In today’s briefing:
- Skymark Airlines IPO – Peer Comparison & Valuation – Asking Too Much for Clipped Wings
- Nexus Select Trust Pre-IPO Tearsheet
- Sunshine Insurance Group IPO: The Bull Case
- Daiei Kankyo IPO – Final Thoughts on Valuation
Skymark Airlines IPO – Peer Comparison & Valuation – Asking Too Much for Clipped Wings
- Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO.
- Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
- In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.
Nexus Select Trust Pre-IPO Tearsheet
- Nexus Select Trust (NST IN) is looking to raise up to US$500m in its upcoming India IPO.
- The bookrunners on the deal are Axis, BofA, Citi, HSBC, IIFL, JM Fin, JPM, Kotak, MS and SBI Cap.
- Nexus Select Trust (NST) is a REIT with a portfolio of 17 Grade A urban consumption centers.
Sunshine Insurance Group IPO: The Bull Case
- Sunshine Insurance (SUN HK), a Chinese life and P&C insurance company, is pre-marketing a US$1.0 billion HKEx IPO, according to press reports.
- In 2020, Sunshine P&C ranked seventh and Sunshine Life ranked 12th as measured by original premiums income market share, according to the CBIRC and the Insurance Association of China.
- The key elements of the bull case rest on Sunshine Life’s robust premium growth and high persistency ratio; Sunshine P&C’s underwriting profits in 9M22 and its high group solvency ratio.
Daiei Kankyo IPO – Final Thoughts on Valuation
- Daiei Kankyo (9336 JP) (DK), a waste management company, aims to raise around US$314m in its Japan IPO.
- Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.
- In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about final valuations.
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