In today’s briefing:
- CALB IPO: Updates Support the Bull Case
- CALB Pre-IPO – Thoughts on Valuation
CALB IPO: Updates Support the Bull Case
- CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
- We previously discussed the IPO in CALB IPO: The Bull Case and CALB IPO: The Bear Case. This note updates our view for the PHIP and recent developments.
- The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The IPO is worth a look.
CALB Pre-IPO – Thoughts on Valuation
- CALB aims to raise around US$1.5bn in its Hong Kong IPO.
- CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
- In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.
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