In today’s briefing:
- Nusantara Sejahtera Raya (Cinema XXI) IPO – The Positive – High Market Share, Steady Recovery
- Utkarsh Small Finance Bank IPO- Forensic Analysis
- Fadu Pre-IPO – Peer Comparison – Hardly Comparable in Scale to Its Peers
- J&T Global Express Pre-IPO, Part 3: ‘New Markets’ & X-Border | Our Initial EV Estimate Is US$8.6 Bn
- Nusantara Sejahtera Raya (Cinema XXI) IPO – The Negatives – Private Placement, Not a Primary Raising
- Syngenta Pre-IPO – The Negatives – Margins Remain Razor Thin and Parent on Sanction List
Nusantara Sejahtera Raya (Cinema XXI) IPO – The Positive – High Market Share, Steady Recovery
- Nusantara Sejahtera Raya (Cinema XXI) aims to raise up to US$160m in its Indonesia IPO.
- Cinema XXI is a premium theatrical exhibition, F&B and experience company. It is the largest cinema chain operator in Indonesia.
- In this note, we talk about the positive aspects of the deal.
Utkarsh Small Finance Bank IPO- Forensic Analysis
- Utkarsh Small Finance Bank (1639303D IN) IPO opens for subscription this week.
- The company currently is fifth largest SFB in India and has demonstrated robust growth in loan portfolio, deposits and improved productivity in the last two years.
- However, one must be cautious of the write offs worth INR 6 bn done in the last two years which benefitted the NPAs
Fadu Pre-IPO – Peer Comparison – Hardly Comparable in Scale to Its Peers
- Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
- Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
- In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.
J&T Global Express Pre-IPO, Part 3: ‘New Markets’ & X-Border | Our Initial EV Estimate Is US$8.6 Bn
- After analyzing J&T’s Chinese and SE Asian operations in previous insights, in this note we turn to the company’s ‘Others’ segment, made up of New Markets and X-Border logistics
- Compared to China and SE Asia, J&T’s New Markets and X-Border logistics business lines are small (just 11% of 2022 Revenue) but could offer attractive growth in the medium-term
- We conclude this insight with a preliminary sum-of-parts valuation of J&T as a whole. Based on available information, our initial estimate of J&T’s EV is US$8.6 bn (pre-IPO)
Nusantara Sejahtera Raya (Cinema XXI) IPO – The Negatives – Private Placement, Not a Primary Raising
- Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
- Cinema XXI is a premium theatrical exhibition, F&B and experience company. It is the largest cinema chain operator in Indonesia.
- In this note, we talk about the not-so-positive aspects of the deal.
Syngenta Pre-IPO – The Negatives – Margins Remain Razor Thin and Parent on Sanction List
- Syngenta Group (1844795D CH) is looking to raise around US$9.2bn in its upcoming China A-share IPO.
- Syngenta Group (Syngenta) is one of the largest agricultural firms globally, developing, producing and commercializing a portfolio of crop protection, seeds, crop nutrition products.
- In this note, we will talk about the not so positive aspects of the deal.
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