In today’s briefing:
- Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April
- Sakura Internet Placement – Beneficiary of the AI-Wave Looking to Double Down
- Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable
- Pre-IPO Midea Group H Share – Even in the Face of Challenges, There Is Still Investment Value
- Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue
Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April
- On 5 June, Shift Up announced that it will be postponing its IPO to July. The original book building period for the institutional investors was from 3 to 13 June.
- The final book building date has been postponed to 27 June. The subsequent public offering subscription for general investors was also postponed to 2 to 3 July.
- A major investment positive of Shift Up is enormous initial success of Stellar Blade which was the best selling game in the U.S. and numerous other countries in April 2024.
Sakura Internet Placement – Beneficiary of the AI-Wave Looking to Double Down
- Sakura internet (3778 JP) is looking to raise US$127m from its primary follow-on. Proceeds will be used towards purchasing GPU servers, and constructing new data center facilities.
- While 11% of total shares outstanding are offered here, the deal would be easily digested by the market, representing just 0.8 days of its three month ADV.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Webtoon Entertainment Pre-IPO – The Positives – Just Turned Profitable
- Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
- Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
- In this note, we talk about the positive aspects of the deal.
Pre-IPO Midea Group H Share – Even in the Face of Challenges, There Is Still Investment Value
- Although Midea’s performance keeps growing, it is difficult for the home appliance industry to return to rapidly growing incremental market as it was during the robust development of real estate.
- As Midea’s To C business encounters growth bottleneck, To B business has become new performance driver and second growth curve, but several new businesses are facing challenges in 24Q1.
- For mature leading enterprises in home appliance industry, a valuation of 10-20x PE is reasonable, which means market value of RMB370-740 billion, assuming 2024 net profit would reach RMB37 billion.
Webtoon Entertainment Pre-IPO – The Negatives – Korea Revenue Declined, JP Acquisition to the Rescue
- Webtoon Entertainment (WBTN US) is looking to raise up to US$500m in its US IPO.
- Webtoon Entertainment is a global storytelling platform where a community of creators and users discover, create and share new content.
- In this note, we talk about the not-so-positive aspects of the deal.
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