In today’s briefing:
- Horizon Robotics IPO: High Valuation Is At Risk As NEV Production Forecasts Have Weakened
- WeRide Pre-IPO – Peer Comparison – Boasting Partnerships, but Peers Aren’t Too Far Behind
- Eternal Beauty Pre-IPO Tearsheet
- China Resources Beverage Pre-IPO – Peer Comparison – Middling
Horizon Robotics IPO: High Valuation Is At Risk As NEV Production Forecasts Have Weakened
- Horizon Robotics, a leading provider of ADAS and AD solutions for passenger vehicles, plans to raise up to $500M in Hong Kong IPO.
- I expect Horizon Robotics will price its IPO below last round valuation of ~$8.7B as revenue growth will slow below 50% y/y in 2024, down from 71% y/y in 2023.
- The company’s key competitors, including Mobileye and Microchip Technology, revised their revenue guidance downwards for the second half of 2024.
WeRide Pre-IPO – Peer Comparison – Boasting Partnerships, but Peers Aren’t Too Far Behind
- WeRide Corp (WER CH) is looking to raise around US$300m in its upcoming US IPO.
- WeRide provides autonomous driving products and services from L2 to L4 of driving automation.
- We had looked at the firm’s past performance in an earlier note. In this note, we will undertake a peer comparison.
Eternal Beauty Pre-IPO Tearsheet
- Eternal Beauty Holdings Limited (EBHL12 HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by BNP Paribas, Citic, CMBI and DBS.
- Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
- The company has a diverse portfolio of iconic brands of not only perfumes, but also color cosmetics, skincare products, personal care products, eyewear and home fragrances under management.
China Resources Beverage Pre-IPO – Peer Comparison – Middling
- China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
- China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
- In our earlier note, we talked about the company’s past performance. In this note, we will undertake a peer comparison.
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