In today’s briefing:
- Lygend Resources & Technology IPO – Margins Expected to Expand, Enticing at the Bottom End
- Ant Group: Consumer Finance Finds Investors But Beijing Could Throw New Obstacles At Ant’s Direction
- Lygend Resources & Technology IPO: Valuation Insights
- Daiei Kankyo Pre-IPO – Peer Comparison and Thoughts on Valuation
Lygend Resources & Technology IPO – Margins Expected to Expand, Enticing at the Bottom End
- Lygend Resources & Technology (LR HK) is looking to raise up to US$595m in its Hong Kong IPO.
- Lygend Resources & Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
- In this note, we will revisit our earnings assumptions and share our thoughts on valuation.
Ant Group: Consumer Finance Finds Investors But Beijing Could Throw New Obstacles At Ant’s Direction
- Earlier this year, an RMB 22.0bn fundraising was likely blocked by Beijing with the state-backed asset manager, China Cinda pulling out of the deal at the last moment.
- Several media outlets reported last week that Ant Group is pushing ahead yet again with an RMB 10.5bn fundraising effort for its Consumer Finance business.
- This fundraising could yet again face obstacles as Beijing might want Ant Financial Services Group (6688 HK) to surrender a controlling stake in the Consumer Finance business to state-backed firms.
Lygend Resources & Technology IPO: Valuation Insights
- Lygend Resources & Technology (2245 HK), a nickel play, has launched its IPO to raise up to US$595 million.
- We previously discussed the IPO in Lygend Resources & Technology IPO: Riding the Wave.
- In this note, we present our forecasts and look at valuation. Lygend is attractively valued at the IPO price range. We would participate.
Daiei Kankyo Pre-IPO – Peer Comparison and Thoughts on Valuation
- Daiei Kankyo (9336 JP) , a waste management company, aims to raise around US$280m in its Japan IPO.
- Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.
- In our previous note, we looked at the company’s past performance. In this note, we undertake a peer comparison and talk about valuations.
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