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

<a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>, which is headquartered in Singapore, is a digital customer experience (CX) solutions provider for innovative technology and other blue-chip companies. TDCX has filed for an NYSE IPO to raise proceeds of $400 million, according to press reports. The IPO proceeds will be used to repay US$188.0 million of the Credit Suisse facility (related to the acquisition of the founder’s interests in TDCX KY) and to expand into new markets.The business Support Services (BSS) industry has moved from a focus on cost arbitrage solutions to driving business outcomes and creating value for customers. There remains a significant portion of higher value-added workstreams that remain reliant on human expertise as businesses continue to deal with customers who request more engaging experiences. CX services, which is a subset of the BSS industry, is forecasted to grow 6.6% CAGR from 2021 to 2025 to reach US$100.4 billion in 2025, according to Frost &amp; Sullivan. <div class="content-highlight">In a competitive market, TDCX’s differentiated value-added services are reflected in market share gains, high growth and sector-leading margin. The key risk is the high dependence on two customers, <a href="https://www.smartkarma.com/entities/facebook-inc-a" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Facebook Inc A (FB US)</a> and <a href="https://www.smartkarma.com/entities/airbnb-inc" target="_blank" data-smartkarma-citation="entities:431:1" rel="noopener">Airbnb Inc (ABNB US)</a>. This customer risk is partly mitigated by long-standing relationships. Overall, we believe that TDCX’s fundamentals are attractive.</div>

TDCX (TDCX US), which is headquartered in Singapore, is a digital customer experience (CX) solutions provider for innovative technology and other blue-chip companies. TDCX has filed for an NYSE IPO to raise proceeds of $400 million, according to press reports. The IPO proceeds will be used to repay US$188.0 million of the Credit Suisse facility (related to the acquisition of the founder’s interests in TDCX KY) and to expand into new markets.The business Support Services (BSS) industry has moved from a focus on cost arbitrage solutions to driving business outcomes and creating value for customers. There remains a significant portion of higher value-added workstreams that remain reliant on human expertise as businesses continue to deal with customers who request more engaging experiences. CX services, which is a subset of the BSS industry, is forecasted to grow 6.6% CAGR from 2021 to 2025 to reach US$100.4 billion in 2025, according to Frost &amp; Sullivan. In a competitive market, TDCX’s differentiated value-added services are reflected in market share gains, high growth and sector-leading margin. The key risk is the high dependence on two customers, Facebook Inc A (FB US) and Airbnb Inc (ABNB US). This customer risk is partly mitigated by long-standing relationships. Overall, we believe that TDCX’s fundamentals are attractive.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

A few hours ago, Euronext announced the results of the quarterly review for the Cotation Assistée en Continu (CAC) family of indices. The constituent changes will be effective from 22 June and the rebalancing trades will need to be done at the close on 19 June.For the benchmark <a href="https://www.smartkarma.com/entities/cac-40" target="_blank" rel="noopener" data-smartkarma-citation="entities:24190:1">CAC 40 (CAC INDEX)</a>, <a href="https://www.smartkarma.com/entities/teleperformance" target="_blank" rel="noopener" data-smartkarma-citation="entities:21529:1">Teleperformance (RCF FP)</a> has been included and <a href="https://www.smartkarma.com/entities/sodexo-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:21556:1">Sodexo SA (SW FP)</a> has been excluded.We estimate over 5 days of ADV to buy on <a href="https://www.smartkarma.com/entities/teleperformance" target="_blank" rel="noopener" data-smartkarma-citation="entities:21529:1">Teleperformance (RCF FP)</a> and over 2 days of ADV to sell on <a href="https://www.smartkarma.com/entities/sodexo-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:21556:1">Sodexo SA (SW FP)</a>.Fundamentally, <a href="https://www.smartkarma.com/entities/teleperformance" target="_blank" rel="noopener" data-smartkarma-citation="entities:21529:1">Teleperformance (RCF FP)</a> trades in line with its peers while <a href="https://www.smartkarma.com/entities/sodexo-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:21556:1">Sodexo SA (SW FP)</a> trades cheaper than its peer group.

A few hours ago, Euronext announced the results of the quarterly review for the Cotation Assistée en Continu (CAC) family of indices. The constituent changes will be effective from 22 June and the rebalancing trades will need to be done at the close on 19 June.For the benchmark CAC 40 (CAC INDEX), Teleperformance (RCF FP) has been included and Sodexo SA (SW FP) has been excluded.We estimate over 5 days of ADV to buy on Teleperformance (RCF FP) and over 2 days of ADV to sell on Sodexo SA (SW FP).Fundamentally, Teleperformance (RCF FP) trades in line with its peers while Sodexo SA (SW FP) trades cheaper than its peer group. 

CAC40 Index Review - Teleperformance In, Sodexo Out

France

Teleperformance offers customer relationship management services.  The Company operates call centers, conducts programs to attract new customers, offers customer service and technical support services, collects debts, offers market research services, conducts telemarketing, and develops customer relationship management software.

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Teleperformance (TEP FP)

TDCX IPO Initiation: Good Service

TDCX has filed for an NYSE IPO to raise proceeds of $400m. TDCX’s differentiated value-added services are reflected in market share gains, high...

Arun George

CAC40 Index Review - Teleperformance In, Sodexo Out

A few hours ago, Euronext announced the results of the quarterly review for the Cotation Assistée en Continu (CAC) family of indices. The...

Brian Freitas

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