In today’s briefing:
- SF Holding H Share Listing: AH Discount Views
- Cuscal IPO – Peers Have Traded Up, Decent Margin of Safety from Here
- Pony AI IPO – Autonomous Valuation
- ECM Weekly (18th Nov 2024) – SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit
- CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks
SF Holding H Share Listing: AH Discount Views
- S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, is premarketing an H Share listing to raise US$1.0-1.5 billion, according to press reports.
- In SF Holding H Share Listing: Updates Point to Improving Fundamentals, we noted that SF is in good health, with a return to growth, rising margins, and strong cash generation.
- In this note, we examine the likely discount SF Holding will offer its H Shares compared to the A Shares.
Cuscal IPO – Peers Have Traded Up, Decent Margin of Safety from Here
- Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
- Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
- In this note, we look at the updates since our last look-through and share our thoughts on valuation.
Pony AI IPO – Autonomous Valuation
- Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
- As per Frost & Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.
ECM Weekly (18th Nov 2024) – SF Holdings, MNC, Swiggy, Sagility, Niva, GMM, Zinka, Kansai, Go Digit
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPOs front, the usual year end deal flow appears to be picking up with US elections now out of the way.
- On the placements front, Kansai Electric Power (9503 JP) launched a large primary offering, while Varun Beverages (VBL IN) did the same in India.
CiDi IPO Preview: Uniquely Positioned For Growth In Autonomous Mining and Logistics Trucks
- CiDi, a China’s leading provider of AD technology for commercial vehicles, will tap equity markets in Hong Kong for growth capital.
- The autonomous driving company with focus on autonomous mining and logistics trucks, V2X technologies, and high-performance perception solutions, filed its IPO prospectus.
- I like CiDi’s leadership position in autonomous mining industry, hyper-growth trajectory and differentiated full-stack autonomous mining solution.
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