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/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a> has disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a> at A$7.50 cash per share and 2.2 <a href="https://www.smartkarma.com/entities/gqg-partners-inc" target="_blank" data-smartkarma-citation="entities:34569:1" rel="noopener">GQG Partners (GQG AU)</a> shares per PAC share.</li>
<li>The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).</li>
<li>The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.</li>
</ul>



Pacific Current (PAC AU) has disclosed a non-binding indicative proposal from Regal Partners (RPL AU) at A$7.50 cash per share and 2.2 GQG Partners (GQG AU) shares per PAC share.
The implied offer price of A$11.12 per share based on GQG's last close price is a juicy 42.6% premium to the undisturbed price of A$7.80 per share (26 July).
The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding proposal.


Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.


ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 3rd (reported today) which has an aggregated short interest worth USD16.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Coles, Bhp, Northern Star, Macquarie, Xero.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 3rd (reported today) which has an aggregated short interest worth USD16.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Coles, Bhp, Northern Star, Macquarie, Xero.


ASX Short Interest Weekly (Feb 3rd): Coles, Bhp, Northern Star, Macquarie, Xero

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 30th (reported today) which has an aggregated short interest worth USD15.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal, Washington H.Soul, Blackmores, De Grey Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 30th (reported today) which has an aggregated short interest worth USD15.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal, Washington H.Soul, Blackmores, De Grey Mining.


ASX Short Interest Weekly (Dec 30th):CAB, Fortescue Metals, Westpac, NAB, CSL

<ul>
<li>The IE considers <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>'s cash and scrip offer for <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> to be fair and reasonable as it is within its valuation range of A$4.87-5.71. </li>
<li>Perpetual shareholders are getting the short end of the stick. While possible, <a href="https://www.smartkarma.com/entities/regal-partners-limited" target="_blank" data-smartkarma-citation="entities:29119:1" rel="noopener">Regal Partners (RPL AU)</a>/BPEA EQT riding to the rescue of Perpetual shareholders is low. </li>
<li>Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.</li>
</ul>


The IE considers Perpetual Ltd (PPT AU)'s cash and scrip offer for Pendal Group (PDL AU) to be fair and reasonable as it is within its valuation range of A$4.87-5.71. 
Perpetual shareholders are getting the short end of the stick. While possible, Regal Partners (RPL AU)/BPEA EQT riding to the rescue of Perpetual shareholders is low. 
Pendal shareholders, who are the net beneficiaries, will be supportive of the offer. At the last close prices, the gross spread to the offer is 11.3%.


Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

Australia

Platinum Asset Management Limited is a fund management company. The Company specializes in global equities.

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Platinum Asset Management (PTM AU)

Pacific Current Group (PAC AU): Regal Partners’ Attractive Indicative Offer

The offer is attractive compared to historical ranges and peer multiples. Expect the Board to grant due diligence access to facilitate a binding...

Arun George

ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Feb 3rd): Coles, Bhp, Northern Star, Macquarie, Xero

We analyzed ASX short interest report for the past week and highlight short interest changes in Coles, Bhp, Northern Star, Macquarie, Xero.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 30th):CAB, Fortescue Metals, Westpac, NAB, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in CAB, Fortescue Metals, Westpac, NAB, CSL, Yancoal,...

Ke Yan, CFA, FRM

Pendal (PDL AU)/Perpetual (PPT AU) Scheme Meeting on 23 December

While possible, the probability of Regal/BPEA EQT derailing the deal continues to decline. At the last close prices, the gross spread to the offer...

Arun George

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