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/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a> entered into a definitive agreement for going private with FNOF Precious Honour Limited at US$5.00 per ADS, a 54.8% to the undisturbed price (17 March).</li>
<li>Shareholders representing two-thirds of shares present and voting need to approve the deal. The rollover shareholders represent 16.90% of voting rights.</li>
<li>The offer is attractive in the context of O2Micro’s weakening performance and grim market conditions. At the last close, the gross spread is 18.2%. Expect a 1Q23 deal close.</li>
</ul>



O2Micro International (OIIM US) entered into a definitive agreement for going private with FNOF Precious Honour Limited at US$5.00 per ADS, a 54.8% to the undisturbed price (17 March).
Shareholders representing two-thirds of shares present and voting need to approve the deal. The rollover shareholders represent 16.90% of voting rights.
The offer is attractive in the context of O2Micro’s weakening performance and grim market conditions. At the last close, the gross spread is 18.2%. Expect a 1Q23 deal close.


O2Micro Enters into a Definite Privatisation Agreement at US$5.00 Per ADS

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Cirrus Logic has had an eventful year so far with solid bolt-on M&A and operating momentum.</li><li>This has been possible through a noteworthy expansion in the product mix and technology of Cirrus Logic.</li><li>Lastly, it is worth highlighting that Cirrus Logic operates with quite a strong balance sheet with more firepower to pursue diversification attempts further.</li></ul>

Cirrus Logic has had an eventful year so far with solid bolt-on M&A and operating momentum.This has been possible through a noteworthy expansion in the product mix and technology of Cirrus Logic.Lastly, it is worth highlighting that Cirrus Logic operates with quite a strong balance sheet with more firepower to pursue diversification attempts further.

Cirrus Logic Inc.: Initiation of Coverage – Heavy Dependence on Apple

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

In our November Strategy book we summarize the basis for our bullish outlook, discuss the deservedly hot topic of value vs. growth. and highlight actionable opportunities within our Manufacturing, Transportation, Materials, Technology, &amp; Consumer Discretionary Sectors.

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

As we head into Q4 earnings season we remain bullish on the broad market. Our bullish outlook is supported by the themes highlighted in this report.  In addition, we highlight attractive Groups and stocks within Discretionary and Technology: Casinos &amp; Gaming, Large-Cap, Semiconductors, Mid-Cap, Semiconductors, Small-Cap, Software, Design Solutions.

U.S. Equity Strategy: Growth Surging Relative to Value

As we write this, fears of a reprisal attack by Saudi Arabia are being priced into the markets. Oil is surging on the back of the largest ever supply disruption in history.  Investment managers are likely caught on the wrong side of the Energy Sector move and were very underweight as the Sector’s performance has, year-to-date, been nothing but an anchor on performance.  The Energy Sector has underperformed for well over a decade and the sector is at its lowest weighting in the S&amp;P 500 going back to 2005. We are taking this opportunity to upgrade the Energy Sector to a Market Weight from an Underweight as we believe retaliatory action is highly likely.The move to value is a trend that we see likely to continue. Small-caps have also done an about face vs large caps (Russell 2000 vs Russell 1000) after having broken to RS lows not seen since 2009. We believe this will result in a move that would likely take us back up to the top of the range assuming a recession is off the table. In this report, we lay out our complete U.S. equity strategy, and make detailed comments and recommendations on each of our 12 Sectors.

 As we write this, fears of a reprisal attack by Saudi Arabia are being priced into the markets. Oil is surging on the back of the largest ever supply disruption in history.  Investment managers are likely caught on the wrong side of the Energy Sector move and were very underweight as the Sector’s performance has, year-to-date, been nothing but an anchor on performance.  The Energy Sector has underperformed for well over a decade and the sector is at its lowest weighting in the S&amp;P 500 going back to 2005. We are taking this opportunity to upgrade the Energy Sector to a Market Weight from an Underweight as we believe retaliatory action is highly likely.The move to value is a trend that we see likely to continue. Small-caps have also done an about face vs large caps (Russell 2000 vs Russell 1000) after having broken to RS lows not seen since 2009. We believe this will result in a move that would likely take us back up to the top of the range assuming a recession is off the table. In this report, we lay out our complete U.S. equity strategy, and make detailed comments and recommendations on each of our 12 Sectors.

U.S. Equity Strategy: Value and Small-Caps Appear to Be on the Cusp of Major Bullish Moves

United States

Cirrus Logic, Inc. is a fabless semiconductor company that develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

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Cirrus Logic (CRUS US)

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As we write this, fears of a reprisal attack by Saudi Arabia are being priced into the markets. Oil is surging on the back of the largest ever...

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