In today’s briefing:
- LG Electronics India IPO: Attractive Upside
- LG Electronics India IPO: Leading Player Priced at a Steep Discount ?
- ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact
- JST Group Pre-IPO: PHIP Update: Inflecting into Profitability
- Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable
LG Electronics India IPO: Attractive Upside
- After incorporating the company’s FY25 results, we have tweaked our income statement estimates and valuations of LG Electronics India IPO.
- Our base case valuation is target price of 1,514 INR which is 33% higher than the high end of the IPO price range.
- It appears that the company wants the IPO to be successful and after much review the company has decided to price the IPO at more attractive levels to new investors.
LG Electronics India IPO: Leading Player Priced at a Steep Discount ?
- LG Electronics (066570 KS) will divest a 15% stake in its 100% subsidiary LG Electronics India (123D IN) through an IPO, raising Rs116 billion (USD 1.3 billion).
- The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.
- LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.
ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, all of the listings this week ended up doing well.
- On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.
JST Group Pre-IPO: PHIP Update: Inflecting into Profitability
- JST Group (1703609D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
- It is China’s largest and most popular e-commerce SaaS ERP provider.
- We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.
Pre-IPO Hangzhou Tongshifu Cultural and Creative Group – Potential for Future Growth Is Questionable
- Despite TONGSHIFU’s leading position through vertically integrated business model, the inherent limitations of the industry are obstacles for further expansion. Performance growth is clearly constrained by the overall market capacity.
- The “double attack” market pattern makes it more difficult for TONGSHIFU to achieve breakthrough growth within the existing market. Outside of copper-based products, TONGSHIFU hasn’t found a second growth curve.
- TONGSHIFU’s valuation should be lower than Pop Mart/Laopu Gold/Bloks due to the big gap in growth potential/profitability/cashability. However, valuation could be higher than industry average due to leading market position.
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