In today’s briefing:
- Sanil Electric IPO: The Bull Case
- SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator
Sanil Electric IPO: The Bull Case
- Sanil Electric (062040 KS), a Korean industrial transformer manufacturer, is seeking to raise up to US$165 million.
- The IPO is a pure primary raise of 7.6 million shares at an IPO price range of KRW24,000-30,000. Book building will run from 9 to 15 July.
- The bull case rests on US-led rapid revenue growth, high barriers to entry, good revenue visibility, improving margins, top-quartile margin performance and modest leverage.
SF Holding Pre-IPO: Dominance in Domestic Time-Definite (Air) Express Is a Durable Differentiator
- SF Holding’s time-definite express service differentiates it from Chinese rivals
- We believe SF dominates China’s domestic inter-city air express segment
- High exposure to air service mostly beneficial, with few risks, in our view
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