In today’s briefing:
- Microstrategy: More Losses For Bitcoin Spruiker
- LG Corp: Updated SoTP Valuation & Key Catalyst of LG CNS IPO
- Delhivery Pre-IPO – RHP Updates – Growth Remains Strong, Pricing Remains Under Pressure
- Delhivery IPO: Yet to Convincingly Deliver
Microstrategy: More Losses For Bitcoin Spruiker
- Microstrategy Inc Cl A (MSTR US) reported a net loss of $155.6mn in the fourth quarter, compared to the net loss of $124.3mn in the 4Q21.
- MSTR took a non-cash digital asset impairment charge of $170.1mn in the first quarter, up from $146.6mn in the 4Q21.
- A bet on MSTR is a bet on bitcoin. Yet MSTR is down 37% YTD, compared to ~20% for bitcoin.
LG Corp: Updated SoTP Valuation & Key Catalyst of LG CNS IPO
- In this insight, we provide an updated SoTP valuation analysis of LG Corp (003550 KS) and discuss some of the key upcoming catalysts including the IPO of LG CNS.
- Our base case valuation analysis of LG Corp suggests an implied price of 107,664 won per share, representing 45.5% upside from current levels.
- The IPO of LG CNS is likely to be a positive catalyst in the next 6-12 months for LG Corp.
Delhivery Pre-IPO – RHP Updates – Growth Remains Strong, Pricing Remains Under Pressure
- 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.
- In this note, we talk about the updates from its RHP.
Delhivery IPO: Yet to Convincingly Deliver
- Delhivery is the largest and fastest-growing 3PL express parcel delivery player in India. It has cut its IPO raise from Rs74.6 billion ($1 billion) to Rs52.4 billion ($0.7 billion).
- In Delhivery IPO Initiation: Can It Deliver?, we noted that the fundamentals are mixed as it has been unable to leverage strong growth to deliver profits or cash generation.
- In this note, we look at the RHP which discloses 9MFY22 results. We continue to believe the negatives outweigh the positives. We are inclined to give the IPO a pass.
Before it’s here, it’s on Smartkarma
