In today’s briefing:
- Puradelta Lestari (DMAS IJ) – Cars, Drugs, and Data Centres
- Viva Biotech Holdings (1873 HK): Fund Raising Through Offloading Stake in CRO Arm
Puradelta Lestari (DMAS IJ) – Cars, Drugs, and Data Centres
- Puradelta Lestari (DMAS IJ) remains one of the most interesting industrial estate developers in Indonesia with a high-quality tenant base across growth sectors including autos, 2W, pharmaceuticals, and data centres.
- The completion of a new AEON Mall will provide a further draw for the estate as a destination and a place to live and work and is increasingly well-connected.
- DMAS had a slower start to the year for revenues but marketing sales are running ahead of schedule having beat last year, with bookings expected to pick up in 2023.
Viva Biotech Holdings (1873 HK): Fund Raising Through Offloading Stake in CRO Arm
- Viva Biotech Holdings (1873 HK) is raising RMB1.06 billion (~$150 million) through offloading ~24% of its equity interest in Viva Shanghai, the primary entity of the company’s CRO business.
- The consideration implies a revenue ratio and gross profit ratio of 4.90x and 11.04x, respectively. The ratios are at the similar level of the average ratios of other comparable peers.
- Going ahead, Viva Biotech is planning to spin off its CRO business for separate listing in the A-shares market. IPO application is expected to be filed by June 30, 2024.
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