Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> has made a <a href="https://links.sgx.com/FileOpen/Offer%20Announcement.ashx?App=Announcement&amp;FileID=802886" target="_blank" rel="noopener">voluntary unconditional general Offer </a>for the 11.56% in <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> not held. </li>
<li>The S$25.60 cash Offer for the life/non-life insurer is a 36.9% premium to last close; and a 30% discount to its <a href="https://links.sgx.com/FileOpen/GEH_Annual%20Report%20FY2023.ashx?App=Announcement&amp;FileID=794329" target="_blank" rel="noopener">S$36.59/share embedded value</a> (as at 31st Dec 2023).</li>
<li>The Offer is unconditional in all respects. This will trade tight.  A delisting Offer is next on the cards.</li>
</ul>



OCBC (OCBC SP) has made a voluntary unconditional general Offer for the 11.56% in Great Eastern Holdings (GE SP) not held. 
The S$25.60 cash Offer for the life/non-life insurer is a 36.9% premium to last close; and a 30% discount to its S$36.59/share embedded value (as at 31st Dec 2023).
The Offer is unconditional in all respects. This will trade tight.  A delisting Offer is next on the cards.


Great Eastern (GE SP): OCBC's S$25.60 Unconditional Offer

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

ZEEKR Intelligent Technology Holding Limited operates as a holding company. The Company, through its subsidiaries, principally engages in commercialization and sales of electric vehicles and battery, and provision of automotive related research and development services. ZEEKR Intelligent Technology Holding serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

Tracker Fund of Hong Kong  / Equity Bottom-Up

Tracker Fund of Hong Kong (TraHK) is an ETF registered in Hong Kong. The Fund seeks to provide investment results that closely correspond to the performance of the Hang Seng Index through investing all, or substantially all, of the Fund's assets in Index Shares in substantially the same weightings as they appear in the Hang Seng Index.

<ul>
<li>If a sustainable bottom was made in January, which sectors are best to invest?</li>
<li>China State Owned Enterprises fit the current uncertain investment climate</li>
<li>The Hang Seng China Affiliated Index (red chips) provides some good ideas</li>
</ul>


If a sustainable bottom was made in January, which sectors are best to invest?
China State Owned Enterprises fit the current uncertain investment climate
The Hang Seng China Affiliated Index (red chips) provides some good ideas


Further Opportunities in the Hong Kong Market

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Crypto

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

<ul><li>On March 13, nearly two months ago, Ethereum implemented its most significant upgrade in the past 20 months, marking a notable development since the Ethereum Merge on September 15, 2022.</li><li>Known as Dencun or Cancun-Deneb, this upgrade introduced the highly anticipated Proto-Danksharding feature, designed to significantly improve the scalability of Ethereum’s Layer 2 solutions, also known as rollups.</li><li>This enhancement has allowed rollups to drastically reduce transaction costs by approximately five to 10 times, while also stabilizing their cost fluctuations.</li></ul>

On March 13, nearly two months ago, Ethereum implemented its most significant upgrade in the past 20 months, marking a notable development since the Ethereum Merge on September 15, 2022.Known as Dencun or Cancun-Deneb, this upgrade introduced the highly anticipated Proto-Danksharding feature, designed to significantly improve the scalability of Ethereum’s Layer 2 solutions, also known as rollups.This enhancement has allowed rollups to drastically reduce transaction costs by approximately five to 10 times, while also stabilizing their cost fluctuations.

Crypto Moves #27 – Rollups Leave Ethereum in the Dust

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

CreditAccess Grameen Ltd / Equity Bottom-Up

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

<ul><li>CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)</li><li>Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gains</li><li>Borrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly offset by higher credit costs (240bps)Profitability (RoA/RoE of 5.7%/25%) remained strong on the back of healthy risk-adjusted NIMs and continued efficiency gainsBorrower addition continued to gain traction (+15.3% YoY) and is likely to drive loan growth during FY25-FY26EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CreditAccess Grameen: Value Emerging, Upgrade to BUY

Financials
Follow the money trail

Great Eastern (GE SP): OCBC's S$25.60 Unconditional Offer

Super clean deal; so expect this to trade super tight. Get involved IF there is some juice in the trade. IF you are a LO investor, either sell in...

David Blennerhassett

Zeekr IPO Trading - Not as Cheap as It Looks but Float Is Tiny

ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top. In this...

Sumeet Singh

Further Opportunities in the Hong Kong Market

As global and emerging market funds return to Hong Kong, some underperforming index names will attract flows. Seeing good technical action, volume...

Rikki Malik

Crypto Moves #27 – Rollups Leave Ethereum in the Dust

On March 13, nearly two months ago, Ethereum implemented its most significant upgrade in the past 20 months, marking a notable development since...

Steno Research

CreditAccess Grameen: Value Emerging, Upgrade to BUY

CreditAccess Grameen’s (CREDAG) Q4FY24 earnings were ahead of estimates, driven by steady NIMs (13.1%) and healthy loan growth (+27% YoY), partly...

HDFC Securities