In today’s briefing:
- The Beat Ideas: Garware Technical Fibre- A Niche Technical Textile Player
- Sai Life Sciences Pre-IPO Tearsheet
- Morning Views Asia: JSW Steel Ltd, Vista Land & Lifescapes
- Narrative and Numbers | Trent Ltd (TRENT IN) | FY24
- Hyundai Motor India Pre-IPO – Thoughts on Valuation
- Zinka Logistics (Blackbuck) Pre-IPO Tearsheet
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The Beat Ideas: Garware Technical Fibre- A Niche Technical Textile Player
- Garware Technical Fibres (GTFL IN) focuses on value-added products and has increased R&D investment significantly, with substantial growth in sports nets and geo-synthetics.
- The company’s strong export market presence, high-margin profile, and diversification will improve the margins in the future.
- With refocus on the domestic market and growing demand for value-added products, Garware Technical Fibres (GTFL IN) is poised for significant growth with capex coming online.
Sai Life Sciences Pre-IPO Tearsheet
- SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
- SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
- As per Frost & Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.
Morning Views Asia: JSW Steel Ltd, Vista Land & Lifescapes
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
Narrative and Numbers | Trent Ltd (TRENT IN) | FY24
- Trent Ltd (TRENT IN) is a leading retail company in India known for its diverse range of fashion and lifestyle brands like Westside and Zudio.
- With its own labels, operating efficiencies, and leverage at work, Trent has been able to expand its margins substantially.
- We anticipate the strong operational performance to continue. We believe it will take a couple of years for peers to catch up to Trent’s execution prowess.
Hyundai Motor India Pre-IPO – Thoughts on Valuation
- Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
- HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
- In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.
Zinka Logistics (Blackbuck) Pre-IPO Tearsheet
- Blackbuck (1355652D IN) is looking to raise up to US$300m in its upcoming India IPO. The deal will be run by Axis Capital, Morgan Stanley, JM Financial, IIFL Securities.
- Blackbuck is India’s largest digital platform for truck operators, with 963,345 operators in India transacting on its Blackbuck platform in FY24, comprising 27.52% of India’s truck operators, as per Redseer.
- Through Blackbuck, its customers digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics, find loads on its marketplace and get access to used vehicle financing.