In today’s briefing:
- Mercari (4385 JP) | Time to Flee
- Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal
- HPSP Preview: A Korean IPO With Best Fundamentals So Far in 2022
Mercari (4385 JP) | Time to Flee
- Topix inclusion could generate some solid domestic passive buying interest, but we think the fundamentals remain Bearish
- Mercari’s GMV growth in Japan is slowing sharply. We see higher promotional costs impacting margins as competition with PayPay Flea market heats up
- We think that street estimates are too high and we don’t see a reason why the stock should be trading at substantial premium to Z Holdings
Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
- On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
- On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).
HPSP Preview: A Korean IPO With Best Fundamentals So Far in 2022
- HPSP is getting ready for an IPO in Korea in July. This semiconductor equipment Korean company is an IPO with the best fundamentals for a so far in 2022.
- The IPO base deal size is from $55 million to $60 million. Crescendo Equity Partners (backed by Peter Thiel) is the controlling shareholder of HPSP.
- HPSP had revenue of 91.8 billion won (up 50% YoY) and operating profit of 45.2 billion won (up 82.3% YoY) in 2021. Its sales and profits surged higher in 1Q22.
Before it’s here, it’s on Smartkarma
