In today’s briefing:
- Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res
- The Born Korea IPO Valuation Analysis
- 99 Speedmart Holdings IPO Trading – Poised for a Steady Listing
Weekly Deals Digest (08 Sep) – Midea, Fuji Soft, Pasco, Seven & I, Xingda, CPMC, PSC, Rex, Latin Res
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Midea Group Co Ltd A (000333 CH) premarketing its H Share listing, Terumo Corp (4543 JP) placement and 99 Speed Mart Retail Holdings (99SPD MK) IPO.
- Event-Driven developments: Fuji Soft Inc (9749 JP), Pasco Corp (9232 JP), Seven & I Holdings (3382 JP), Xingda International (1899 HK), CPMC Holdings (906 HK), Psc Insurance (PSI AU).
The Born Korea IPO Valuation Analysis
- According to our valuation analysis, it suggests an implied price of 34,365 won, which is 27% higher than the high end of the IPO price range.
- We estimate The Born Korea to generate sales of 467.7 billion won (up 13.1% YoY) and operating profit of 31.4 billion won (up 22.8% YoY) in 2024.
- We believe a premium to comps’ valuation is appropriate for The Born Korea mainly due to its higher sales growth, higher ROE, stronger balance sheet, and higher profit margins.
99 Speedmart Holdings IPO Trading – Poised for a Steady Listing
- 99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.
- 99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.
- We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.
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