Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Coca Cola Amatil, Shimachu, AMP, Hitachi, Jardines, Evergrande

Aussie wealth manager <a href="https://www.smartkarma.com/entities/amp-ltd" target="_blank" data-smartkarma-citation="entities:678:1" rel="noopener">AMP Ltd (AMP AU)</a> has <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02301765-2A1260088?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">announced</a> it has received an indicative, non-binding, conditional proposal from US-based <a href="https://www.smartkarma.com/entities/ares-management-corp" target="_blank" data-smartkarma-citation="entities:28771:1" rel="noopener">Ares Management Corp (ARES US)</a>, by way of a Scheme. No price was mentioned.
The take-private proposal follows a tortuous period for what was once an Australian icon.  The final report of a royal commission last year exposed damaging internal practices - such as billing deceased customers and lying to regulators - culminating in net cash outflow and the exit of Catherine Brenner (chairman) and Brian Salter (group counsel).
Amidst the ongoing net outflow - which has continued into the 3Q20 - chairman David Murray resigned in August over his handling of a sexual harassment issue. Director John Fraser also resigned.
After completing the sale of its life insurance business to Resolution Life on the 1 July this year, AMP's chairman Debra Hazelton announced on the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02276147-2A1247501?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">2 September</a> that the company was undertaking a review of its assets and businesses after receiving unsolicited interest in both. It is not clear whether Ares is interested in selected parts or the whole package.
Shares are up 20% as I type.
More below the fold.

Aussie wealth manager AMP Ltd (AMP AU) has announced it has received an indicative, non-binding, conditional proposal from US-based Ares Management Corp (ARES US), by way of a Scheme. No price was mentioned.
The take-private proposal follows a tortuous period for what was once an Australian icon.  The final report of a royal commission last year exposed damaging internal practices - such as billing deceased customers and lying to regulators - culminating in net cash outflow and the exit of Catherine Brenner (chairman) and Brian Salter (group counsel).
Amidst the ongoing net outflow - which has continued into the 3Q20 - chairman David Murray resigned in August over his handling of a sexual harassment issue. Director John Fraser also resigned.
After completing the sale of its life insurance business to Resolution Life on the 1 July this year, AMP's chairman Debra Hazelton announced on the 2 September that the company was undertaking a review of its assets and businesses after receiving unsolicited interest in both. It is not clear whether Ares is interested in selected parts or the whole package.
Shares are up 20% as I type.
More below the fold. 

APAC IPOs & Placements

Zhen Zhou, Toh

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

<a href="https://www.smartkarma.com/entities/fineos" target="_blank" data-smartkarma-citation="entities:28218:1" rel="noopener">FINEOS (FCL AU)</a> raised US$149m at A$2.50 per share, the top-end of its IPO price range. We have covered the IPO in our earlier insights.<ul>
<li>
<a href="https://www.smartkarma.com/insights/fineos-ipo-valuation-hoping-for-high-valuation" target="_blank" data-smartkarma-citation="insights:31219" rel="noopener">FINEOS IPO Valuation - Hoping for High Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/fineos-ipo-review-capitalised-costs-to-look-profitable" target="_blank" data-smartkarma-citation="insights:31200" rel="noopener">FINEOS IPO Review - Capitalised Costs to Look Profitable</a> </li>
</ul>In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.

FINEOS (FCL AU) raised US$149m at A$2.50 per share, the top-end of its IPO price range. We have covered the IPO in our earlier insights.

FINEOS IPO Valuation - Hoping for High Valuation 

FINEOS IPO Review - Capitalised Costs to Look Profitable 
In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.

FINEOS Trading Update - Decent Debut, Probably as Good as It Gets

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/amp-ltd" target="_blank" data-smartkarma-citation="entities:678:1" rel="noopener">AMP Ltd (AMP AU)</a> plans to raise US$440m (A$650m) to shore up its balance sheet and fund its turnaround plan.The company has been mired in a scandal for wrongfully charging its customers for services that it didn't provide, along with other issues since early 2018. A recent cancellation of sale of its life insurance business didn't help the share price either. In addition, the 2019 results will remain tepid.However, the company has announced a revised deal to sell its life insurance business which should help to stabalise operations. The capital raising now seems to be an interim step to plug in the capital gaps till proceeds from the re-jigged life insurance sales arrive.

AMP Ltd (AMP AU) plans to raise US$440m (A$650m) to shore up its balance sheet and fund its turnaround plan.The company has been mired in a scandal for wrongfully charging its customers for services that it didn't provide, along with other issues since early 2018. A recent cancellation of sale of its life insurance business didn't help the share price either. In addition, the 2019 results will remain tepid.However, the company has announced a revised deal to sell its life insurance business which should help to stabalise operations. The capital raising now seems to be an interim step to plug in the capital gaps till proceeds from the re-jigged life insurance sales arrive.

AMP Placement - Not for the Faint Hearted

Credit Analyst, BondAdviser

Jack Pobjoy

Credit Analyst

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Credit

The unofficial start of Australian reporting season kicked off with <a href="https://www.smartkarma.com/entities/20100" target="_blank" data-smartkarma-citation="entities:20100:1">Shopping Cntrs Austrls Prprty Gp Re (SCP AU)</a> reporting its full year results (FY18) on Tuesday, followed by <a href="https://www.smartkarma.com/entities/678" target="_blank" data-smartkarma-citation="entities:678:1">AMP Ltd (AMP AU)</a> (1H18), <a href="https://www.smartkarma.com/entities/14" target="_blank" data-smartkarma-citation="entities:14:1">Commonwealth Bank Of Australia (CBA AU)</a> (FY18) and <a href="https://www.smartkarma.com/entities/6837" target="_blank" data-smartkarma-citation="entities:6837:1">Tabcorp Holdings (TAH AU)</a> (FY18) on Wednesday. All companies reported results largely within expectations, with bottom lines of AMP and Commonwealth Bank feeling the full brunt of uncovered scandals and subsequent regulatory response.  See below…

The unofficial start of Australian reporting season kicked off with Shopping Cntrs Austrls Prprty Gp Re (SCP AU) reporting its full year results (FY18) on Tuesday, followed by AMP Ltd (AMP AU) (1H18), Commonwealth Bank Of Australia (CBA AU) (FY18) and Tabcorp Holdings (TAH AU) (FY18) on Wednesday. All companies reported results largely within expectations, with bottom lines of AMP and Commonwealth Bank feeling the full brunt of uncovered scandals and subsequent regulatory response.  See below…

Australian Reporting Season: AMP, Commonwealth Bank, Shopping Centres Australiasia & Tabcorp

Australia

AMP Limited provides life insurance, superannuation, asset management products, pensions, retirement planning and other diversified financial services throughout Australia and New Zealand.  The Company services individual customers, small businesses, corporations and associated superannuation funds.

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AMP Ltd (AMP AU)

Last Week in Event SPACE: Coca Cola Amatil, Shimachu, AMP, Hitachi, Jardines, Evergrande

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

AMP: Ares' Proposal For The Once Mighty

Private equity firm Ares Management is in talks to buy embattled wealth manager AMP, via a break-up of the 171-year-old company, or full control.

David Blennerhassett

FINEOS Trading Update - Decent Debut, Probably as Good as It Gets

FINEOS (FCL AU) raised US$149m at A$2.50 per share, the top-end of its IPO price range. We have covered the IPO in our earlier insights. FINEOS...

Zhen Zhou, Toh

AMP Placement - Not for the Faint Hearted

AMP Ltd (AMP AU) plans to raise US$440m (A$650m) to shore up its balance sheet and fund its turnaround plan.The company has been mired in a scandal...

Sumeet Singh

Australian Reporting Season: AMP, Commonwealth Bank, Shopping Centres Australiasia & Tabcorp

The unofficial start of Australian reporting season kicked off with Shopping Cntrs Austrls Prprty Gp Re (SCP AU) reporting its full year results...

BondAdviser

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