In today’s briefing:
- Hesai Group IPO Trading – Managed to Break the Drought
- Discussing the Timing of the Samsung SDS Block Deal by Lee Seo-Hyun
- Mankind Pharma Pre-IPO – Thoughts on Valuations
- Oasis Corp IPO Preliminary Book Building Results
- Dekon Food and Agriculture Group Pre-IPO Tearsheet
Hesai Group IPO Trading – Managed to Break the Drought
- Hesai Group (HSAI US) (HSAI) raised around US$190m in its US IPO.
- HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
- We have looked at the company’s past performance and valuations. In this note, we will talk about the trading updates.
Discussing the Timing of the Samsung SDS Block Deal by Lee Seo-Hyun
- The term of Lee’s trust contract with Hana Bank is from February 2nd to April 28th, and the volume is 1.95% of SO, the total remaining quantity owned by Lee.
- The price movement on the day the previous block deals by the Lee family were executed was substantial. Of particular note is that SDS showed the most significant price impact.
- We should focus on the possibility that a block deal will come to the market much earlier, as SDS is in short-term overbought territory from a valuation perspective.
Mankind Pharma Pre-IPO – Thoughts on Valuations
- Mankind Pharma is looking to raise around US$1bn in its upcoming India IPO.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- We have looked at the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.
Oasis Corp IPO Preliminary Book Building Results
- The local media mentioned that the preliminary book building results of the Oasis IPO were terrible.
- Therefore, the company is likely to either materially lower the IPO price range or postpone the IPO altogether.
- Our base case valuation of Oasis Corp is target price of 24,847 won per share, which is 18.5% lower than the low end of the IPO price range.
Dekon Food and Agriculture Group Pre-IPO Tearsheet
- Dekon Food and Agriculture Group (DFAG CH) is looking to raise at least US$100m in its upcoming HK IPO. The deal will be run by CICC and Citibank.
- Dekon Food and Agriculture Group (DFAG) is a livestock and poultry breeding and farming enterprise in China, focusing on the breeding and farming of pigs and yellow-feathered broilers.
- As of 30th Sep 2022, its business footprint covered 39 cities across 12 provinces and autonomous regions in China.
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