In today’s briefing:
- Sula Vineyards IPO Lock-Up – Large Investor Could Look to Completely Exit
- JD Property Pre-IPO – Initial Thoughts on Valuation
- JD Property IPO: The Bear Case
- Cirrus Aircraft Pre-IPO Tearsheet
- Bank of Montreal: Targeting The Immigrant Population Of Canada – Key Drivers
Sula Vineyards IPO Lock-Up – Large Investor Could Look to Completely Exit
- Sula Vineyards raised around US$117m in its India IPO in Dec 2022.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
JD Property Pre-IPO – Initial Thoughts on Valuation
- JD Property (JDP HK) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- JD Property (JDP) develops and manages modern infrastructure, consisting primarily of logistics parks, as well as business parks and other assets in China and in Asia.
- We had looked at the company’s past performance and undertaken a peer comparison in our earlier notes, in this note we will discuss our initial thoughts on valuation.
JD Property IPO: The Bear Case
- JD Property (JDP HK)/JDP, a leading modern infrastructure provider in Asia, has filed for a US$1 billion HKEx IPO. JD.com Inc (ADR) (JD US) owns a 74.96% stake.
- In JD Property IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on the low Fund AUM mix, declining fee rate, EBITDA flattered by FV changes, EBITDA lagging revenue growth, and high cash burn.
Cirrus Aircraft Pre-IPO Tearsheet
- Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO. The deal will be run by CICC.
- Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
- According to F&S, the SR2X Series aircraft represented 46.3% of the market share in the fixed tricycle gear certified piston aircraft segment based on delivered units in 2022.
Bank of Montreal: Targeting The Immigrant Population Of Canada – Key Drivers
- Bank of Montreal delivered a mixed result in the recent quarter, with revenues above market expectations, but it failed to surpass the analyst consensus in terms of earnings.
- Despite the changing climate, BMO produced strong results, benefiting from a full quarter of Bank of the West results.
- The bank’s performance reflects the continued strength of its highly diversified business mix, with good PPPT growth in its Canadian and American Personal and Commercial Banking businesses, while weaker markets and lower client activity impacted the Wealth and Capital Markets businesses.
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