In today’s briefing:
- Zomato Placement Lockup Expiry – US$800m Overhang
- The Beat Ideas: Action Construction – A Bet on Manufacturing & Infrastructure Theme
- Morning Views Asia: Fosun International, Lenovo, Lippo Malls Indonesia Retail Trust, NTPC Ltd, Rakuten
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Zomato Placement Lockup Expiry – US$800m Overhang
- Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon.
- Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024. It still has over US$800m worth of shares left to sell.
- In this note, we talk about the deal dynamics and run the deal through our ECM framework.
The Beat Ideas: Action Construction – A Bet on Manufacturing & Infrastructure Theme
- Action Construction – a leader in construction and heavy equipment theme is going for transformation with a defence foray and new product launches
- With strong guidance and the historical success of good execution makes a good bet on the current infrastructure and manufacturing theme
- The risk includes a slowdown in the election period and stiff competition from larger players
Morning Views Asia: Fosun International, Lenovo, Lippo Malls Indonesia Retail Trust, NTPC Ltd, Rakuten
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.