In today’s briefing:
- SK Shieldus IPO – Peer Comparison – Better Top Line Growth, Worse Margin Decline
- SK Shieldus IPO – Fairly Valued, at Best
- Smartkarma Corporate Webinar | Arwana Citramulia: Tiling Indonesia
- SK Shieldus IPO: Index Inclusion Timeline
- Pacific Basin (2343 HK): Optimistic Outlook Reaffirmed
SK Shieldus IPO – Peer Comparison – Better Top Line Growth, Worse Margin Decline
- SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
- SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety & Care.
- In this note, we undertake a peer comparison for its two largest verticals.
SK Shieldus IPO – Fairly Valued, at Best
- SK Shieldus (SKS) aims to raise around US$800m via issuing a mix of primary and secondary shares in its Korea IPO.
- SKS is the security subsidiary of SK Square. It provides security services across four main categories: information security/Cybersecurity, convergence security, physical security, and Safety & Care.
- In this note, we look at valuations for its main segments.
Smartkarma Corporate Webinar | Arwana Citramulia: Tiling Indonesia
For our next Corporate Webinar we are glad to welcome Arwana Citramulia (ARNA IJ) CFO & Corporate Secretary, Rudy Sujanto.
In the upcoming webinar, Rudy will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst, Angus Mackintosh. A live Q&A session will follow.
The Corporate Webinar will be hosted on Tuesday, 26 April 2022, 17:00 SGT.
Arwana Citramulia (ARNA IJ) is a public company engaged in the ceramic and porcelain industry. The Company began commercial operations on 23 June 1995, with the commencement of production at Plant I in Pasar Kemis, Tangerang, Banten. Plant I’s then-production capacity was 2.88 million square meters per year. By the end of 2021, the Company’s installed capacity has grown significantly to 64.37 million square meters per year through the establishment of four other factories, as well as by adding new production lines and upgrading machinery. The Company’s five factories were established in five different locations based on strategic foresight and also in order to empower the economy of the local communities. Plant I and Plant II are each located in Tangerang and Serang, Banten, respectively. Plant III and Plant V are each located in Gresik and Mojokerto, East Java, respectively, while Plant IV is located in Ogan Ilir, South Sumatra.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.
SK Shieldus IPO: Index Inclusion Timeline
- SK Shieldus (ABFHIZ KS) is looking to raise up to US$860m selling a mix of primary and secondary shares. The stock is expected to in the second half of May.
- The company will be valued at US$2.87bn at the top end of the IPO range and will not get Fast Entry to any of the major indices.
- Entry to the KOSPI2 INDEX is unlikely, MSCI inclusion could take place at the November SAIR, while FTSE inclusion could take place at the December QIR.
Pacific Basin (2343 HK): Optimistic Outlook Reaffirmed
- Pacific Basin Shipping (2343 HK) stays positive towards the outlook of the bulk shipping market despite the Russia-Ukraine war, higher inflation and lockdowns in China.
- 1Q22 coverage rates are 117% and 122% higher YoY for its Handysize and Supramax fleet, resepctively, and coverage for 2Q22 is also promising, securing good 1H22 earnings.
- We expect it to turn into net cash by end-FY22, and even with such strong financial position, it will still generate over 30% ROE for the next two years.
Before it’s here, it’s on Smartkarma
