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/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. </li>
<li>The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.</li>
</ul>



Adbri (ABC AU) has entered a scheme implementation deed with CRH (CRH US) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. 
The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.


Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a> has disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/crh-plc-48f6cfec-562f-4a6b-a3b8-f4bd3f5243d4" target="_blank" data-smartkarma-citation="entities:24514:1" rel="noopener">CRH (CRH LN)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. </li>
<li>The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  </li>
</ul>



Adbri (ABC AU) has disclosed a non-binding proposal from CRH (CRH LN) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. 
The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  


Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

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.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at 1,385/1,378 points.</li><li>The consideration of informal debts (formal debts will be considered on December 12).</li><li>Approval of the E-refund scheme, enabling tax deductions of up to Bt50k for goods purchased from tax-registered shops with e-receipts between January 1 and February 15, 2024.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at 1,385/1,378 points.The consideration of informal debts (formal debts will be considered on December 12).Approval of the E-refund scheme, enabling tax deductions of up to Bt50k for goods purchased from tax-registered shops with e-receipts between January 1 and February 15, 2024.

<ul><li>The consensus anticipates a modest improvement in the profits of industrial companies, with growth forecast at -8% YoY, compared to September's -9% YoY, to CNY5411.99bn.</li><li>Keep an eye on the earnings guidance of DDD, STEC, SENA, KEX, SENX, RATCH, AMATAV, SCCC, PRTR, S, FTI, PDJ, PLUS/Digital Online, JMART, PTTEP, TLI, GPSC, CKP and WHAUP, which is expected to affect the prices of the related stocks.</li><li>The consensus forecasts a growth rate of -4% MoM, reaching 0.7mn units, which is less favorable than the figure recorded in September.</li></ul>

The consensus anticipates a modest improvement in the profits of industrial companies, with growth forecast at -8% YoY, compared to September's -9% YoY, to CNY5411.99bn.Keep an eye on the earnings guidance of DDD, STEC, SENA, KEX, SENX, RATCH, AMATAV, SCCC, PRTR, S, FTI, PDJ, PLUS/Digital Online, JMART, PTTEP, TLI, GPSC, CKP and WHAUP, which is expected to affect the prices of the related stocks.The consensus forecasts a growth rate of -4% MoM, reaching 0.7mn units, which is less favorable than the figure recorded in September.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/scg-decor-pcl" target="_blank" data-smartkarma-citation="entities:39984:1" rel="noopener">SCG Decor PCL (SCGD TB)</a> is looking to raise around US$180m in its Thailand IPO.</li>
<li>SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
In this note, we look at the firm's past performance.


SCG Decor Pre-IPO - Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

Thailand

Siam City Cement is a leading Thai manufacturer and distributor of cement and construction materials, including ready-mixed concrete, aggregates, and light building materials such as fiber cement and lightweight concrete blocks. The company also engages in waste management, industrial services, and energy production. It was established on May 16, 1969, and is headquartered in Bangkok, Thailand.

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Siam City Cement (SCCC TB)

Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer

The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%...

Arun George

Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs....

Arun George

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,405/1,412 points (10-day and 25-day EMA) and the support at...

Krungthai XSpring

Today's Dominant Ideas

The consensus anticipates a modest improvement in the profits of industrial companies, with growth forecast at -8% YoY, compared to September's...

Krungthai XSpring

SCG Decor Pre-IPO - Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO. In this note, we look at the firm's past performance.

Clarence Chu

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