In today’s briefing:
- Celltrion and Celltrion Health Placement – Past Deals Have Been Mixed
- Block Deal Sale of Celltrion & Celltrion Healthcare by ION Investment
- Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation
- RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast
- PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution
Celltrion and Celltrion Health Placement – Past Deals Have Been Mixed
- Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.
- We have looked at its two previous sell downs in 2018 and 2020.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Block Deal Sale of Celltrion & Celltrion Healthcare by ION Investment
- After the market close today, it was announced that ION Investment will partially sell its stakes in Celltrion and Celltrion Healthcare for about 560 billion won in a block deal.
- The block deal price ranges are at 6 to 9 percent discount to current prices of Celltrion and Celltrion Healthcare.
- We would take this take this deal due to settling of the accounting issue, more reasonable valuations, and sizeable block deal discount range.
Arrail Group (瑞尔集团) IPO Trading: Weak Demand, Rich Valuation
- Arrail Group raised HKD 589.9 million (USD 75m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, Mar 22nd.
- In our previous notes, we looked at the company’s background, its operation, its financials, and its expansion plan, compared its key metrics with peers and provided thoughts on valuation.
- In this note, we look at the updates since our last note and prior to debut.
RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast
- RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.
- In the previous note, we looked at the company’s core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.
- In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.
PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution
- PHC Holdings (6523 JP) is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.
- The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.
- PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.
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