In today’s briefing:
- SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?
- Dida Pre-IPO: Losing Its Dominance
- Samsung FN REIT: The First Major REIT IPO for Samsung Group
- Pre-IPO Shenzhen Edge Medical – The Surgical Robot Business in China Is Proving Harder than Expected
SBI Sumishin Net Bank Pre-IPO – Revised Forecast and Valuations – RoA or RoE?
- SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
- SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
- In this note, we talk about our updated earnigns forecast and thoughts on valuations
Dida Pre-IPO: Losing Its Dominance
- Chinese carpooling platform Dida (DIDA HK) has refiled for an IPO on the HKEx for the second time (in 2020 and 2021) and could raise around US$200m through the IPO.
- Dida’s last two attempts were not successful and some news media outlets reported that Dida has got assurance from regulators to go ahead with the IPO.
- In this insight, we take a look at the new data points from the company’s latest IPO filings.
Samsung FN REIT: The First Major REIT IPO for Samsung Group
- Samsung FN REIT is getting ready to complete its IPO in April 2023, which will be the first Samsung Group related REIT that will become public.
- The core real estate properties of Samsung FN REIT will include the ‘Daechi Tower’ and ‘S1 Building’ which have excellent locations in Seoul.
- We expect a huge demand for this IPO of Samsung FN REIT and we have a Positive view of this IPO.
Pre-IPO Shenzhen Edge Medical – The Surgical Robot Business in China Is Proving Harder than Expected
- MP1000 has strong technical strength, setting it apart from Toumai. SP1000’s advantages are more obvious and the competitive landscape is also better than multi-port surgical robots, indicating corner overtaking opportunity.
- With favorable policy support, Shenzhen Edge Medical (SEM HK) is embracing a golden opportunity. But the commercialization outlook of surgical robots in China is actually not optimistic.
- As a later-comer in surgical robots industry, without the synergy from parent company, Edge’s future sales performance could be even weaker. So, its valuation should be lower than Medbot.
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