In today’s briefing:
- Kasumigaseki Capital (3498 JP) – An Offering Worth Examining
- REPT BATTERO Energy IPO – Fastest Growth, Lowest Margins, No Valuation Discount
Kasumigaseki Capital (3498 JP) – An Offering Worth Examining
- Kasumigaseki Capital is a small cap consulting real estate speculator/developer. They have an interesting, aggressive model. People will recognise the model from pre-GFC but this one is structured better.
- The company had planned explosive growth and in October, brought growth plans forward and guidance way up. Now there is an offering to fund that growth.
- It appears to also be an offering to get a very large short position out of a risk of potential squeeze. For that, I expect this goes smoothly.
REPT BATTERO Energy IPO – Fastest Growth, Lowest Margins, No Valuation Discount
- REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
- REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
- We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.
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