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 March, Bloomberg reported that TPG and MBK had restarted a strategic review to reduce their <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> shareholdings. Previous privatisation rumours have fizzled out.</li>
<li>The options include going private, attracting new investors, or raising cash through some of HKBN’s assets. Infrastructure-focused funds and one Chinese telco (likely <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a>) were approached.</li>
<li>The probability of an offer is low as TPG and MBK will need to accept a material discount on their cost per share and financing challenges due to high leverage. </li>
</ul>


On 21 March, Bloomberg reported that TPG and MBK had restarted a strategic review to reduce their HKBN Ltd (1310 HK) shareholdings. Previous privatisation rumours have fizzled out.
The options include going private, attracting new investors, or raising cash through some of HKBN’s assets. Infrastructure-focused funds and one Chinese telco (likely China Mobile (941 HK)) were approached.
The probability of an offer is low as TPG and MBK will need to accept a material discount on their cost per share and financing challenges due to high leverage. 


HKBN (1310 HK): Déjà Vu as Privatisation Rumours Resurface

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>I spent the past few days in Manila, the capital of the Philippines.</li>
<li>Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.</li>
<li>Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.</li>
</ul>


I spent the past few days in Manila, the capital of the Philippines.
Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel across the region.
Not only am I now able to better understand the companies in my coverage universe. I’m also able to pass on any insights to you.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.</li><li>The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.</li><li>The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday</li></ul>

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by capitalizing on the widespread adoption of digital services in the Southeast Asian nation, the firm’s chief executive told Caixin.The uptake of digital services for transactions surged during the Covid-19 pandemic — especially in the fintech, medical, and healthcare sectors.The trend has continued even after the Philippines relaxed virus controls, Globe Telecom President and CEO Ernest Cu said in an interview on the sidelines of the Asia New Vision Forum in Singapore Monday

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Total Access Communication / Event-Driven

<ul>
<li>The Administrative Court has dismissed the Thai Consumers Council petition to impose an injunction on the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>
<a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a> and CP Group are currently seeking clarification on certain NBTC conditions such as tariff adjustments and MVNOs network capacity. </li>
<li>Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of 10.221x is attractive. Timing and tweaks to the exchange ratio are risks.</li>
</ul>


The Administrative Court has dismissed the Thai Consumers Council petition to impose an injunction on the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.

Telenor ASA (TEL NO) and CP Group are currently seeking clarification on certain NBTC conditions such as tariff adjustments and MVNOs network capacity. 
Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of 10.221x is attractive. Timing and tweaks to the exchange ratio are risks.


DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

<ul>
<li>Telenor and CP Group will proceed with the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger but without the VTO due to missing the VTO conditions precedent deadline.</li>
<li>The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC's harsh conditions.</li>
<li>Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. </li>
</ul>


Telenor and CP Group will proceed with the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger but without the VTO due to missing the VTO conditions precedent deadline.
The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC's harsh conditions.
Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. 


DTAC/True Merger to Proceed but Without the VTOs

Philippines

Globe Telecom, Inc. provides wireless application protocol services and digital wireless communication services via GSM network. The Company also offers service which allows users access to a wide range of information and services via a user-friendly menu. In addition, Globe  provides wire line voice and data services.

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Globe Telecom (GLO PM)

HKBN (1310 HK): Déjà Vu as Privatisation Rumours Resurface

The probability of a takeover offer is low, which explains TPG/MBK's exploration of other options. An attractive dividend yield continues to...

Arun George

Travel notes: Manila

I spent the past few days in Manila, the capital of the Philippines. Since Southeast Asia’s borders opened up in 2022, it’s become easier to travel...

Asian Century Stocks

Major Philippines’ Telco Banks On Rapid Digital Services Uptake, CEO Says

Philippine telecommunications conglomerate Globe Telecom Inc. is ramping up expansion of its e-wallet unit and online medical business by...

Caixin Global

DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

The Court ruling removes an impediment to the merger. Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of...

Arun George

DTAC/True Merger to Proceed but Without the VTOs

Merger completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and...

Arun George

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