IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

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

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy (1939092D IJ)</a>/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. </li>
<li>Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. </li>
<li>The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.</li>
</ul>



Cisarua Mountain Dairy (1939092D IJ)/Cimory is a dairy products and consumer foods company in Indonesia. It is the market leader in the yoghurt industry in Indonesia. 
Cimory is seeking to raise up to IDR3,761 billion ($265 million) by selling 15% of its issued capital at an IPO price range of IDR2,780-3,160 per share. 
The fundamentals are attractive as Cimory is delivering strong growth in both its operating segments, rising margins and cash generation. Overall, we believe that Cimory is worth a look.


Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

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Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by a series of events, beginning with the introduction of the Three Red Lines policy in 2020. We also provide an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Chinese Property - Crisis Of Confidence - Lucror Analytics

Trung Nguyen

In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge in working capital, partly on account of the increase in revenue. The company's liquidity profile worsened due to the surge in short-term debt, which will likely be reversed at year-end. Leverage deteriorated slightly, while coverage ratios improved.

  In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge in working capital, partly on account of the increase in revenue. The company's liquidity profile worsened due to the surge in short-term debt, which will likely be reversed at year-end. Leverage deteriorated slightly, while coverage ratios improved. 

Japfa Comfeed - Earnings Flash - 9M FY 2021 Results - Lucror Analytics

The Asia HY Trade Book for the month of October includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Book for the month of October includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Book - October 2021 - Lucror Analytics

In this month’s "In-Focus" section, we discuss the Indonesian real estate market, including the impact of the COVID-19 pandemic and related lockdowns on the residential, commercial and industrial property markets. We also provide an overview of recent bond defaults. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  In this month’s "In-Focus" section, we discuss the Indonesian real estate market, including the impact of the COVID-19 pandemic and related lockdowns on the residential, commercial and industrial property markets. We also provide an overview of recent bond defaults.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus" section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Indonesian Real Estate Market Update - Lucror Analytics

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Cisarua Mountain Dairy (Cimory) IPO Initiation: Creamy

Cimory is seeking to raise up to $265 m. The initial offer period will run from 10 to 17 November. Cimory is delivering strong growth, rising...

Arun George

Asia HY Monthly - Chinese Property - Crisis Of Confidence - Lucror Analytics

In this month’s "In-Focus" section, we discuss the crisis of confidence in the Chinese property sector. The current situation was precipitated by...

Lucror Analytics

Japfa Comfeed - Earnings Flash - 9M FY 2021 Results - Lucror Analytics

In our view, Japfa's revenue growth and profitability in 9M/21 were much better than expected. However, cash flows were very weak due to a surge...

Lucror Analytics

Asia HY Trade Book - October 2021 - Lucror Analytics

The Asia HY Trade Book for the month of October includes a summary of our recommendations, as well as our high-conviction ideas. The report also...

Lucror Analytics

Asia HY Monthly - Indonesian Real Estate Market Update - Lucror Analytics

In this month’s "In-Focus" section, we discuss the Indonesian real estate market, including the impact of the COVID-19 pandemic and related...

Lucror Analytics

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