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/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.</li><li>CSE Global's target price raised to $1.20+ after key partnership with Amazon.</li><li>Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.</li></ul>

Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.CSE Global's target price raised to $1.20+ after key partnership with Amazon.Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

<ul>
<li>OCBC: REIT spin-off is a positive move for Boustead.</li>
<li>CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.</li>
<li>DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.</li>
</ul>


OCBC: REIT spin-off is a positive move for Boustead.
CDG's prequalification for Copenhagen Metro boosts profile; CityCab deal may add EPS.
DBS increases AEM target price to $2.10, citing Intel-Nvidia collaboration.


Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

<ul>
<li>OCBC raises Golden Agri-Resources target price amid strong palm oil prices.</li>
<li>CGS International raises ISOTeam target price amid upcoming drone deployment.</li>
<li>UOBKH maintains 'sell' on SIA, raises target to $6.05, cites Air India impact.</li>
</ul>


OCBC raises Golden Agri-Resources target price amid strong palm oil prices.
CGS International raises ISOTeam target price amid upcoming drone deployment.
UOBKH maintains 'sell' on SIA, raises target to $6.05, cites Air India impact.


Singapore Market Roundup (18-Sep-2025): OCBC Boosts Golden Agri Target Price Due to Strong Palm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).</li>
<li>The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).</li>
<li>The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. </li>
</ul>



Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. 


Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

Singapore

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and sells crude palm oil and palm kernel.  The Company also refines crude palm oil into cooking oil, margarine, and shortening for sale and distribution.

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

Golden Agri Resources (GGR SP)

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

Singapore Market Roundup (19-Sep-2025): OCBC Views Boustead's REIT Spin-Off as a Positive Step.

OCBC sees Boustead's REIT spin-off positively; CDG's Copenhagen Metro prequalification enhances its profile; DBS raises AEM target price to $2.10...

Singapore Market Roundup

Singapore Market Roundup (18-Sep-2025): OCBC Boosts Golden Agri Target Price Due to Strong Palm

OCBC raises Golden Agri-Resources target price due to strong palm oil prices; CGS ups ISOTeam target with drone plans; UOBKH keeps 'sell' on SIA,...

Singapore Market Roundup

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

The offer is light but has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)