In today’s briefing:
- Redox IPO – Pricing Is Tricky
- Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed
- Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation
- Mobvoi Pre-IPO Tearsheet
- TransDigm Group Incorporated: Acquisition of Calspan Corporation & Other Drivers
- Jacobs Engineering Group: Infra Growth & The Palantir Partnership Accelerating Its Upward Trajectory? – Key Drivers
- International Flavors & Fragrances (IFF).: Cost-Cutting Efforts Pay Off
- DaVita Inc.: Mozarc Medical Launch Is A New Chapter In Shaping Kidney Health – Key Drivers
- Amman Mineral International IPO – Peer Comparison & Thoughts on Valuation
Redox IPO – Pricing Is Tricky
- Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO.
- In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
- In this note, we undertake a quick peer comaprison and talk about valuations.
Kotak Placement – Has Sold Before, Stock Has Run-Up Recently but It Has Still Underperformed
- CPPIB aims to raise around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN).
- This is not the first time that CPPIB will be selling down some of its stake, the previous deal held up well.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Kelun-Biotech (科伦博泰) Pre-IPO: Thoughts on Valuation
- Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$400m via a Hong Kong listing.
- In our previous note, we examined the company’s two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC.
- In this note, we will provide a valuation for the company’s key products.
Mobvoi Pre-IPO Tearsheet
- Mobvoi (2185047D CH) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC and CMBI.
- Mobvoi is an AI company with a focus on generative AI and voice interaction technologies.
- As per CIC, the firm is the largest revenue-generating AI company focusing on AI-generated content (AIGC) technologies in terms of 2022 revenue from AIGC solutions.
TransDigm Group Incorporated: Acquisition of Calspan Corporation & Other Drivers
- TransDigm Group managed to exceed analyst expectations in terms of revenue as well as earnings in its recent quarterly result.
- With approximately 90% of net sales generated by unique proprietary products, the company’s focus on aftermarket revenues has provided stability and higher margins.
- TransDigm experienced substantial growth in total commercial revenues and bookings across all major market channels.
Jacobs Engineering Group: Infra Growth & The Palantir Partnership Accelerating Its Upward Trajectory? – Key Drivers
- Jacobs Engineering Group managed to exceed analyst expectations in terms of revenue as well as earnings.
- The People and Places line of business of Jacobs Engineering delivered a strong performance.
- The divergent solutions operating unit had a strong operating profit with up in operating profit.
International Flavors & Fragrances (IFF).: Cost-Cutting Efforts Pay Off
- IFF delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.
- The management’s focus on cost reduction efforts was evident as they are looking to recover from the effects of inflation, and reduce inventories while enhancing service levels.
- Lower volumes and inventory reduction efforts impacted adjusted operating EBITDA, but IFF successfully recovered total inflation through pricing actions and achieved substantial cost and operational efficiencies.
DaVita Inc.: Mozarc Medical Launch Is A New Chapter In Shaping Kidney Health – Key Drivers
- Despite the management’s cautious approach and uncertainties surrounding treatment volume and the labor market, DaVita performed well and delivered an all-around beat in the most recent quarterly result.
- One of their long-term strategies is to connect transitions of care through solutions for patients in the Kidney Care continuum.
- Financially, the company delivered solid results in the first quarter, with adjusted operating income and earnings per share exceeding expectations.
Amman Mineral International IPO – Peer Comparison & Thoughts on Valuation
- Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO.
- Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
- In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.
💡 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
