In today’s briefing:
- K Bank IPO: The Bull Case
- Belstar Microfinance Pre-IPO – Accelerating Profitability Growth With A Diversified Network
- Mr. D.I.Y Holding (Thailand) Pre-IPO Tearsheet
- Pre-IPO Carote Ltd (PHIP Updates) – High Performance Growth May Not Be Sustainable
- Hive Box – Pre-IPO: To Understand Who Pays and Why They Pay
- K Bank IPO – The Negatives – Ample Issues Along with Crypto Exposure & Lockup
K Bank IPO: The Bull Case
- K Bank (279570 KS) is a Korean internet bank. It has launched an IPO to raise up to US$734 million.
- K Bank began operations in April 2017 as the first internet-only bank in Korea. KT Corp (030200 KS) and Woori Bank (000030 KS) are the two largest shareholders.
- The bull case rests on rising market share, solid deposit growth, robust loan book growth, stable NIM, rising margins and a low NPL ratio.
Belstar Microfinance Pre-IPO – Accelerating Profitability Growth With A Diversified Network
- Belstar Microfinance Ltd (3624918Z IN) is looking to raise around US$156m in its upcoming India IPO.
- Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans.
- In this note, we talk about the company’s historical performance.
Mr. D.I.Y Holding (Thailand) Pre-IPO Tearsheet
- Mr. DIY Holding (Thailand) (2472516D TB) (MRDIYT) is looking to raise as much as US$300m in its upcoming Thai IPO. The deal will be run by CIMB Thai Bank.
- MRDIYT is the largest and fastest growing home improvement and general lifestyle retailer in Thailand, holding approximately 7.4% market share in 2023.
- MRDIYT’s proposition is to offer competitive value for over 15,000 products across a variety of departments – hardware/tools, household appliances, electrical appliances, stationery, sporting goods, toys etc.
Pre-IPO Carote Ltd (PHIP Updates) – High Performance Growth May Not Be Sustainable
- Relying mainly on online channels and successful internationalization strategy, CAROTE’s performance growth showed strong momentum in recent years. However, after the short-term demand outbreak, future performance growth could slow down.
- CAROTE adopts a product strategy similar to ZARA, launching a massive product matrix, constantly attracting consumers’ interest, but the innovation capability and core competitiveness of products are not high.
- Valuation of CAROTE could be higher than Vesync (2148 HK).If Trump is elected, the friction/trade war between China and US may escalate, which is detrimental to CAROTE’s future valuation performance.
Hive Box – Pre-IPO: To Understand Who Pays and Why They Pay
- Delivery workers would like to pay to save their time.
- Retailers would also like to pay for return delivery to raise their service quality.
- However, product buyers have to pay, but would not like to pay the delay fee.
K Bank IPO – The Negatives – Ample Issues Along with Crypto Exposure & Lockup
- K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO.
- K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
- In this note, we talk about the not-so-positive aspects of the deal.
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