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>The <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.</li>
<li>The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.</li>
</ul>


The National Storage REIT (NSR AU) IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.
The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.


National Storage REIT (NSR AU): Scheme Vote on 15 April

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 6th (reported today). The aggregated short interest was USD33.4bn.</li>
<li>We tabulate league tables 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 BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 6th (reported today). The aggregated short interest was USD33.4bn.
We tabulate league tables 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 BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea.


ASX Short Interest Weekly (Feb 6th): BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> has entered a SID with Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.</li>
<li>The scheme offer is conditional on shareholder and FIRB, NZ OIO and foreign competition (EU, Ukraine, Turkey, China, Korea) approvals.</li>
<li>Regulatory approvals should be forthcoming. The scheme vote is low risk as the offer represents an all-time high and implies a P/NTA of 1.11x. </li>
</ul>



National Storage REIT (NSR AU) has entered a SID with Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The scheme offer is conditional on shareholder and FIRB, NZ OIO and foreign competition (EU, Ukraine, Turkey, China, Korea) approvals.
Regulatory approvals should be forthcoming. The scheme vote is low risk as the offer represents an all-time high and implies a P/NTA of 1.11x. 


National Storage REIT (NSR AU): Brookfield and GIC’s Binding Proposal at A$2.86

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.</li>
<li>The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. </li>
<li>The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.</li>
</ul>



National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. 
The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.


National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

<ul>
<li>The six-week due diligence for Ki Corporation and <a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a>'s A$1.65 offer for <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> ends on 1 September.</li>
<li>Some readers have asked if ASK is attractive at the current 7.5% gross spread. I think caution is warranted as there is a medium-to-high probability of no deal.</li>
<li>The probability of a binding scheme is low, as NSR will block it, and the Board requires a bump to recommend it. A takeover offer is not a credible alternative. </li>
</ul>


The six-week due diligence for Ki Corporation and Public Storage (PSA US)'s A$1.65 offer for Abacus Storage King (ASK AU) ends on 1 September.
Some readers have asked if ASK is attractive at the current 7.5% gross spread. I think caution is warranted as there is a medium-to-high probability of no deal.
The probability of a binding scheme is low, as NSR will block it, and the Board requires a bump to recommend it. A takeover offer is not a credible alternative. 


Abacus Storage King (ASK AU): Caution Is Warranted

Australia

Abacus Group is a diversified property investment and management company. The Company provides exposure to a portfolio of commercial office, retail, and self storage real estates. Abacus Group serves customers in Australia.

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Abacus Group (ABG AU)

National Storage REIT (NSR AU): Scheme Vote on 15 April

The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.

Arun George

ASX Short Interest Weekly (Feb 6th): BHP, Xero, Origin Energy, Commonwealth Bank Of Australia, Rea

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Xero, Origin Energy, Commonwealth Bank Of...

Ke Yan, CFA, FRM

National Storage REIT (NSR AU): Brookfield and GIC’s Binding Proposal at A$2.86

Regulatory approvals should be forthcoming. The scheme vote is low risk. At the last close and for an end-of-April payment, the gross/annualised...

Arun George

National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a...

Arun George

Abacus Storage King (ASK AU): Caution Is Warranted

Some readers have asked if ASK is attractive at the current 7.5% gross spread. I think caution is warranted as there is a medium-to-high...

Arun George

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