In today’s briefing:
- ECM Weekly (24th Jul 2022) – ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox
- Nagacorp: Six Month 2022 Results Validate Bullish Outlook for Year as Pandemic Wanes in Cambodia
- General Mills Inc.: Focus On Innovation & Future Trends, The TNT Crust Acquisition & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- McCormick & Company: Growth Story, Market Position, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- Walgreens Boots Alliance Inc.: Digital Transformation, The Partnership With Adobe Expand, Strategy & Key Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
ECM Weekly (24th Jul 2022) – ANZ, Zomato, LG Energy, Xtep, SoCar, WCP, Thai Life, Beneunder, Ubox
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- There were no major IPO launches during the week. Thai Life will list early next week
- There were no major placements apart from ANZ and a smallish one in Xtep. There are two major lock-up expiries coming up.
Nagacorp: Six Month 2022 Results Validate Bullish Outlook for Year as Pandemic Wanes in Cambodia
- We have long been fans of this company due to its record of sound management decisions and asset allocation moves to expand steadily against demand.
- Six month results support our thesis that ASEAN casinos that have reopened are re-ramping revenues apace as Macau remains dead pooled by Beijing zero tolerance covid policies.
- At its current price we see mounting sentiment to the upside as sequential earnings improvements y.y can be expected in Qs 3 and 4.
General Mills Inc.: Focus On Innovation & Future Trends, The TNT Crust Acquisition & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- General Mills had a decent start to 2022 and its last quarter was another all-around beat.
- Most of the media spend is now digital and General Mills is leveraging the same to build a solid databank that can be helpful in improved customer targeting.
- We provide the stock of General Mills a ‘Hold’ rating with a revision in the target price.
McCormick & Company: Growth Story, Market Position, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- McCormick had a disappointing quarterly result as it failed to meet Wall Street expectations despite the fact that its revenues showed both volume and pricing growth.
- The growth of the company in flavor solutions was decent but supply chain and high-cost inflation are continuing challenges for the company.
- In EMEA, McCormick continues to have a robust share performance in most markets and categories.
Walgreens Boots Alliance Inc.: Digital Transformation, The Partnership With Adobe Expand, Strategy & Key Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- Walgreens Boots Alliance is off to a strong start to the year with growth in first-quarter sales and adjusted earnings, a performance that was beyond Wall Street experience.
- The company had a particularly strong quarter online, which includes purchasing online pickup in-store.
- We provide the stock of Walgreens Boots Alliance with a ‘Hold’ rating with a revision in the target price.
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