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/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. </li>
<li>Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.</li>
<li>A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.</li>
</ul>



Rio Tinto Ltd (RIO AU) shareholders will vote on Palliser’s AGM resolution to conduct an independent review on whether the potential unification is in the best interests of shareholders. 
Palliser and the Board’s arguments for and against unification focus on five factors: tax costs, post-unification share price, lack of scrip M&amp;A, wastage of franking credits, and shareholder support.
A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post-unification share price, M&amp;A, and franking credits.


Rio Tinto (RIO LN/RIO AU): Thinking About Unification

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 Mar 7th (reported today) which has an aggregated short interest worth USD22.7bn.</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 BHP, Woodside Energy, Westpac.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 7th (reported today) which has an aggregated short interest worth USD22.7bn.
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 BHP, Woodside Energy, Westpac.


ASX Short Interest Weekly (Mar 7th): BHP, Woodside Energy, Westpac

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>At the upcoming AGM, <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd</a> and <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC</a> shareholders will vote on the company commencing a review on the benefits vs costs of Unification.</li>
<li>Palliser Capital has been pushing for Unification while the Rio Tinto Board has recommended that shareholders vote against Resolution 21/24 citing tax costs among other reasons.</li>
<li>If the Unification completes, S&amp;P/ASX trackers will need to buy <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> while <a href="https://www.smartkarma.com/entities/ftse-100-index-ukx" target="_blank" data-smartkarma-citation="entities:22904:1" rel="noopener">UKX Index (UKX INDEX)</a> trackers will sell <a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC (RIO LN)</a>. Net positive.</li>
</ul>


At the upcoming AGM, Rio Tinto Ltd and Rio Tinto PLC shareholders will vote on the company commencing a review on the benefits vs costs of Unification.
Palliser Capital has been pushing for Unification while the Rio Tinto Board has recommended that shareholders vote against Resolution 21/24 citing tax costs among other reasons.
If the Unification completes, S&amp;P/ASX trackers will need to buy Rio Tinto Ltd (RIO AU) while UKX Index (UKX INDEX) trackers will sell Rio Tinto PLC (RIO LN). Net positive.


Rio Tinto (RIO AU/RIO LN): Unification Index Flows

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.</li>
<li>Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.</li>
<li>Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.</li>
</ul>


Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.
Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.
Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.


Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

<ul>
<li>Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).</li>
<li>Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. </li>
<li>Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.</li>
</ul>


Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).
Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. 
Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.


Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

Rio Tinto (RIO LN/RIO AU): Thinking About Unification

A Grant Thornton report supports unification. The board's case is strong primarily on tax costs, while Palliser's case is strong on post...

Arun George

ASX Short Interest Weekly (Mar 7th): BHP, Woodside Energy, Westpac

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Woodside Energy, Westpac.

Ke Yan, CFA, FRM

Rio Tinto (RIO AU/RIO LN): Unification Index Flows

Palliser Capital is pushing for Unification of RIO AU/ RIO LN. We are still a long way away from possible completion. There will be big index flows...

Brian Freitas

Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

Pilbara powers Australia’s iron ore exports and is emerging as a green energy hub, driving economic growth through major mining, infrastructure,...

Mint Finance

Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

Pilbara’s iron ore sector is a cornerstone of global trade, but its vulnerability to cyclones presents persistent financial and operational risks.

Mint Finance

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