In today’s briefing:
- Seoul Guarantee Insurance Corp IPO Valuation Analysis
- ECM Weekly (17th Sep 2023) – ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent
- CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies
- Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn
Seoul Guarantee Insurance Corp IPO Valuation Analysis
- Our base case valuation of Seoul Guarantee Insurance is target price of 48,052 won which is within the IPO price range of 39,500 won to 51,800 won.
- Given the lack of upside relative to the IPO price range, we have a negative view of this deal.
- We are not impressed with the company’s lack of top-line sales growth and worsening operating profit in 2023. The valuation range as proposed by the bankers is also not attractive.
ECM Weekly (17th Sep 2023) – ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, ARM’s IPO seems to have set the ball rolling for the traditionally busy year end across the region.
- In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.
CaiNiao & SF Holding Enjoy More Avenues to Growth Than “Plain Vanilla” Express Companies
- CaiNiao and JD Logistics have grown far faster than their parents’ platforms in recent years, and also far faster than “plain vanilla” Chinese express companies
- CaiNiao, JD Logistics, and SF Holding enjoy more avenues to growth than just the continued gradual expansion of China’s domestic e-commerce activity
- In the medium-term, we believe shares of market leader SF Holding can outperform a basket of shares from SF’s “plain vanilla” peers in express
Klaviyo IPO Preview and Valuation Analysis: A Fast-Growing Marketing Automation Unicorn
- Klaviyo, a Shopify-powered marketing automation platform provider for SMBs, mid-market, and B2B companies, filed to go public and plans to list on the New York Stock Exchange.
- The fast-growing company was backed by Summit Partners, Shopify, and top-tier VC firms, including Accomplice, Accel, Sands Capital Ventures, Astral Capital, Cross Creek, and W Ventures.
- Klaviyo is expected to IPO next week. S-1/A put the price range at $25-$27, implying a market cap of $6.5B at the midpoint, or $8.4B on a fully diluted basis.
💡 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
