In today’s briefing:
- CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders
- Auckland Airport Possible Placement – Getting Closer to a US$800m Cleanup
- Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably
CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders
- Capitaland Integrated Commercial Trust (CICT SP) is looking to raise around S$350m (US$267m) in its primary placement. Included in the issuance is a preferential offering to raise an additional S$757m.
- The proceeds will be geared towards acquiring a 50% interest in the ION Orchard mall from its Sponsor.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Auckland Airport Possible Placement – Getting Closer to a US$800m Cleanup
- Almost exactly a year ago, Auckland City Council (ACC) raised around US$320m via selling around 7% of its stake in Auckland Intl Airport (AIA NZ).
- ACC still has an 11% stake left, which it now plans to transfer to a future fund, which will be free to sell the shares
- In this note, we will talk about the possible placement and other deal dynamics.
Didi Global Q224 Results: EBITA Margin Up | OpCF Still Strong | But Growth Slowed Noticeably
- Estimated take rate up vs year ago and vs Q124, and EBITA margin turned +ive
- However, revenue growth in core China market slowed considerably in Q224
- Cash Flow and Liquidity both appear ample, little pressure to raise new funds
💡 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
