“RIL’s AGM<\/a> tends to be announcement-heavy, and expectations run high in the run-up to the AGM (like the last three), and this year they centre on concrete timelines being announced for IPOs of the consumer business,” the brokerage said in a report released on Wednesday. “We do not expect any concrete timelines from this year’s AGM on the consumer businesses IPOs (Jio<\/a> and Reliance Retail<\/a>),” it said.
RIL’s annual general meeting (AGM) is expected around July-end or August.
Some recent media reports had talked about possible announcement of demerger and IPO of the telecom and retail businesses of RIL during this year’s AGM.
An email sent to RIL did not elicit any response.
The JP Morgan report said consumer business valuations have held up well and, with likely higher average revenue per user (ARPU) of the Jio telecom business and further ramp-up of retail footprint, it should hold up going forward.
Incidentally, RIL chairman and managing director Mukesh Ambani<\/a> in his 2019 AGM speech had said about listing these businesses in the next five years.
“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance<\/a> Retail,” he had said. “We will induct leading global partners in these businesses in the next few quarters, and move towards listing of both these companies within the next five years.”
Since then, RIL has raised funds from multiple investors for both these businesses.
According to a recent Goldman Sachs report, RIL’s core retail revenue grew 45% in FY22 with the business adding seven stores a day and warehousing area doubled. “We believe RIL’s existing dominance in telecom and offline retail, combined with its partnership and the online traffic dominance of Facebook, can create the fastest growing internet platform in India,” it said. “Within ecommerce, we forecast RIL’s online revenue to grow to $14 billion by FY25 versus $3 billion in FY22. Overall, we expect core retail revenue to grow at 37% CAGR to $38 billion through FY22-25E.”
The report also said Jio’s ARPU is at Rs 168 as the company continued to remove inactive subscribers from its base. With tariff hike largely in the base and smartphone demand slowing, Goldman Sachs said it expects Jio’s June quarter revenue growth to be 2% quarter on quarter.
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依赖不太可能宣布零售,在AGM Jio IPO,摩根大通(JP Morgan)说
“瑞来斯的AGM announcement-heavy,和期望运行高在年度股东大会的准备阶段(如最后三个),具体的时间表,今年他们中心宣布对ipo的消费者业务,”经纪公司在周三发布的一份报告中说。“我们并不期望任何具体时间从今年的AGM消费者企业ipo (Jio和信实零售),”它说。
读到
信实工业公司(瑞来斯)不太可能进行首次公开发行(ipo) (首次公开募股)为其消费者业务如电信和零售,今年的一份报告摩根大通(JP Morgan)有说。
“瑞来斯的AGM往往是announcement-heavy,期望运行高在年度股东大会的准备阶段(如最后三个),具体的时间表,今年他们中心宣布对ipo的消费者业务,”经纪公司在周三发布的一份报告中说。“我们并不期望任何具体时间从今年的AGM消费者企业ipo (Jio和信实零售),”它说。
瑞来斯的年度大会(AGM)预计July-end或八月左右。
最近一些媒体报道谈到可能宣布拆分,电信和零售企业的IPO瑞来斯在今年的股东大会。
电子邮件发送到瑞来斯并没有引起任何反应。
摩根大通(JP Morgan)的报告称,消费者业务的估值一直保持良好,可能与更高的每用户平均收入(ARPU) Jio电信业务和零售业务的进一步加速,它应该举起。
顺便说一句,瑞来斯主席兼董事总经理穆凯什•安巴尼在他2019年的AGM演讲说了关于清单这些企业在未来五年。
“我们已经收到强烈的兴趣在我们的消费者业务战略和金融投资者,Jio和依赖零售,”他说。“我们将引进全球领先的合作伙伴在这些企业在未来几个季度,并朝着上市的这些公司在未来五年了。”
此后,瑞来斯从多个投资者对于这些企业筹集资金。
根据高盛(Goldman Sachs)最近的一份报告,瑞来斯的核心零售收入增长45% FY22与业务添加一天七商店和仓库面积增加了一倍。“我们相信瑞来斯现有的优势在电信和线下零售,加上其伙伴关系和Facebook的在线流量优势,可以创建增长最快的互联网平台在印度,”它说。”在电子商务中,我们预测瑞来斯的在线收入增长到140亿美元在FY22 FY25和30亿美元。总体而言,我们预计核心零售收入增长37% CAGR通过FY22-25E 380亿美元。”
报告还说Jio的ARPU Rs 168公司继续删除不活跃用户的基础。与关税上调主要基地和智能手机需求放缓,高盛(Goldman Sachs)表示,预计Jio 6月季度收入增长较上个季度下滑2%。
“瑞来斯的AGM往往是announcement-heavy,期望运行高在年度股东大会的准备阶段(如最后三个),具体的时间表,今年他们中心宣布对ipo的消费者业务,”经纪公司在周三发布的一份报告中说。“我们并不期望任何具体时间从今年的AGM消费者企业ipo (Jio和信实零售),”它说。
瑞来斯的年度大会(AGM)预计July-end或八月左右。
最近一些媒体报道谈到可能宣布拆分,电信和零售企业的IPO瑞来斯在今年的股东大会。
电子邮件发送到瑞来斯并没有引起任何反应。
摩根大通(JP Morgan)的报告称,消费者业务的估值一直保持良好,可能与更高的每用户平均收入(ARPU) Jio电信业务和零售业务的进一步加速,它应该举起。
顺便说一句,瑞来斯主席兼董事总经理穆凯什•安巴尼在他2019年的AGM演讲说了关于清单这些企业在未来五年。
“我们已经收到强烈的兴趣在我们的消费者业务战略和金融投资者,Jio和依赖零售,”他说。“我们将引进全球领先的合作伙伴在这些企业在未来几个季度,并朝着上市的这些公司在未来五年了。”
此后,瑞来斯从多个投资者对于这些企业筹集资金。
根据高盛(Goldman Sachs)最近的一份报告,瑞来斯的核心零售收入增长45% FY22与业务添加一天七商店和仓库面积增加了一倍。“我们相信瑞来斯现有的优势在电信和线下零售,加上其伙伴关系和Facebook的在线流量优势,可以创建增长最快的互联网平台在印度,”它说。”在电子商务中,我们预测瑞来斯的在线收入增长到140亿美元在FY22 FY25和30亿美元。总体而言,我们预计核心零售收入增长37% CAGR通过FY22-25E 380亿美元。”
报告还说Jio的ARPU Rs 168公司继续删除不活跃用户的基础。与关税上调主要基地和智能手机需求放缓,高盛(Goldman Sachs)表示,预计Jio 6月季度收入增长较上个季度下滑2%。
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