In today’s briefing:
- Merdeka Battery Materials IPO Peer Comparison & Valuation – Might Be Worth a Shot
- Lippo Karawaci – Earnings Flash – FY 2022 Results – Lucror Analytics
Merdeka Battery Materials IPO Peer Comparison & Valuation – Might Be Worth a Shot
- Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO.
- It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie
- In this note, we undertake a quick peer comparison, talk about our earnings assumptions, and share our thoughts on valuation.
Lippo Karawaci – Earnings Flash – FY 2022 Results – Lucror Analytics
Lippo Karawaci’s (LPKR) FY 2022 results were weak as expected. While the post-pandemic recovery has benefited the company’s malls and hotels, Siloam Hospitals (the largest contributor to revenue and earnings) no longer enjoyed the boost from COVID-19-related procedures. The second-largest segment, Real Estate, was weighed down by a very challenging operating environment, with a sharp increase in mortgage rates impacting demand. The financial risk profile continued to be weak. The only positives are LPKR’s adequate liquidity and the good pro-forma debt maturity profile.
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