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>On 21 November, <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> offer.</li>
<li>BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     </li>
<li>Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. </li>
</ul>


On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     
Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. 


Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding scheme offer from <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.</li>
<li>The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    </li>
<li>The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.</li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.


Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    </li>
<li>Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.</li>
<li>The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  </li>
</ul>



Klook (KLK US), the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    
Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.
The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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Trip.com (TCOM US)

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least...

Arun George

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook IPO (KLK US): The Investment Case

Klook, the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO. In this...

Arun George

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

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