In today’s briefing:
- Centurion Accomodation REIT IPO – Thoughts on Valuation
- Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group
- Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- Pre-IPO Zijin Gold (PHIP Updates) – Thoughts on the Business, the Forecast and Valuation Outlook
- Butong Group Pre-IPO: Strong Growth But Mainly Driven By Diapers And Wipes
- Centurion Accommodation REIT IPO: The Investment Case
- Orkla India Pre-IPO – Strong Market Presence, Growth Yet to Catch Up
- Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO
- Busy Ming (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk
- Urban Company IPO Trading – Highest Demand so Far This Year
Centurion Accomodation REIT IPO – Thoughts on Valuation
- Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
- CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
Zijin Gold Pre-IPO: Superior to Peers; Should Trade at High End of Group
- Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
- It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China.
- We have looked at the company’s past performance and done a peer comparison in our previous note. In this note, we will look at the firm’s valuation.
Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- AvePoint (AVPT US) is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
- This deal represents 9.5 days of ADV and ~6% of shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Pre-IPO Zijin Gold (PHIP Updates) – Thoughts on the Business, the Forecast and Valuation Outlook
- The spin-off of Zijin for an independent listing is equivalent to presenting a “pure gold business” to the market. Such “asset revaluation” can unlock the hidden value of gold business.
- For enterprises like Zijin in the upstream of gold industry chain, a sustained high and rising gold price is usually a significant positive factor. However, there are also potential risks.
- Zijin Gold has better growth potential than peers, so we think its valuation range could be P/E of 18-22x. If based on 2025 net profit forecast, valuation is US$36.9-45.1 billion.
Butong Group Pre-IPO: Strong Growth But Mainly Driven By Diapers And Wipes
- Butong Group (BUTONG HK) is looking to raise US$100m in its upcoming Hong Kong IPO.
- Butong has been able to achieve strong topline momentum of 57% CAGR from FY22 to FY24, whilst expanding its margins, and is on track to replicate that performance for FY25.
- In this note, we look at the company’s past performance.
Centurion Accommodation REIT IPO: The Investment Case
- Centurion Accomodation REIT (CAREIT SP) is the exclusive S-REIT vehicle sponsored by Centurion Corp (CENT SP). It is seeking to raise up to US$600 million in an SGX IPO.
- The Initial Portfolio will comprise 14 assets, with five PBWA assets located in Singapore, eight PBSA assets located in the United Kingdom, and one PBSA asset located in Australia.
- Centurion Accommodation REIT offers an attractive value proposition due to its structural demand drivers, diversified portfolio, high occupancy rates, growth opportunities, and sizable debt headroom.
Orkla India Pre-IPO – Strong Market Presence, Growth Yet to Catch Up
- Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
- Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
- In this note, we talk about the company’s historical performance.
Phoenix Education Partners (PXED): Peeking at the Prospectus of Next Higher Education IPO
- In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.
- Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.
- An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.
Busy Ming (鸣鸣很忙) Pre-IPO: A Visit to Store – See Young Customers and Busy Clerk
- We visited a “Busy for You” store near a university in Shanghai.
- We believe Busy Ming can attract young customers because of low prices and small packages.
- However, we also believe the company does employ enough shop assistants.
Urban Company IPO Trading – Highest Demand so Far This Year
- Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
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