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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Macquarie Group Limited    MQG   AU000000MQG1

MACQUARIE GROUP LIMITED

(MQG)
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Large Southeast Asian listings have mixed debuts on outlook concerns

10/26/2020 | 09:58pm EST

KUALA LUMPUR/MANILA (Reuters) - Shares in the Philippines' second-largest IPO and Malaysia's largest offering in more than three years had a mixed debut on Monday, as analysts pointed to expansion concerns in pandemic-hit markets.

Converge ICT Solutions Inc, a Philippine fibre broadband provider, fell as much as 11.2% and ended 9.4% lower, while shares in MR D.I.Y. Group Bhd, the Malaysian home improvement retailer, recovered to end the day 9.4% higher after briefly dropping as much as 6.25%.

The Southeast Asian IPO market has been hit by underperforming stocks and currencies, but companies in the region have raised $7.1 billion so far this year, led by Thailand, up 21% from the same period a year ago, according to data from Refinitiv.

April Lee Tan, head of research at COL Financial in Manila, flagged Converge's offer price as expensive.

"I like the growth story of the company, except the IPO price. They are vulnerable to missteps, like if the execution is not as good as expected," she said.

TA Securities' consumer sector analyst Jeff Lye said MR D.I.Y. shares performed quite well amid domestic concerns about a rise in coronavirus cases and tighter movement restrictions.

"If COVID-19 were to go out of control and they may be forced to close down or retail traffic in malls could decline substantially, that would hit their revenue," he said.

Converge, which raised $600 million, counts Canadian pension fund OMERS and Macquarie among its cornerstone investors. MR D.I.Y. raised $362 million, attracting funds under BlackRock Inc, JPMorgan Asset Management and AIA.

Saurabh Agarwal, a partner at Warburg Pincus, the largest institutional shareholder of Converge, noted "a multi-year runway for growth based on how underserved and underpenetrated the market is."

Converge will use the proceeds to roll out its network to tens of thousands of local communities, while MR D.I.Y. aims to repay bank loans.

"Our funds are secured until 2025. We don't need to come back to the exercise anymore," Dennis Anthony Uy, chief executive of Converge, told ANC news channel.

MR D.I.Y. CEO Adrian Ong told a virtual news conference that the company was on track to add another 226 new stores in the next two years to its existing 674 stores in Malaysia and Brunei, taking the total to 900 stores in the countries.

(This story corrects number of new stores to 226, not 307, in last paragraph and adds total stores target for Malaysia and Brunei)

(Reporting by Liz Lee in Kuala Lumpur and Neil Jerome Morales in Manila; Additional reporting by Anshuman Daga; Editing by Anshuman Daga, Uttaresh.V and Mike Harrison)

By Liz Lee and Neil Jerome Morales


© Reuters 2020
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Financials
Sales 2021 11 146 M 8 181 M 8 181 M
Net income 2021 2 239 M 1 644 M 1 644 M
Net Debt 2021 53 524 M 39 287 M 39 287 M
P/E ratio 2021 23,2x
Yield 2021 2,52%
Capitalization 47 945 M 35 233 M 35 192 M
EV / Sales 2021 9,10x
EV / Sales 2022 9,20x
Nbr of Employees 16 356
Free-Float 91,6%
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 139,37 AUD
Last Close Price 138,67 AUD
Spread / Highest target 9,01%
Spread / Average Target 0,50%
Spread / Lowest Target -13,5%
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Managers
NameTitle
Shemara Wikramanayake Chief Executive Officer, MD & Executive Director
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Corporate Operations Group
Alex H. Harvey CFO & Head-Financial Management Group
Diane Jennifer Grady Independent Non-Executive Director
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