In today’s briefing:
- I-Tail Corporation IPO: The Bear Case
- I-Tail Corporation Pre-IPO – Peer Comparison Update – Adding in Its Only Local Peer
I-Tail Corporation IPO: The Bear Case
- I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has started pre-marketing an up to US$600 million SET IPO, according to press reports.
- In I-Tail Corporation IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on its under-representation in the dog food category (largest pet food category), margins at or near the peak and declining FCF margin.
I-Tail Corporation Pre-IPO – Peer Comparison Update – Adding in Its Only Local Peer
- I-Tail, an OEM in the wet pet food category, aims to raise around US$500m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB) .
- As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
- In our previous notes, we have looked at past performance, undertaken a peer comparison and spoken about valuation. In this note, we will add in its recently listed local peer.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
