In today’s briefing:
- Doosan Robotics IPO – The Positives – More than Doubled Its Revenue
- VNG: Potential US Listing with the First Vietnamese “VIE” Structure
- Doosan Robotics IPO Valuation Analysis
- Millie’s Library IPO Analysis
- Doosan Robotics IPO – The Negatives – But Losses Continue to Widen
- Tuhu Car Pre-IPO PHIP Updates – Initially Looking for Growth, Now Searching for Profits
- SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group
Doosan Robotics IPO – The Positives – More than Doubled Its Revenue
- Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module
- In this note, we will talk about the positive aspects of the deal.
VNG: Potential US Listing with the First Vietnamese “VIE” Structure
- Vietnam’s tech giant, VNG, filed for US listing last week (valuation TBC).
- Given the country’s current foreign ownership restriction, the listing will be done via an offshore entity that effectively controls the company through contractual agreements.
- Investors should be aware of the risk, esp. after previous market concerns surrounding Chinese tech companies’ VIE structure.
Doosan Robotics IPO Valuation Analysis
- Our base case valuation per share of Doosan Robotics is 42,826 won, which is 65% higher than the high end of the IPO valuation range.
- We estimate Doosan Robotics to generate sales of 61.7 billion won (up 37.2% YoY) in 2023 and 97.7 billion won (up 58.2% YoY) in 2024.
- If Doosan Robotics is compared to Fanuc, Doosan Robotics’ valuation would be much lower. However, one could argue that Doosan Robotics should have higher valuation than Rainbow Robotics.
Millie’s Library IPO Analysis
- Millie’s Library is trying to complete its IPO again in September 2023, after a failed attempt in November 2022. The IPO price range is from 20,000 won to 23,000 won.
- Founded in 2016, Millie’s Library is a reading platform company that introduced the first monthly e-book subscription service in Korea in October 2017.
- Our valuation analysis suggests base case target price of 31,769 won per share, which is 38% higher than the high end of the IPO price range of 23,000 won.
Doosan Robotics IPO – The Negatives – But Losses Continue to Widen
- Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
- In this note, we will talk about the not-so-positive aspects of the deal.
Tuhu Car Pre-IPO PHIP Updates – Initially Looking for Growth, Now Searching for Profits
- Tuhu Car (2007986D HK) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- Tuhu is an integrated online and offline platform for automotive services in China.
- We have looked at the firm’s past performance in earlier notes. In this note, we discuss the PHIP updates.
SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group
- SF Holding’s HK listing document provides added details of current international revenue
- Two recent moves show SF’s intent to raise international sales (and reduce China exposure)
- As SF Holding courts a global investor base, its comps will become the global express names
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