Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Two days after announcing its 2025 interims, <a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916:1" rel="noopener">Holcim (HOLN SW)</a>-backed <a href="https://www.smartkarma.com/entities/huaxin-cement-co-ltd-54d3868f-43a8-4bc6-bc11-d006fc44b37e" target="_blank" data-smartkarma-citation="entities:36079:1" rel="noopener">Huaxin Cement (6655 HK)</a> proposed spinning off its overseas cement assets.</li>
<li>The overseas ops, predominantly located in Africa, significantly outperformed the PRC ops in FY24, a trend that continued into 2025. </li>
<li>No preferred bourse was stipulated, although the HKEx appears the logical choice. Pegged to historical trading metrics, Huaxin appears fully valued here.</li>
</ul>


Two days after announcing its 2025 interims, Holcim (HOLN SW)-backed Huaxin Cement (6655 HK) proposed spinning off its overseas cement assets.
The overseas ops, predominantly located in Africa, significantly outperformed the PRC ops in FY24, a trend that continued into 2025. 
No preferred bourse was stipulated, although the HKEx appears the logical choice. Pegged to historical trading metrics, Huaxin appears fully valued here.


Huaxin Cement (6655 HK): Floats Non-Chinese Ops Spin-Off

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

JSW Cement Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> raised about US$410m in its India IPO.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JSW Cement Limited (9858514Z IN) raised about US$410m in its India IPO.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


JSW Cement IPO Trading - Overall Demand Lags Recent Listings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsw-cement-limited" target="_blank" data-smartkarma-citation="entities:43870:1" rel="noopener">JSW Cement Limited (9858514Z IN)</a> is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.</li>
<li>JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>This week, I recommended a new idea: Buy International Gaming Technologies.</li><li>If you are interested in buying IGT, I would recommend doing so on Monday.</li><li>IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.</li></ul>

This week, I recommended a new idea: Buy International Gaming Technologies.If you are interested in buying IGT, I would recommend doing so on Monday.IGT is in the process of selling its Gaming division for $4BN, and the transaction could close as soon as Tuesday, July 1.

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.</li>
<li>Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.</li>
<li>At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.</li>
</ul>


Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.


Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

United States

Holcim Ltd. provides building materials. The Company produces ready-mixed concrete, cement, clinker, aggregates, green mobility, and building solutions. Holcim serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Holcim (HOLN SW)

Huaxin Cement (6655 HK): Floats Non-Chinese Ops Spin-Off

A spin-off makes sense as the outperformance of the overseas ops are weighed down by the underperformance of the domestic ops. Metrics appear full...

David Blennerhassett

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

Weekly Update (AMRZ, UNTC, MEDXF, IGT)

This week, I recommended a new idea: Buy International Gaming Technologies. If you are interested in buying IGT, I would recommend doing so on Monday.

Richard Howe

Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huaxin Cement (6655 HK): Floats Non-Chinese Ops Spin-Off

A spin-off makes sense as the outperformance of the overseas ops are weighed down by the underperformance of the domestic ops. Metrics appear full...

David Blennerhassett

JSW Cement IPO Trading - Overall Demand Lags Recent Listings

JSW Cement raised about US$410m in its India IPO. We have covered various aspects of the deal in our previous note. In this note, we will talk...

Akshat Shah

JSW Cement IPO - RHP Updates, Peer Comp and Thoughts on Valuations

JSW Cement is looking to raise about US$410m in its India IPO. In this note, we talk about the RHP updates, peer comp and implied valuations in the...

Akshat Shah

Weekly Update (AMRZ, UNTC, MEDXF, IGT)

This week, I recommended a new idea: Buy International Gaming Technologies. If you are interested in buying IGT, I would recommend doing so on Monday.

Richard Howe

Holcim (HOLN.SW) / Amrize (AMRZ): North America Spin-Off Unlocks Strategic and Valuation Upside

​Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...

Rahul Jain

Holcim completes spin-off of North American business Amrize to focus on global sustainable construction, while Amrize targets U.S. infrastructure...