In today’s briefing:
- Zeekr Pre-IPO – Thoughts on Valuation
- Tata Technologies IPO- Forensic Analysis
- DS Dansuk IPO Valuation Analysis
Zeekr Pre-IPO – Thoughts on Valuation
- ZEEKR (ZK US), a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
- Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
- We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we will talk about valuations.
Tata Technologies IPO- Forensic Analysis
- Tata Technologies (TATATECH IN) awaited IPO is set to launch for subscription this week.
- The company is one of the largest ER&D player that is based in India with revenues crossing INR 44 bn in F23.
- Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.
DS Dansuk IPO Valuation Analysis
- Our base case valuation of DS Dansuk is 113,948 won per share which is 28% higher than the high end of the IPO price range (89,000 won).
- We estimate bio energy to account for 64.7% of total sales, followed by battery recycle (21.5%), plastic recycle (6.7%), and others (7.1%) in 2023.
- DS Dansuk is an eco-friendly company with three core businesses including bio energy, battery recycling, and plastic recycling.
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