In today’s briefing:
- SBI Sumishin Net Bank Pre-IPO – Earnings Forecast and Thoughts on Valuations
- Farm Fresh IPO Initiation: Bet the Farm
- Farm Fresh IPO – Not the Cheapest but Could Be Worth the Price
SBI Sumishin Net Bank Pre-IPO – Earnings Forecast and Thoughts on Valuations
- SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
- SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm.
- The deal, if successful, would be Japan’s first online-only bank to go public. In this note, we will talk about our earnings forecast and throughts in valuations.
Farm Fresh IPO Initiation: Bet the Farm
- Farm Fresh Berhad (FF MY) is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million.
- The business is navigating the normalisation of consumer demand and input cost inflation by delivering healthy growth, market share gains, creditable margin performance and cash generation.
- Overall, this IPO is worth a closer look. The offer period is from 28 February to 10 March. The listing is on 22 March.
Farm Fresh IPO – Not the Cheapest but Could Be Worth the Price
- Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO.
- While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%.
- In this note, we will look at peers, assumptions, and share our thoughts on valuation.
Before it’s here, it’s on Smartkarma
