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>The <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.</li>
<li>The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.</li>
</ul>


The National Storage REIT (NSR AU) IE considers Brookfield and GIC’s scheme offer at A$2.80 to be fair and reasonable, as it falls within its valuation of A$2.72 to A$2.86.
The key scheme conditions are shareholder, FIRB and OIO approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.


National Storage REIT (NSR AU): Scheme Vote on 15 April

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 7th April, the Ki Corporation/<a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a> consortium announced a NBIO, by way of a Scheme, for shares not held in <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage (ASK AU)</a> at A$1.47/security.</li>
<li>ASK rejected the Offer on the 13th May. The Kirsh-led consortium bumped non-binding terms 14.7% to A$1.65/share on the 14th July, and was granted six weeks of due diligence.</li>
<li>DD expires on or around the 1st September. Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Currently trading at a 7.5% spread to the indicative terms. </li>
</ul>


On the 7th April, the Ki Corporation/Public Storage (PSA US) consortium announced a NBIO, by way of a Scheme, for shares not held in Abacus Storage (ASK AU) at A$1.47/security.
ASK rejected the Offer on the 13th May. The Kirsh-led consortium bumped non-binding terms 14.7% to A$1.65/share on the 14th July, and was granted six weeks of due diligence.
DD expires on or around the 1st September. Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Currently trading at a 7.5% spread to the indicative terms. 


Abacus Storage (ASK AU): Time To Get Some Exposure?

<ul>
<li>Two months ago, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and <a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a>
</li>
<li>The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.  </li>
<li>Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share. </li>
</ul>


Two months ago, Abacus Storage King (ASK AU) announced, and subsequently rejected, a A$1.47/share NBIO, by way of a Scheme, from Nathan Kirsh’s Ki Corporation and Public Storage (PSA US)

The Kirsh-led consortium has now bumped non-binding terms 14.7% to A$1.65/share, and has been granted six weeks of due diligence.  
Nathan Kirsh directly/indirectly holds a 59.47% stake in ASK. Abacus has never closed above A$1.60/share. 


Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

Ram Essential Services Prope / Equity Bottom-Up

<ul>
<li>A global perspective on what happened overnight</li>
</ul>


A global perspective on what happened overnight


The Overnight Report: FOMO Is Back (Nvidia Too)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 23rd (reported today). The aggregated short interest was USD26.7bn.</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 National Australia Bank, Goodman, ANZ, Asx.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 23rd (reported today). The aggregated short interest was USD26.7bn.
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 National Australia Bank, Goodman, ANZ, Asx.


ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

Australia

Charter Hall Long WALE REIT operates as a real estate investment trust. The Company invests in office, industrial, and retail properties that are leased to corporate and government tenants on long-term. Charter Hall Long WALE REIT conducts business in Australia.

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Charter Hall Long Wale Reit (CLW AU)

National Storage REIT (NSR AU): Scheme Vote on 15 April

The offer represents an all-time high, and this is a done deal. At the last close and for an 8 May payment, the gross/annualised spread is 1.1%/6.8%.

Arun George

Abacus Storage (ASK AU): Time To Get Some Exposure?

Indicative terms are 17% above its Aug 2023 IPO price. The NTA is up 10.8%. Kirsh know this company. Gross spread of 6.7%. If you have the risk...

David Blennerhassett

Abacus Storage (ASK AU): Kirsh/Public Storage Bump And Afforded Due Diligence

I'd pay up to A$1.56/share or 5%/15% gross/annualised, assuming mid-December completion. Terms are fair - but remain indicative.

David Blennerhassett

The Overnight Report: FOMO Is Back (Nvidia Too)

A global perspective on what happened overnight

FNArena

ASX Short Interest Weekly (May 23rd): National Australia Bank, Goodman, ANZ, Asx

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Goodman, ANZ, Asx.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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