In today’s briefing:
- Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
- KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
- Ather Energy IPO | Showroom and Service Center Visits
- Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet
- Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
- Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention
Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
- Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
- HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
- KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
- With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
- There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.
Ather Energy IPO | Showroom and Service Center Visits
- Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025.
- This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country.
- The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not.
Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet
- Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CMBI and CLSA.
- It’s a leading Chinese noodle restaurants operator in China, operating under the Xiao Noodles brand, offering value-for-money cuisines.
- Under its dual model of corporate-owned and franchising, it focuses on corporate-owned restaurants in first-tier & new first-tier cities in China.
Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
- Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
- This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
- For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023.
Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention
- Like peers, we saw the performance growth slowdown of Auntea Jenny in 2024, mainly due to industry slowdown and intensified competition. Auntea Jenny does not have advantage in lower-tier markets.
- Auntea Jenny relies on third-party suppliers, with insufficient cold chain coverage, resulting in weak cost control.It’s difficult to maintain the current profit margin level. Franchisees may be forced to quit.
- Valuation of Auntea Jenny should be lower than Guming and MIXUE. Considering the weak fundamentals and uncertain outlook, it is already good if valuation could be similar to Baicha Baidao.
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