In today’s briefing:
- Timee Pre-IPO – The Positives – Exponential Growth Since Inception
- Sanil Electric IPO – Strong Profitability Growth, but Highly Dependent on Its Top Customers
- Mexican Airlines – Capacity Management to Drive Bumper 2024; Gains Beyond Difficult
- Pre-IPO Bayzed Health Group – Here Are the Concerns and Potential Risks
Timee Pre-IPO – The Positives – Exponential Growth Since Inception
- Timee Inc (215A JP) is looking to raise US$290m from 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 this note, we will talk about the positive aspects of the deal.
Sanil Electric IPO – Strong Profitability Growth, but Highly Dependent on Its Top Customers
- Sanil Electric (062040 KS) is looking to raise up to US$164m in its Korean IPO.
- Sanil Electric is a specialized company that manufactures and sells reactors, transformers, railway vehicle parts, and switchboards. As an industrial transformer manufacturer, the company mainly manufactures power and distribution transformers.
- In this note, we talk about the company’s historical performance.
Mexican Airlines – Capacity Management to Drive Bumper 2024; Gains Beyond Difficult
- We update forecasts for Mexican carriers Aeromexico, Viva Aerobus and Volaris following extremely strong 1Q results, driven by capacity management.
- We expect each carrier to produce record performances in 2024 as pricing gains continue through the year.
- However, we expect market conditions to normalise beyond 2024 and see further gains as a lot more difficult, particularly given drag from higher aircraft ownership costs.
Pre-IPO Bayzed Health Group – Here Are the Concerns and Potential Risks
- Bayzed’s business model is similar to that of Hygeia and Inkon Life Technology. However, Bayzed’s profit margin is largely lagging behind peers. This makes us concerned about its future profitability.
- The nationwide expansion of oncology hospitals is very challenging. Bayzed’s expansion pace may not be as fast as expected if it hopes to control the quality of expansion.
- Due to “heavy asset” model, Bayzed would continue to face capital pressure.The latest valuation of Bayzed in 2023 is RMB2.625 billion. We think Bayzed’s valuation should be lower than peers.
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