Report
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CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding. CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest credit reporting agency (CRA) in Malaysia, with an estimated market share in terms of revenue of 17.5%.
The stock has done well since listing and is now trading 72% above its IPO price. In this note, we talk about the updates since listing and the upcoming lock-up expiry.
We have covered various aspects of the deal in our earlier notes:
CTOS Digital Pre-IPO - Credit where credit’s due,
CTOS Digital IPO - Market leader, strong PE record and cornerstone
CTOS Digital IPO Trading - Strong Demand
CTOS Digital Lock-up expiry
CTOS Digital (CTOS) raised around US$291m in its Malaysian IPO in Jul 2021. It is majority owned by Creador, a PE firm.CTOS is an investment holding whose subsidiaries are principally involved in the business of credit reporting, digital software related services, software development, outsourcing and training services and investment holding. CTOS was the largest credit reporting agency (CRA) in Malaysia with an estimated market share in terms of revenue of 71.2% in 2020 according to the IMR Report. Its associate, Experian, was the second largest credit reporting agency (CRA) in Malaysia, with an estimated market share in terms of revenue of 17.5%.
The stock has done well since listing and is now trading 72% above its IPO price. In this note, we talk about the updates since listing and the upcoming lock-up expiry.
We have covered various aspects of the deal in our earlier notes:
CTOS Digital Pre-IPO - Credit where credit’s due,
CTOS Digital IPO - Market leader, strong PE record and cornerstone
CTOS Digital IPO Trading - Strong Demand
Underlying
CTOS Digital Bhd
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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