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/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>/GNH has disclosed a scheme offer from Mr Hung Hon Man (founder and Chairman) at HK$4.00 (scheme consideration of HK$2.00 + special dividend of HK$2.00).</li>
<li>While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples. </li>
<li>However, the scheme vote is low-risk, as no disinterested shareholder holds a blocking stake. Unless an activist(s) takes an interest by building a blocking stake, this is a done deal.</li>
</ul>



Get Nice (64 HK)/GNH has disclosed a scheme offer from Mr Hung Hon Man (founder and Chairman) at HK$4.00 (scheme consideration of HK$2.00 + special dividend of HK$2.00).
While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples. 
However, the scheme vote is low-risk, as no disinterested shareholder holds a blocking stake. Unless an activist(s) takes an interest by building a blocking stake, this is a done deal.


Get Nice Holdings (64 HK): Chairman’s Scheme Offer Is Light

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>/GNH is in a trading halt “pending the release of an announcement in relation to the Hong Kong Code on Takeovers and Mergers.”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.</li>
<li>I use several methods to triangulate the likely offer price, which suggests an offer of HK$4.74 to HK$7.09 per share, representing a 39.5% to 109% premium to the last close.</li>
</ul>



Get Nice (64 HK)/GNH is in a trading halt “pending the release of an announcement in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.
I use several methods to triangulate the likely offer price, which suggests an offer of HK$4.74 to HK$7.09 per share, representing a 39.5% to 109% premium to the last close.


Get Nice Holdings (64 HK): Chairman to Take It Private?

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

* Regulatory headwinds the sector appear to be abating;* Fundamentals  - at worst - appear to be stabilizing;* Brokerage sector valuations and projected returns are inviting.  The mainland Chinese brokers have essentially been in the doldrums since the heavy regulatory interventions of 2015. H-share names now significantly discount dissipating regulatory headwinds. Anecdotal evidence also suggests that the China Securities Regulatory Commission’s (CSRC) attitude toward domestic capital markets…

* Regulatory headwinds the sector appear to be abating;* Fundamentals  - at worst - appear to be stabilizing;* Brokerage sector valuations and projected returns are inviting.  The mainland Chinese brokers have essentially been in the doldrums since the heavy regulatory interventions of 2015. H-share names now significantly discount dissipating regulatory headwinds. Anecdotal evidence also suggests that the China Securities Regulatory Commission’s (CSRC) attitude toward domestic capital markets…

Mainland Chinese Brokers - Red, Right, Return

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25 November 2016 approving the launch of the long-awaited Shenzhen-Hong Kong Stock Connect and trading commenced this week on 5 December 2016. This supplements the prior joint official announcement made by the SFC and the CSRC in August 2016.

The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25 November 2016 approving the launch of the long-awaited Shenzhen-Hong Kong Stock Connect and trading commenced this week on 5 December 2016. This supplements the prior joint official announcement made by the SFC and the CSRC in August 2016.

The Shenzhen–Hong Kong Stock Connect. A Legal Update from Dechert's Financial Services Group

Hong Kong

Haitong International Securities is an international financial institution offering a full spectrum of financial services, including private wealth management, corporate finance, asset management, and global markets. The company provides brokerage, investment banking, and advisory services, aiming to connect Chinese and overseas capital markets. It was founded in 1973 and is headquartered in Hong Kong.

Haitong International Securities (TFZ GR)

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Haitong International Securities (TFZ GR)

Get Nice Holdings (64 HK): Chairman’s Scheme Offer Is Light

While the offer represents a five-year high, it is light, implying a P/B multiple at a discount to precedent transactions and peer multiples....

Arun George

Get Nice Holdings (64 HK): Chairman to Take It Private?

Mr Hung (Chairman) is likely seeking to privatise GNH. My analysis suggests an offer of HK$4.74 to HK$7.09 per share, representing a 40% to 109%...

Arun George

Mainland Chinese Brokers - Red, Right, Return

* Regulatory headwinds the sector appear to be abating;* Fundamentals - at worst - appear to be stabilizing;* Brokerage sector valuations and...

Thomas J. Monaco

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we...

Daniel Tabbush

The Shenzhen–Hong Kong Stock Connect. A Legal Update from Dechert's Financial Services Group

The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25...

Dechert LLP

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)