ECM Daily Briefs | Smartkarma

In today’s briefing:

Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines
AECOM: Initiation of Coverage – Recent Restructuring & Other Developments
IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers
PACCAR Inc.: Initiation of Coverage – Business Strategy & Key Drivers

Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines

Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie.
MBM aims to become a vertically integrated battery materials player. Through a series of acquisitions, it owns one of the world’s largest nickel mines.

AECOM: Initiation of Coverage – Recent Restructuring & Other Developments

This is our first report on AECOM, one of the largest infrastructure consulting players in the world.
AECOM’s management is focusing on its investments to go after transformative growth opportunities where it has a competitive edge.
Organic NSR growth quickened to 8%, with a 9% increase in design, which is on par with their strongest level over the past ten years and robust growth in both categories.

IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on IAC, a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.
They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.
Looking forward, IAC’s management intends to increase margins by generating additional revenue from a fixed-cost basis and they anticipate double-digit revenue growth in the coming quarters.

PACCAR Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on PACCAR, the largest manufacturer of medium and heavy-trucks in the world.
Pretax earnings at PACCAR Parts reached $380 million, a 23% increase over the same time in the previous year.
Fourth quarter revenues at PACCAR Parts were a solid $1.47 billion and the company delivered an all-around beat.

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Mar 31

Daily Brief ECM: Rakuten Bank IPO – Thoughts on Valuation and more

In today’s briefing:

Rakuten Bank IPO – Thoughts on Valuation
Samsung SDS Placement – Well Flagged and the Last One Did Well
MLT Placement – Small Deal but Recent Deals Didn’t Do Well
Huolala Parent Lalatech Files for Hong Kong IPO

Rakuten Bank IPO – Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance and undertook a peer comparison. In this note, we provide our thoughts on valuation.

Samsung SDS Placement – Well Flagged and the Last One Did Well

By Clarence Chu

Lee Seo-Hyun, via KEB Hana Bank, is looking to sell her entire stake in Samsung Sds (018260 KS) to raise US$132m.
While a relatively large one to digest, the deal is very flagged.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

MLT Placement – Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.

Huolala Parent Lalatech Files for Hong Kong IPO

By Caixin Global

Lalatech Holdings Co. Ltd., the operator of on-demand delivery services known as Lalamove in Hong Kong and other global markets and as Huolala on the Chinese mainland, filed for an initial public offering Tuesday on the Hong Kong Stock Exchange.
The company didn’t disclose a fundraising target or a timeline.
The startup originally filed an IPO application confidentially in U.S. in June 2021 with an aim to raise at least $1 billion, but it later pulled out of the plan after Beijing’s crackdown on overseas share sales.

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Mar 29

Daily Brief ECM: Trial Holdings IPO – Sector Lagging Margins Warrant a Discount and more

In today’s briefing:

Trial Holdings IPO – Sector Lagging Margins Warrant a Discount
AREIT Placement – Parent Is Buying High and Selling Low
CUBox IPO Preview
Growatt Technology: High-Profile IPO Preview and Valuation Analysis
Japan Real Estate Investment Corp Placement – An Acquisition Out of the Blue
IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers
Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments
Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers

Trial Holdings IPO – Sector Lagging Margins Warrant a Discount

Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
In this note, we talk about implied valuations in the IPO price range

AREIT Placement – Parent Is Buying High and Selling Low

Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM).
Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.
In this note, we will talk about the placement and run the deal through our ECM framework.

CUBox IPO Preview

By Douglas Kim

CUBox is getting ready to complete its IPO in KOSDAQ in May. Given its leading position in the face recognition AI technology, it is expected to generate strong interest.
CUBox is a leading company in Korea that specializes in artificial intelligence (AI) image recognition.
The company is offering 1.5 million shares (100% new shares) in this IPO. The IPO price range is 17,200 to 23,200 won.

Growatt Technology: High-Profile IPO Preview and Valuation Analysis

By Andrei Zakharov

Growatt Technology (1833969D CH) , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.
I view Growatt Technology (1833969D CH) as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.
The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.

Japan Real Estate Investment Corp Placement – An Acquisition Out of the Blue

Japan Real Estate Investment (8952 JP) is looking to raise around US$140m (JPY18.3bn) through a follow-on offering to acquire one new property and an additional co-ownership interest in another property.
The deal is a large one to digest at 10 days of three month ADV while there will be a dilution of approximately 2.7% of TSO (assuming overallotment option exercised).
In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.

IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers

This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.
IQVIA expanded access to clinical research.
We initiate coverage on the stock of IQVIA Holdings Inc. with a ‘Buy’ rating.

Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments

This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.
As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.

Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers

This is our first report on Roper Technologies, a diversified software and tech investment company.
The company ended 2022 on a positive note with revenue of over $1.4 billion, up 14% higher than the prior year.
We initiate coverage on the stock of Roper Technologies, Inc. with a ‘Hold’ rating.

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Mar 28

Daily Brief ECM: DPC Dash IPO Trading – Tepid Demand Even as Capital Group Tops Up and more

In today’s briefing:

DPC Dash IPO Trading – Tepid Demand Even as Capital Group Tops Up
Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well
SBI Sumishin Net Bank IPO Trading – Rakuten Filing Will Add on More Pressure
UBTech Robotics Pre-IPO – Definitely Needs the Capital Raise
Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers
Equifax Inc.: Initiation of Coverage – Business Strategy & Key Drivers
C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

DPC Dash IPO Trading – Tepid Demand Even as Capital Group Tops Up

DPC Dash (1405 HK) raised around US$75m, after pricing its IPO at the bottom-end.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
In this note, we talk about the subscription levels and trading dynamics.

Patanjali Foods Early FPO Look – Lifting the Overhang with a Well Flagged Deal. Re-Listing Went Well

By Clarence Chu

The promoters of Patanjali Foods (PATANJAL IN) are looking to increase the firm’s public shareholding to the minimum required 25% imposed by SEBI.
We had discussed about this in their effective re-listing FPO last year, and the deal has been well covered by media sources as well, thus it is very well flagged.
While it would be a large one to digest, representing at least 62.1 days of the firm’s three month ADV, the deal will lift the remaining overhang on the stock.

SBI Sumishin Net Bank IPO Trading – Rakuten Filing Will Add on More Pressure

SBI Sumishin Net Bank (7163 JP) (SSNB) raised around US$370m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about the recent updates and trading dynamics.

UBTech Robotics Pre-IPO – Definitely Needs the Capital Raise

UBTech Robotics (1683374D HK) is looking to raise about US$700m in its upcoming HK IPO.
UBTech Robotics is engaged in artificial intelligence (AI)-empowered robotics in China, dedicated to the innovation of humanoid robots and development and sales of smart service robotic solutions.
UBTech Robotics’ sales have primarily been driven by its enterprise-level segments throughout the track record period. However, the firm is still heavily loss-making.

Hologic Inc.: Initiation of Coverage – Post-Pandemic Impact & Key Drivers

This is our first report on Hologic, Inc., a renowned medical technology giant focused on women’s health.
However, Breast Health lost 5.2%, indicating that its recovery from supply chain headwinds caused by chips is in progress.
Their Women’s Health molecular diagnostics and cytology basis enable sustainable growth, foster beneficial connections with leading labs and key opinion leaders, and open the door for further innovative products.

Equifax Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on the multinational consumer credit reporting player, Equifax.
Their global non-mortgage businesses performed exceptionally well, with constant currency revenue growth of 12% and constant organic currency revenue growth of 10%.
Equifax further announced the acquisition of the Food Industry Credit Bureau.

C.H. Robinson Worldwide Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on C.H.
Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service.
Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter.

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Mar 27

Daily Brief ECM: Rakuten Bank Vs SBI Sumishin Net Bank and more

In today’s briefing:

Rakuten Bank Vs SBI Sumishin Net Bank
Pre-IPO Kelun Biotech – Debut Is the Peak, and Then It Wanes?

Rakuten Bank Vs SBI Sumishin Net Bank

Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise about $870 million. The pricing is on 5 April and the listing is on 21 April.
In Rakuten Bank IPO: The Investment Case, we highlighted the key elements of the investment case.
SBI Sumishin Net Bank (7163 JP), the key peer, will list on 29 March. In this note, we compare Rakuten Bank and SBI Sumishin across several key metrics.

Pre-IPO Kelun Biotech – Debut Is the Peak, and Then It Wanes?

By Xinyao (Criss) Wang

Kelun-Biotech did not get widespread attention until it reached three license and collaboration agreements with Merck, with upfront and milestone payments totaling up to US$11.8 billion.
The remaining products have limited investment value. After Kelun-Biotech out-licensed all of its valuable core assets in pipeline, it could mainly remain at the stage of biotech in the future.
The original core R&D team members have left, which means the “root of Kelun-Biotech is broken”. The lack of sustainable follow-up R&D capability would have negative impact on valuation performance.

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Mar 26

Daily Brief ECM: ECM Weekly (26th Mar 2023) – Meituan and more

In today’s briefing:

ECM Weekly (26th Mar 2023) – Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

ECM Weekly (26th Mar 2023) – Meituan, Rakuten Bank, SBI, Harita, Trial, DPC, Onewo, Leap, Growatt

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Japan and Indonesia appear to be the hubs of APAC ECM activity with Rakuten Bank (5838 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) going live
On the placements front, this week was comparatively quiet, given the market volatility. There are a few lockup expiries coming up next week.

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Mar 25

Daily Brief ECM: Syngenta IPO: The Investment Case and more

In today’s briefing:

Syngenta IPO: The Investment Case
Cintas Corporation: Initiation of Coverage – Key Offerings & Recent Developments
Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers

Syngenta IPO: The Investment Case

Syngenta AG (SYNN SW), a world-class agribusiness, is seeking to raise US$9.5bn in Shanghai’s STAR market at a valuation of US$50bn. The Shanghai bourse will review the filing on 29-March.
The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce leverage.
A US$50 billion valuation is justifiable and implies a modest discount to peer multiples (including an AH premium). The IPO is worth a look.

Cintas Corporation: Initiation of Coverage – Key Offerings & Recent Developments

This is our first report on Cintas Corporation, a specialized provider of uniform rental services.
Its revenue increased 13.1% to $2.17 billion in the second quarter and each segment experienced double-digit revenue growth.
The Uniform Rental and Facility Services operational segment’s revenue increased from $1.54 billion to $1.71 billion.

Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on Dow Inc., a behemoth in the global chemicals industry.
The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.
In the Deer Park acrylic monomer plant in Performance Monomers, Dow anticipates higher scheduled maintenance turnaround costs in this segment.

Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers

This is our first report on the renowned chemical industry giant, Eastman Chemical Company.
The company delivered a highly disappointing set of results given the macroeconomic volatility.
We initiate coverage on the stock of Eastman Chemical Company with a ‘Hold’ rating.

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Mar 24

Daily Brief ECM: Rakuten Bank IPO – Recent Filings Updates and Quick Thoughts on Valuation and more

In today’s briefing:

Rakuten Bank IPO – Recent Filings Updates and Quick Thoughts on Valuation
Hindustan Aeronautics Placement – Still Running Hot on Defence Spending Focus
Rakuten Bank IPO: The Investment Case

Rakuten Bank IPO – Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.

Hindustan Aeronautics Placement – Still Running Hot on Defence Spending Focus

The Government of India (GoI) aims to raise around US$372m (INR30.7bn) via an offer for sale of Hindustan Aeronautics Ltd (HNAL IN) stock.
The floor price of INR2,450 / share is set at approximately 6.7% to Wednesday’s (22nd Mar 2023) last close. The deal represents 10.5 days of ADV.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Rakuten Bank IPO: The Investment Case

Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise about US$870 million. The pricing is on 5 April and the listing is on 21 April.
Rakuten Bank, wholly owned by Rakuten (4755 JP), is the largest Japanese internet bank as measured by the number of accounts and customer deposits.
The investment case rest on Rakuten Ecosystem’s competitive advantage, growth in accounts/deposits, robust loan book growth, rising margins and low NPL ratio.

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Mar 23

Daily Brief ECM: National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish and more

In today’s briefing:

National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish
PNB Housing Finance Rights Issue – Finally Closing in on the Capital Raising
ZKH Group IPO: The Bear Case
Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers
Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments
Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

National Storage REIT Placement – Past Deals Have Done Well but Stock Looks Toppish

National Storage REIT (NSR AU) (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement.
Past deals have ended up doing well, however, the stock now appears toppish and it’s unclear if the deal was well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

PNB Housing Finance Rights Issue – Finally Closing in on the Capital Raising

PNB Housing Finance Ltd (PNBHOUSI IN) (PHBHF) aims to raise up to US$300m via a rights issue in order to boost its capital base.
PNBHF is the housing finance arm of Punjab National Bank and is partly owned by Carlyle, with investments from General Atlantic as well.
In this note, we will talk about the rights issue and other deal dynamics.

ZKH Group IPO: The Bear Case

ZKH Group (ZKH US), a leading MRO (maintenance, repair, and operations) procurement service platform in China, is pre-marketing an NYSE IPO to raise US$200-300 million.
In ZKH Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on market share losses, slowing top-line growth, declining take rates and persistent cash burn.

Quest Diagnostics Incorporated: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on leading diagnostic service provider, Quest Diagnostics Incorporated.
The company produced significant double-digit growth in prenatal genetics and pharmaceutical services for sophisticated diagnostics.
Agilent Technologies further signed an agreement with Quest to make the Agilent Resolution ctDx FIRST liquid biopsy next-generation sequencing (NGS) test available to providers and patients across the U.S.

Snap-on Incorporated: Initiation of Coverage – Business Strategy & Recent Developments

This is our first report on Snap-on Incorporated, a well-known manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions in the U.S.
The company’s last result was an all-around beat and its organic sales growth was in the double-digits with a particularly strong performance in the Repair Systems & Information Group, high single-digit gains in the Snap-on Tools Group, and low single-digit gains in the Commercial and Industrial Group.
Snap-on Tools Group sales were $542.7 million, up from $504.8 million a year ago, with a 9.6% increase in organic sales.

Zimmer Biomet Holdings Inc.: Initiation of Coverage – Acquisition Of Embody & Other Drivers

This is our first report on the global medical technology behemoth Zimmer Biomet Holdings.
They observed another quarter of year-over-year growth in major joints, with their entire global hip and knee business expanding by more than 8% and 10% on an ex FX basis.
We initiate coverage on the stock of Zimmer Biomet Holdings, Inc. with a ‘Hold’ rating.

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Mar 22

Daily Brief ECM: Harita Nickel IPO: Valuation Insights and more

In today’s briefing:

Harita Nickel IPO: Valuation Insights
Generac Holdings Inc.: Initiation of Coverage – Acquisition-Led Growth & Innovation
Growatt Technology Pre-IPO – Refiling Updates – Still Running Strong
O’Reilly Automotive Inc.: Initiation of Coverage – Business Strategy

Harita Nickel IPO: Valuation Insights

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ), an Indonesian nickel play, has launched an IDX IPO to raise US$1 billion. Book building ends on 24 March.
We previously discussed the IPO in Harita Nickel IPO: The Bull Case and Harita Nickel IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Harita is fairly valued at the IPO IPO price range of IDR1,220-1,250 per share. We would participate in the IPO.

Generac Holdings Inc.: Initiation of Coverage – Acquisition-Led Growth & Innovation

This is our first report on a renowned energy technology player, Generac Holdings.
Sales of C&I products climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.
We initiate coverage on the stock of Generac Holdings Inc. with a ‘Hold’ rating.

Growatt Technology Pre-IPO – Refiling Updates – Still Running Strong

Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
In our previous notes, we looked at the company’s past performance, peer comparison and shared our thoughts on valuation. In this note, we will talk about its refiling updates.

O’Reilly Automotive Inc.: Initiation of Coverage – Business Strategy