In today’s briefing:
- Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25
- CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers
- ECM Weekly (30th Sep 2024) – Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA
Tokyo Metro IPO – Peer Comparison – Pre-COVID to 1Q25
- Tokyo Metro (9023 JP)‘s shareholders aim to raise up to US$2.3bn in its Japan IPO.
- Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.
CR Beverage IPO: Less Diversification, Falling Growth Rates and Inferior Margins Compared to Peers
- The Chinese drinking water and beverage maker, China Resources Beverage (CRB HK) has filed for an IPO on the HKEx to raise around US$1.0bn.
- The company’s operations are heavily concentrated towards drinking water products where the market competition is intensifying leading into a price war.
- CR Beverage’s margins are inferior compared to peer Nongfu Spring (9633 HK) who has diversified into other beverage products from drinking water to grow its financials.
ECM Weekly (30th Sep 2024) – Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA
- 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, it hasn’t been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
- On the placements front, there were a few China ADR blocks and other placements across the region.
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