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The e-commerce group might be worth over $50 bln in its New York IPO valued as the former, or about $10 bln as the latter. Coupang is loss-making in a small retail market. Success in new areas like food delivery could justify a premium but the growth outlook deserves caution.
Fix Price, the country’s biggest discounter, may list in London and Moscow. It’s growing rapidly, thanks to pressured incomes in its home market and resilience to online rivals. That could justify a price tag of $9 billion, so long as investors shrug off rising competition.
Thai Beverage’s move to float 20% of its brewing business has strong echoes of the 2019 IPO of Budweiser’s Asia unit. To reach a mooted $10 bln equity value, it will need to match a bubbly valuation too. But it’s less profitable and Singapore listings aren’t known for froth.
The $108 bln bank may relocate the co-heads of its investment bank to Asia. There are good excuses for many financial services giants to avoid putting global chiefs in Hong Kong or Singapore. Given HSBC’s dependency on the region, however, it’s a wonder it has taken so long.
The Wall Street firm’s $8.9 bln earnings were buffeted by surging markets and fines for its role in a giant bribery scandal. Underneath it all, Goldman is becoming more efficient. And as a latecomer to retail banking, it is spared the painful impact of falling rates and lending.