In today’s briefing:
- JD Logistics Placement – Not Wholly Convinced, JD’s US$700m Support Helps
- Acommerce Pre-IPO – Beneficiary of COVID However, Has Been Losing Market Share
- Ferretti IPO: Peer Comparison and Valuation
JD Logistics Placement – Not Wholly Convinced, JD’s US$700m Support Helps
- JD Logistics (JDL) aims to raise around US$1.1bn, with US$400m coming via an institutional placement. The balance will be funded by issuing shares at the same price to JD.com.
- We have covered the stock extensively, links to our previous notes are below.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Acommerce Pre-IPO – Beneficiary of COVID However, Has Been Losing Market Share
- ACommerce Group (ACOM TB) is looking to raise about US$200m in its upcoming Thailand IPO.
- Acommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA).
- Acommerce has been a key beneficiary of COVID, however, has been recording unexpectedly weak margins, suggesting that it does a lot of logistical heavy lifting.
Ferretti IPO: Peer Comparison and Valuation
- Luxury Italian yacht maker Ferretti Group plans to raise US$248.4m at a market capitalisation of US$1.1bn and a post-money EV of US$807m at the midpoint of the IPO price range.
- Ferretti’s revenues suffered with COVID-19 and ongoing issues such as the Ukraine-Russia war and China-US trade tensions would only put further pressure on the company.
- We think Ferretti’s shares are fairly valued at the indicative IPO price range given the current volatility in the market, political turmoil and lack of investor confidence.
Before it’s here, it’s on Smartkarma
