In today’s briefing:
- ThaiBev’s BeerCo IPO: What’s It Worth?
- Thai Life Insurance Pre-IPO – Thoughts on Valuation and International Peer Comparison
- ACommerce Pre-IPO – Updates Since Our Last Note – Probably Has to Scale Further to Become Profitable
- Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern
ThaiBev’s BeerCo IPO: What’s It Worth?
- Thai Beverage (THBEV SP)’s BeerCo is once again pre-marketing an SGX IPO to raise US$0.8-1.0 billion, according to press reports.
- In ThaiBev’s BeerCo IPO: Third Time’s the Charm?, we look at the latest developments and results.
- The target raise by offering 20% of BeerCo’s issued shares points to a valuation of US$4.0-5.0 billion. Our first-look valuation analysis suggests a valuation range of US$5.0-5.2 billion.
Thai Life Insurance Pre-IPO – Thoughts on Valuation and International Peer Comparison
- Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
- Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
- In this note, we will talk about valuations and undertake a peer comparison versus its international peers.
ACommerce Pre-IPO – Updates Since Our Last Note – Probably Has to Scale Further to Become Profitable
- ACommerce Group (ACOM TB) is looking to raise about US$200m in its upcoming Thailand IPO.
- ACommerce is an ecommerce enabler providing end-to-end and ala carte ecommerce solutions for brands in Southeast Asia (SEA).
- In this note, we will discuss aCommerce’s updates since our last note.
Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern
- The advantages of NeuroTech are mainly reflected in the comprehensive product portfolio and stable product performance, with higher gross margin, stronger cost control ability and first-mover advantage than its peers.
- The major concerns here are the domestic shrinking market size due to the centralized procurement, the fierce market competition and the pain points on its sales model.
- In terms of valuation, our view is that NeuroTech’s valuation could be higher than that of the peers such as Zylox-Tonbridge, HeartCare Medical, Peijia Medical and Sino Medical.
Before it’s here, it’s on Smartkarma
