In today’s briefing:
- Manila Electric Block – Selldown by One of the Largest Shareholders
- PSMC Placement – Well Flagged and SI on the Rise, but Momentum Has Been Very Weak
- WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable
- Growatt Technology Pre-IPO – Impressive Profitability Growth from Riding on Industry Tailwinds
Manila Electric Block – Selldown by One of the Largest Shareholders
- JG Summit Holdings (JGS PM) aims to raise around US$185m via selling 2.5% of Manila Electric Company (MER PM) (Meralco) via a block trade.
- This appears to be the first selldown by JG Summit and doesn’t appear to have been very well flagged either.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
PSMC Placement – Well Flagged and SI on the Rise, but Momentum Has Been Very Weak
- Powerchip Semiconductor Manufacturing Corp (6770 TT) (PSMC) is looking to raise US$420m via its GDS offering.
- The firm is offering 23.3m GDSs (350m common shares at a 1 GDS to 15 common shares ratio) at a 6-9% discount to last close.
- The deal is well flagged via both media reports and the company’s announcements. Short interest has been growing in tandem as well.
WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable
- WCP (WCP KS), a lithium-ion batteries separator company, has pushed back its KRW900 billion (US$692 million) KRX IPO timeline from August to mid-September.
- We previously discussed the IPO In WCP IPO: Hooked on Lithium and WCP IPO: Valuation Insights.
- In this note, we benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO price range remains unattractive.
Growatt Technology Pre-IPO – Impressive Profitability Growth from Riding on Industry Tailwinds
- Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption and energy digitalization.
- The firm has seen strong revenue growth on the backdrop of global PV inverter and energy storage industry tailwinds despite the effects of COVID-19.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars