IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

<p><a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">TPV Technology (903 HK)</a> is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share privatisation proposal by way of a scheme of arrangement. On Tuesday, the delayed scheme document was released, with the court meeting set for 30 October.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/tpv-technology-probability-of-cec-bid-rejection-increased-by-interims" target="_blank" rel="noopener">our previous note</a>, we stated that the interims reinforce our view that CEC’s offer is not attractive for shareholders willing to take a long-term view. Predictably, the IFA recommended that the independent shareholders vote in favour of CEC's offer. However, on closer inspection, we believe that the IFA’s valuation methodology is full of holes and continue to believe that CEC’s offer is unattractive.</p></div>

TPV Technology (903 HK) is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share privatisation proposal by way of a scheme of arrangement. On Tuesday, the delayed scheme document was released, with the court meeting set for 30 October.In our previous note, we stated that the interims reinforce our view that CEC’s offer is not attractive for shareholders willing to take a long-term view. Predictably, the IFA recommended that the independent shareholders vote in favour of CEC's offer. However, on closer inspection, we believe that the IFA’s valuation methodology is full of holes and continue to believe that CEC’s offer is unattractive.

<p><a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">Tpv Technology (903 HK)</a> is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. </p><div class="content-highlight"><p>On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. </p></div>

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. 

TPV Technology: CEC’s Offer Not as Generous as It Looks

Taiwan

AmTRAN Technology Co., Ltd. manufactures liquid crystal display (LCD) monitors and televisions.

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Amtran Technology (2489 TT)

TPV Technology: IFA’s Flawed Valuation

TPV Technology (903 HK) is a leading display solutions provider. On 12 August, TPV’s largest shareholder, CEC, launched an HK$3.86 cash per share...

Arun George

TPV Technology: CEC’s Offer Not as Generous as It Looks

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by...

Arun George

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