In today’s briefing:
- Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged
- J&T Global Express IPO – Team Effort for Some Heavy Lifting
- Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds
- J&T Global Express IPO: Valuation Insights
- Agilus Diagnostics Limited Pre-IPO Tearsheet
- Bluemtec IPO Preview
- Cainiao Pre-IPO – Peer Comparison
- Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped
- Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen
Hana Microelectronics Placement – Stock Has Been Doing Well, Unclear if Deal Is Well Flagged
- Hana Microelectronics (HANA TB) aims to raise up to US$105m to finance expansion of Hana’s silicon carbide strategy including PMS (Power Master Semiconductor).
- The deal scores well on our framework given the company’s strong recent performance and decent long term track record
- In this note, we will talk about the deal dynamics.
J&T Global Express IPO – Team Effort for Some Heavy Lifting
- J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its Hong Kong IPO.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
- We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.
Cuscal Pre-IPO – The Positives – Monetising Its Connections and Benefiting from Tailwinds
- Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
- Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
- In this note, we will talk about the positive aspects of the deal.
J&T Global Express IPO: Valuation Insights
- J&T Global Express (1519 HK), a leading express delivery business in Southeast Asia and China, has launched a HKEx IPO to raise US$500 million at a fixed price of HK$12.00.
- We previously discussed the IPO in J&T Global Express IPO: The Bull Case, J&T Global Express IPO: The Bear Case and J&T Global Express IPO: Updates Tilts the Balance Positively.
- The IPO price range is unattractive, with our SoTP valuation of HK$10.75 per share, 10% below the IPO price. Therefore, we would pass on the IPO.
Agilus Diagnostics Limited Pre-IPO Tearsheet
- Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. The deal will be run by Citi, Axis Capital, and ICICI Securities.
- Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
- As per the CRISIL report, the firm was the largest diagnostics service provider in terms of number of laboratories and the second largest in terms of FY23 sales.
Bluemtec IPO Preview
- Bluemtec is getting ready to complete its IPO in KOSDAQ in the next several weeks. Bluemtec operates the number one pharmaceutical e-commerce platform in Korea.
- The company is offering 1.4 million shares in this IPO. The IPO price range is from 15,000 won to 19,000 won.
- The company sales and gross profit growth increased impressively in the past several years. The company’s sales increased at a CAGR of 60.5% from 2020 to 2022.
Cainiao Pre-IPO – Peer Comparison
- Cainiao Smart Logistics, Alibaba (9988 HK)’s logistics linked arm, is planning to raise at least US$1bn in its Hong Kong IPO.
- Cainiao is the largest provider of cross-border e-commerce logistics services globally and a leader in China logistics services, according to CIC.
- In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.
Cuscal Pre-IPO – The Negatives – Margins Have Declined and Growth May Be Capped
- Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
- Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
- In this note, we will talk about the not so positive aspects of the deal.
Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen
- Seijo Ishii is Japan’s leading premium supermarket chain with some 200 stores and is being prepped for an IPO by its owner, Lawson.
- After strong growth during Covid, sales have now flattened and the company’s large import business has suffered from higher costs due to the weak Yen and global crises.
- To maintain its market position, it is reducing imports of packaged goods and increasing volumes of imported, high-end raw materials – and then manufacturing products itself.
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