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/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. </li>
<li>The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. </li>
<li>While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. </li>
</ul>



Perpetual Ltd (PPT AU) has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. 
The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. 
While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. 


Perpetual (PPT AU): EQT’s Further Revised NBIO Amps the Pressure on the Board

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has received a revised non-binding indicative proposal from EQT at A$22.07 per share, a 2.0% premium to the previously rejected offer of A$21.64 per share. </li>
<li>While the revised offer remains below the Board’s rumoured floor price of A$25.00, it is reasonable compared to historical ranges and is a 42.4% premium to the undisturbed price. </li>
<li>Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under pressure to engage.  </li>
</ul>



Perpetual Ltd (PPT AU) has received a revised non-binding indicative proposal from EQT at A$22.07 per share, a 2.0% premium to the previously rejected offer of A$21.64 per share. 
While the revised offer remains below the Board’s rumoured floor price of A$25.00, it is reasonable compared to historical ranges and is a 42.4% premium to the undisturbed price. 
Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under pressure to engage.  


Perpetual (PPT AU): EQT Returns with a Revised NBIO at A$22.07

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 changes in short interest of ASX Stocks as of Jun 26th (reported today). The aggregated short interest was USD45.1bn.</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 Atlas Arteria, Aristocrat Leisure, Santos, AGL Energy, Computershare.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 26th (reported today). The aggregated short interest was USD45.1bn.
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 Atlas Arteria, Aristocrat Leisure, Santos, AGL Energy, Computershare.


ASX Short Interest Weekly (Jun 26th): Atlas Arteria, Aristocrat Leisure, Santos, AGL Energy

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 12th (reported today). The aggregated short interest was USD47.3bn.</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 Computershare, Stockland, ASX, Brambles, GPT.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 12th (reported today). The aggregated short interest was USD47.3bn.
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 Computershare, Stockland, ASX, Brambles, GPT.


ASX Short Interest Weekly (Jun 12th): Computershare, Stockland, ASX, Brambles, GPT

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 22nd (reported today). The aggregated short interest was USD44.0bn.</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 Suncorp, BHP, Computershare, Northern Star Resources, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 22nd (reported today). The aggregated short interest was USD44.0bn.
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 Suncorp, BHP, Computershare, Northern Star Resources, Wesfarmers.


ASX Short Interest Weekly (May 22nd): Suncorp, BHP, Computershare, Northern Star Resources

United States

GQG Partners Inc. operates as an independent asset management firm. The Company offers investment advisory, portfolio management, financial planning, and security trading services. GQG Partners serves customers worldwide.

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GQG Partners (GQG AU)

Perpetual (PPT AU): EQT’s Further Revised NBIO Amps the Pressure on the Board

The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and...

Arun George

Perpetual (PPT AU): EQT Returns with a Revised NBIO at A$22.07

Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under...

Arun George

ASX Short Interest Weekly (Jun 26th): Atlas Arteria, Aristocrat Leisure, Santos, AGL Energy

We analyzed ASX short interest report for the past week and highlight short interest changes in Atlas Arteria, Aristocrat Leisure, Santos, AGL...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 12th): Computershare, Stockland, ASX, Brambles, GPT

We analyzed ASX short interest report for the past week and highlight short interest changes in Computershare, Stockland, ASX, Brambles, GPT.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (May 22nd): Suncorp, BHP, Computershare, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Suncorp, BHP, Computershare, Northern Star...

Ke Yan, CFA, FRM

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52-week Range

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