Report
EUR 92.71
For Business Accounts Only
CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China. According to Frost & Sullivan (F&S), in terms of installed capacity in 2021, it was ranked second in China among third-party EV battery companies and ranked seventh globally among EV battery companies. As of Dec 21, it had a production capacity of 11.9 GWh.
CALB has managed to grow its volumes and revenue at a rapid pace over the past few years. It plans to continue spending in order to ramp-up production as it expects its growth to remain high.
However, the company has been rejigging its shareholding to distance itself from its former parent who had US sanctions imposed against it. Although, it's unclear how successful that exercise has been as it continues to have significant dealings with its former larger shareholder. Furthermore, volatile raw materials prices have been putting pressure on its margins resulting in its profitability failing to keep pace with revenue growth.
CALB Pre-IPO
CALB aims to raise around US$1.5bn in its Hong Kong IPO. CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products.CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China. According to Frost & Sullivan (F&S), in terms of installed capacity in 2021, it was ranked second in China among third-party EV battery companies and ranked seventh globally among EV battery companies. As of Dec 21, it had a production capacity of 11.9 GWh.
CALB has managed to grow its volumes and revenue at a rapid pace over the past few years. It plans to continue spending in order to ramp-up production as it expects its growth to remain high.
However, the company has been rejigging its shareholding to distance itself from its former parent who had US sanctions imposed against it. Although, it's unclear how successful that exercise has been as it continues to have significant dealings with its former larger shareholder. Furthermore, volatile raw materials prices have been putting pressure on its margins resulting in its profitability failing to keep pace with revenue growth.
Underlyings
CALB
LG Energy Solution
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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