External broker reports(aggregated public sources), Taylor Collison

Taylor Collison

External broker reports(aggregated public sources)

Taylor Collison is a leading financial services firm, providing advice & wealth creation strategies to private & institutional investors and corporate clients throughout Australia. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>BBT’s tactical acquisition of a 19.9% stake in PointsBet (PBH) has resurrected the chances of a successful combination of both the entities.</li><li>With BBT having addressed the major concerns raised by PBH relating to its first proposal (funding, synergies and due diligence timelines), the probability of completing a merger transaction is now far greater.</li><li>Should it proceed, the combined entity would have: ~10% market share enabling profitable growth at scale...</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BBT’s tactical acquisition of a 19.9% stake in PointsBet (PBH) has resurrected the chances of a successful combination of both the entities.With BBT having addressed the major concerns raised by PBH relating to its first proposal (funding, synergies and due diligence timelines), the probability of completing a merger transaction is now far greater.Should it proceed, the combined entity would have: ~10% market share enabling profitable growth at scale...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Betr Entertainment Limited (BBT) - PointsBet & BBT Merger Odds Just Got Betr

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/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding scheme offer from <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.</li>
<li>The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    </li>
<li>The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.</li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.


Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

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 Sep 26th (reported today). The aggregated short interest was USD27.4bn.</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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.
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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.


ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

<ul>
<li>Trading in <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> with <a href="https://www.smartkarma.com/entities/sony-financial-group-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Group (8729 JP)</a> spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.</li>
<li>
<a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> outperforms.</li>
<li>The <a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed Holdings (412 HK)</a> bubble has finally popped. Now what?</li>
</ul>


Trading in Sony Corp (6758 JP) with Sony Financial Group (8729 JP) spin-off rights has passed. SFGI starts trading separately on 29 Sep. ¥150/share is good. ¥130-140/share is even better.

Naspers (NPN SJ)'s NAV is edging towards the low-end on a 12-month basis, However, the implied stub is out of whack as Prosus NV (PRX NA) outperforms.
The Shandong Hi-Speed Holdings (412 HK) bubble has finally popped. Now what?


Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

Australia

Betr Entertainment Limited provides sports gaming platform. The Company offers online horse race and sports betting services. Betr serves customers in Australia.

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BETR Entertainment (BBT AU)

Betr Entertainment Limited (BBT) - PointsBet & BBT Merger Odds Just Got Betr

BBT’s tactical acquisition of a 19.9% stake in PointsBet (PBH) has resurrected the chances of a successful combination of both the entities.

Taylor Collison

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Washington H Soul Pattinson&Co, Northern Star...

Ke Yan, CFA, FRM

(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

For the month of Sept, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$2bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Sony Corp/Sony Financial, Naspers/Prosus, Shandong Hi-Speed, Shift Inc

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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