In today’s briefing:
- Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
- J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
- M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago
- Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
- TRYT IPO: The Bull Case
- Oddity Tech IPO Preview: AI In The Beauty Industry
- J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative
Tryt IPO – The Negatives – Margins Have Consistently Narrowed and Gearing Could Cap Growth
- Tryt Inc (9164 JP) is looking to raise about US$460m in its Japan IPO.
- Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
- In this note, we will talk about the not so positive aspects of the deal.
J&T Global Express Pre-IPO – The Positives – Growing Fast, Expanding Geographically
- J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
- In this note, we talk about the positive aspects of the deal.
M&A Research Institute Placement – Phenomenal Performance Since Listing Only a Year Ago
- M&A Research Institute (9552 JP)’s founder and CEO, Shunsaku Sagami, together with two other board members, aims to raise a total of US$127m through an accelerated international secondary offering.
- The deal is a small one to digest at only 3 days of three month ADV and about 8.5% of current mcap.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Walsin Lihwa Placement – Well-Flagged with Rising Short Interest. Has a Decent Track Record as Well
- Walsin Lihwa (1605 TT) is looking to raise US$355m in its Taiwan GDS offering.
- The firm is offering 27m GDS at a 4.8-7.8% discount to last close. The deal isn’t a very large one for the firm to digest on an ADV basis.
- As per the firm, proceeds from this GDS issuance is expected to purchase raw materials in foreign currencies.
TRYT IPO: The Bull Case
- Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
- In 2022, Tyrt was the leading provider of personnel dispatch and personnel introduction services in Japan’s welfare and nursing sector.
- The key elements of the bull case rest on large addressable markets, favourable market trends, strong pro-forma revenue growth, top quartile EBITDA margins and rising staff retention rates.
Oddity Tech IPO Preview: AI In The Beauty Industry
- Oddity Tech (ODD US) , innovative consumer-tech unicorn and a prominent player in the beauty industry, filed for a $100M U.S. IPO, with Goldman Sachs leading the offering.
- Founded in 2013 in Israel by CEO Mr. Holtzman and Chief Product Officer Ms. Holtzman-Erel, Oddity Tech (ODD US) wants to disrupt the global beauty and wellness market.
- Founder-Led company delivered profitable high-growth at a scale and has a rapidly growing user base. Given the company’s attractive fundamentals, Oddity Tech is bound to have a very successful IPO.
J&T Global Express Pre-IPO – The Negatives – Adjusted Sales Growth Was Negative
- J&T Express, a global logistics service provider, is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
- In this note, we talk about the not-so-positive aspects of the deal.
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