In today’s briefing:
- Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
- Bharat Coking Coal Ltd Pre-IPO Tearsheet
- Sinfonia (6507) | A Moment to Take Stock
- Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…
- CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation
- GMexico Transportes SAB de CV – Actinver Research
Voyager Technologies Inc. (VOYG): Space & Defense IPO Rockets Higher; More than a Double at Open
- Voyager Technologies priced 12.3mm shares (upsized from 11.0mm) at $31.00 ($2 Above the Range) and opened at $69.75 for a gain of 125.0% at first trade.
- The offering finished north of 20-times oversubscribed (on the new size) with the top 10 accounts taking 60% of the deal and the top 20 getting 80% of the transaction.
- The volume of VOYG was nearly 2x the float making this stock one that could potentially find buyers in days to come.
Bharat Coking Coal Ltd Pre-IPO Tearsheet
- Bharat Coking Coal Limited (BCCL) (7535956Z IN) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are IDBI, ICICI.
- BCCL is a subsidiary of Coal India Limited engaged primarily in the mining of coking coal. It produces various grades of coking coal, non-coking coal, and washed coal.
- According to the CRISIL Report, BCCL was the largest producer of coking coal in India in FY25, contributing 58.50% to the country’s total domestic coking coal production.
Sinfonia (6507) | A Moment to Take Stock
- Strong fundamentals priced in: Sinfonia’s sharp share price rally reflects robust FY3/25 results, but modest FY3/26 guidance limits near-term upside potential.
- Conservative outlook despite tailwinds: Management’s cautious projections for semiconductor and defense segments appear understated given ongoing structural growth in both industries.
- Valuation fair at current levels: Updated DCF suggests shares are reasonably valued; premium to peers justified by dual exposure to secular growth in aerospace and semiconductors.
Tekken Corporation (1815 JP) – Responding to Social Infrastructure Demands…
- TEKKEN CORPORATION (hereafter, “the Company”) is a construction firm centered on railroad construction, with operations spanning civil engineering, architectural construction, and real estate.
- As an equity-method affiliate of JR East, which holds a 19.6% stake, the Company secures stable, long-term orders for key projects such as the improvement work of major stations and the new Haneda Airport access line.
- Railroad construction accounts for approximately 40% of consolidated net sales.
CXW: Pending Acquisition of Farmville Facility – Raising Estimates, Valuation
- CXW had liquidity of about $331m at 1Q25-end & plans to fund the $67.0m purchase using cash on hand and its revolving credit facility.
- Farmville is expected to produce annual incremental revenue of about $40.0m for CXW & we have revised our model.
- We believe the transaction also underscores CXW’s strong relationship with ICE, its largest government partner, and need for capacity.
GMexico Transportes SAB de CV – Actinver Research
- The company is calling for an extraordinary shareholders meeting to be held on June 27 to approve the delisting of GMXT’s shares in the Mexican Stock Exchange (BMV) and the RNV (Registro Nacional de Valores).
- No further details were provided and we are expecting to have more information after the shareholders meeting in order to have a sense of a potential delisting offering.
- Our current rating on GMXT is Market Perform with a 12M PT of P$36.0 / share.
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