Daily BriefsTMT/Internet

Daily Brief TMT/Internet: EVOC Intelligent Technology Company Limited H, Lionheart Studios, Vontier Corp and more

In today’s briefing:

  • EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable
  • Lionheart Studio IPO Valuation Analysis
  • Some new stocks

EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

By David Blennerhassett

  • The Composite Document for electronics play and property developer EVOC Intelligent Technology Company  (2308 HK), has been dispatched.  The EM and H-Class meeting will be held on the 19 October. 
  • The Offer Price is HK$1.75/share. It will not be increased. No further dividends will be added. 
  • This is done. Trading at a gross/annualised spread of 2.9%/34%.

Lionheart Studio IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Lionheart Studio is a target price of 19,362 won per share, which is 46% lower than the low end of the IPO price range.
  • Our IPO valuation assumes a 7.2x EV/EBITDA (comps’ average) using 2023 estimated EBITDA of 145 billion won for the company.
  • All in all, we believe there is a strong probability of Lionheart Studio being forced to lower its IPO price range in order to attract more investors. 

Some new stocks

By Turtles all the way down

  • First one is Vontier, its main business is a duopoly in gas station equipment and software.
  • Repair tools for ICE vehicles. Software and hardware for car washes, and some smaller miscellaneous businesses.
  • Some of which they will divest for probably several $100 million in proceeds. And they have a piece in EV charging infrastructure as well. 

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