Horizon Construction Dev IPO Trading - Subscription Rates Still Weak, Despite Cornerstone Support
Horizon Construction Development (1887128D HK) raised around US$210m in its Hong Kong IPO. In this note, we will talk about the trading dynamics...
Ethan Aw
242 Views
Horizon Construction Development IPO - Peer Comparison & Thoughts on Valuation
Horizon Construction Development (1887128D HK) is looking to raise US$223m in its upcoming Hong Kong IPO. In this note, we undertake a quick peer...
Ethan Aw
272 Views
Horizon Construction Development IPO: Valuation Insights
Our valuation analysis suggests that HCD is fully priced at the IPO price range. Therefore, we are inclined to pass on the IPO.
Arun George
403 Views
Horizon Construction Dev Pre-IPO - Refiled PHIP Updates - Affected by COVID-19 & Fueled by More Debt
Horizon Construction Development (1887128D HK) is looking to raise US$250m in its upcoming Hong Kong IPO. In this note, we take a look at the...
Ethan Aw
277 Views
Horizon Construction Development IPO: The Bear Case
The key elements of the bear case rest on core business margin decline, unexplained headcount reduction, cash burn, long receivable days and...
Arun George
251 Views