In today’s briefing:
- Ajinomoto Placement – Share Buyback Should Aid Group Selling
- ZEEKR IPO: The Bull Case
- Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely
- SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead
Ajinomoto Placement – Share Buyback Should Aid Group Selling
- A group of shareholders are looking to raise US$444m by trimming their respective stakes in Ajinomoto Co (2802 JP) via an extended secondary follow-on.
- While the selldown doesn’t seem particularly well flagged, it won’t be a very large one to digest at just eight days of three month ADV.
- In a bid to cushion the selldown, Ajinomoto plans to buyback its stock to the tune of 10m shares, which would amount to 80% of the base shares on offer.
ZEEKR IPO: The Bull Case
- ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
- ZEEKR has launched three models – the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
- The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.
Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely
- ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
- Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
- In this note, we talk about the not-so-positive aspects of the deal.
SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead
- SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
- SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
- In this note, we look at the firm’s past performance.
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