In today’s briefing:
- Innospace IPO Valuation Analysis
- Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook
- Breton Technology Pre-IPO Tearsheet
- Go Digit General Insurance IPO – Growth Remains Strong, Valuation Isn’t Cheap
- TBO Tek IPO Trading – Has One of the Highest Subscription Rates so Far This Year
- Chongho Bridge Pre-IPO – Broad Offering Catered to Rural Consumers, However, Market Is Fragmented
Innospace IPO Valuation Analysis
- Our base case valuation of Innospace is target price of 51,481 won per share (12 month view), which is 28% higher than the midpoint of the IPO valuation range.
- We estimate Innospace to generate sales of 1.8 billion won in 2024, 28.7 billion won in 2025, and 58.3 billion won in 2026.
- Innospace is involved in the satellite launch vehicle production and launch service business.
Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook
- Olympus Corp (7733 JP) has announced a buyback plan for up to 60M shares, representing 5.15% of outstanding shares, by spending ¥100B from May 13 to December 31, 2024.
- The company has posted mixed FY24 results, with revenue beating and operating and net profits missing guidance. Olympus has guided for just 9% revenue growth for FY25.
- Overall business outlook of the company seems to be bleak. With limited upside potential expected, it will be wise to tender shares through the company’s buyback offer.
Breton Technology Pre-IPO Tearsheet
- Breton Technology (1884270D CH) is looking to raise up to US$200m in its upcoming HK IPO. The deal will be run by CICC and CMB International.
- Breton Technology is a clean energy solution provider in China, focusing on the design, development and commercialization of engineering machinery powered by new energy sources.
- Such engineering machinery includes battery-electric loaders and wide-body dump trucks, each offering a variety of payload and battery capacities.
Go Digit General Insurance IPO – Growth Remains Strong, Valuation Isn’t Cheap
- Go Digit General Insurance is looking to raise around US$315m in its India IPO.
- Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
- We have looked at the company’s performance in our past note. In this note, we talk about the refiling updates and valuations.
TBO Tek IPO Trading – Has One of the Highest Subscription Rates so Far This Year
- TBO Tek (0395045D IN) raised around US$186m in its India IPO, after pricing the deal at the top end of the range at INR920/share.
- TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.
Chongho Bridge Pre-IPO – Broad Offering Catered to Rural Consumers, However, Market Is Fragmented
- Chongho Bridge (2314866D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- Chongho Bridge (CB) is an integrated services provider to China’s rural population. It offers rural inclusive credit services, agricultural production services, rural consumer goods and rural clean energy services.
- In this note, we look at the firm’s past performance.
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