In today’s briefing:
- ASK Listing Trading – Priced at a Discount to Peer, Although Asset Quality Seems More Attractive
- Mitsui Fudosan Logistics Park Placement – Fundamentally Sound but Dilutive
- Nusantara Sejahtera Raya (Cinema XXI) IPO Trading – Should Be a Steady Listing
- R R Kabel Pre-IPO – Strong Earnings Growth but Competition Seems Stiff
- SCG Decor Pre-IPO Tearsheet
ASK Listing Trading – Priced at a Discount to Peer, Although Asset Quality Seems More Attractive
- Abacus Property (ABP AU) de-stapled Abacus Storage King (ASK AU), its self-storage business.
- Offering 1 ASK share for every 5.6 ABP share, the REIT raised A$225m (US$150m) after the deal was priced at the bottom end of the indicative price band at A$1.41/share.
- The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.
Mitsui Fudosan Logistics Park Placement – Fundamentally Sound but Dilutive
- Mitsui Fudosan Logistics Park Inc (3471 JP) is looking to raise US$106m in its primary follow-on offering to acquire three properties and two 50% co-ownership interests in two properties.
- The deal is a somewhat large one to digest, at 20 days of three month ADV and 5.3% dilution.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Nusantara Sejahtera Raya (Cinema XXI) IPO Trading – Should Be a Steady Listing
- Cinema XXI raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.
- Cinema XXI is a premium theatrical exhibition, F&B and experience company. It is the largest cinema chain operator in Indonesia.
- We have looked at the company’s past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.
R R Kabel Pre-IPO – Strong Earnings Growth but Competition Seems Stiff
- R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO.
- R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
- R R Kabel registered strong earnings growth on the back of growth in the volume of wires and cables sold. However, the lack of commodity hedging affected the firm’s margins.
SCG Decor Pre-IPO Tearsheet
- SCG Decor PCL (SCGD TB) is looking to raise at least US$100m in its upcoming Thailand IPO.
- SCG Decor (SCGD) is Siam Cement Group’s core company in the decor surfaces and bathroom business.
- Primarily operating via its subsidiaries, the firm is a manufacturer of floor and wall tiles domestically and abroad, including ASEAN markets such as Vietnam, the Philippines and Indonesia.
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