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

Hollysys Automation Technologies / Event-Driven

Hollysys Automation Technologies (HOLI US)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> update notes a new MBO proposal at US$25 per share, a bidders shortlist in several weeks and an update on the special meeting. </li>
<li>The update suggests several potential bidders and enough shareholders with the required record date to convene the special meeting to appoint independent directors. </li>
<li>The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly takeover. </li>
</ul>



Hollysys Automation Technologies (HOLI US) update notes a new MBO proposal at US$25 per share, a bidders shortlist in several weeks and an update on the special meeting. 
The update suggests several potential bidders and enough shareholders with the required record date to convene the special meeting to appoint independent directors. 
The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly takeover. 


Hollysys (HOLI US): MBO Proposal and Updates

<ul>
<li>The <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a> Board succumbs to shareholder pressure by announcing the formation of a special committee to conduct a formal sale process.</li>
<li>Hollysys has received non-binding proposals from six parties since December 2020. The most recent is a non-binding proposal from the Recco consortium at US$25.00 per share.</li>
<li>The Board’s change of heart should encourage previous bidders to re-engage. Recco’s offer, while attractive, is not a knockout bid, suggesting a possible bidding war. </li>
</ul>


The Hollysys Automation Technologies (HOLI US) Board succumbs to shareholder pressure by announcing the formation of a special committee to conduct a formal sale process.
Hollysys has received non-binding proposals from six parties since December 2020. The most recent is a non-binding proposal from the Recco consortium at US$25.00 per share.
The Board’s change of heart should encourage previous bidders to re-engage. Recco’s offer, while attractive, is not a knockout bid, suggesting a possible bidding war. 


Hollysys (HOLI US): Board Starts a Formal Sale Process

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Honeywell International / Equity Bottom-Up

<ul><li>Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an earnings beat.</li><li>The company's organic sales increased year on year in the quarter, led by double-digit growth in commercial aerospace, process solutions, and UOP.</li><li>We give Honeywell International a 'Hold' rating with a revised target price.</li></ul>

Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an earnings beat.The company's organic sales increased year on year in the quarter, led by double-digit growth in commercial aerospace, process solutions, and UOP.We give Honeywell International a 'Hold' rating with a revised target price.

Honeywell International Inc.: Can The SCADAfence Acquisition Strengthen Its Portfolio? – Key Drivers

<ul><li>Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.</li><li>The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.</li><li>The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.</li></ul>

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings.The company’s organic sales, adjusted earnings, and segment margins were above the management’s expectations as well.The segment margin of Honeywell expanded, led by robust expansion in Honeywell Building Technologies and Safety and Productivity Solutions.

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

<ul><li>Honeywell had another challenging quarter with inflation headwinds and supply chain constraints still at play.</li><li>Modest improvement in the supply chain helped Honeywell to reduce its cost to use backlog and deliver more building management systems and fire products resulting in organic growth in the building products.</li><li>Advanced materials grew in the quarter, as seen from the strong value capture across the demand and portfolio in fluorine products.</li></ul>

Honeywell had another challenging quarter with inflation headwinds and supply chain constraints still at play.Modest improvement in the supply chain helped Honeywell to reduce its cost to use backlog and deliver more building management systems and fire products resulting in organic growth in the building products.Advanced materials grew in the quarter, as seen from the strong value capture across the demand and portfolio in fluorine products.

Honeywell International Inc.: Hydrogen Fuel Cells For Aviation & Other Drivers

United States

Honeywell International Inc. is a worldwide diversified technology and manufacturing company providing aerospace products and services, control, sensing and security technologies, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals, and energy efficient products and solutions.

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Honeywell International (HON US)

Hollysys (HOLI US): MBO Proposal and Updates

The MBO proposal, while potentially a delaying tactic, suggests that the Board are under pressure for a solution and is aiming for a friendly...

Arun George

Hollysys (HOLI US): Board Starts a Formal Sale Process

The Board’s change of heart should encourage previous bidders to re-engage. While attractive, Recco’s US$25 per share offer is not a knockout bid,...

Arun George

Honeywell International Inc.: Can The SCADAfence Acquisition Strengthen Its Portfolio? – Key Drivers

Honeywell International delivered a mixed set of results for the quarter, with revenues well below Wall Street expectations but managed an...

Baptista Research

Honeywell International Inc.: Acquisition of Compressor Controls & Other Drivers

Honeywell International delivered a strong first quarter that exceeded Wall Street expectations in terms of revenues as well as earnings. The...

Baptista Research

Honeywell International Inc.: Hydrogen Fuel Cells For Aviation & Other Drivers

Honeywell had another challenging quarter with inflation headwinds and supply chain constraints still at play. Modest improvement in the supply...

Baptista Research

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