This weekly newsletter pulls together summaries of the top ten most-read Insights across Equity Capital Markets on Smartkarma.
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1. NTT DC REIT IPO – Decent Yield, Strong Local Backing, a Few Issues
- Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
- In this note, we look at the company’s portfolio and its performance.
2. NTT DC REIT IPO – Thoughts on Valuation
- NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
- The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
- We have looked at the company’s past performance in our previous note. In this note, we will talk about valuations.
3. Beijing Geekplus Pre-IPO: Expensive Valuation and Mark up from Previous Round
- Geek+ (1678559D CH) is looking to raise up to $300m in its upcoming Hong Kong IPO.
- It is a leader in the global autonomous mobile robots (AMR) market.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
4. NTT DC REIT IPO: The Investment Case
- NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
- The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
- NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.
5. Saint Bella IPO (2508.HK): Pricing and Post-IPO Performance, Wild Price Swings Could Be Short-Lived
- Saint Bella, a leading postpartum care and recovery group in China, priced its upsized IPO at fixed offer price of HK$6.58 per share.
- The offer size adjustment option has been fully exercised. The company issued and allotted 14,313,000 additional offer shares.
- Saint Bella sold 109,733,000 shares and raised net proceeds of ~HK$630M or ~$80M. The stock jumped ~49% on first day as a public company and peaked at HK$11.00 per share.
6. Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
7. Geek+ IPO (2590.HK): Long-Term, Warehouse Automation Story, But IPO Valuation Is Not Cheap
- Geek+, global technology company and provider of scalable and flexible highly efficient solutions for warehouses, aims to raise ~$300M in Hong Kong IPO.
- The company is expected to IPO next week and offer price of HK$16.80 implies a market cap of HK$22B (~$2.8B). Geek+ is set to start trading on July 9, 2025.
- I believe that Geek+ has a large runway for growth in the global AMR solution market, but valuation keeps me from being positive on the name.
8. Lens Technology A/H Listing – Pricing Looks Decent
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
9. Geekplus Technology IPO (2590 HK): The Investment Case
- Geekplus Technology (2590 HK) is a leader in the global autonomous mobile robot (AMR) market. It is seeking to raise US$300 million.
- Geekplus has been the world’s largest warehouse fulfilment AMR solution provider in terms of revenue for the last six consecutive years.
- The investment case is bearish due to declining growth, lower contract liabilities, hints of window dressing relating to reducing losses and ongoing cash burn.
10. Lens Technology H-Share Listing: Thoughts on Valuation
- Chinese iPhone glass supplier Lens Technology (6613 HK) has announced the terms for its H-share listing, and plans to raise around US$600m through issuing 262.3m shares.
- The company’s listing is priced at HK$17.38-18.18 per share, at a 25-28% discount to the last close price of the A-shares as of 27th June.
- Our valuation analysis suggests that the company’s H-share offering is priced reasonably compared to domestic and international peers.
