In today’s briefing:
- Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing
- Tata Technologies IPO: The Bull Case
- DXN Holdings IPO – Updates Since Our Last Note
- Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share
- Pre IPO Neusoft Xikang Healthcare Technology – Some Points Worth the Attention
- Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster
Nexus Select Trust IPO – Strong 9M23, Just About Digestible Pricing
- Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
- NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
Tata Technologies IPO: The Bull Case
- Tata Technologies (TATATECH IN), the largest India-based ER&D service provider, is seeking to raise up to US$600 million, according to press reports.
- Tata Technologies ranked first among India service providers and third globally among rated service providers for automotive ER&D services, according to Zinnov.
- The key elements of the bull case rest on its automotive leadership positioning, solid performance of the core business, high repeat rates, rising margin and cash generation.
DXN Holdings IPO – Updates Since Our Last Note
- DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
- DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
- In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s updated financials.
Pertamina Hulu Energi Early Look – The Positives – High Domestic Market Share
- Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
- PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
- In this note, we will talk about the positive aspects of the deal.
Pre IPO Neusoft Xikang Healthcare Technology – Some Points Worth the Attention
- The cloud hospital platform services serve as “the entry point” of Neusoft Xikang’s overall solutions, but the restrictions imposed by cities would affect the scalability of business.
- The variety of 2B objects and the diversity of medical scenarios covered would be conducive to the transformation to 2C business, resulting in stronger user stickiness and more monetization opportunities.
- Xikang’s 2B business is weaker than ClouDr. Financial performance would finally reflect the effectiveness and rationality of business model. Xikang’s valuation should be lower than ClouDr and Ping An Good Doctor.
Pertamina Hulu Energi Early Look – The Negatives – Past Growth Record Seems Lackluster
- Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO.
- PHE is a subsidiary of Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
- In this note, we will talk about the not-so-positive aspects of the deal.
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