In today’s briefing:
- Delhivery IPO: Offering Details & Index Inclusion Timeline
- AEM: Increased FY22 Revenue Guidance; Riding on Intel’s Capex Binge into Multi-Year Ramp
- Delhivery IPO – Thoughts on Valution, Touch-And-Go
- Hoya – Getting Towards Genuinely Bullish Levels of Cheapness
- Elon Gets a Boost From Friends For His Twitter Buyout—And Takes *Some* Of The Heat Off Himself
Delhivery IPO: Offering Details & Index Inclusion Timeline
- Delhivery (1058656D IN) is looking at raising INR 52,350m (US$685m) in its IPO by selling up to 113.3m shares at a range of INR 462-487/share.
- At the mid point of the IPO range, Delhivery (1058656D IN) will be valued at INR 344.8bn (US$4.5bn) while the free float market cap will be much lower.
- Delhivery (1058656D IN) could get entry to the FTSE All-World Index at the December QIR, while inclusion in the MSCI India Index could take place at the May 2023 SAIR.
AEM: Increased FY22 Revenue Guidance; Riding on Intel’s Capex Binge into Multi-Year Ramp
- AEM reported strong 1Q22 results (+226% YoY) and raised its FY22 revenue guidance to 700-750M SGD. AEM management continues to believe they are in a multi-year ramp-up.
- While the US tech sector is imploding left and right AEM is a very specific story linked to Intel’s CAPEX binge. Expect momentum to remain in FY22 and into FY23.
- Fair Value of 8 SGD remains unchanged (based on 20x 0.40 FY22 EPS), or 62% upside from the current 4.92 SGD share price.
Delhivery IPO – Thoughts on Valution, Touch-And-Go
- Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
- Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
- We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation.
Hoya – Getting Towards Genuinely Bullish Levels of Cheapness
- Hoya’s 4Q beat slightly with revenue beating consensus by 2.2% and PBT beating by 7.0%.
- Those beats were better than peers such as Advantest and Lasertec and qualitative guidance suggests that YoY growth is likely driven by the Lifecare segment in particular.
- That contrasts with our negative outlook for peer momentum and we expect Hoya’s recent underperformance to reverse in short order.
Elon Gets a Boost From Friends For His Twitter Buyout—And Takes *Some* Of The Heat Off Himself
- Elon Musk got 19 friendly investors to pledge $7.1 billion toward his buyout of Twitter.
- He also persuaded his bankers to slash his margin loan—as I projected…
- In exchange for increasing his equity commitment. So still $20+ billion to go.
Before it’s here, it’s on Smartkarma
