In today’s briefing:
- Trial Holdings Pre-IPO – Peer Comparison – Leading in Growth, Lagging in Margins
- Harita Nickel IPO: The Bear Case
- Survival Technologies Pre-IPO – Growth Has Been Strong but Could Be Better
- Trial Holdings Pre-IPO -Thoughts on Valuation
- Harita Nickel IPO – Capacity Ramp Ups Will Pay Dividends in the Long Run
- Vulcan Materials Company: Initiation of Coverage – Key Drivers & Growth Outlook
- Williams-Sonoma Inc.: Initiation of Coverage – Business Drivers & Key Developments
Trial Holdings Pre-IPO – Peer Comparison – Leading in Growth, Lagging in Margins
- Trial Holdings (5882 JP) is looking to raise around US$375m 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 will undertake a peer comparison against some of its listed peers.
Harita Nickel IPO: The Bear Case
- PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ), an Indonesian nickel play, has launched an IDX IPO to raise US$1 billion. Book building ends on 24 March.
- In Harita Nickel IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on weakening market sentiment, high single customer dependence, gross margin pressure, high cash burn, rising cash collection cycle and deteriorating cash conversion.
Survival Technologies Pre-IPO – Growth Has Been Strong but Could Be Better
- Survival Technologies (1279515D IN) is looking to raise around US$121m in its upcoming India IPO.
- Survival Technologies (ST) is a contract research and manufacturing services (CRAMS) focused speciality chemical manufacturer in India.
- ST has seen its profitability grow and margins expand during the track record period. However, the company seems to have had a number of run-ins with the authorities.
Trial Holdings Pre-IPO -Thoughts on Valuation
- Trial Holdings (5882 JP) is looking to raise around US$375m 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 earnings forecast and provide our thoughts on valuation.
Harita Nickel IPO – Capacity Ramp Ups Will Pay Dividends in the Long Run
- PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
- PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
- In this note, we will look at our earnings assumptions, and share our thoughts on valuation.
Vulcan Materials Company: Initiation of Coverage – Key Drivers & Growth Outlook
- This is our first report on Vulcan Materials Company, a renowned producer, distributor, and seller of construction materials.
- Vulcan’s last quarter was a major disappointment as it failed to meet the revenue expectations as well as the earnings expectations of Wall Street.
- We initiate coverage on the stock of Vulcan Materials Company with a ‘Hold’ rating.
Williams-Sonoma Inc.: Initiation of Coverage – Business Drivers & Key Developments
- This is our first report on Williams-Sonoma, a major specialty retail company that sells home furnishing and kitchenware in the U.S.
- The company has been facing a difficult operating environment and delivered a mixed result in the last quarter.
- Net revenues increased to $2.2 billion, with comparable brand revenue growing at an 8.1% rate for 2-year and 3-year comps of over 25% and 50%, respectively.
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