In today’s briefing:
- Tryt IPO – Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right
- TRYT IPO: Revised IPO Price Range Remains Unattractive
- United Rentals: Be Mindful Of Short-Term Risks, But Don’t Lose The Long-Term Focus
Tryt IPO – Valuation Seems Digestible at the Bottom End, but the Firm Still Needs to Get a Lot Right
- Tryt Inc (9164 JP) is looking to raise up to US$360m in its Japan IPO.
- Tryt Inc (Tryt) offers employee placement services and temporary staffing services for the elderly care, nursing care and childcare workers segments.
- In this note, we will revisit our earnings assumptions and share our thoughts on valuation at the final price range.
TRYT IPO: Revised IPO Price Range Remains Unattractive
- Tryt Inc (9164 JP) has disclosed a revised IPO price range of JPY1,100-1,300 per share, which is -32% to -20% below the IPO reference price of JPY1,620 per share.
- We previously discussed the IPO in TRYT IPO: The Bull Case, TRYT IPO: The Bear Case and TRYT IPO: Valuation Insights.
- Our analysis suggests that Tryt remains unattractively valued at the revised IPO price range. Also, market sentiment on the sector has weakened. We would pass on the IPO.
United Rentals: Be Mindful Of Short-Term Risks, But Don’t Lose The Long-Term Focus
- United Rentals continues to perform well as the risk of a recession grows.
- The share price is not expensive as profitability and utilization rates remain strong.
- United Renters remains a sold long-term opportunity, but near-term risks should not be ignored, but United Rental remains a selling long- term opportunity.
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