In today’s briefing:
- Amman Mineral Internasional IPO: Valuation Insights
- Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket
- Pre-IPO Kelun Biotech (PHIP Updates) – Some Points Worth the Attention
- Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers
Amman Mineral Internasional IPO: Valuation Insights
- Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$870 million. Bookbuilding runs from 31 May to 16 June.
- We previously discussed the IPO in Amman Mineral Internasional IPO: The Investment Case.
- In this note, we discuss valuation. Our analysis suggests that the IPO price range of IDR1,650-1,775 per share is attractive. We would participate in the IPO.
Alibaba IPOs, Freshippo IPO: Conflict of Interest Arising from Competition with Tmall Supermarket
- Freshippo (Hema) is set to be the first Alibaba (ADR) (BABA US) company to have an IPO after the business split into six units.
- Two key concerns for Freshippo’s IPO are its failure to secure outside funding in two attempts last year and the potential conflict of interest arising from competition with Tmall Supermarket.
- While it is still premature to make a definitive assessment of Freshippo’s IPO prospects, we maintain a level of skepticism towards the company.
Pre-IPO Kelun Biotech (PHIP Updates) – Some Points Worth the Attention
- We don’t think A166 makes much sense on the commercialization level when faced with DS-8201. Unsatisfactory sales of Trodelvy also makes us start worrying about SKB264 after its market launch.
- MNCs are scrambling to in-license ADC products, which actually reflected their “general anxiety”, leading to a “sentiment-driven valuation premium”. Would the final outcome of ADC be the same as PD-1?
- We’re “confused” about the valuation of Kelun-Biotech if look deeper. The valuation in last round of financing before IPO wasn’t cheap, which makes us cautious considering the outlook and sentiment.
Ball Corporation: What Is Its Biggest Competitive Advantage? – Key Drivers
- Amid tough year-over-year comparisons, largely driven by business divestments, Ball Corporation delivered a mixed set of results for the previous quarter with revenues well below analyst expectations but managed an earnings beat.
- The company’s aluminum beverage, as well as aerosol shipments, were in line with the regional expectations of the management.
- However, the sales of the quarter decreased because of the sale of the company’s Russian business, lower volumes, currency translation, and pass-through of lower aluminum prices.
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