Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>  .</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.</li>
</ul>


I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB)  .
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.


I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>General Mills delivered a mixed result for the previous quarter, failing to meet market expectations on the revenue front but delivering an earnings beat.</li><li>The HMM cost savings, along with gains from pricing mix, offset inflation, deleverage, and the other types of operating costs benefitted General Mills’ bottom-line and helped deliver an earnings beat.</li><li>The good news was that General Mills’ service levels increased slightly.</li></ul>

General Mills delivered a mixed result for the previous quarter, failing to meet market expectations on the revenue front but delivering an earnings beat.The HMM cost savings, along with gains from pricing mix, offset inflation, deleverage, and the other types of operating costs benefitted General Mills’ bottom-line and helped deliver an earnings beat.The good news was that General Mills’ service levels increased slightly.

<ul><li>General Mills had a decent start to 2022 and its last quarter was another all-around beat.</li><li>Most of the media spend is now digital and General Mills is leveraging the same to build a solid databank that can be helpful in improved customer targeting.</li><li>We provide the stock of General Mills a ‘Hold’ rating with a revision in the target price.</li></ul>

General Mills had a decent start to 2022 and its last quarter was another all-around beat.Most of the media spend is now digital and General Mills is leveraging the same to build a solid databank that can be helpful in improved customer targeting.We provide the stock of General Mills a ‘Hold’ rating with a revision in the target price.

General Mills Inc.: Focus On Innovation & Future Trends

Credit

<ul><li>General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a decent financial result driven by its improved service levels.</li><li>General Mills is also seeing the impact of price elasticities on its business.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a decent financial result driven by its improved service levels.General Mills is also seeing the impact of price elasticities on its business.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

General Mills Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Ten days after <strong><a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a></strong>'s restructuring became effective, Saudi-backed SALIC, entered into an SPA to acquire 35.4% of Olam Agri (OGA).</li>
<li>The proposed US$1.24bn investment implied an equity value of US3.5bn for the bulk agricultural commodity player.</li>
<li>The OFI unit, which focuses on food ingredients (cocoa, coffee, nuts, and spices), is still seeking a listing in London. OGA is expected to go public six months after OFI. </li>
</ul>


Ten days after Olam Group (OLG SP)'s restructuring became effective, Saudi-backed SALIC, entered into an SPA to acquire 35.4% of Olam Agri (OGA).
The proposed US$1.24bn investment implied an equity value of US3.5bn for the bulk agricultural commodity player.
The OFI unit, which focuses on food ingredients (cocoa, coffee, nuts, and spices), is still seeking a listing in London. OGA is expected to go public six months after OFI. 


United States

General Mills, Inc. manufactures and markets branded and packaged consumer foods worldwide. The Company also supplies branded and unbranded food products to the foodservice and commercial baking industries.

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General Mills (GIS US)

I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group. In this...

Sumeet Singh

General Mills Inc: Major Drivers

General Mills delivered a mixed result for the previous quarter, failing to meet market expectations on the revenue front but delivering an...

Baptista Research

General Mills Inc.: Focus On Innovation & Future Trends

General Mills had a decent start to 2022 and its last quarter was another all-around beat. Most of the media spend is now digital and General...

Baptista Research

General Mills Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

General Mills Inc continues to benefit from the pandemic trend of cooking and baking at home and the rising demand for pet food as it delivered a...

Baptista Research

Olam Teams Up With Saudi Arabia's SALIC

SALIC was clearly waiting in the wings until the demerger was completed. Trading a couple of spreads below where it traded heading into the...

David Blennerhassett

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