In today’s briefing:
- Trial Holdings IPO – Sector Lagging Margins Warrant a Discount
- AREIT Placement – Parent Is Buying High and Selling Low
- CUBox IPO Preview
- Growatt Technology: High-Profile IPO Preview and Valuation Analysis
- Japan Real Estate Investment Corp Placement – An Acquisition Out of the Blue
- IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers
- Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments
- Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers
Trial Holdings IPO – Sector Lagging Margins Warrant a Discount
- Trial Holdings (5882 JP) is looking to raise up to US$393m in its Japan IPO.
- TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
- In this note, we talk about implied valuations in the IPO price range
AREIT Placement – Parent Is Buying High and Selling Low
- Ayala Land Inc (ALI PM) aims to raise around US$121m via selling around 11% of Areit (AyalaLand REIT) (AREIT PM).
- Ayala Land and AREIT have been moving towards concluding an asset for shares swap that had been in the works for a while. This placement appears to stem from that.
- In this note, we will talk about the placement and run the deal through our ECM framework.
CUBox IPO Preview
- CUBox is getting ready to complete its IPO in KOSDAQ in May. Given its leading position in the face recognition AI technology, it is expected to generate strong interest.
- CUBox is a leading company in Korea that specializes in artificial intelligence (AI) image recognition.
- The company is offering 1.5 million shares (100% new shares) in this IPO. The IPO price range is 17,200 to 23,200 won.
Growatt Technology: High-Profile IPO Preview and Valuation Analysis
- Growatt Technology (1833969D CH) , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.
- I view Growatt Technology (1833969D CH) as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.
- The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.
Japan Real Estate Investment Corp Placement – An Acquisition Out of the Blue
- Japan Real Estate Investment (8952 JP) is looking to raise around US$140m (JPY18.3bn) through a follow-on offering to acquire one new property and an additional co-ownership interest in another property.
- The deal is a large one to digest at 10 days of three month ADV while there will be a dilution of approximately 2.7% of TSO (assuming overallotment option exercised).
- In this note, we will look at the assets to be acquired, impact on forecast and portfolio, and run the deal through our framework.
IQVIA Holdings Inc.: Initiation of Coverage – Recent Acquisitions & Key Drivers
- This is our first report on an IQVIA Holdings, an international player providing services to the clinical research and health information technology sectors.
- IQVIA expanded access to clinical research.
- We initiate coverage on the stock of IQVIA Holdings Inc. with a ‘Buy’ rating.
Martin Marietta Materials Inc.: Initiation of Coverage – Business Strategy & Recent Developments
- This is our first report on Martin Marietta Materials, a major global manufacturer of heavy construction materials and aggregates.
- The company delivered a mixed performance in the quarter and surpassed the revenue expectations with decent growth.
- As pricing growth dramatically accelerated, bad weather and a number of large Martin Marietta geographies had a negative impact on product delivery.
Roper Technologies Inc.: Initiation of Coverage – Acquisition-Led Growth Strategy & Key Drivers
- This is our first report on Roper Technologies, a diversified software and tech investment company.
- The company ended 2022 on a positive note with revenue of over $1.4 billion, up 14% higher than the prior year.
- We initiate coverage on the stock of Roper Technologies, Inc. with a ‘Hold’ rating.
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