In today’s briefing:
- Weekly Deals Digest (05 May) – L’Occitane, C&F Logistics, KFC Japan, Austal, Hyundai Marine, ZEEKR
- (Mostly) Asia-Pac M&A: L’Occitane, KFC Holdings Japan, CSR, Azure Minerals, CIMC, Chilled & Frozen
- ZEEKR IPO: Attractive ~$4.8B Midpoint Valuation Offers At Least 30% Upside
- Altria Group: Can Its Oral Tobacco Category and Smoke-Free Products Reshape The Future? – Major Drivers
- Comcast Corporation: A Story Of Superior Product Innovation & An Improving Market Position! – Major Drivers
- Keurig Dr Pepper Inc.: A Tale Of Building Momentum In U.S. Refreshment Beverages! – Major Drivers
Weekly Deals Digest (05 May) – L’Occitane, C&F Logistics, KFC Japan, Austal, Hyundai Marine, ZEEKR
- 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: HD Hyundai Marine Solution (443060 KS) and ZEEKR (ZK US) IPOs.
- Event-Driven developments: L’Occitane (973 HK), Chilled & Frozen Logistics Holdings (9099 JP), Kfc Holdings Japan (9873 JP), Mimasu Semiconductor Industry (8155 JP), Austal Ltd (ASB AU).
(Mostly) Asia-Pac M&A: L’Occitane, KFC Holdings Japan, CSR, Azure Minerals, CIMC, Chilled & Frozen
- Tally 47 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deals was discussed on Smartkarma this week: L’Occitane (973 HK)‘s VGO from major shareholder, Reinold Geiger. A deal for KFC Holdings Japan (9873 JP) is apparently imminent.
- Key updates took place on: CSR Ltd (CSR AU), Azure Minerals (AZS AU), CIMC Vehicle Group Co Ltd (1839 HK), and Chilled & Frozen Logistics Holdings (9099 JP).
ZEEKR IPO: Attractive ~$4.8B Midpoint Valuation Offers At Least 30% Upside
- Geely-Backed ZEEKR set terms for U.S. IPO: EV maker offers 17.5M American depositary shares (ADSs) at the price range of $18-$21, implying a market cap of ~$4.8B at the midpoint.
- Geely Auto, Mobileye and CATL have indicated a non-binding interest in subscribing for an aggregate of up to ~$349M worth of the ADSs being offered in this offering.
- I have a positive view of ZEEKR IPO as the offering will be priced significantly below last round valuation of ~$13B.
Altria Group: Can Its Oral Tobacco Category and Smoke-Free Products Reshape The Future? – Major Drivers
- Altria Group recent 2024 first quarter earnings highlighted numerous key insights into the company’s performance and future prospects.
- Altria’s CEO, Billy Gifford, highlighted that the company made significant progress despite the challenging business environment.
- The company is also committed to investment returns, as demonstrated by its sale of a portion of its investment in ABI and the subsequent expansion of its share repurchase program.
Comcast Corporation: A Story Of Superior Product Innovation & An Improving Market Position! – Major Drivers
- Comcast Corporation reported Q1 earnings recently highlighted by a strategic execution where the company maintained dominance in a competitive and evolving market.
- The company’s resilient capital allocation strategy and strong balance sheet place it in a favorable position, allowing it to invest aggressively in its six diverse growth businesses- Residential Broadband, Wireless, Business Services, Theme Parks, Studios, and Streaming.
- These sectors made up more than 55% of the company’s total revenue in Q1, and this proportion is set to grow.
Keurig Dr Pepper Inc.: A Tale Of Building Momentum In U.S. Refreshment Beverages! – Major Drivers
- Keurig Dr Pepper (KDP) has performed well in the first quarter of 2024, with solid consolidated sales growth and double-digit earnings per share (EPS) growth.
- Key drivers of this performance include healthy momentum in its U.S. refreshment beverages and international segments, alongside a significant sequential recovery in U.S. Coffee results.
- This strong start to the year has enhanced the visibility of KDP’s unchanged growth outlook for 2024.
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