In today’s briefing:
- ZEEKR IPO: The Bull Case
- Aspira Women’s Health, Inc. – Reports 3Q23 Results
- NOW, Inc. – Resilient Model Withstands Industry Headwinds
ZEEKR IPO: The Bull Case
- ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
- ZEEKR has launched three models – the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
- The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.
Aspira Women’s Health, Inc. – Reports 3Q23 Results
- Aspira Women’s Health reported 3Q23 financial results, mostly in line with our estimates.
- Revenue of $2.2 million was below our estimate, but good expense control is in place and is expected to continue.
- Our estimates for 2023 and 2024 remain in line with our prior estimates.
NOW, Inc. – Resilient Model Withstands Industry Headwinds
- DNOW’s business has been resilient in the face of a declining US rig count through the first three quarters of 2023.
- 3Q23 US revenue was $448 million, 3% higher than 3Q22 despite an 11% fall in the average rig count.
- On a per rig basis, US 3Q23 revenue averaged ~$689,000, a 20% Y/Y gain
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