In today’s briefing:
- Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering
- Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag
- BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers
- FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments
- Paychex Inc.: Strong Margin Expansion & Other Drivers
Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering
- Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
- The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
- Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV.
Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag
- Mankind Pharma (MP) is now looking to raise around US$500m in its upcoming India IPO.
- MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
- We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the updates from its recently filed RHP.
BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers
- BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit top-line growth.
- Its total revenues for the quarter showed an increase despite the continued erosion of the KUVAN market in the US.
- Moreover, lower KUVAN product revenues are mostly because of generic competition due to the loss of market individuality in the US.
FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments
- FactSet Research Systems delivered a mixed set of results for the last quarter.
- The company’s organic ASV plus professional services growth increased by 9.1% year over year, driven by solid client growth and its sales team’s effective implementation of its pricing increase in the Americas.
- We give FactSet Research Systems a ‘Hold’ rating with a revised target price.
Paychex Inc.: Strong Margin Expansion & Other Drivers
- Paychex produced strong financial results, with third-quarter total revenue growth of 8% and adjusted diluted earnings per share growth of 12%.
- It managed to deliver an all-around beat Revenue for Management Solutions climbed 7% to $1 billion because of new product attachments and auxiliary HR services.
- The continued high demand for their ERTC service accounted for about 1% of the quarter’s revenue growth.
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