In today’s briefing:
- StubWorld: China Conch Plumbs New Lows
- Doosan Robotics IPO – The Positives – More than Doubled Its Revenue
- Doosan Robotics IPO Valuation Analysis
- Doosan Robotics IPO – The Negatives – But Losses Continue to Widen
- Howmet Aerospace Inc.: 3 Factors Powering Its Dynamic Growth Trajectory Despite Strikes and Supply Chain Hurdles! – Major Drivers
- SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group
- 2Q Follow-Up – Frontier Management Inc. (7038 JP) – Aug. 23, 2023
StubWorld: China Conch Plumbs New Lows
- The China Conch Venture Holdings (586 HK)/ Anhui Conch Cement (600585 CH) ratio, and the implied stub, are now at all-time lows.
- Preceding my comments on China Conch/Anhui are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Doosan Robotics IPO – The Positives – More than Doubled Its Revenue
- Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module
- In this note, we will talk about the positive aspects of the deal.
Doosan Robotics IPO Valuation Analysis
- Our base case valuation per share of Doosan Robotics is 42,826 won, which is 65% higher than the high end of the IPO valuation range.
- We estimate Doosan Robotics to generate sales of 61.7 billion won (up 37.2% YoY) in 2023 and 97.7 billion won (up 58.2% YoY) in 2024.
- If Doosan Robotics is compared to Fanuc, Doosan Robotics’ valuation would be much lower. However, one could argue that Doosan Robotics should have higher valuation than Rainbow Robotics.
Doosan Robotics IPO – The Negatives – But Losses Continue to Widen
- Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO.
- Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
- In this note, we will talk about the not-so-positive aspects of the deal.
Howmet Aerospace Inc.: 3 Factors Powering Its Dynamic Growth Trajectory Despite Strikes and Supply Chain Hurdles! – Major Drivers
- Howmet Aerospace delivered an all-around beat in the most recent quarterly result.
- Revenues showed significant year-over-year and sequential growth, with a notable highlight in the commercial aerospace sector.
- Moreover, Howmet maintained a healthy cash balance and generated robust free cash flow.
SF Holding HK IPO = A Drive to ‘Internationalize’ | Exposure Update | Recent Deals | New Comp Group
- SF Holding’s HK listing document provides added details of current international revenue
- Two recent moves show SF’s intent to raise international sales (and reduce China exposure)
- As SF Holding courts a global investor base, its comps will become the global express names
2Q Follow-Up – Frontier Management Inc. (7038 JP) – Aug. 23, 2023
- In 2Q, net sales rose 26%, operating profit rose 28%, and net profit rose 46%.
- The strong growth in net profit is attributed to the absence of the loss on valuation of investment securities recorded in the previous year.
- Management Consulting business continued to perform well with sales rising 16%.
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