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>Bloomberg <a href="https://www.businesstimes.com.sg/companies-markets/telcos-media-tech/china-mobile-said-explore-deal-internet-provider-hkbn" target="_blank" rel="noopener">reports</a> that <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> is exploring a buyout of <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> and is willing to pay at least HK$5.00, a 16.0% premium to last close.  </li>
<li>HKBN has been the subject of numerous bid rumours, which seemingly came to nothing due to the challenge of meeting the largest shareholders' (TPG and MBK) price expectations. </li>
<li>The rumoured offer price will struggle to gain TPG/MBK’s backing. The current valuation is unappealing, as HKBN trades at a premium multiple compared to peers at the last close. </li>
</ul>


Bloomberg reports that China Mobile (941 HK) is exploring a buyout of HKBN Ltd (1310 HK) and is willing to pay at least HK$5.00, a 16.0% premium to last close.  
HKBN has been the subject of numerous bid rumours, which seemingly came to nothing due to the challenge of meeting the largest shareholders' (TPG and MBK) price expectations. 
The rumoured offer price will struggle to gain TPG/MBK’s backing. The current valuation is unappealing, as HKBN trades at a premium multiple compared to peers at the last close. 


HKBN (1310 HK): China Mobile Resurfaces as a Rumoured Suitor

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

SPDR Straits Times Index ETF / Equity Bottom-Up

<ul>
<li>The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.</li>
<li>As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. </li>
<li>We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.</li>
</ul>


The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our corporate finance solutions.
As we initiate coverage on companies within the SGX space, Evolve Capital is committed to building a repository of insights, showcasing a diverse range of companies that embody growth potential. 
We focus on identifying compelling investment stories that can attract local and international investors, aimed at uncovering promising investment opportunities in the Catalist market and offering value through our insights.


Unveiling Potential Gems Within the Catalist

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional outflow, a similar pace to the preceding five sessions of S$144 million of net outflow.</li><li>Stocks that led the net institutional outflow were DBS, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit, Genting Singapore, Seatrium, CapitaLand Investment, UOB, Sembcorp Industries, Mapletree Logistics Trust, and Singtel.</li><li>Sembcorp Industries On Oct 16, Sembcorp Industries’ subsidiary, Sembcorp Financial Services, priced S$350 million 3.65 per cent certified rate guaranteed notes due 2036 under its S$5 billion Euro Medium Term Note (EMTN) Programme Series 001 Notes.</li></ul>

INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional outflow, a similar pace to the preceding five sessions of S$144 million of net outflow.Stocks that led the net institutional outflow were DBS, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit, Genting Singapore, Seatrium, CapitaLand Investment, UOB, Sembcorp Industries, Mapletree Logistics Trust, and Singtel.Sembcorp Industries On Oct 16, Sembcorp Industries’ subsidiary, Sembcorp Financial Services, priced S$350 million 3.65 per cent certified rate guaranteed notes due 2036 under its S$5 billion Euro Medium Term Note (EMTN) Programme Series 001 Notes.

Sembcorp director participates in well-subscribed EMTN offering

<ul><li>Institutions were net sellers of Singapore stocks over the five trading sessions spanning Oct 11 to Oct 17, with S$144 million of net institutional outflow, partially reversing the preceding 10 sessions of S$251 million net inflow.</li><li>This has brought net institutional flow in the 2024 year to Oct 17, back to a net outflow of S$21 million.</li><li>Leading the net institutional outflow over the five sessions through to Oct 17 were United Overseas Bank, Singapore Telecommunications, Singapore Airlines, Capitaland Ascendas REIT, Keppel, Capitaland Integrated Commercial Trust, Genting Singapore, Seatrium, Mapletree Pan Asia Commercial Trust and Jardine Matheson Holdings.</li></ul>

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Oct 11 to Oct 17, with S$144 million of net institutional outflow, partially reversing the preceding 10 sessions of S$251 million net inflow.This has brought net institutional flow in the 2024 year to Oct 17, back to a net outflow of S$21 million.Leading the net institutional outflow over the five sessions through to Oct 17 were United Overseas Bank, Singapore Telecommunications, Singapore Airlines, Capitaland Ascendas REIT, Keppel, Capitaland Integrated Commercial Trust, Genting Singapore, Seatrium, Mapletree Pan Asia Commercial Trust and Jardine Matheson Holdings.

CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks over the five trading sessions spanning Oct 4 to Oct 10, with S$211 million of net institutional inflow, adding to the preceding five sessions of S$50 million net inflow.</li><li>Leading the net institutional inflow over the five sessions through to Oct 10 were DBS Group Holdings, Seatrium, Hongkong Land Holdings, Wilmar International, iFAST Corporation, Genting Singapore, SATS, Sembcorp Industries, Singapore Exchange and Frasers Logistics & Commercial Trust.</li><li>Its 1HFY24 (ended June 30) net profit of S$0.3 million compared to a net profit of S$0.4 million for 1HFY23.</li></ul>

Institutions were net buyers of Singapore stocks over the five trading sessions spanning Oct 4 to Oct 10, with S$211 million of net institutional inflow, adding to the preceding five sessions of S$50 million net inflow.Leading the net institutional inflow over the five sessions through to Oct 10 were DBS Group Holdings, Seatrium, Hongkong Land Holdings, Wilmar International, iFAST Corporation, Genting Singapore, SATS, Sembcorp Industries, Singapore Exchange and Frasers Logistics & Commercial Trust.Its 1HFY24 (ended June 30) net profit of S$0.3 million compared to a net profit of S$0.4 million for 1HFY23.

Substantial shareholder Thomas Clive Khoo takes his Zixin stake to above 9%

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Singtel (Singapore Telecommunications) (ST SP)

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Singtel (Singapore Telecommunications) (ST SP)

HKBN (1310 HK): China Mobile Resurfaces as a Rumoured Suitor

Bloomberg reports that China Mobile is exploring a buyout of HKBN and is willing to pay at least HK$5.00. The rumoured offer price will struggle to...

Arun George

Unveiling Potential Gems Within the Catalist

The Evolve Capital team is excited to begin its foray into equity research, with the ability to offer a more diverse set of offerings alongside our...

Evolve Capital Advisory Pte Ltd

Sembcorp director participates in well-subscribed EMTN offering

INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional...

Singapore Exchange Ltd (SGX)

CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Oct 11 to Oct 17, with S$144 million of net...

Singapore Exchange Ltd (SGX)

Substantial shareholder Thomas Clive Khoo takes his Zixin stake to above 9%

Institutions were net buyers of Singapore stocks over the five trading sessions spanning Oct 4 to Oct 10, with S$211 million of net institutional...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)