In today’s briefing:
- Timee (215A JP) IPO: Valuation Insights
- SHEIN/Temu/AliExpress: As US Mulls Reforming “De Minimis” Rules, EU Could Take Similar Action
- Timee Pre-IPO – Thoughts on Valuation – Primed for a Decent Upside at the Current Range
- ECM Weekly (8th July 2024) – Japan Cross-Shareholding, Honda, Aisin, Timee, Chenqi, Cirrus, Emcure
- Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange
- SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US
Timee (215A JP) IPO: Valuation Insights
- Timee Inc (215A JP), a leading part-time job platform in Japan, is seeking to raise up to US$286 million. Book-building runs from 9 to 23 July.
- We previously discussed the IPO in Timee (215A JP) IPO: The Bull Case and Timee (215A JP) IPO: The Bear Case.
- In this note, we discuss valuation. Our analysis suggests that Timee is attractively valued at the IPO price range in the context of the forecasted growth.
SHEIN/Temu/AliExpress: As US Mulls Reforming “De Minimis” Rules, EU Could Take Similar Action
- EU, like the US, is considering lowering “de minimis” import threshold, soon
- Lowering import value thresholds or raising reporting requirements could make SHEIN/Temu/AliExpress goods more expensive, and fulfillment more onerous
- Threat of “de minimis” changes coming just as SHEIN reportedly seeks an IPO
Timee Pre-IPO – Thoughts on Valuation – Primed for a Decent Upside at the Current Range
- Timee Inc (215A JP) is looking to raise US$290m in its Japan IPO. The IPO will be a 100% secondary selldown by existing shareholders.
- Timee operates an on-demand staffing platform that connects part-time jobseekers with businesses in Japan.
- In an earlier note, we looked at the firm’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.
ECM Weekly (8th July 2024) – Japan Cross-Shareholding, Honda, Aisin, Timee, Chenqi, Cirrus, Emcure
- 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 IPO front, we looked at the recently launced offerings of Timee Inc , Chenqi Technology Limited and Cirrus Aircraft.
- On the placement front, this week too was dominated by the cross-shareholding unwinds, this time in Honda Motor (7267 JP).
Shenzhen Yuejiang Technology IPO Preview: Dobot Files to List IPO on Hong Kong Stock Exchange
- Shenzhen Yuejiang Technology (Dobot), a China-based cobot company, filed for a Hong Kong IPO. Cobots are robots with operational robotic arms intended for collaboration within a shared space.
- Dobot was backed by CICC, CRRC VC, Greenpine Growth, Qianhai Equity, and China Internet Investment Fund, among others. The company was founded in 2015 in Shenzhen, PRC.
- The offering may attract significant investor interest after South Korea’s robotics company Doosan Robotics could raise ~$318M in October 2023.
SF Holding Pre-IPO: Core EBITDA Margins Compare Favorably to Most Express Peers in China and US
- We believe SF’s core express margins are higher than most of its peers’ margins
- But on 2023 EV / EBITDA SF trades at multiples below most Chinese, US peers
- One objective of SF listing in HK is to attract global investors, lift valuation
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