IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell <strong><a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a></strong> in the market or tender.</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/krungthai-card-pcl" target="_blank" data-smartkarma-citation="entities:20097:1" rel="noopener">Krungthai Card (KTC TB)</a></strong> is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a></strong> appears "cheap" to 90%-held <strong><a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings C (300999 CH)</a></strong>; however recent implied stub figures have rolled over</li>
</ul>


Predicting binary events based on regulatory action or inaction is not ideal. Decide Monday or Tuesday to either sell Shibaura Electronics (6957 JP) in the market or tender.

Krungthai Card (KTC TB) is still a buy as latest pledged shares numbers fall to 2.3% of shares outstanding, down from 16.3% in May.

Wilmar International (WIL SP) appears "cheap" to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); however recent implied stub figures have rolled over


Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for decarbonizing the aviation industry.</li><li>Recent news that Airbus has delayed its hydrogen-powered aircraft initiative by up to a decade (Wall Street Journal) provides evidence that at least one leading alternative to SAF is losing ground.</li><li>Airbus has not changed its commitment to producing all aircraft capable of flying with up to 100% SAF by 2030. </li></ul>

The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for decarbonizing the aviation industry.Recent news that Airbus has delayed its hydrogen-powered aircraft initiative by up to a decade (Wall Street Journal) provides evidence that at least one leading alternative to SAF is losing ground.Airbus has not changed its commitment to producing all aircraft capable of flying with up to 100% SAF by 2030. 

Airbus Hydrogen Delay Broadens the Runway for Sustainable Aviation Fuel (SAF)

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

<div><p>This is the first edition of the Real Asset Chartbook.</p><p>This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. </p></div><div><p>The Chartbook will be released weekly, on Fridays, after the market closes.</p></div>

This is the first edition of the Real Asset Chartbook.This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state. The Chartbook will be released weekly, on Fridays, after the market closes.

<ul><li>Water technology is a critical yet underappreciated pillar of the global industrial economy.</li><li>As water scarcity intensifies and demand continues to rise, industries face mounting risks tied to water access and quality.</li><li>From semiconductors to power generation, water plays an indispensable role in production processes, with ultra-pure water (UPW) systems standing out as essential for high-precision industries.</li></ul>

Water technology is a critical yet underappreciated pillar of the global industrial economy.As water scarcity intensifies and demand continues to rise, industries face mounting risks tied to water access and quality.From semiconductors to power generation, water plays an indispensable role in production processes, with ultra-pure water (UPW) systems standing out as essential for high-precision industries.

United States

Archer-Daniels-Midland Company procures, transports, stores, processes, and merchandises agricultural commodities and products. The Company processes oilseeds, corn, milo, oats, barley, peanuts, and wheat. Archer-Daniels-Midland also processes produce products which have primarily two end uses including food or feed ingredients.

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Archer Daniels Midland Co (ADM US)

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Last Week In Event SPACE: Shibaura Electronics, Krungthai Card, Wilmar, First Pac, Fonterra

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Airbus Hydrogen Delay Broadens the Runway for Sustainable Aviation Fuel (SAF)

The alcohol-to-jet (AtJ) production pathway for sustainable aviation fuel (SAF) has the best potential to be a long-term scalable solution for...

Water Tower Research

Real Asset Chartbook: The First Edition

This is the first edition of the Real Asset Chartbook. This document arose from an internal need at Massif Capital to consolidate and streamline...

Massif Capital Research

Thirsty for Returns

Unearthing value in water technology for a water constrained industrial economy. Water technology is a critical yet underappreciated pillar of the...

Massif Capital Research

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