Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allday-marts-inc" target="_blank" data-smartkarma-citation="entities:34085:1" rel="noopener">AllDay Marts (123 PM)</a> is a supermarket chain in the Philippines targeting the mid-premium segment consumers. There are a number of things that we like about AllDay Marts Inc such as the favorable macro-environment, growth opportunities through leveraging its parent’s real estate exposure and digitization and e-commerce growth. However, we are not convinced that AllDay Marts Inc is the best company in the highly competitive supermarket space in the Philippines.</li>
<li>The company intends to raise around $100.0m from the proposed IPO by selling 6.8bn primary shares at an indicative offer price of ₱0.80 per share. We think the IPO pricing is not cheap enough as the indicative offer price implies trailing EV/Sales, EV/OP and PE of 2.0x, 38.8x and 63.9x respectively. Nevertheless, most IPOs in the Philippines tend to price below the initially indicated price. At the indicative offer price, we believe the risk/reward balance is not skewed to the reward side to consider an investment.</li>
</ul>



AllDay Marts (123 PM) is a supermarket chain in the Philippines targeting the mid-premium segment consumers. There are a number of things that we like about AllDay Marts Inc such as the favorable macro-environment, growth opportunities through leveraging its parent’s real estate exposure and digitization and e-commerce growth. However, we are not convinced that AllDay Marts Inc is the best company in the highly competitive supermarket space in the Philippines.
The company intends to raise around $100.0m from the proposed IPO by selling 6.8bn primary shares at an indicative offer price of ₱0.80 per share. We think the IPO pricing is not cheap enough as the indicative offer price implies trailing EV/Sales, EV/OP and PE of 2.0x, 38.8x and 63.9x respectively. Nevertheless, most IPOs in the Philippines tend to price below the initially indicated price. At the indicative offer price, we believe the risk/reward balance is not skewed to the reward side to consider an investment.


AllDay Marts Inc IPO Preview: A Small Fish in a Big Pond

Philippines

Allday Marts Inc retails packaged food products the Company offers groceries, personal care, home furnishing, appliances, pharmacy, and beauty products. Allday Marts serves customers in Philippines

AllDay Marts (ALLDY PM)

AllDay Marts Inc IPO Preview: A Small Fish in a Big Pond

Since its inception, AllDay recorded highly attractive growth figures through geographic expansion. However, the company never had to compete with...

Oshadhi Kumarasiri