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/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> disclosed a conditional voluntary offer from <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> at RM2.35, a 9.8% premium to the last close price of RM2.14. </li>
<li>The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. </li>
<li>Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. </li>
</ul>



Genting Malaysia (GENM MK) disclosed a conditional voluntary offer from Genting Bhd (GENT MK) at RM2.35, a 9.8% premium to the last close price of RM2.14. 
The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. 
Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. 


Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. </li>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> subsidiary, <a href="https://www.smartkarma.com/entities/vicom-ltd" target="_blank" data-smartkarma-citation="entities:19020:1" rel="noopener">Vicom Ltd (VCM SP)</a> is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.</li>
<li>It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  </li>
</ul>


Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 

Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  


Comfortdelgro (CD): Growth Evident and Cheap

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Apeejay Surrendra Park Hotels / Equity Capital Markets

Apeejay Surrendra Park Hotels (PARKHOTE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apeejay-surrendra-park-hotel" target="_blank" data-smartkarma-citation="entities:40871:1" rel="noopener">Apeejay Surrendra Park Hotel (PARK IN)</a> (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.</li>
<li>ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.</li>
<li>In this note, we talk about the past performance and our thoughts on valuations.</li>
</ul>



Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.
ASPH ranks as the eighth largest in India in terms of chain affiliated hotel rooms inventory as of Sep 2023, as per Horwath HTL Report.
In this note, we talk about the past performance and our thoughts on valuations.


Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Casino Business Review LLC

Extensive experience in marketing and development in the Asian gaming market

Global Gaming and Casinos Industry

<ul>
<li>Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.</li>
<li>Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.</li>
<li>GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.</li>
</ul>


Parent Genting  Berhad Malaysia flagship properties doing well but many  of its global holdings spur questions about asset allocation strategy.
Genting Singapore, its integrated resort property Sentosa presents a strong buy story not only because it is  undervalued here but because its prospects post covid  are strong.
GB's US footprint by  contrast poses questions  about the  hurdle rate of those huge investments to date given the intense competitive pressures in  mature gaming  markets.


Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

<ul>
<li>Stock has become attractive at its still under the radar price.</li>
<li>Nomura projects Singapore revenues are trending rapidly back to 90% of pre-covid levels.</li>
<li>Adj. EBITDA of SG$774 (US$580m) for FY22---income attributable to holders up 85%</li>
</ul>


Stock has become attractive at its still under the radar price.
Nomura projects Singapore revenues are trending rapidly back to 90% of pre-covid levels.
Adj. EBITDA of SG$774 (US$580m) for FY22---income attributable to holders up 85%


Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Singapore

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

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Genting Singapore (GENS SP)

Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

The 50% minimum acceptance condition is easily met. However, Genting’s preferred endgame is to delist GENM. Therefore, there is a good chance of a...

Arun George

Comfortdelgro (CD): Growth Evident and Cheap

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

Genting Singapore has low debt, strong forward revenue recovery, a duology position in a robust, growing market but remains seriously...

Howard J Klein

Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Genting's Singapore vertical has record performance for 1Q23. But stock remains at levels we do not now believe reflects its full value.

Howard J Klein

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

The 50% minimum acceptance condition is easily met. However, Genting’s preferred endgame is to delist GENM. Therefore, there is a good chance of a...

Arun George

Comfortdelgro (CD): Growth Evident and Cheap

​Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Apeejay Surrendra Park Hotels IPO - Has Bounced Back Strongly, at a Decent Discount

Apeejay Surrendra Park Hotel (PARK IN) (ASPH) plans to raise up to US$111m via selling a mix of primary and secondary shares in its India IPO.

Sumeet Singh

Genting Singapore: A Surprising Value Buy at $1.0l Sgd Driven by Post Covid Catalysts Ahead Die 2024

Genting Singapore has low debt, strong forward revenue recovery, a duology position in a robust, growing market but remains seriously...

Howard J Klein

Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Genting's Singapore vertical has record performance for 1Q23. But stock remains at levels we do not now believe reflects its full value.

Howard J Klein

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...