ECM Daily Briefs | Page 62 of 118

In today’s briefing:

Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling
Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up
ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay

Country Style Cooking Restaurant Chain Pre-IPO – The Negatives – Flagship Brand Still Struggling

Country Style Cooking Restaurant Chain (1985552D HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Country Style Cooking Restaurant Chain (CSCRC) is a Chinese quick service restaurant (QSR) chain situated in China. It operates two brands, namely: CSC and Rice Space, which are all self-operated.
In this note, we talk about the not-so-positive aspects of the deal.

Betagro Pre-IPO Peer Comparison – Margins Historically Weaker than Peers, but Playing Catch Up

By Clarence Chu

Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO.
Betagro is an integrated agro-industrial and food business in Thailand.
Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers.

ECM Weekly (9th Oct 2022) – CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay

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, HK IPOs continued to struggle with CALB (3931 HK) joining Leapmotor (9863 HK) and Onewo (2602 HK) with its tepid performance.
Given the mid-week HK holiday and the ongoing golden week, there weren’t any large placements this week.

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Oct 08

Daily Brief ECM: Country Style Cooking Restaurant Chain Pre-IPO – The Positives – A Second Attempt at Profitability and more

In today’s briefing:

Country Style Cooking Restaurant Chain Pre-IPO – The Positives – A Second Attempt at Profitability
Jenscare (健世科技) IPO Trading: Weak Demand and Share Concentration

Country Style Cooking Restaurant Chain Pre-IPO – The Positives – A Second Attempt at Profitability

Country Style Cooking Restaurant Chain (1985552D HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Country Style Cooking Restaurant Chain (CSCRC) is a Chinese quick service restaurant (QSR) chain situated in China. It operates two brands, namely: CSC and Rice Space, which are all self-operated.
In this note, we talk about the positive aspects of the deal.

Jenscare (健世科技) IPO Trading: Weak Demand and Share Concentration

By Ke Yan, CFA, FRM

Jenscare raised HKD 154.8m (USD 28m) from its global offering and will list on the Hong Kong Stock Exchange on Monday, October 10th.
In the previous note, we looked at the company’s business lines of medical devices for structural heart disease. We are of the view that the company’s valuation is unjustifiably rich.
In this note, we provide an update for the IPO before trading debut.

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Oct 06

Daily Brief ECM: CALB IPO: Trading Debut and more

In today’s briefing:

CALB IPO: Trading Debut
I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets
Greatpower Nickel and Cobalt Materials Pre-IPO Tearsheet
I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth

CALB IPO: Trading Debut

CALB (3931 HK) priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.
Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.
Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.

I-Tail Corporation Pre-IPO – The Positives – For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.

Greatpower Nickel and Cobalt Materials Pre-IPO Tearsheet

Greatpower Nickel & Cobalt Materials (1919613D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by Haitong and China Securities International.
Greatpower Nickel and Cobalt Materials (GNCM) is a supplier of new energy battery materials in China, with a dual focus on nickel and cobalt for the production of cathode materials.
The company is principally engaged in the processing and sales of refined cobalt products as well as the trading of nickel and cobalt-related products.

I-Tail Corporation Pre-IPO – The Negatives – Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.

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Oct 04

Daily Brief ECM: Betagro IPO: The Bull Case and more

In today’s briefing:

Betagro IPO: The Bull Case
Mobileye Global IPO Preview
Cubic City Service Apartment Group Pre-IPO Tearsheet

Betagro IPO: The Bull Case

Betagro Group (1737144D TB), Thailand’s leading integrated food company, is seeking to raise US$554 million through a SET IPO, according to press reports
Betagro plans to offer 500 million shares or 25% of the total issued shares after IPO. This will be Thailand’s second-largest listing this year after Thai Life Insurance (TLI TB).
The key elements of the bull case rest on top quartile growth rates, a well-functioning core business, rising profitability, cash generation and declining leverage.

Mobileye Global IPO Preview

Mobileye Global (MBLY US) is getting ready for an IPO in the US in late 2022 at an expected market cap valuation of about US$30 billion.
Mobileye Global was acquired by Intel for US$15.3 million in 2017. Intel currently owns a 100% stake of the company’s outstanding common shares.
Mobileye has world-class technologies in the advanced driver assistance systems (ADAS) and autonomous driving technologies and solutions.

Cubic City Service Apartment Group Pre-IPO Tearsheet

Cubic City Service Apartment Group (CCSAG HK) is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CCB International.
Cubic City Service Apartment Group (CCSAG) is a rental apartment services platform, which pioneered the centralized rental apartment model in China, according to the company.
It provides rental apartments in centrally managed buildings with modern facilities. As of 30 Jun 2022 (1Q23), the company operates 76,190 apartments nationwide across 394 locations in 26 cities.

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Oct 02

Daily Brief ECM: ECM Weekly (2nd Oct 2022) – Onewo and more

In today’s briefing:

ECM Weekly (2nd Oct 2022) – Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt

ECM Weekly (2nd Oct 2022) – Onewo, Leapmotor, CALB, Socionext, WCP, Oyo, Ixigo, Tencent, Taiwan Cemt

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, all listing this week failed to impress which means that the HK and Korean markets are probably in for a slow end of the year.
Taiwan Cement (1101 TT) and Embassy Office Parks REIT (EMBASSY IN) were the two large placements this week. We also looked at possible Tencent (700 HK) linked blocks.

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Oct 01

Daily Brief ECM: Lionheart Studio IPO Preview and more

In today’s briefing:

Lionheart Studio IPO Preview

Lionheart Studio IPO Preview

Lionheart Studio is getting ready to complete its IPO in November 2022. Lionheart Studios is the second largest IPO in Korea after LG Energy Solution (373220 KS) in 2022.
The IPO offering amount is 410 billion won to 604 billion won. This would also suggest implied market cap of 3.1 trillion won and 4.5 trillion won.
A key investment risk for the company is its excessive reliance on one game (Odin: Valhalla Rising) for its revenue and profits.

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Sep 29

Daily Brief ECM: Leapmotor IPO – Weak Demand but Concentrated Allocation and more

In today’s briefing:

Leapmotor IPO – Weak Demand but Concentrated Allocation
Taiwan Cement Placement- Suffers from Weak Momentum but Deal Is Well Flagged and SI Has Been Growing
Onewo Space-Tech IPO Trading – Weak but Relatively Better Demand
Leapmotor IPO: Trading Debut
Onewo IPO: Trading Debut
Lawson Confirms Seijo Ishii IPO
Oravel Stays (Oyo) Pre-IPO – Addendum Updates – Don’t Let the +ve EBITDA Mask Its Underlying Issues
Leapmotor IPO: Thoughts on First Day Trading
WCP IPO Trading – Peer Correction Means Price Cut Still Wasn’t Enough
Unity Software: The AppLovin Acquisition Story & Other Developments

Leapmotor IPO – Weak Demand but Concentrated Allocation

Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In this note, we will talk about the demand for the deal and other trading dynamics.

Taiwan Cement Placement- Suffers from Weak Momentum but Deal Is Well Flagged and SI Has Been Growing

By Clarence Chu

Taiwan Cement (1101 TT) is looking to raise US$437m from its GDS offering.
The firm is offering 84m GDSs, or 420m common shares (1:5 conversion), at a 5.1-7.8% discount to its last close.
While momentum hasn’t been the greatest, the deal is well flagged and short covering could support share price in the near term.

Onewo Space-Tech IPO Trading – Weak but Relatively Better Demand

Onewo (2602 HK) (OST) raised around US$733m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK) .
As per Frost & Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the demand for the deal and other trading dynamics.

Leapmotor IPO: Trading Debut

Leapmotor (9863 HK) priced its H Share at HK$48.00 per share to raise net proceeds of HK$6,057.4 million (US$772 million). The H Share will start trading tomorrow.
The H Shares of peers posted no first-day gains and are currently below the listing prices. Market sentiment on peers has remained weak since the release of the prospectus.
Leapmotor, at best, should trade in line with median peer multiples. Leapmotor is fairly valued at the IPO price. We continue to remain on the sidelines.

Onewo IPO: Trading Debut

By Shifara Samsudeen, ACMA, CGMA

Onewo (2602 HK) priced its H Share at HK$49.35 per share to raise net proceeds of HK$5.6 billion (US$713 million). The H Share will start trading tomorrow.
Notwithstanding the industry headwinds, the H Shares of peers with financially sound parentco backgrounds are trading above the listing prices.
Despite peer multiple derating, the IPO price remains attractive compared to peers with financially sound parentco backgrounds.

Lawson Confirms Seijo Ishii IPO

By Michael Causton

Lawson Inc (2651 JP) has confirmed it will list its upscale supermarket subsidiary, Seijo Ishii early next year.
Seijo leads in premium supermarket retailing and is growing as fast as the wealth market does, with plenty of room left to expand.
Seijo Ishii is now building its own production and import capabilities to increase originality and could begin to challenge even some of their larger rivals.

Oravel Stays (Oyo) Pre-IPO – Addendum Updates – Don’t Let the +ve EBITDA Mask Its Underlying Issues

By Clarence Chu

Oyo (1698548D IN) is looking to raise around US$700m in its upcoming India IPO. The IPO will consist of both a primary and secondary portion.
Oyo runs a digital platform that serves as a hotel and home aggregator between patrons, which include owners and lessors, and customers, such as travelers and guests booking for accommodation.
Since our last notes, Oravel Stays (Oyo) had filed its addendum, containing both its full-year performance for FY22, and its most recent 1Q23 performance (period ending Jun 2022).

Leapmotor IPO: Thoughts on First Day Trading

Leapmotor (9863 HK) has priced its IPO at HK$48 per share, at the lower end of the indicative IPO price range of HK$48-62 per share.
At the above price, the company raised net proceeds of approx. HK$6,057.4m at a market capitalisation of HK$54.9bn and a post-money EV of HK$45.9bn.
The HK offering was undersubscribed while the international offering was initially oversubscribed by 2.33x and the unsubscribed portion of the HK offering was later reallocated to international offering.

WCP IPO Trading – Peer Correction Means Price Cut Still Wasn’t Enough

WCP raised around US$314m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries.
In this note, we will talk about the demand for the deal and other trading dynamics.

Unity Software: The AppLovin Acquisition Story & Other Developments

Unity Software has been in the news for a number of reasons be it the ironSource acquisition or the management’s rejection of Applovin’s $20 billion acquisition offer.
While Unity did surpass Wall Street expectations with respect to revenues, the company’s losses were wider than anticipated.
On Oculus Quest, Unity Games accounted for 72% of the top-selling games and 80% of the top-performing VR games in July.

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Sep 28

Daily Brief ECM: Top Material IPO Valuation Analysis and more

In today’s briefing:

Top Material IPO Valuation Analysis
Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)
Dynatrace Inc: Initiation of Coverage – Growth Prospects & Strategy
Lyft Inc: Marketing & Advertising Unit & Other Drivers
MongoDB Inc: Major Drivers
Omnicom Group Inc: Catering To The Gaming Market & Other Developments
RingCentral Inc: New Features For Remote Working Environment & Other Drivers
Alteryx Inc: New Alteryx Server For FIPS & Other Drivers
Waste Management: Recent Acquisitions & Other Drivers

Top Material IPO Valuation Analysis

Our base case valuation of Top Material (360070 KS) is a target price of 37,965 won per share, which is 33% higher than the mid-point of the IPO price range.
Given the solid upside, we have a Positive view of the IPO. Our base case valuation is based on 25.6x P/E using our estimated net profit in 2022.
We estimate the company to generate sales of 73.7 billion won (up 131.1% YoY) and operating profit of 14.1 billion won (up 190.3% YoY) in 2022.

Box Inc: Major Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (09/22)

The effectiveness of Box’s Content Cloud strategy was manifested in its last result as it reported a sales increase of 15% year over year in the second quarter surpassing Wall Street expectations.
Box’s Content Cloud strategy looks to unify the whole content life cycle on a single platform.
Besides, the company launched more features for Box Relay, Box Sign, and API improvements in Q2.

Dynatrace Inc: Initiation of Coverage – Growth Prospects & Strategy

This is our first report on Dynatrace, a well-known software intelligence platform for dynamic multi-cloud environments.
The strength of its enterprise customer base and the resilience of its subscription model is reflected in the Q1 performance.
This offers a solid base from which the company anticipates continuing to deliver a balanced business of growth, profitability, and cash flow.

Lyft Inc: Marketing & Advertising Unit & Other Drivers

After a sharp correction, Lyft saw a recovery in the stock price and its results justified the same.
Rideshare rides were up 27% year over year, and both active riders and rides have reached post-COVID highs.
A mixture of new and seasoned drivers contributed to the largest number of active drivers in the past two years.

MongoDB Inc: Major Drivers

MongoDB delivered another strong performance in the second quarter.
During the quarter, they added more than 37,000 customers, indicating another robust quarter of customer growth.
Furthermore, rates are still high, proving that their clients do not have a choice about spending money on MongoDB.

Omnicom Group Inc: Catering To The Gaming Market & Other Developments

Omnicom’s performance in the second quarter was good as the company delivered an all-around beat.
The company kept its attention on improving its current skills throughout the quarter to fulfill the demands of its clients and potential customers.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

RingCentral Inc: New Features For Remote Working Environment & Other Drivers

RingCentral achieved good results in Q2 and delivered an all-around beat despite being impacted by the current macro climate.
Its direct business and partners helped the company deliver an all-around beat.
In Q2, RingCentral Rooms improved with brand-new seamless interfaces with hardware partners, including Avocor, Jabra, and EPOS.

Alteryx Inc: New Alteryx Server For FIPS & Other Drivers

Alteryx had a strong Q2 result, exceeding Wall Street expectations in terms of both, revenues as well as earnings.
The company reported an ARR of $727 million, up 33% year over year, and revenue of $181 million, up 50% year over year.
The present market climate resonates with its value-driven sales approach, and sales execution is still excellent.

Waste Management: Recent Acquisitions & Other Drivers

Waste Management had remarkable organic revenue growth, driven by a collection and disposal yield of 6.2%.
The company continues to combat widespread inflationary cost pressures and its pricing has accelerated sequentially.
Overall, we give Waste Management a ‘Hold’ rating with a revised target price.

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Sep 26

Daily Brief ECM: Growatt Technology IPO: The Bear Case and more

In today’s briefing:

Growatt Technology IPO: The Bear Case

Growatt Technology IPO: The Bear Case

Growatt Technology (1833969D CH), a leading PV inverters manufacturer, will seek a listing hearing for a US$1 billion HKEx IPO in October, according to press reports.
In Growatt Technology 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 rising customer concentration risk, high dependence on Brazil for growth, limited pricing power and a shift to FCF burn.

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Sep 24

Daily Brief ECM: CALB IPO – Low-End Appears Reasonable but Will Still Need Some Charging Support and more

In today’s briefing:

CALB IPO – Low-End Appears Reasonable but Will Still Need Some Charging Support
Jenscare (健世科技) IPO: Candidate for Shorts
CALB IPO Valuation Analysis
Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers
Lepu Scientech Medical Technology Pre-IPO Tearsheet
Amkor Technology Inc.: Initiation of Coverage – Financial Forecasts
PTC Inc.: Initiation of Coverage – The Intland Software Acquisition & Other Drivers
Nutanix Inc.: Initiation of Coverage – Financial Forecasts
ON Semiconductor Corporation- Initiation of Coverage – Capacity Expansion & Other Drivers
Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers

CALB IPO – Low-End Appears Reasonable but Will Still Need Some Charging Support

CALB aims to raise up to US$1.7bn in its Hong Kong IPO.
CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In this note, we will run the deal through our ECM framework and talk about IPO pricing.

Jenscare (健世科技) IPO: Candidate for Shorts

By Ke Yan, CFA, FRM

Jenscare is a China-based medical device company with a focus on structural heart disease. The company launched a deal to raise up to USD 30m via a Hong Kong listing.
In our previous note, we looked at the company’s product lines and provided a brief overview on the company’s valuation.
In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.

CALB IPO Valuation Analysis

CALB (3931 HK) is getting ready to complete its IPO in early October in Hong Kong. The IPO price range is between HK$38 and HK$51 per share.
Based on our valuation sensitivity analysis, our base case valuation of CALB is HK$53 per share, which is 20% higher than the mid-point of the IPO price range.
CALB has a rare combination of surging sales growth rate, operating profitability, and increasing market share in the EV battery market globally.

Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers

This is our first report on Fiserv, a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.
The company delivered a strong quarterly result, surpassing Wall Street expectations on all counts with a strong organic revenue growth.
The global active merchants’ accounts of the company grew.

Lepu Scientech Medical Technology Pre-IPO Tearsheet

Lepu Scientech Medical Technology (Shanghai) (LSM HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.
Lepu Scientech Medical Technology (LSMT) is an interventional medical device provider in China for congential heart disease (CHD).
It is the largest manufacturer of CHD occluder products and related procedural accessories in China, according to Frost & Sullivan.

Amkor Technology Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on Amkor, a medium-sized provider of provider of outsourced semiconductor packaging and test services.
Although the market is experiencing macroeconomic challenges, demand for their services, particularly advanced packaging, is still strong.
The automotive semiconductor market is predicted to develop faster than the entire sector.

PTC Inc.: Initiation of Coverage – The Intland Software Acquisition & Other Drivers

This is our first report on PTC, an emerging software player in the computer-aided design (CAD), product lifecycle management (PLM), application lifecycle management (ALM), and service lifecycle management (SLM) space.
The company had a rough third quarter and delivered a significantly below par result in terms of both, revenues and earnings.
Its Windchill+ is still in the early stages of the SaaS transformation which was a slowing factor though PTC had a decent SaaS quarter for Windchill, thanks mostly to a decent mix of SaaS in new projects.

Nutanix Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on enterprise cloud platform provider, Nutanix.
The company’s Nutanix Cloud Platform users increased their use of it in the fourth quarter and expanded their adoption of related solutions in fields like storage, Database as a Service, and cloud management.
In contrast, they are standardizing Nutanix database service for maintaining and deploying their databases throughout their enterprise.

ON Semiconductor Corporation- Initiation of Coverage – Capacity Expansion & Other Drivers

This is our first report on ON Semiconductor Corporation, a well-known provider of intelligent sensing and power solutions.
The management has streamlined their product line by eliminating price-sensitive products in favour of fiercely competitive Intelligent Power and Sensing Solutions.
Because of the solutions’ strong performance, the depth of their intelligent power and sensor portfolio, and end-to-end manufacturing capabilities, their clients select ON Semiconductors as a strategic partner to support their long-term technology roadmaps.

Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers