In today’s briefing:
- VNG Pre-IPO – The Positives – Vietnam’s Mini-Tencent
- Doosan Robotics IPO: The Bull Case
- ARM Holdings IPO: Valuation Insights
- VNG Pre-IPO – The Negatives – Vietnam’s Mini-Tencent
- Chongqing Hongjiu Fruit Lockup Expiry – Price Has Come Back Down to Earth but Expect More Selling
- Doosan Robotics IPO – Peer Comparison – Has Niche Offerings but Doesn’t Lack Competition
- Chenqi Technology Limited Pre-IPO Tearsheet
VNG Pre-IPO – The Positives – Vietnam’s Mini-Tencent
- Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
- VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
- In this note, we talk about the positive aspects of the deal.
Doosan Robotics IPO: The Bull Case
- Doosan Robotics (DOOSANROBO KS) is a global industrial and collaborative robotics leader. It has opened the books on an up to US$318 million IPO.
- The international bookbuilding will run from 28 August to 15 September, while the domestic book will be open from 11 to 15 September. Pricing will be announced on 19 September.
- The bull case rests on the market share gains, rapid forecasted growth, the industry’s largest product lineup, rapid expansion in sales channels and key accounts growth.
ARM Holdings IPO: Valuation Insights
- ARM Holdings (1822695D US) is the world’s most widely licensed and deployed processor. Softbank Group (9984 JP) seeks to raise about US$6-10 billion by listing ARM on Nasdaq.
- We previously discussed the IPO in ARM Holdings IPO: The Bull Case and ARM Holdings IPO: The Bear Case.
- Our valuation analysis suggests that the rumoured target valuation of US$60-70 billion is unjustified. Our base-case DCF valuation is US$44.0 billion.
VNG Pre-IPO – The Negatives – Vietnam’s Mini-Tencent
- VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
- VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
- In this note, we talk about the not-so-positive aspects of the deal.
Chongqing Hongjiu Fruit Lockup Expiry – Price Has Come Back Down to Earth but Expect More Selling
- Chongqing Hongjiu Fruit (6689 HK) was listed on 5th Sep 2022, where it raised around US$71m in its Hong Kong IPO. Its one-year lockup will expire on 4th Sep 2023.
- Chongqing Hongjiu Fruit (CHJF) is a multi-brand fresh fruit distributor in China with an end-to-end supply chain. As per CIC, it was the largest fruit distributor by revenue in 2022.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Doosan Robotics IPO – Peer Comparison – Has Niche Offerings but Doesn’t Lack Competition
- Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
- In our previous notes, we talked about the company’s past performance. In this note, we undertake a peer comparison.
Chenqi Technology Limited Pre-IPO Tearsheet
- Chenqi Technology Limited (CT HK) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Chenqi Technology (Chenqi) is a mobility technology and service company in China.
- Founded by the GAC Group and Tencent, its key offerings include (i) mobility services, (ii) technology services, and (iii) ecosystem services.
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