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>Bloomberg reported <a href="https://www.smartkarma.com/entities/mgm-resorts-international" target="_blank" data-smartkarma-citation="entities:16227:1" rel="noopener">MGM Resorts International (MGM US)</a> recently approached <a href="https://www.smartkarma.com/entities/genting-singapore-ltd" target="_blank" data-smartkarma-citation="entities:439:1" rel="noopener">Genting Singapore (GENS SP)</a>’s controlling shareholder, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>, to express an interest in a deal.  </li>
<li>While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.</li>
<li>Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. </li>
</ul>


Bloomberg reported MGM Resorts International (MGM US) recently approached Genting Singapore (GENS SP)’s controlling shareholder, Genting Bhd (GENT MK), to express an interest in a deal.  
While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.
Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. 


Genting Singapore in the Crosshairs of Potential Suitors

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 latest HK SFC report for aggregate short position as of May 13th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in Meituan, Kuaishou, Li Auto, Bilibi, and Sany Heavy.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 13th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in Meituan, Kuaishou, Li Auto, Bilibi, and Sany Heavy.


HK Short Interest: Meituan, Kuaishou, Li Auto, Bilibili, Sany

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of May 6th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight week on week short spike in Bilibili, and Sany Heavy. </li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 6th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight week on week short spike in Bilibili, and Sany Heavy. 


HK Short Interest: Short Spikes for Bilibili, Sany Heavy

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

<ul>
<li>We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.</li>
<li>Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> has seen the largest short covering as the stock has tumbled in the last couple of weeks.</li>
</ul>


We look at short interest across Hong Kong, Japan, Korea and Taiwan in April to identify stocks/sectors that have seen the largest changes in each market.
Korea and Taiwan are showing a clear divergence with short notional increasing as the market moves lower, indicative of new shorts being initiated.

China Merchants Bank H (3968 HK) has seen the largest short covering as the stock has tumbled in the last couple of weeks.


Asia Short Interest: Large Moves in April

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 22nd. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short increases in Shenzhou Intl, CK Hutchison, and short covers in China Merchants Bank.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 22nd. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short increases in Shenzhou Intl, CK Hutchison, and short covers in China Merchants Bank.


HK Short Interest: Shenzhou Intl, CKH, CMB

Hong Kong

Galaxy Entertainment Group is a leading hospitality and gaming company that develops and operates integrated resorts, hotels, and casinos in Macau. Its key properties include Galaxy Macau, Broadway Macau, and StarWorld Macau, offering casino games, entertainment, and related hospitality services. The company is headquartered in Hong Kong and was established in 2002.

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Galaxy Entertainment Group (27 HK)

Genting Singapore in the Crosshairs of Potential Suitors

Bloomberg reports that Genting Singapore is drawing takeover interest. Precedent transactions suggest a potential privatisation price of at least...

Arun George

HK Short Interest: Meituan, Kuaishou, Li Auto, Bilibili, Sany

We highlight short interest changes in Meituan, Kuaishou, Li Auto, Bilibi, and Sany Heavy based on the latest HK SFC short aggregate report.

Ke Yan, CFA, FRM

HK Short Interest: Short Spikes for Bilibili, Sany Heavy

We highlight week on week short spike in Bilibili (9626 HK), and Sany Heavy (631 HK) based on the latest HK SFC Short Aggregate report..

Ke Yan, CFA, FRM

Asia Short Interest: Large Moves in April

Short notional in Korea and Taiwan has been increasing as the market has been moving lower. Shorts on China Merchant Bank have been covered in...

Brian Freitas

HK Short Interest: Shenzhou Intl, CKH, CMB

We highlight week on week short increases in Shenzhou Intl, CK Hutchison, and short covers in China Merchants Bank based on the latest HK SFC short...

Ke Yan, CFA, FRM

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