IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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

99 Speed Mart Retail Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a>, a leading groceries retailer in Malaysia, is seeking to raise US$530 million at RM1.65 per share.    </li>
<li>99 Speed Mart is Malaysia's largest mini-market player and leading grocery retailer, holding a market share of 40.1% and 11.6% in 2023, respectively. </li>
<li>The bull case rests on a large TAM, rising market share, robust revenue growth underpinned by SSSG, a store expansion-driven growth strategy, profitability, cash generation, and modest leverage.   </li>
</ul>



99 Speed Mart Retail Holdings (99SPD MK), a leading groceries retailer in Malaysia, is seeking to raise US$530 million at RM1.65 per share.    
99 Speed Mart is Malaysia's largest mini-market player and leading grocery retailer, holding a market share of 40.1% and 11.6% in 2023, respectively. 
The bull case rests on a large TAM, rising market share, robust revenue growth underpinned by SSSG, a store expansion-driven growth strategy, profitability, cash generation, and modest leverage.   


APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.</li>
<li>99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we look at the updates since.</li>
</ul>



99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.
99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia.
In our previous note, we looked at the firm’s past performance. In this note, we look at the updates since.


99 Speedmart Holdings IPO - Continued Expanding Its Network. Sales and Earnings Kept Up

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI IJ)</a>, <a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a>, <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> </li>
<li>There were alos insights on the Malaysian economic outlook, <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a>, the LQ45 Index rebalance, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/lippo-malls-indonesia-retail-trust" target="_blank" data-smartkarma-citation="entities:10946:1" rel="noopener">Lippo Malls Indonesia Retail Trust</a>, and <a href="https://www.smartkarma.com/entities/medco-energi-internasional-tbk-pt" target="_blank" data-smartkarma-citation="entities:20844:1" rel="noopener">Medco Energi (MEDC IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on Siloam International Hospitals (SILO IJ), Bank Rakyat Indonesia (BBRI IJ), MR DIY (MRDIY MK), UOB (UOB SP), and Singapore Airlines (SIA SP) 
There were alos insights on the Malaysian economic outlook, Vinfast, the LQ45 Index rebalance, Japfa Comfeed Indonesia, Lippo Malls Indonesia Retail Trust, and Medco Energi (MEDC IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY (MRDIY MK)</a> remains a standout retailer in Malaysia with its commanding position in the home improvement space and beyond, playing into increased demand for value-for-money products.</li>
<li>The slower growth last quarter came from a high base last year. 3Q2023 should see a strong rebound in growth providing a positive catalyst plus its store expansion is on-track.</li>
<li>
<a href="https://www.smartkarma.com/entities/mr-diy-group-m-bhd" target="_blank" data-smartkarma-citation="entities:28430:1" rel="noopener">MR DIY</a>'s can finance its store expansion from internally generated cashflows and should start to see SSSG recover over the coming quarters. Valuations looking more reasonable as growth recovers.</li>
</ul>



MR DIY (MRDIY MK) remains a standout retailer in Malaysia with its commanding position in the home improvement space and beyond, playing into increased demand for value-for-money products.
The slower growth last quarter came from a high base last year. 3Q2023 should see a strong rebound in growth providing a positive catalyst plus its store expansion is on-track.

MR DIY's can finance its store expansion from internally generated cashflows and should start to see SSSG recover over the coming quarters. Valuations looking more reasonable as growth recovers.


MR D.I.Y. Group (MRDIY MK) - Self Sustaining Superbrand

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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.

<ul>
<li>Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/tuhu-car" target="_blank" data-smartkarma-citation="entities:36012:1" rel="noopener">Tuhu Car (2007986D HK)</a> 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.</li>
<li>In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.</li>
</ul>


Chinese automotive maintenance services platform Tuhu Car has announced the terms for its HKEx IPO. Tuhu plans to raise net proceeds of HK$1.0-1.1bn (US$132-161m) through the issuance of 40.62m shares.

Tuhu Car (2007986D HK) 's franchised business model seems to have worked well, while its focus on high margin products/services have helped improve profitability.
In this insight, we discuss our forecasts and valuation for the company, and our analysis suggests that Tuhu Car’s IPO is priced reasonably.


Malaysia

Mr D.I.Y. Group (M) Berhad operates a chain of department stores. The Company offers hardware, electrical, household, jewellery and cosmetics, stationery, toys, car accessories, and household products. Mr D.I.Y. Group (M) serves customers in Asia.

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MR DIY Group M (MRDIY MK)

99 Speed Mart IPO: The Bull Case

The bull case rests on a large TAM, rising market share, robust revenue growth underpinned by SSSG, a store expansion-driven growth strategy,...

Arun George

99 Speedmart Holdings IPO - Continued Expanding Its Network. Sales and Earnings Kept Up

99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.

Clarence Chu

The Week That Was in ASEAN@Smartkarma - Siloam International Intl Hospitals, Bank Rakyat, and MrDIY

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

MR D.I.Y. Group (MRDIY MK) - Self Sustaining Superbrand

MR DIY (MRDIY MK) remains a standout retailer in Malaysia with its commanding position in the home improvement space and beyond, playing into...

Angus Mackintosh

Tuhu Car IPO: Forecasts and Valuation

Tuhu Car priced its IPO at HK$28.00 per share, at the bottom end of the IPO price range and raised net proceeds of HK$1,081m (US$138m) excluding...

Shifara Samsudeen, FCMA, CGMA

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