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/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> has entered a <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0409/2025040900507.pdf" target="_blank" rel="noopener">share purchase agreement</a> to acquire TPG’s <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> shares and vendor loan note conversion shares by 28 November.   </li>
<li>On completion, TPG will be released from its irrevocable, which has a competing offer clause.  China Mobile’s agreement signals its expectation that I Squared will launch a competing proposal. </li>
<li>The agreement will not change I Squared’s approach as it would not negatively impact regulatory approvals (a key risk) or prevent it from meeting a 50% minimum tendering condition. </li>
</ul>



China Mobile (941 HK) has entered a share purchase agreement to acquire TPG’s HKBN Ltd (1310 HK) shares and vendor loan note conversion shares by 28 November.   
On completion, TPG will be released from its irrevocable, which has a competing offer clause.  China Mobile’s agreement signals its expectation that I Squared will launch a competing proposal. 
The agreement will not change I Squared’s approach as it would not negatively impact regulatory approvals (a key risk) or prevent it from meeting a 50% minimum tendering condition. 


HKBN (1310 HK): China Mobile Agrees to Acquire TPG’s Stake

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Korea Electric Power (KEPCO) / Equity Bottom-Up

<ul>
<li>Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.</li>
<li>These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.</li>
<li>In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.</li>
</ul>


Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.
These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.
In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.


Asian Equities: A Few Genuine Defensives in This Bloodbath

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Singtel (Singapore Telecommunications) / Technical Analysis

<ul>
<li>We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.</li>
<li>Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.</li>
<li>Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.</li>
</ul>


We have been expecting near-term downside on ACWI-US and the S&amp;P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&amp;P 500 displayed false breakouts.
Market dynamics have continued to deteriorate to the point where we don't see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.


Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

<ul>
<li>Today’s <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> monthly update notes that I Squared has completed due diligence and is finalising the terms of a possible preconditional offer. </li>
<li>The I Squared bid will likely be a modest premium to the China Mobile offer with a 50% minimum tendering condition. The key unknown is securing regulatory approvals. </li>
<li>
<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> will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it is likely to match terms. </li>
</ul>


Today’s HKBN Ltd (1310 HK) monthly update notes that I Squared has completed due diligence and is finalising the terms of a possible preconditional offer. 
The I Squared bid will likely be a modest premium to the China Mobile offer with a 50% minimum tendering condition. The key unknown is securing regulatory approvals. 

China Mobile (941 HK) will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it is likely to match terms. 


HKBN (1310 HK): I Squared Inches Closer to a Competing Offer

<ul>
<li>A new <a href="https://std.stheadline.com/realtime/article/2058629/%E5%8D%B3%E6%99%82-%E8%B2%A1%E7%B6%93-%E9%A6%99%E6%B8%AF%E5%AF%AC%E9%A0%BB%E8%B3%A3%E7%9B%A4%E8%86%A0%E7%9D%80%E9%80%BE3%E5%80%8B%E6%9C%88-%E6%B6%88%E6%81%AF-%E8%82%A1%E6%9D%B1%E9%80%80%E5%87%BA%E9%9C%80%E6%B1%82%E5%BC%B7%E7%83%88-%E4%B8%80%E6%97%A6%E8%A7%B8%E7%A4%81-%E6%9C%AA%E4%BE%86%E4%BD%9C%E5%83%B9%E5%8B%A2%E6%9B%B4%E4%BD%8E" target="_blank" rel="noopener">Sing Tao Daily article</a> on <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> claims 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>’s offer is a stalemate, and a potential I Squared offer faces regulatory challenges. </li>
<li>The article is being unduly alarmist. The concerns raised on the China Mobile offer remain premature, and there remains a medium-to-high probability of a competing offer from I Squared. </li>
<li>Last Friday, MBK converted its vendor loan notes (VLN) into shares, which could signal that an I Squared competing offer is imminent. </li>
</ul>


A new Sing Tao Daily article on HKBN Ltd (1310 HK) claims that China Mobile (941 HK)’s offer is a stalemate, and a potential I Squared offer faces regulatory challenges. 
The article is being unduly alarmist. The concerns raised on the China Mobile offer remain premature, and there remains a medium-to-high probability of a competing offer from I Squared. 
Last Friday, MBK converted its vendor loan notes (VLN) into shares, which could signal that an I Squared competing offer is imminent. 


HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion

Hong Kong

HKT Trust and HKT Ltd trade together as a stapled security.  HKT Ltd provides telecommunications services.  The Company's business provides telecommunications products and services including local telephony services, local data and broadband services, international telecommunications services, and other services.

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HKT Ltd (6823 HK)

HKBN (1310 HK): China Mobile Agrees to Acquire TPG’s Stake

The agreement signals China Mobile's expectation that it will satisfy the precondition and that I Squared will launch a competing proposal. At the...

Arun George

Asian Equities: A Few Genuine Defensives in This Bloodbath

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

HKBN (1310 HK): I Squared Inches Closer to a Competing Offer

China Mobile will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it...

Arun George

HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion

The article is being unduly alarmist. The concerns raised on the China Mobile offer remain premature, and there remains a medium-to-high...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HKBN (1310 HK): China Mobile Agrees to Acquire TPG’s Stake

The agreement signals China Mobile's expectation that it will satisfy the precondition and that I Squared will launch a competing proposal. At the...

Arun George

Asian Equities: A Few Genuine Defensives in This Bloodbath

​Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn are Rising; We are Cautious; Get Defensive; $115 on ACWI-US Remains Key Level, and is at Risk of Breakdown. Actionable...

Vermilion Research

HKBN (1310 HK): I Squared Inches Closer to a Competing Offer

China Mobile will first react to an I Squared offer by maintaining terms. However, regardless of whether I Squared secures regulatory approvals, it...

Arun George

HKBN (1310 HK): Another Sing Tao Article as Speculation Swirls on MBK’s Loan Notes Conversion

The article is being unduly alarmist. The concerns raised on the China Mobile offer remain premature, and there remains a medium-to-high...

Arun George

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...