In today’s briefing:
- PG Electroplast: KMP Selling and Lowering Guidance
- JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- Nephrocare Health Services Pre-IPO Tearsheet
- Lucror Analytics – Morning Views Asia
PG Electroplast: KMP Selling and Lowering Guidance
- PG Electroplast (PGEL IN) is under limelight after the management cut its revenue guidance from 33% to 21-23%, within a single quarter.
- The management has also flagged concerns regarding RAC demand which has affected performance.
- Additionally, between Feb–Jun 2025, relatives of the CFO sold ~INR 376 mn worth of shares, mostly in June, shortly before the guidance cut, raising potential governance concerns.
JSW Cement IPO – RHP Updates, Peer Comp and Thoughts on Valuations
- JSW Cement Limited (9858514Z IN) is looking to raise about US$410m in its India IPO. The IPO has been downsized from US$480m with primary component cut to US$160m from US$180m.
- JSW Cement (JSWC) is a cement manufacturing company in India focused on manufacturing green cementitious products comprising blended cement, ordinary portland cement, ground granulated blast furnace slag, among other products.
- In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.
Nephrocare Health Services Pre-IPO Tearsheet
- Nephrocare Health Services Limited (0542669D IN) is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
- Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal.
- NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Softbank Group
- UST yields rose 1-2 bps yesterday, with the UST curve bear flattening slightly, following weak demand for a 30Y notes auction that tailed by 2 bps. The yields on the 2Y and 10Y UST both rose by 2 bps to 3.73% and 4.25%, respectively.
- Equities ended mixed, halting a rally earlier in the day. The S&P 500 fell 0.1% to 6,340, while the Nasdaq was up 0.3% at 21,243. US President Donald Trump has said he will nominate Stephen Miran as a temporary Fed governor, replacing Adriana Kugler (who resigned last week).
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