In today’s briefing:
- CALB IPO – Low-End Appears Reasonable but Will Still Need Some Charging Support
- Jenscare (健世科技) IPO: Candidate for Shorts
- CALB IPO Valuation Analysis
- Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers
- Lepu Scientech Medical Technology Pre-IPO Tearsheet
- Amkor Technology Inc.: Initiation of Coverage – Financial Forecasts
- PTC Inc.: Initiation of Coverage – The Intland Software Acquisition & Other Drivers
- Nutanix Inc.: Initiation of Coverage – Financial Forecasts
- ON Semiconductor Corporation- Initiation of Coverage – Capacity Expansion & Other Drivers
- Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers
CALB IPO – Low-End Appears Reasonable but Will Still Need Some Charging Support
- CALB aims to raise up to US$1.7bn in its Hong Kong IPO.
- CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
- In this note, we will run the deal through our ECM framework and talk about IPO pricing.
Jenscare (健世科技) IPO: Candidate for Shorts
- Jenscare is a China-based medical device company with a focus on structural heart disease. The company launched a deal to raise up to USD 30m via a Hong Kong listing.
- In our previous note, we looked at the company’s product lines and provided a brief overview on the company’s valuation.
- In this note, we provide an update for the book building. We provide our quick thoughts on the valuation and deal dynamics.
CALB IPO Valuation Analysis
- CALB (3931 HK) is getting ready to complete its IPO in early October in Hong Kong. The IPO price range is between HK$38 and HK$51 per share.
- Based on our valuation sensitivity analysis, our base case valuation of CALB is HK$53 per share, which is 20% higher than the mid-point of the IPO price range.
- CALB has a rare combination of surging sales growth rate, operating profitability, and increasing market share in the EV battery market globally.
Fiserv Inc: Initiation of Coverage – Portfolio Expansion & Other Key Drivers
- This is our first report on Fiserv, a major global provider of fintech solutions related to payments, account processing, e-commerce, digital banking solutions, card issuer processing, and cloud-based Point-of-Sale solutions.
- The company delivered a strong quarterly result, surpassing Wall Street expectations on all counts with a strong organic revenue growth.
- The global active merchants’ accounts of the company grew.
Lepu Scientech Medical Technology Pre-IPO Tearsheet
- Lepu Scientech Medical Technology (Shanghai) (LSM HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by CICC.
- Lepu Scientech Medical Technology (LSMT) is an interventional medical device provider in China for congential heart disease (CHD).
- It is the largest manufacturer of CHD occluder products and related procedural accessories in China, according to Frost & Sullivan.
Amkor Technology Inc.: Initiation of Coverage – Financial Forecasts
- This is our first report on Amkor, a medium-sized provider of provider of outsourced semiconductor packaging and test services.
- Although the market is experiencing macroeconomic challenges, demand for their services, particularly advanced packaging, is still strong.
- The automotive semiconductor market is predicted to develop faster than the entire sector.
PTC Inc.: Initiation of Coverage – The Intland Software Acquisition & Other Drivers
- This is our first report on PTC, an emerging software player in the computer-aided design (CAD), product lifecycle management (PLM), application lifecycle management (ALM), and service lifecycle management (SLM) space.
- The company had a rough third quarter and delivered a significantly below par result in terms of both, revenues and earnings.
- Its Windchill+ is still in the early stages of the SaaS transformation which was a slowing factor though PTC had a decent SaaS quarter for Windchill, thanks mostly to a decent mix of SaaS in new projects.
Nutanix Inc.: Initiation of Coverage – Financial Forecasts
- This is our first report on enterprise cloud platform provider, Nutanix.
- The company’s Nutanix Cloud Platform users increased their use of it in the fourth quarter and expanded their adoption of related solutions in fields like storage, Database as a Service, and cloud management.
- In contrast, they are standardizing Nutanix database service for maintaining and deploying their databases throughout their enterprise.
ON Semiconductor Corporation- Initiation of Coverage – Capacity Expansion & Other Drivers
- This is our first report on ON Semiconductor Corporation, a well-known provider of intelligent sensing and power solutions.
- The management has streamlined their product line by eliminating price-sensitive products in favour of fiercely competitive Intelligent Power and Sensing Solutions.
- Because of the solutions’ strong performance, the depth of their intelligent power and sensor portfolio, and end-to-end manufacturing capabilities, their clients select ON Semiconductors as a strategic partner to support their long-term technology roadmaps.
Sonos Inc.: Initiation of Coverage – Sonos Voice Control & Other Key Product Drivers
- This is our first report on Sonos, the multi-room audio products major.
- The macroeconomic environment has grown significantly more hostile for Sonos off late after it enjoyed a decent phase during the pandemic.
- Despite the uncertain environment, Sonos has a strong brand identity, a dependable and devoted premium client, and a sizable and expanding market opportunity.
💡 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
