In today’s briefing:
- Bikaji Foods International IPO – At an Equally Spicy Valuation
- Giant Biogene: Thoughts on First Day Trading
- Bionote Pre-IPO Peer Comp – Larger Segment Leads in Margins, but Trend Could Be Reversing
- BioMarin Corp: Key Drivers
- VF Corporation: Major Drivers
Bikaji Foods International IPO – At an Equally Spicy Valuation
- Bikaji Foods (BIKAJI IN) , an ethnic snacks company, is looking to raise approximately US$107m in its India IPO.
- Its product range includes six principal categories: bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks which primarily include gift packs, frozen food, mathri range and cookies.
- In our previous note, we looked at the company’s past performance. In this note, we’ll talk about implied valuations.
Giant Biogene: Thoughts on First Day Trading
- Giant Biogene has priced its IPO at HK$24.30 per share, at the lower end of the company’s indicative IPO price range of HK$24.3-27.7 per share and raised HK$495.8m (US$63.2m).
- The HK offering was oversubscribed by only 2.08 times while the international offering was subscribed by 4.22 times.
- Though Biogene’s IPO was priced attractively, we think lower demand for the company’s shares led to pricing at the bottom of the IPO price range.
Bionote Pre-IPO Peer Comp – Larger Segment Leads in Margins, but Trend Could Be Reversing
- Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
- Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
- In this note, we look at peers and undertake a peer comparison.
BioMarin Corp: Key Drivers
- BioMarin delivered a disappointing set of results for the third quarter with revenues and earnings well below Wall Street expectations.
- The company’s Kuvan offering continues to have a declining market share of prophylaxis exclusivity in the United States.
- Along with new patients from reported new markets, the team continues to see patient growth in European markets similar to what they saw in the prior quarter.
VF Corporation: Major Drivers
- VF Corporation is operating in a challenging macro-economic backdrop and delivered a disappointing quarterly result.
- The company barely managed to meet revenue expectations given a weak performance in China and also missed out on earnings expectations.
- Apart from China, VF Corporation has witnessed an improvement across the rest of Asia, led by Japan and Korea.
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