In today’s briefing:
- Alibaba’s Cainiao IPO: The First Look
- Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant
- Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet
- Western Carriers Pre-IPO Tearsheet
- Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID
Alibaba’s Cainiao IPO: The First Look
- Alibaba (ADR) (BABA US) aims to complete the IPO of Cainiao Smart Logistics (1437124D HK) in the next 12 to 18 months. Alibaba holds a 67% stake in Cainiao.
- Cainiao’s revenue growth, while on a declining trend, remains in double digits. Encouragingly. narrowing losses set a path to profitability.
- On 30 March, Bloomberg reported that Cainiao is currently valued at more than US$20 billion. Our valuation analysis suggests that such a valuation is justifiable.
Keep Pre-IPO – Updates Since Our Last Note – Losses Have Been the Only Constant
- Keep Inc (KEEP HK) is looking to raise around US$100m in its upcoming Hong Kong IPO.
- Keep is an online fitness platform, offering online fitness content, smart fitness devices and fitness products.
- In this note, we discuss the updates since our last note.
Xiamen Yan Palace Bioengineering Pre-IPO Tearsheet
- Xiamen Yan Palace Bioengineering (1951686D CH) is looking to raise around US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and GF Securities.
- Xiamen Yan Palace Bioengineering focuses on the development, production and marketing of high-quality modern edible bird’s nest (EBN) products.
- According to Frost & Sullivan (F&S), the firm is the largest EBN product company globally in terms of retail value between 2020-2022, with a market share of 4.1%.
Western Carriers Pre-IPO Tearsheet
- Western Carriers (1489172D IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by JM Financial and Kotak.
- The firm provides multi-modal logistics services which include road, railway, ocean/coastal/river and air logistics services.
- It also provides chartering services to overseas destinations, stevedoring services at Indian ports and coastal movement of cargo within India.
Big C Retail Pre-IPO – The Negatives – Hasn’t Recovered from COVID
- Big C Supercenter (BIGC TB) is looking to raise around US$1bn in its upcoming Thailand IPO.
- Big C is engaged in modern retail business and wholesale and trade support business. As of Dec 22, it had 1,651 retail stores in Thailand
- In this note, we talk about the not-so-positive aspects of the deal.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
