In today’s briefing:
- Lygend Resources & Technology Pre-IPO – Resting Its Hopes and Dreams on a JV with a Singular Partner
- Atour Lifestyle Holdings IPO Analysis
- Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers
- BlackBerry Ltd: Major Drivers
Lygend Resources & Technology Pre-IPO – Resting Its Hopes and Dreams on a JV with a Singular Partner
- Lygend Resources & Technology (LR HK) is looking to raise about US$800m in its Hong Kong IPO.
- Lygend Resources & Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
- With the Obi Project expanding the firm’s capacity into the higher margin production segment, Lygend expects sales and profitability to pick up.
Atour Lifestyle Holdings IPO Analysis
- Atour Lifestyle Holdings (ATAT US) is a leading upper midscale hotel chain group in China is getting ready for an IPO in the US.
- We believe that a valuation range of RMB12.8 billion ($1.8 billion) to RMB16.9 billion ($2.3 billion) is appropriate for Atour Lifestyle Holdings.
- Unless the IPO is priced sufficiently lower than the intrinsic value of the company, many institutional investors will likely pass on the IPO given the Bearish market sentiment.
Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers
- This is our first report global pharma major, Novartis.
- The company delivered a mixed set of results for the last quarter, failing to meet Wall Street expectations in terms of revenues but managing an earnings beat.
- The innovative medicine sales grew consistently in the quarter across the U.S.
BlackBerry Ltd: Major Drivers
- BlackBerry had a mediocre quarterly, beating profitability estimates of Wall Street while delivering revenue aligned with forecasts.
- The best performer continues to be QNX design base revenue.
- Royalty revenue increased on the production side, but it is still below pre-pandemic levels, mostly because of supply chain challenges.
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