In today’s briefing:
- GQG Partners IPO Lock-Up – Tightly Held by Founders, PAC Could Exit
- CTG Duty Free H Share Listing: Another False Dawn?
- Betagro Pre-IPO – The Positives – Vertically Integrated and Weathered COVID Well
GQG Partners IPO Lock-Up – Tightly Held by Founders, PAC Could Exit
- GQG Partners (GQG) raised US$868m in its Australia IPO in Oct 2021. Its IPO linked lockup is set to expire soon.
- GQG is a global investment boutique with a focus on managing active equity portfolios.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
CTG Duty Free H Share Listing: Another False Dawn?
- China Tourism Group Duty Free Corp Ltd (601888 CH)/CTGDF, the largest travel retail operator in the world, aims to launch an H Share listing to raise US$2-3 billion on Friday.
- CTGDF is a play on the normalization of domestic travel. However, the H Share listing timing is not ideal as a vital summer travel market, Sanya, is under renewed lockdown.
- The recovery timing has again shifted, with expectations of a 4Q recovery, but 2022 consensus expectations look slightly optimistic. We prefer to remain on the sidelines.
Betagro Pre-IPO – The Positives – Vertically Integrated and Weathered COVID Well
- Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO.
- Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.
- Betagro operates a vertically integrated model with its own production and processing capabilities. Furthermore, it utilizes a range of distribution channels for both domestic and international sales.
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