In today’s briefing:
- ECM Weekly (1st Oct 2023) – Cainiao, J&T, Kokusai, Seoul Guarantee, Ecopro, Leapmotor, Bajaj Finance
- Ecopro Materials IPO Valuation Analysis
ECM Weekly (1st Oct 2023) – Cainiao, J&T, Kokusai, Seoul Guarantee, Ecopro, Leapmotor, Bajaj Finance
- Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, Cainiao Smart Logistics finally set the ball rollling for Alibaba (ADR) (BABA US)‘s restrucuting, by filing for an HK listing
- In the placement space, Star Entertainment Group (SGR AU) was back in the market again, while Zhejiang Leapmotor Technologie (9863 HK) and DPC Dash (1405 HK) came of lock-ups.
Ecopro Materials IPO Valuation Analysis
- Our base case valuation for Ecopro Materials is implied price per share of 40,325 won per share, which is within the IPO price range of 36,200 won to 46,000 won.
- Given the lack of upside relative to the IPO price range, we have a negative view of this IPO.
- Ecopro Materials is engaged in the business of manufacturing and selling high-nickel precursors, one of the key materials for high-nickel anode materials for secondary batteries.
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