In today’s briefing:
- HD Hyundai Marine Solutions IPO: Valuation Insights
- Horizon Robotics Pre-IPO Tearsheet
HD Hyundai Marine Solutions IPO: Valuation Insights
- HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.
- We previously discussed the IPO in HD Hyundai Marine Solutions IPO: The Investment Case.
- We examine the syndicate’s valuation methodology. Our analysis suggests that the HMS is, at best, fairly valued at the IPO price range. We would pass on the IPO.
Horizon Robotics Pre-IPO Tearsheet
- Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. The bookrunners on the deal are GS, MS and China Securities International.
- Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
- HR was the first and the largest Chinese company providing integrated ADAS and AD solutions in terms of annual installation volume since 2021, according to CIC.
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