In today’s briefing:
- TVS Supply Chain Solutions IPO Trading – Offered at a Premium with Underwhelming Subscription Rates
- Korea – Positioning in Ecopro, JYP Entertainment, Hanwha Ocean, Hanmi Semi, CJ Corp, E-Mart
- S.F. Holding H Share Listing: The Investment Case
- JSW Infra Pre-IPO – The Positives – Grown Its Concessions and Long-Term Contracts Provide Visibility
- Tecnoglass: Massive Backlog Supported By Operational Efficiency
TVS Supply Chain Solutions IPO Trading – Offered at a Premium with Underwhelming Subscription Rates
- TVS Supply Chain Solutions (TVSSCS IN) raised around US$108m in its India IPO, after downsizing from an earlier reported float of up to US$500m.
- TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer.
- We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand and trading dynamics.
Korea – Positioning in Ecopro, JYP Entertainment, Hanwha Ocean, Hanmi Semi, CJ Corp, E-Mart
- Ecopro (086520 KS), Jyp Entertainment (035900 KS), Hanwha Ocean (042660 KS), Hanmi Semiconductor (042700 KS), CJ Corp (001040 KS) and E Mart (139480 KS) have been on investors/traders radars recently.
- There will be liquidity demand on the stocks in a week and there is pre-positioning on a lot of the stocks.
- Since 10 August, retail investors have net bought Jyp Entertainment and E Mart, foreigners have net bought Ecopro, Hanwha Ocean and Hanmi Semiconductor, while local institutions have net bought CJ Corp.
S.F. Holding H Share Listing: The Investment Case
- S.F. Holding (002352 CH), the largest Asian integrated logistics service provider, has filed for an H Share listing to raise US$2-3 billion, according to press reports.
- SF is the largest integrated logistics service player in China and Asia, and the fourth largest player globally, in terms of revenue in 2022, according to Frost & Sullivan.
- The key elements of the investment case rest on the primary business’ improving fundamentals, margin trajectory, cash generation, modest leverage and undemanding PEG multiples.
JSW Infra Pre-IPO – The Positives – Grown Its Concessions and Long-Term Contracts Provide Visibility
- JSW Infrastructure (5978490Z IN) is looking to raise around US$340m in its upcoming India IPO.
- JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
- In this note, we will talk about the positive aspects of the deal.
Tecnoglass: Massive Backlog Supported By Operational Efficiency
- Tecnoglass Inc’s backlog of nearly $800 million, paired with a production capacity increase, might contribute to significant growth.
- The company’s single-family offerings are gathering pace amid sound regional targeting by the firm.
- A potential opportunity exists for expansion in Colombia, the firm says.
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