In today’s briefing:
- GoTo IPO Trading – A Test for the Domestic Market
- PT Steel Pipe Industry of Indonesia Tbk (SPINDO): Breakout Year In The Bag
GoTo IPO Trading – A Test for the Domestic Market
- GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
- GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
- In this note, we’ll talk about the trading dynamics of the deal.
PT Steel Pipe Industry of Indonesia Tbk (SPINDO): Breakout Year In The Bag
- Indonesia’s leading steel pipe company PT SPINDO published FY21 results earlier this week, crystallizing a year of record profitability with EBITDA doubling and NPAT increasing 2.8x.
- The heightened profitability is attributable to a combination of high steel prices making room for wider margins (in both percentage and absolute terms) combined with an improving product mix and unwavering demand landscape.
- We note that EPS of just IDR 5.6 in 4Q21 was well below the 9M21 run rate of IDR 62.0 and was due to several unexpected one-time expenses and provisioning for a possible tax expense
Before it’s here, it’s on Smartkarma
