In today’s briefing:
- Legend Biotech Follow-On – A Little Opportunistic. Last Deal Did Well, After a Large Correction
- Plus Digital Technologies Pre-IPO Tearsheet
- Fidelity National Information Services: Initiation of Coverage – Core Processing Business Upside & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- Jabil Inc.: Initiation of Coverage – Collaborations With SolarEdge, Cardo Systems, & Other Key Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
- Onewo Space-Tech Pre-IPO – The Negatives – Acquisition Led Growth, Related Party, Margin Issues
- Viavi Solutions Inc.: Initiation of Coverage – The NTT DOCOMO Partnership, New Product Launches & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
Legend Biotech Follow-On – A Little Opportunistic. Last Deal Did Well, After a Large Correction
- Legend Biotech Corp (LEGN US), a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is planning to raise up to US$250m in its follow-on offering.
- The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Plus Digital Technologies Pre-IPO Tearsheet
- Plus Digital Technologies (PDT CH) is looking to raise about US$150m in its upcoming Hong Kong IPO. The deal will be run by Jefferies and Guotai Junan.
- Plus Digital Technologies provides digitalised sales and marketing and SaaS+ services to its customers to enhance their offline sales and marketing efficiency and drive their offline retail sales.
- Its provision of services is supported by its Field Management Ecology System (FMES) platform, which contains a variety of digitalised products with different functionalities to meet customers’ various requirements.
Fidelity National Information Services: Initiation of Coverage – Core Processing Business Upside & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- This is our first report on the leading global technology solutions provider to the banking and finance industry – Fidelity National Information.
- The company’s annual organic growth expectations were all exceeded with a 9% organic top-line growth.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Jabil Inc.: Initiation of Coverage – Collaborations With SolarEdge, Cardo Systems, & Other Key Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
- This is our first report on diversified manufacturing services and solutions provider, Jabil Inc.
- The company has maintained a strong diversification strategy which has helped it perform despite a difficult supply chain environment and widely reported shutdowns in China.
- During the quarter, the company further collaborated with two companies, SolarEdge and Cardo Systems, to expand its supply chain.
Onewo Space-Tech Pre-IPO – The Negatives – Acquisition Led Growth, Related Party, Margin Issues
- Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK).
- As per Frost & Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
- In this note, we will talk about the positive aspects of the deal.
Viavi Solutions Inc.: Initiation of Coverage – The NTT DOCOMO Partnership, New Product Launches & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
- This is our first report on Viavi Solutions, a major player within the network test solutions and monitoring space.
- As North American service providers upgraded and expanded their networks with fibre, fibre grew by double-digit percentages from the same time the previous year.
- We initiate coverage on Viavi Solutions with a ‘Hold’ rating with a revised target price.
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