In today’s briefing:
- ECM Weekly (23rd Oct 2022) – Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate
- PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval
- Prime Market Should Raise Market Cap Standards. Companies Should Take Measures to Raise Valuations
ECM Weekly (23rd Oct 2022) – Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.
- There were a few placements this week, notable ones being Mitsubishi Estate Logistics (3481 JP) and Zee Entertainment Enterprises (Z IN).
PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval
- PolyNovo Ltd (PNV AU) reported 73% y/y revenue growth to A$12.5M in Q1FY23, driven by the U.S. The company reported record high monthly sales of A$5.4M in September 2022.
- The company is aggressively expanding team and the increased headcount is having the desired impact on sales growth and loss continues to be minimized compared to business expansion.
- PolyNovo received FDA clearance for NovoSorb MTX, which expands PolyNovo’s U.S. addressable market by ~A$500M. The company plans to launch SynPath in the U.S. in 2023 (addressable market ~$400M).
Prime Market Should Raise Market Cap Standards. Companies Should Take Measures to Raise Valuations
- There is a discrepancy between the prime market concept and the listing criteria of 10 billion yen in tradable market capitalization.
- The most significant effect of the market restructuring was the elimination of parent-subsidiary listings, but companies are reluctant to discuss matters not explicitly addressed in the corporate governance code.
- Increasing market capitalization is not an overnight solution, but companies should study the initiatives advanced by companies that have increased valuations and implement those initiatives.
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