Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>Couple of days ago, I published my index change expectations for the ASX index family in the run up to the September 2025 index review (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-sep25-spartan-ramelius-deal-consequences-many-high-impact-index-changes" target="_blank" rel="noopener">link</a>).</li>
<li>After market close yesterday, the index provider announced a market consultation on potential changes to the index methodology which could become effective during the September review if it gets approved.</li>
<li>This is a short insight with our revised ranks for the potential ADDs and DELs <em>assuming the market consultation gets approved.</em>
</li>
</ul>


Couple of days ago, I published my index change expectations for the ASX index family in the run up to the September 2025 index review (link).
After market close yesterday, the index provider announced a market consultation on potential changes to the index methodology which could become effective during the September review if it gets approved.
This is a short insight with our revised ranks for the potential ADDs and DELs assuming the market consultation gets approved.



Quiddity Leaderboard ASX Sep25: Update with New Important Market Consultation Implications

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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>
<a href="https://www.smartkarma.com/entities/ebos-group-ltd" target="_blank" data-smartkarma-citation="entities:18336:1" rel="noopener">Ebos Group Ltd (EBO NZ)</a> aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings. </li>
<li>This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ebos Group Ltd (EBO NZ) aims to raise around US$564m in a secondary sell-down of shares conducted by the Zuelling family through Sybos Holdings. 
This comes on the heels of the April primary placement, whereby EBOS conducted a primary offering to finance a bolt-on acquisition.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>EBOS Group has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.</li><li>The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.</li><li>The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.</li></ul>

EBOS Group has announced a NZ$271m equity raising to fund the acquisition of SVS, New Zealand's leading vet wholesaler.The acquisition is expected to be modestly EPS accretive and aligns with EBOS's strategic goals, filling a key gap in its portfolio.The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid opportunity for EBOS in Asia.

EBOS Group - SVS Acquisition—Nice to Have

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ebos-group-ltd" target="_blank" data-smartkarma-citation="entities:18336:1" rel="noopener">Ebos Group Ltd (EBO NZ)</a> aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).</li>
<li>This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ebos Group Ltd (EBO NZ) aims to raise around US$122m in order to partly fund its acquisition of SVS Veterinary Supplies (SVS).
This will complement the company’s strategy of investing for growth and the second acquisition done in 2H25.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


EBOS Group Placement - Accretive Deal with Synergies

Australia

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

EBOS Group (EBO AU)

Quiddity Leaderboard ASX Sep25: Update with New Important Market Consultation Implications

There are some changes to our flow expectations under the newly proposed methodology changes for the ASX index family which could become effective...

Janaghan Jeyakumar, CFA

EBOS Group Placement: Past Deals Have Done Well, but This Is a Second One This Year

EBOS Group aims to raise around US$564m in a secondary sell-down of shares. In this note, we comment on the deal dynamics and run the deal through...

Nicholas Tan

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

EBOS Group - SVS Acquisition—Nice to Have

The acquisition of the final 10% in Transmedic shows promising growth, with a 50% revenue increase from FY22 to FY24, indicating a solid...

Forsyth Barr

EBOS Group Placement - Accretive Deal with Synergies

EBOS aims to raise around US$122m to partly fund its acquisition of SVS Veterinary Supplies (SVS). In this note, we comment on the deal dynamics...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)