In today’s briefing:
- Mankind Pharma IPO Trading – Strong Insti Demand Makes up for Retail Lag
- CUBox IPO Bookbuilding Results Analysis
- Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers
- Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers
- Equifax Inc.: Leveraging The New Mortgage 36 Solution to Boost Its NPI – Key Drivers
- Fiserv Inc.: Major Deals with Walmart
- Elevance Health Inc.: Major Drivers
- Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers
- Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers
Mankind Pharma IPO Trading – Strong Insti Demand Makes up for Retail Lag
- Mankind Pharma raised around US$527m 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 previous note, in this note, we talk about the demand and trading dynamics.
CUBox IPO Bookbuilding Results Analysis
- On 8 May, CUBox (340810 KS) announced its IPO price of 15,000 won, which is 13% lower than the lower end of the IPO price range of 17,200 won.
- Our base case valuation of CUBox is implied target price of 22,719 won per share, which represents 51% higher than the IPO price of 15,000 won.
- CUBox claims that it has one of the world’s best technologies in the field of AI face recognition.
Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers
- Corning saw a sequential drop in its total revenues of around 7% in the recent result but this was still better than analyst expectations.
- Despite the lower sales, Corning’s actions to raise prices and restore productivity ratios resulted in gross margin expanding 160 basis points.
- Although multiple markets remain weak, the company expects results to improve in the second quarter.
Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers
- Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.
- The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.
- In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.
Equifax Inc.: Leveraging The New Mortgage 36 Solution to Boost Its NPI – Key Drivers
- Equifax produced another all-around beat, growing non-mortgage revenue by 10% in constant currency as it met its Equifax 2025 strategic targets and the $200 million spending plan.
- Equifax’s non-mortgage businesses, which accounted for roughly 80% of overall revenue in the quarter, performed well.
- Workforce Solutions once again delivered an excellent quarter, with non-mortgage revenue growth up 11% and total revenue down 8%.
Fiserv Inc.: Major Deals with Walmart
- Fiserv is off to quite a strong start in the year with adjusted revenue growth and an increase in adjusted earnings per share resulting in an all-around beat.
- Adjusted operating margin was up and organic revenue growth was higher than expected, demonstrating the company’s ability to sustain accelerated growth.
- Clover revenue growth stays strong and Fiserv continues to add merchants at quite a healthy pace.
Elevance Health Inc.: Major Drivers
- Elevance Health’s first quarter results were solid and the company delivered an all-around beat with a growth of around 15% compared to last year.
- The company had 48.1 million medical members at the end of the first quarter.
- Due to organic growth in Medicaid and Medicare Advantage, dual-eligible special needs plans, and group members, risk-based membership increased by roughly 1 million members year over year.
Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers
- Dow had a challenging quarter given the ongoing market dynamics.
- The year’s first quarter is expected to align with the fourth-quarter performance, with discrete headwinds of $75 million.
- We give Dow Inc. a ‘Hold’ rating with a revised target price.
Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers
- Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat.
- The company raised its premium and service revenue forecast by $3.7 billion, with full-year 2023 adjusted EPS guidance at $6.40.
- We give Centene Corporation a ‘Buy’ rating with a revised target price.
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