncertainty – Key Drivers

F5 managed an all-around beat in its second quarter results despite ongoing macro-uncertainty.
Global Services revenue increased by 8% to $363 million, owing to high maintenance renewals and the effects of the price increase implemented in Q4 of last year.
Product sales increased 14% year on year, reflecting strong system shipments compared to a more difficult comparison in the previous quarter.

Nucor Corporation: Upside From Steel Recycling & Other Drivers