In today’s briefing:
- 2024 IPOs Pipeline Worldwide (Top 100 Companies)
- Midea (000333 CH): Positive Read-Through From Gree’s Profit Alert
- UBTech Robotics IPO – Quick Thoughts on Valuation – Too Hefty a Premium for Slowing Growth
- Emcure Pharmaceuticals Pre-IPO: IPO Size Trimmed; Domestic Revenue Growth Decelerated
2024 IPOs Pipeline Worldwide (Top 100 Companies)
- This is our 5th annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
- After weak global IPO markets in 2022 and 2023, the near term trend for global IPOs continues to remain lackluster.
- For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.
Midea (000333 CH): Positive Read-Through From Gree’s Profit Alert
- Gree Electric Appliances (000651 CH) announced a profit alert for FY22 yesterday. Net profit is expected to increase 10.2% – 19.6% yoy for the whole year.
- The resilient result of Gree should alleviate concerns of the market that Midea is too correlated with China’s new home sales.
- The stock is trading at 10x 2024E earnings compared to an average of 13x over the last 10 years, with earnings likely growing at a high-single-digit pace.
UBTech Robotics IPO – Quick Thoughts on Valuation – Too Hefty a Premium for Slowing Growth
- UBTech Robotics (9880 HK) is looking to raise about US$168m in its upcoming HK IPO, after downsizing from an earlier reported float of up to US$700m.
- 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.
- In our previous note, we looked at the company’s performance and its PHIP updates. In this note, we share our quick thoughts on valuation.
Emcure Pharmaceuticals Pre-IPO: IPO Size Trimmed; Domestic Revenue Growth Decelerated
- Emcure Pharmaceuticals has re-submitted DRHP to the SEBI for the second time. The IPO consists of a fresh issue of INR8 billion and an offer-for-sale of up to ~14M shares.
- In the re-submitted DRHP, the company has trimmed the sizes of both the fresh issue and OFS. Emcure originally planned to launch IPO its in 2022.
- Emcure has added latest financial performances in re-filed DRHP. During H1FY24, revenue from India increased only 3% YoY to INR16.4M, due to lower sales of anti-viral HIV products.
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