In today’s briefing:
- Guming Holdings (1364 HK) IPO: Valuation Insights
- PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story
- Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b
- SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
- Foshan Haitian Flavouring Pre-IPO: A Stable Breed
- Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To
- Karamtara Engineering Pre-IPO Tearsheet
- Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader
Guming Holdings (1364 HK) IPO: Valuation Insights
- Guming Holdings (GUM HK) (Good me), a freshly-made tea store brand, has launched an HKEx IPO to raise up to US$202 million.
- We previously discussed the IPO in Guming Holdings (Good Me) IPO: The Bull Case and Guming Holdings (Good Me) IPO: The Bear Case.
- There are five cornerstone investors. Our valuation analysis suggests that Guming is attractively valued at the IPO price range. Therefore, we would participate in the IPO.
PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story
- PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
- In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
- We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.
Karman Holdings Inc.(KRMN): Terms Set for Space & Defense IPO Valuing Company up to $2.6b
- Private Equity backed Karman Holdings set terms for its IPO with a scheduled February 14th debut.
- The company will net $160m if the offering priced at the midpoint of the range and selling shareholders will obtain the remaining $240m in this $400m cash-raise total transaction.
- The valuation of this company came in lighter than expected. We will continue to dive into the metrics of this deal and provide additional research, color and commentary.
SK Finance Ltd Pre-IPO – Strong AUM Growth Driven by Vehicle Financing
- SK Finance Limited (0893736D IN) is planning to raise about US$260m through its upcoming India IPO.
- SK Finance Ltd (SFL) is a non-deposit non-banking finance company middle layer (NBFC ML) operating in two main verticals, vehicle financing and financing for micro, small and medium enterprises (MSMEs).
- As per CRISIL Report, the company was the fastest growing player in the vehicle and MSME financing segment among its peers, based on AUM growth over FY21-23.
Foshan Haitian Flavouring Pre-IPO: A Stable Breed
- Foshan Haitian Flavouring & Food Company (FHF HK), the largest condiment company in China, is seeking an H-share IPO in Hong Kong.
- It has established brand recognition and leadership positions, product innovation and diversification, opportunities from industry consolidation, and steady earnings with net cash.
- Assuming a 28% HA discount, the same as the HS Stock Connect, this implies an FY25 PER of 23.2x. Versus Kikkoman Corp (2801 JP)‘s 23.8x, this seems not attractive enough.
Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To
- After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
- In Leads Biolabs’ pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
- After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.
Karamtara Engineering Pre-IPO Tearsheet
- Karamtara Engineering Ltd (6589452Z IN) is looking to raise about US$200m in its upcoming India IPO. The deal will be run by ICICI, IIFL, JM Fin.
- Karamtara Engineering Limited (KEL) is a backward integrated manufacturer of products for renewable energy and transmission lines sectors.
- According to F&S, KEL was a leading manufacturer of solar mounting structures and tracker components in India and the largest in terms of installed capacity in FY24 and 1H25.
Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader
- Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
- In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
- We have a negative readthrough from the leading competitor of its core product.
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