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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). </li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>, <a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>
</li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>, <a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a>, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore and the US (Chinese ADRs only). 
This week, the highest gross spreads are Yashili International Holdings (1230 HK), Razer Inc (1337 HK), 51 Job Inc Adr (JOBS US), Uniti Group Ltd (UWL AU)

The lowest gross spreads are CIMIC Group Ltd (CIM AU), Virtus Health (VRT AU), China Logistics Property Holdings (1589 HK), Z Energy Ltd (ZEL NZ), Singapore Press Holdings (SPH SP) 


Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

<ul>
<li>Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.</li>
<li>The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.</li>
<li>In this note, we will talk about the recent developments and run the deal through our ECM framework.</li>
</ul>


Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares.
The company will use the proceeds from the placement to pay down debt that it has accumulated from earlier acquisition/construction.
In this note, we will talk about the recent developments and run the deal through our ECM framework.


Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> is likely to be a hot IPO. One small problem is the lack of dividends. </li>
<li>Andrew Forrest's Wyloo Metals pivots to a back-end JV with <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> after recently paying through terms on <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> enters into a Scheme with Blackstone as <a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> bows out. </li>
</ul>



SBI Sumishin Net Bank (7163 JP) is likely to be a hot IPO. One small problem is the lack of dividends. 
Andrew Forrest's Wyloo Metals pivots to a back-end JV with IGO Ltd (IGO AU) after recently paying through terms on Western Areas (WSA AU).

Crown Resorts (CWN AU) enters into a Scheme with Blackstone as Star Entertainment Group (SGR AU) bows out. 


Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has granted <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> and PGGM six-week exclusive due diligence. The Board intends to recommend a binding offer.</li>
<li>The indicative offer of A$1.90 and the maximum potential FY22 distribution of 4.67 cents implies a total offer of A$1.9467 per security. </li>
<li>The offer price is attractive in terms of historical multiples and security prices. At the last close, the gross spread of the offer including permissible dividends is 5.2%. </li>
</ul>



Irongate Group (IAP AU) has granted Charter Hall (CHC AU) and PGGM six-week exclusive due diligence. The Board intends to recommend a binding offer.
The indicative offer of A$1.90 and the maximum potential FY22 distribution of 4.67 cents implies a total offer of A$1.9467 per security. 
The offer price is attractive in terms of historical multiples and security prices. At the last close, the gross spread of the offer including permissible dividends is 5.2%. 


Irongate Grants Due Diligence to Charter Hall and PGGM

<ul>
<li>If <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>is trading cheap as Elliott throws in the towel.</li>
<li>The <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> selldown could be larger than people expect, and it is a decent chance to put on the arb trade. </li>
</ul>


If BHP Group (BHP AU) announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.

Bank of East Asia (23 HK)is trading cheap as Elliott throws in the towel.
The Sydney Airport (SYD AU) selldown could be larger than people expect, and it is a decent chance to put on the arb trade. 


Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

Australia

Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.

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Charter Hall (CHC AU)

Merger Arb Mondays - Yashili, Razer, 51Job, Uniti, Link, Sezzle, Guodian

This week, the highest gross spreads are Yashili (41.2%), Razer (19.2%), 51 Job (16.0%), Uniti Group (9.8%), Link (8.6%), Sezzle (7.0%), Guodian...

Arun George

Abacus Property Group Placement - Previous Deal Did Well, This One Won’t Be Accretive

Abacus aims to raise around US$146m (A$200m) via issuing new shares worth 7.1% of issued shares. In this note, we will run the deal through our ECM...

Sumeet Singh

Last Week in Event SPACE: SBI Sumishin Net Bank, Western Areas, Keisei Electric, Crown Resorts

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

Irongate Grants Due Diligence to Charter Hall and PGGM

Irongate has granted Charter Hall and PGGM six-week exclusive due diligence. The offer price is attractive. At the last close, the gross spread of...

Arun George

Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

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

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