In today’s briefing:
- TRYT IPO: Valuation Insights
- SF Holdings A/H Listing – Early Look – Front Running
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TRYT IPO: Valuation Insights
- Tryt Inc (9164 JP), a leading professional recruiting and temporary staffing service in Japan, seeks to raise US$450 million. Pricing is on 5 July, and book-building is 6-11 July.
- We previously discussed the IPO in TRYT IPO: The Bull Case and TRYT IPO: The Bear Case.
- In this note, we discuss valuation. Our analysis suggests that Tryt is unattractively valued at the IPO reference price of JPY1,620 per share. We would pass on the IPO.
SF Holdings A/H Listing – Early Look – Front Running
- S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
- SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017
- In this note, we look at its past performance and other deal dynamics that might impact the listing.