In today’s briefing:
- ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT
- International Flavors & Fragrances Inc.: Continued Growth In Nourish
- Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- Petróleo Brasileiro S.A. – Petrobras: Chartering of FPSO Vessels & Other Developments
- Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers
- Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
- Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector
ECM Weekly (23rd Apr 2023) – Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- All eyes were on Rakuten Bank (5838 JP) listing this week. It didn’t disappoint, neither did Merdeka Battery Materials.
- Anta Sports Products (2020 HK) pulled off one of the largest placements so far in 2023, despite being net cash.
International Flavors & Fragrances Inc.: Continued Growth In Nourish
- International Flavors & Fragrances delivered a mixed set of results in the quarter.
- Sales were up 4% on a comparable, currency-neutral basis for the quarter, with increases seen in almost all divisions.
- Besides that, their scent division performed well, achieving a 6% year-over-year sales increase, driven by double-digit growth in fine fragrance and mid-single-digit growth in consumer fragrance.
Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.
- This quarter’s performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.
- We initiate coverage on the stock of the Royal Bank of Canada with a ‘Buy’ rating.
Petróleo Brasileiro S.A. – Petrobras: Chartering of FPSO Vessels & Other Developments
- Petróleo Brasileiro achieved strong in the quarter last quarter and managed an all-around beat.
- By increasing the utilization rate of its refineries and introducing new products with renewable content, Petrobras continues to be competitive.
- We give Petróleo Brasileiro S.A. – Petrobras a ‘Hold’ rating with a revised target price.
Toronto Dominion Bank: Initiation of Coverage – The Cowen Acquisition & Other Drivers
- This is our first report on a major Canadian banker, Toronto Dominion Bank.
- In Q1, the bank had a good quarter and delivered an all-around beat.
- We initiate coverage on the stock of the Toronto Dominion Bank with a ‘Buy’ rating.
Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
- This is our first report on one of the American banking major, Wells Fargo.
- The company performed well in the quarter despite operating losses and managed an all-around beat.
- Increasing interest rates fueled a rapid rise in net interest income.
Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector
- Woodside Energy Group delivered a decent financial performance in 2022, driven by higher prices and adding former BHP assets to the portfolio and the Pluto KGP interconnector.
- Besides that, Woodside Energy completed subsea tieback and enhancement initiatives across its Gulf of Mexico and West Australian LNG assets, keeping the plants occupied.
- We give Woodside Energy Group Ltd. a ‘Buy’ rating with a revised target price.
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