In today’s briefing:
- Lendlease Global REIT Placement – Very Well Flagged but Still Quite a Large One to Digest
- Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- LIC’s Share of a Stagnating Market Declines – Promised Growth of Insurance Penetration a Mirage?
- Navi Technologies Pre-IPO – The Negatives – Still Very Much a Work-In-Progress
- Pre-IPO Top Glove Corp – The Good Times Brought by COVID-19 Are Slipping Away
Lendlease Global REIT Placement – Very Well Flagged but Still Quite a Large One to Digest
- Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
- The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.
- This is not the first sale by Nomura and hence, might not come as a complete surprise.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
LIC’s Share of a Stagnating Market Declines – Promised Growth of Insurance Penetration a Mirage?
- Life insurance penetration (life insurance premium/GDP) stagnating in India for last decade
- Entry of 23 private sector life insurance companies has not increased life penetration
- The private players have got the more profitable end of the market, leaving LIC with the lower end. LIC itself, which once expanded the market, has lost direction.
Navi Technologies Pre-IPO – The Negatives – Still Very Much a Work-In-Progress
- Navi Technologies (NT) aims to raise around US$500m in its India listing. NT was started by Sachin Bansal, co-founder of Flipkart which was sold to Walmart in 2018.
- NT is a technology-driven financial products and services company. The company was only incorporated in 2018, it offers personal loans, home loans, general insurance and mutual funds.
- In this note, we will talk about the not so positive aspects of the deal.
Pre-IPO Top Glove Corp – The Good Times Brought by COVID-19 Are Slipping Away
- Top Glove Corp (TOPG MK)’s strong performance was attributable to the unprecedented demand for glove products during the COVID-19 pandemic.
- Judging from the past development, Top Glove is highly correlated with the global pandemic or virus both in terms of financial indicators and market value performance.
- Therefore, although Top Glove would continue to be in the first echelon in this industry, investors should not expect too much from the Company’s performance after COVID-19 is under control.
Before it’s here, it’s on Smartkarma
