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>On 21 November, <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> offer.</li>
<li>BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     </li>
<li>Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. </li>
</ul>


On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     
Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. 


Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding scheme offer from <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.</li>
<li>The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    </li>
<li>The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.</li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.


Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

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 Oct 31st (reported today). The aggregated short interest was USD27.3bn.</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 CSL, Mineral Resources, Bluescope Steel, ALS, Vicinity Centres Re.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 31st (reported today). The aggregated short interest was USD27.3bn.
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 CSL, Mineral Resources, Bluescope Steel, ALS, Vicinity Centres Re.


ASX Short Interest Weekly (Oct 31st): CSL, Mineral Resources, Bluescope Steel, ALS

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 17th (reported today). The aggregated short interest was USD27.3bn.</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 Northern Star Resources, Transurban, ANZ, CSL, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 17th (reported today). The aggregated short interest was USD27.3bn.
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 Northern Star Resources, Transurban, ANZ, CSL, Macquarie.


ASX Short Interest Weekly (Oct 17th): Northern Star Resources, Transurban, ANZ, CSL, Macquarie

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

Index Rebalance

<ul>
<li>There is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX200 (AS51 INDEX)</a> and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.</li>
<li>Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.</li>
<li>The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.</li>
</ul>


There is 1 change for the S&amp;P/ASX50 Index, 3 changes for the S&amp;P/ASX100 Index, 9 changes for the S&amp;P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&amp;P/ASX300 Index.
Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
The adds have outperformed the deletes across all indices and performance has been especially strong for the S&amp;P/ASX100 Index and S&amp;P/ASX300 Index changes.


S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

Australia

Flight Centre Travel Group Ltd operates as a retail travel agency in Australia.  The Company operates close to 1200 outlets throughout Australia and internationally including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom. The Company's agencies and brands include Flight Centre, Travel Associates and Student Flights.

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Flight Centre Travel (FLT AU)

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least...

Arun George

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

ASX Short Interest Weekly (Oct 31st): CSL, Mineral Resources, Bluescope Steel, ALS

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Mineral Resources, Bluescope Steel, ALS,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 17th): Northern Star Resources, Transurban, ANZ, CSL, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Transurban, ANZ, CSL,...

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Webjet Group (WJL AU): BGH Capital Counters Helloworld with a Competing Proposal

Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least...

Arun George

Webjet Group (WJL AU): Helloworld’s Scheme Offer Likely to Morph into Competing Takeover Offers

The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids...

Arun George

ASX Short Interest Weekly (Oct 31st): CSL, Mineral Resources, Bluescope Steel, ALS

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Mineral Resources, Bluescope Steel, ALS,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 17th): Northern Star Resources, Transurban, ANZ, CSL, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources, Transurban, ANZ, CSL,...

Ke Yan, CFA, FRM

S&P/​​​​ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes

There are 53 stocks that are adds/deletes across the ASX family of indices. There are some surprises and big flow/impact across the changes. Adds...

Brian Freitas

S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes