APT has mandated Goldman Sachs to prepare for a listing on the US NASDAQ after posting over $1bn in sales for March. The cynics will say its all about get the share price higher as competitors in the US are trading on higher valuations but with the majority of its customers & sales in the US MM would argue why not? – close to 18,000 new customers are joining daily in the US. Potentially APT could even follow Atlassian by delisting in Australia alternatively they might issue locally traded CDI’s similar to Amcor (AMC).
Listing in the US increases the potential pool of investors with most analysts expecting the company to trade on a higher valuation in a market where growth is more enthusiastically embraced. The news is out and the stock slipped slightly yesterday but if we get a “buy on rumour, sell on fact” scenario we would be considering accumulating into a decent pullback. Also other locally listed stocks in the BNPL space like Zip (Z1P) should benefit as it reduces the domestic opportunities for the purely onshore investors.
MM is mildly bullish APT
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