IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kerry Express Thailand / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> is the leading express delivery company in Thailand. It is backed by <a href="https://www.smartkarma.com/entities/kerry-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:367:1" rel="noopener">Kerry Logistics Network (636 HK)</a> (63.0% shareholder) and <a href="https://www.smartkarma.com/entities/vgi-pcl" target="_blank" data-smartkarma-citation="entities:12409:1" rel="noopener">VGI PCL (VGI TB)</a> (23.0% shareholder). Kerry Express has kicked off pre-marketing for a Thai IPO to raise around $300 million, according to IFR.  </p><div class="content-highlight"><p>The timing of the IPO is not ideal as the weak consumer confidence in Thailand exacerbated by the lingering impact of the COVID-19 pandemic has wrecked Kerry Express’ topline in 3Q20. To its credit, Kerry Express has navigated poor market conditions by improving margin and remaining cash generative in 3Q20. Overall, while the 3Q20 results are not ideal, we think that revenue decline is a short-term market-specific issue, and Kerry Express remains well-placed to ride an eventual recovery in Thai consumer confidence. </p></div>

Kerry Express Thailand (KEX TB) is the leading express delivery company in Thailand. It is backed by Kerry Logistics Network (636 HK) (63.0% shareholder) and VGI PCL (VGI TB) (23.0% shareholder). Kerry Express has kicked off pre-marketing for a Thai IPO to raise around $300 million, according to IFR.  The timing of the IPO is not ideal as the weak consumer confidence in Thailand exacerbated by the lingering impact of the COVID-19 pandemic has wrecked Kerry Express’ topline in 3Q20. To its credit, Kerry Express has navigated poor market conditions by improving margin and remaining cash generative in 3Q20. Overall, while the 3Q20 results are not ideal, we think that revenue decline is a short-term market-specific issue, and Kerry Express remains well-placed to ride an eventual recovery in Thai consumer confidence. 

Kerry Express IPO Initiation: A Recovery Play?