Fast Take: Upson’s IPO and a couple of extra market updates
January 31, 2023 | 8:57am
Upson Worldwide [UPSON 5.50 pre-IPO] [link] IPO was authorized by the PSE. The provide interval will run from March 6 by means of March 10, with the IPO on March 16. UPSON will formally value the providing on February 28. UPSON is the dad or mum firm of the pc/expertise components retailer, Octagon.
MB Fast Take: I haven’t appeared deeply but, however it doesn’t seem like UPSON has modified something essential about its IPO within the time because it final produced a prospectus for this IPO. Nonetheless trying to increase P5.4 billion by means of a mix of major and secondary shares. The most important distinction: the market is displaying indicators of life, and now that valuations are enhancing, asset homeowners are extra prepared to half with fairness to finance progress plans.
Union Financial institution [UBP 97.0 3.7%] [link] FY22 web revenue up 1.6% to P12.7 billion, pushed by web curiosity revenue and fee-based revenue. UBP stated it booked file revenues of P52.2 billion (up 16%), with web curiosity revenue up 31%.
MB Fast Take: Wanting again, UBP went by means of quite a bit in 2022. Not in a detrimental method, however in a transformative method that BPI’s comparatively minor merger with Robinsons Financial institution simply can’t contact. The mixing of the Citi PH property could have a large influence on UBP’s financials going ahead, to the purpose the place it may be tough to attract a lot utility from comparisons of future efficiency to durations earlier than the Citi PH integration.
Holcim [HLCM 4.2] [link] touts its Geocycle program for changing a million tons (1 billion kg) of “certified waste” into various fuels and cement elements. HLCM refers back to the initiative as “round building”, which goals to prioritize “reusing, sharing, leasing, repairing, refurbishing, upcycling or recycling” as an alternative of the normal “take-make-consume-dispose” mannequin.
MB Fast Take: Cement manufacturing is without doubt one of the most environmentally-destructive industries on the planet. It’s the third-largest industrial supply of air pollution within the US, and international cement manufacturing is accountable for extra air air pollution than “all of the vehicles on the earth.” However we’d like cement. Particularly now, as we construct out the infrastructure to attach cities by roads and areas by boat and aircraft. Something that reduces the dangerous footprint of this vital evil is sweet, although I’m at all times left questioning: if 1 billion kg of wastes have been saved by this program, what’s the whole “addressable market” of waste for which HLCM is accountable? Is that this 1 billion kg a big chunk of the entire waste, like 25%, or is it like an insignificant chunk? I’d love there to be some context to get a style for the materiality and potential promise of this Geocycle program.