In today’s briefing:
- I-Tail Corporation Pre-IPO – Peer Comparison
- GoTo: Lock-Up Expiry and a Coordinated Secondary Offering – Further Downside to Share Price Likely
- Pre-IPO Giant Biogene (2367 HK) – Some Unstable Factors
- I-Tail Corporation Pre-IPO – Initial Thoughts on Valuation
- FactSet Research Systems: Alternative Data Services & Other Drivers
I-Tail Corporation Pre-IPO – Peer Comparison
- I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.
GoTo: Lock-Up Expiry and a Coordinated Secondary Offering – Further Downside to Share Price Likely
- GoTo on Monday confirmed that it’s currently working with pre-IPO shareholders to explore a coordinated secondary offering of shares held by these shareholders when their lock-up expires on 30 November.
- Following IPO, most shareholders agreed to hold onto their shares for a period of 8-months, and the lock-up period for around 90% of outstanding shares will expire next month.
- As we continue to highlight in our previous insights, growth in top line does not necessarily mean profits for GoTo, and the company continues to burn cash to fuel growth.
Pre-IPO Giant Biogene (2367 HK) – Some Unstable Factors
- Although the recombinant collagen with relatively low price is “subversive” in the preparation process, animal-derived collagen is still more widely used, covering larger markets with various products.
- Either for business diversification or to avoid policy risks, how to explore the second growth point is important to Giant Biogene.Otherwise,the Company’s hard to improve the resilience to market/policy changes.
- Bloomage would have higher valuation expansion potential than Giant Biogene in mid- to long-term. In other words, if the valuation of Giant Biogene is higher than Bloomage, there’s overvaluation risk.
I-Tail Corporation Pre-IPO – Initial Thoughts on Valuation
- I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB).
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.
FactSet Research Systems: Alternative Data Services & Other Drivers
- After many quarters of consistently beating Wall Street expectations on all counts, FactSet delivered a mixed result in the last quarter exceeded revenue expectations of analysts but missing out on earnings.
- The company finished fiscal 2022 with organic ASV plus professional services growth of $158 million, accelerating by approximately 200 basis points year over year to over 9%.
- With private company coverage throughout their content refinery, workflow solutions for private equity and venture capital companies, and seamless linked workstation integration, the team is progressing with its private market strategy.
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