In today’s briefing:
- SF Holding H Share Listing: Updates Point to Improving Fundamentals
- Zinka Logistics IPO – Has Grown Rapidly but Looks Expensive
- CiDi Inc. Pre-IPO Tearsheet
- MNC Solutions Pre-IPO – Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For
SF Holding H Share Listing: Updates Point to Improving Fundamentals
- 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.
- SF is the largest integrated logistics service player in China and Asia and the fourth largest player globally in terms of revenue in 2023, according to Frost & Sullivan.
- The PHIP update shows that the business is in good health, with a return to growth, rising margins, and strong cash generation. Therefore, a premium multiple to peers is justified.
Zinka Logistics IPO – Has Grown Rapidly but Looks Expensive
- Blackbuck (1355652D IN) is looking to raise about US$130m in its India IPO.
- Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
- Previously, we talked about the company’s historical performance. In this note, we share our quick thoughts on peer comparison and valuation.
CiDi Inc. Pre-IPO Tearsheet
- CiDi Inc (CIDI HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CICC, China Securities and Ping An.
- It is a leading provider of autonomous driving technology for commercial vehicles in China.
- It focuses on research and development of autonomous mining and logistics trucks, V2X technologies and high-performance perception solutions.
MNC Solutions Pre-IPO – Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For
- MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.
- MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
- In this note, we look at the firm’s past performance.
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