In today’s briefing:
- Doosan Robotics IPO: The Bear Case
- VNG IPO: Scaling Up
- Malo Medical Management Pre-IPO Tearsheet
Doosan Robotics IPO: The Bear Case
- Doosan Robotics (DOOSANROBO KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO.
- In Doosan Robotics IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on business plan forecasts based on shaky assumptions, high cash burn, rising cash collection cycle and deteriorating balance sheet strength.
VNG IPO: Scaling Up
- Vietnamese tech start-up VNG (VinaGame) (VNG US) has filed for an IPO in the US and according to news media outlets, the company plans to raise proceeds of around US$300-400m.
- VNG’s business model resembles that of China’s Tencent (700 HK) with games accounting for most of VNG’s revenues. Other business segments are in early stages of monetisation.
- Our analysis suggests that VNG’s businesses have strong potential and the company could further reduce its operating losses with scale and further financial discipline.
Malo Medical Management Pre-IPO Tearsheet
- Malo Medical Management (MMM HK) (MMM) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.
- MMM is a dental service provider in China. It ranked ninth among all private dental service providers and second among all premium dental service providers, as per F&S.
- MMM provides dental services to patients through a widespread network of Malo Clinic-branded specialty dental clinics. As of Apr 2023, it owned 29 dental clinics in 13 cities in China.
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