In today’s briefing:
- Rept Battero IPO: The Bear Case
- ECM Weekly (10th Dec 2023) – Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero
Rept Battero IPO: The Bear Case
- REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.
- In Rept Battero IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing.
ECM Weekly (10th Dec 2023) – Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, Sino-Synergy Hydrogen Energy Technology (9663 HK) and Dekon Food didn’t do much even as other are lining up to try their luck.
- On the placements front, Japan and India flows continue like there is no tomorrow.
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