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
- This is our first report on O’Reilly Automotive, Inc., one of the largest retailers of automobile aftermarket parts in the U.S.
- O’Reilly Automotive had a great last quarter and ended 2022 with an all-around beat.
- The company reported strong sales volumes and the management claims that the core fundamental demand drivers are still strong, which supports the health of the automotive aftermarket.
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