ECM Daily Briefs | Page 49 of 118

In today’s briefing:

SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?
Dida Pre-IPO: Losing Its Dominance
Samsung FN REIT: The First Major REIT IPO for Samsung Group
Pre-IPO Shenzhen Edge Medical – The Surgical Robot Business in China Is Proving Harder than Expected

SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?

By Shifara Samsudeen, ACMA, CGMA

SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about our updated earnigns forecast and thoughts on valuations

Dida Pre-IPO: Losing Its Dominance

Chinese carpooling platform Dida (DIDA HK) has refiled for an IPO on the HKEx for the second time (in 2020 and 2021) and could raise around US$200m through the IPO.
Dida’s last two attempts were not successful and some news media outlets reported that Dida has got assurance from regulators to go ahead with the IPO.
In this insight, we take a look at the new data points from the company’s latest IPO filings.

Samsung FN REIT: The First Major REIT IPO for Samsung Group

By Douglas Kim

Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public.
The core real estate properties of Samsung FN REIT will include the ‘Daechi Tower’ and ‘S1 Building’ which have excellent locations in Seoul.
We expect a huge demand for this IPO of Samsung FN REIT and we have a Positive view of this IPO.

Pre-IPO Shenzhen Edge Medical – The Surgical Robot Business in China Is Proving Harder than Expected

By Xinyao (Criss) Wang

MP1000 has strong technical strength, setting it apart from Toumai. SP1000’s advantages are more obvious and the competitive landscape is also better than multi-port surgical robots, indicating corner overtaking opportunity.
With favorable policy support, Shenzhen Edge Medical (SEM HK) is embracing a golden opportunity. But the commercialization outlook of surgical robots in China is actually not optimistic.
As a later-comer in surgical robots industry, without the synergy from parent company, Edge’s future sales performance could be even weaker. So, its valuation should be lower than Medbot.

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Mar 06

Daily Brief ECM: SBI Sumishin Net Bank IPO: Valuation Insights and more

In today’s briefing:

SBI Sumishin Net Bank IPO: Valuation Insights
Weekly Deals Digest (05 Mar) – Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

SBI Sumishin Net Bank IPO: Valuation Insights

SBI Sumishin Net Bank (7163 JP), an online bank in Japan, has revived its listing plans to raise up to US$440 million (vs the 2022 target of US$1 billion).
We previously discussed the IPO in SBI Sumishin Net Bank IPO: The Investment Case. The shares will be listed on 29 March.
In this note, we discuss valuation. Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the IPO reference price of JPY1,260. We would participate in the IPO.

Weekly Deals Digest (05 Mar) – Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

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 – Japan Post Holdings (6178 JP)‘s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million.
Event-Driven developments – HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy & Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals.

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Mar 05

Daily Brief ECM: ECM Weekly (5th Mar 2023) – Japan Post Bank and more

In today’s briefing:

ECM Weekly (5th Mar 2023) – Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF
Dollar Tree Inc.: Major Drivers
Splunk Inc.: Major Drivers

ECM Weekly (5th Mar 2023) – Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)‘s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.

Dollar Tree Inc.: Major Drivers

Dollar Tree maintained its momentum in the fourth quarter and delivered an all-around beat.
Operational income climbed 6.8% to $618.1 million, or 8% of total revenue, and the operating margin fell by 20 basis points.
Inventory increased by 24.8%, owing mostly to unit growth from early spring 2023 merchandise receipts, Family Dollar combo expansion and new store unit growth, and cost growth from product inflation.

Splunk Inc.: Major Drivers

Splunk completed the year on a positive note and delivered an all-around beat while exceeding its forecasted targets for revenue, total ARR, cloud ARR, operating margin, and free cash flow.
In Q4, they increased overall ARR by 18% year on year to $3.674 billion.
In Q4, Splunk secured major deals against a large enterprise competitor by demonstrating that adequate security, cloud migration, and pricing are insufficient.

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Mar 04

Daily Brief ECM: Initial Thoughts on the Ecopro Materials IPO and more

In today’s briefing:

Initial Thoughts on the Ecopro Materials IPO
Salesforce Inc.: Major Drivers
Autodesk Inc.: Launch of Moxion Rooms & Other Drivers
HEICO Corporation: Precise Engineering Acquisition & Other Drivers
Workday Inc.: Major Drivers

Initial Thoughts on the Ecopro Materials IPO

By Douglas Kim

Ecopro Materials, an affiliate of Ecopro, is getting ready to complete its IPO in 2H 2023. Ecopro Co has a 52.8% stake in Ecopro Materials.
Ecopro Materials’ core products are lithium cell core materials called precursors, which are used as part of the rechargeable batteries.
The expected market value of Ecopro Materials is about 3 trillion won to 4 trillion won (US$2.3 billion to US$3.0 billion).

Salesforce Inc.: Major Drivers

Salesforce had another strong quarter and delivered an all-around beat.
Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360.
With native integration of Tableau and Data Cloud, they recently released Tableau plus Data Cloud.

Autodesk Inc.: Launch of Moxion Rooms & Other Drivers

Despite pandemic, geopolitical, policy, and macroeconomic headwinds, Autodesk gave a strong financial performance in the quarter and delivered an all-around beat.
The product subscription renewal rate and its net revenue retention rate remain strong.
The company continues to make excellent progress in its strategic initiatives, which drives accelerating the adoption of the Autodesk Construction Cloud.

HEICO Corporation: Precise Engineering Acquisition & Other Drivers

Heico delivered a mixed quarter with a decent organic growth in revenues that reflects higher demand for the bulk of its commercial aircraft products and services given the ongoing recovery in commercial air travel.
Operating income for the Flight Support Group climbed by 60% to $83.6 million in the first quarter of fiscal 2023.
This acquisition is anticipated to drive the company’s growth prospects.

Workday Inc.: Major Drivers

Workday produced strong Q4 results and delivered an all-around beat with a decent performance in key operating measures and a 22% increase in subscription revenue for the quarter and the entire fiscal year.
While Talent Optimization is Workday’s fastest-growing SKU with an attach rate on new transactions of more than 85% in fiscal year 2023, approximately 50% of all active Workday HCM customers currently use Workday Skills Cloud.
The company intends to boost margin expansion in fiscal 2024 while returning to a 20% plus subscription revenue growth when the environment recovers.

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Mar 03

Daily Brief ECM: Otsuka Holdings – Family Co Selldown for ¥56bn – Take It Vs Peers and more

In today’s briefing:

Otsuka Holdings – Family Co Selldown for ¥56bn – Take It Vs Peers
Otsuka Holdings Placement – While Enticing Discount, Management Selling Will Raise Eyebrows
JF Wealth Holdings IPO – Can Get Similar Exposure at Cheaper Valuations
SBI Sumishin Net Bank IPO: The Investment Case
Deere & Company: New Dealer Business System & Other Drivers
Unity Software Inc.: Extended Partnership With Google & Other Drivers
eBay Inc.: Major Drivers
Intuit Inc.: Major Drivers
Reliance Steel & Aluminum Co.: Major Drivers

Otsuka Holdings – Family Co Selldown for ¥56bn – Take It Vs Peers

Today after the close, one of the very large brokers in Japan (N_m_r_) has a block for sale of Otsuka Holdings (4578 JP).
It is only 2.4% of total shares out, and as such, it looks small. But it isn’t that small. The shareholder structure is crowded with non-Real World Float holders.
The discount offered is large compared to absolute and sector-relative volatility.

Otsuka Holdings Placement – While Enticing Discount, Management Selling Will Raise Eyebrows

Otsuka Estate is looking to raise US$389m via trimming its stake in Otsuka Holdings (4578 JP).
The deal is a relatively large one on an ADV basis, at 14.6 days of three month ADV.
In this note, we will talk about the firm’s track record and run the deal through our ECM framework.

JF Wealth Holdings IPO – Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
In this note, we discuss our earnings estimates, and thoughts on valuation.

SBI Sumishin Net Bank IPO: The Investment Case

SBI Sumishin Net Bank (7163 JP), an online bank in Japan, has revived its listing plans to raise up to US$440 million (vs the 2022 target of US$1 billion).
Founded in 2007, SBI Sumishin Net Bank is owned 50% by SBI Holdings (8473 JP) and 50% by Sumitomo Mitsui Trust Holdings (8309 JP).
The investment case rests on market share gains, the rude health of the digital bank segment, the nascent BaaS segment turning profitable and ambitious medium-term goals.

Deere & Company: New Dealer Business System & Other Drivers

Deere managed to deliver an all-around beat in the first quarter of the new fiscal year.
The equipment operations had a 20% margin in the financial results for the quarter.
The management expects demand to exceed the industry’s ability to deliver for another year.

Unity Software Inc.: Extended Partnership With Google & Other Drivers

Unity Software delivered an all-around beat in the last quarter and saw strong user growth and DAUs in its network.
It was a one-off profitable quarter for the company with improving market share across platforms.
We give Unity Software a ‘Hold’ rating with a revised target price.

eBay Inc.: Major Drivers

eBay delivered a solid set of results in the last quarter despite ongoing macro uncertainty and managed an all-around beat.
In the previous quarter, eBay acquired myFitment and in this quarter, it started making the technology of myFitment accessible to all buyers beginning with the pilot group of P&A sellers.
During the quarter, eBay scaled up several live events with select sellers.

Intuit Inc.: Major Drivers

Intuit had another strong quarter managed to deliver an all-around beat with revenues, operating income, and earnings per share rising.
In the Self-Employed Group and the Small Business, revenue grew during the quarter.
This quarter, Intuit launched a QuickBooks business network for millions of QuickBooks customers for further digitizing B2B payments in the U.S.

Reliance Steel & Aluminum Co.: Major Drivers

Reliance Steel & Aluminum had a mixed financial performance in the last quarter of 2022 and missed out on meeting the revenue expectations of Wall Street given the ongoing volatility in metal prices and general economic uncertainty.
Throughout the fourth quarter, prices fell for the majority of carbon steel, stainless steel, and aluminum products sold.
We give Reliance Steel & Aluminum Co a ‘Hold’ rating with a revised target price.

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Mar 02

Daily Brief ECM: China Vanke Placement – A Placement Was Expected and more

In today’s briefing:

China Vanke Placement – A Placement Was Expected, Unclear if It Was This One
SBI Sumishin NetBank (7163 JP) Re-IPO Details, Fundamentals Tearsheet, Likely Index Treatment
Nexus Select Trust Pre-IPO – The Negatives – Some Assets Were Recently Acquired, Not All Doing Well
SBI Sumishin Net Bank Pre-IPO – Refiling Updates – Growth Picks Up
Downer EDI (DOW AU): Down or Out
Beisen Holdings Pre-IPO Tearsheet
JF Wealth IPO – Has Grown Well over Track Period, but Questions on Sustainability Remain
NVIDIA Corporation: Major Drivers
Palo Alto Networks Inc.: Major Drivers
EPAM Systems Inc.: Major Drivers

China Vanke Placement – A Placement Was Expected, Unclear if It Was This One

China Vanke aims to raise around US$500m in its H-share primary placement.
Vanke had recently stated that it aimed to raise around US$2bn via an A-share private placement, so a placement was expected for sure.
In this note, we will talk about the placement and run the deal through our ECM framework.

SBI Sumishin NetBank (7163 JP) Re-IPO Details, Fundamentals Tearsheet, Likely Index Treatment

In February 2022, SBI Holdings (8473 JP) and Sumitomo Mitsui Trust Holdings (8309 JP) announced they would IPO SBI Sumishin Net Bank (7163 JP) but that got cancelled by Ukraine.
Yesterday, they announced they were going to try again. This time, with a reduced price and reduced aspirations. Given the way banks have performed in the last year… 👀
That changes – completely – the picture of index demand. But it also changes the fundamental picture.

Nexus Select Trust Pre-IPO – The Negatives – Some Assets Were Recently Acquired, Not All Doing Well

Nexus Select Trust (NST IN) is looking to raise up to US$500m 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 this note, we will talk about the not-so-positive aspects of the deal.

SBI Sumishin Net Bank Pre-IPO – Refiling Updates – Growth Picks Up

SBI Sumishin Net Bank (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about the updates from the latest filings.

Downer EDI (DOW AU): Down or Out

Downer EDI Ltd (DOW AU) shares are battered on the back of two quick successive profit warnings, accounting restatements and dividend cuts.
A worrying deterioration in cash generation and an increase in leverage add to the nervousness. Management flux adds to the uncertainty and the chance of a third profit warning.
While Downer’s multiples are in line with peers, momentum is against it and there are question marks if the earnings have been flattered by the misuse of exceptional items.

Beisen Holdings Pre-IPO Tearsheet

Beisen Holdings (1667838D CH) is looking to raise about US$200m in its upcoming HK IPO. The deal will be run by Morgan Stanley and CICC.
Beisen Holdings is the largest provider of cloud-based HCM solutions in China in terms of revenues in 2021, according to CIC. Its platform iTalentX delivers cloud-native SaaS products.
Its platform is the first and the only in the industry to offer a suite of cloud-based applications covering organization’s HCM needs throughout the entire employee lifecycle, according to CIC.

JF Wealth IPO – Has Grown Well over Track Period, but Questions on Sustainability Remain

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market.
With total gross billings of RMB2bn in 2021, it was the second largest online investment decision-making solution provider in China with a 5.9% market share.

NVIDIA Corporation: Major Drivers

Despite macroeconomic uncertainty, NVIDIA’s stock has been on a solid bull run.
The company’s revenue was down in the quarter but managed to surpass analyst expectations.
The sequential growth in revenues was driven by the robust reception of its 40 Series GeForce RTX GPU based on the architecture of Ada Lovelace.

Palo Alto Networks Inc.: Major Drivers

Palo Alto Networks had another strong quarter and delivered an all-around beat while generating substantial free cash flows.
The management informed analysts that some projects got descoped or delayed while most continued to be on track especially in its hardware pipeline.
They also closed the acquisition of Cider and brought CICD’s security capability of Cider to its platform.

EPAM Systems Inc.: Major Drivers

EPAM Systems generated strong results in the fourth quarter.
The decrease in Russian customer revenues due to its decision to quit the Russian market had a negative impact on revenue growth of 440 basis points.
We give EPAM Systems a ‘Buy’ rating with a revised target price.

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Mar 01

Daily Brief ECM: Japan Post Bank (7182 JP) ¥70bn ToSTNeT-3 Buyback and more

In today’s briefing:

Japan Post Bank (7182 JP) ¥70bn ToSTNeT-3 Buyback
Kansai Paint (4613 JP) Secondary Offering & Buyback and All the Subsequent Flows
Nexus Select Trust Pre-IPO – The Positives – Forecasting Robust Growth
Kansai Paint Placement – Hardly an Outstanding First Offering Since Listing

Japan Post Bank (7182 JP) ¥70bn ToSTNeT-3 Buyback

As expected, Japan Post Bank (7182 JP) has announced their ToSTNeT-3 buyback of ¥70 billion on Day 1 of the potential TN-3 Buyback period.
Also as somewhat expected, investors and traders pushed up the stock price today after the news there would be a buyback, hoping to buy then sell, or short today’s close.
Japan Post Holdings (6178 JP) will offer shares. Others obviously will too. How this works and what you have to watch out for discussed below.

Kansai Paint (4613 JP) Secondary Offering & Buyback and All the Subsequent Flows

Today after the close, Kansai Paint (4613 JP) announced a passel of crossholders would sell 26.2mm shares in a Secondary Offer. They also announced a buyback.
The buyback, spending up to ¥12bn to buy back up to 8.2mm shares, starts after the Offering is delivered, and extends until 15 March 2024.
This offering reduces cross-holder “strategic holdings” by a third. This will impact FFW. Complicated index impacts will occur over time.

Nexus Select Trust Pre-IPO – The Positives – Forecasting Robust Growth

Nexus Select Trust (NST IN) is looking to raise up to US$500m 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 this note, we will talk about the positive aspects of the deal.

Kansai Paint Placement – Hardly an Outstanding First Offering Since Listing

Kansai Paint’s shareholders aim to raise around US$291m via a secondary follow-on offering. This is a large deal to digest, at 34 days of three month ADV.
The firm has also mentioned that it will conduct a share buyback of up to 8.2m shares worth approximately 3.5% of TSO or US$87.6m (JPY12bn). This will begin after settlement.
In this note, we will talk about the placement and run the deal through our ECM framework.

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Feb 28

Daily Brief ECM: Japan Post Bank (7182 JP) Announces Its Re-IPO – Big Offering and more

In today’s briefing:

Japan Post Bank (7182 JP) Announces Its Re-IPO – Big Offering, Complicated but Big Index Flows
Japan Post Bank Placement – Deal Structure, past Deals, Index, Buyback
Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake
Lu DaoPei Medical Group Pre-IPO – Ramp up in Progress but Looks Promising
UBTech Robotics Pre-IPO Tearsheet

Japan Post Bank (7182 JP) Announces Its Re-IPO – Big Offering, Complicated but Big Index Flows

Japan Post Bank (7182 JP) has announced the mooted offering by Japan Post Holdings (6178 JP) whereby they will sell 29% of the bank to go from 89% to 60%.
There are two buybacks – one pre offering and one after – which is an attempt to mitigate impact. This creates interesting but complicated strategy possibilities. Lots of details here.
Big picture, this is a Very Big Offering at ¥1.236trln at today’s close including greenshoe. 80/20 dom/international. A TOUGH sell. 1.089bn shares is 4x current float.

Japan Post Bank Placement – Deal Structure, past Deals, Index, Buyback

Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
Initial news of the deal broke last week, and we had a look in, Japan Post Bank Possible Placement – Here We Go Again with the US$9bn Overhang.
In this note, we talk about the deal structure and impact.

Japan Post Bank (7182 JP): Japan Post Holdings to Sell Down a Third of Its Stake

Japan Post Holdings (6178 JP)/JPH has announced the offering of up to 1.1 billion shares in Japan Post Bank (7182 JP)/JPB to reduce its stake from 89.00% to 59.95%.
JPB will carry out a ToSTNeT-3 buyback (maximum of JPY70 billion) and an on-market buyback (maximum of JPY80 billion). JPH can sell additional shares into the ToSTNeT-3 buyback.
For long-term investors, JPB’s forward P/B of 0.47x and yield of 4.41% are attractive to peers. JPB’s current price ratio is undemanding vs TOPIX Banks ETF and JPH.

Lu DaoPei Medical Group Pre-IPO – Ramp up in Progress but Looks Promising

Lu Daopei Medical Group (1816743D CH) is looking to raise around US$400m in its upcoming Hong Kong IPO.
Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services. As per F&S, it was the largest hematology healthcare services provider in China by 2021 revenue.
LDPM has supported its growth through its flagship hospital. However, it is unclear whether the firm will be able to sustainably maintain profitability in the long term.

UBTech Robotics Pre-IPO Tearsheet

UBTech Robotics (1683374D HK) is looking to raise about US$700m in its upcoming HK IPO. The deal will be run by Guotai Junan.
UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
It has a full stack of proprietary robotic, AI and integrated robotic and AI technologies for application in a range of enterprise-level and consumer-level use scenarios across various sectors.

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Feb 26

Daily Brief ECM: Amvis Holdings (7071) – Large-Ish Offering and more

In today’s briefing:

Amvis Holdings (7071) – Large-Ish Offering, Large-Ish TOPIX Inclusion
ECM Weekly (26th Feb 2023) – Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS
Du Pont De Nemours and Company: Major Drivers
Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers
Synopsys Inc.: Major Drivers
TransDigm Group: Major Drivers

Amvis Holdings (7071) – Large-Ish Offering, Large-Ish TOPIX Inclusion

On Monday 20 February, nursing home, nursing and disability care services operator Amvis Holdings Inc (7071 JP) announced it would see a Secondary Offering of 10 million shares.
It also announced that it would move to TSE Prime on 14 March.
This increases Real World Float by quite a bit – about 40% – but it also leads to an end-April TOPIX Inclusion.

ECM Weekly (26th Feb 2023) – Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal Energy‘s listing kicked of what is shaping up to be a busy 2023 for ASEAN IPOs
There were a few placements across the region but the biggest news was of Japan Post Bank (7182 JP)‘s planned selldown by Japan Post Holdings (6178 JP)

Du Pont De Nemours and Company: Major Drivers

DuPont had a mixed fourth quarter and its revenues were below analyst expectations but the company managed to deliver an earnings beat.
The company has also succeeded in enhancing its grip on industrial-end markets such as healthcare and aerospace.
There was a strong pricing growth as well that helped mitigate the impact of inflation.

Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers

Enphase delivered a strong quarter driven by amazing revenues through its microinverters.
The company witnessed amazing growth in the gross margin as well as in the operating income.
The overall supply environment of the microinverters remains stable throughout the quarter.

Synopsys Inc.: Major Drivers

Synopsys had a strong start to the year and managed to meet the revenue expectations of Wall Street driven by its execution and robust technology portfolio.
The company saw $6.9 billion in noncancelable backlog despite slower revenue growth in the semiconductor industry and robust, steady, time-based business models.
Synopsys has a wide IP portfolio and they expect a continuance of designs, requiring more communication bandwidth, processing, storage, and security in ever more sophisticated silicon technologies.

TransDigm Group: Major Drivers

TransDigm managed to have another strong quarter and delivered an all-around beat.
It was another strong quarter with healthy growth in commercial revenues and bookings.
We also have a dedicated analysis of the company’s Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.

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Feb 25

Daily Brief ECM: IdeaForge Pre-IPO Tearsheet and more

In today’s briefing:

IdeaForge Pre-IPO Tearsheet
Marriott International Inc.: Major Drivers

IdeaForge Pre-IPO Tearsheet

IdeaForge Technology Limited (1475641D IN) is looking to raise around US$100m in its upcoming India IPO. Some of its notable pre-IPO investors include Qualcomm, Infosys, Celesta Capital (VC).
IdeaForge develops and manufactures unmanned aerial systems (UAS) and unmanned aerial vehicles (UAV).
The bookrunners on the deal are JM Financial and IIFL Securities.

Marriott International Inc.: Major Drivers