IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>’s IFA opines that Mr Samuel Kuo (Chairman)’s HK$0.48 privatisation offer to be fair and reasonable. The vote is on 21 October. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). Despite the market rally, most peers’ shares have declined since the offer announcement. </li>
<li>The attractive premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. At the last close, the gross/annualised spread is 3.2%/29.8%.</li>
</ul>



Samson Holding (531 HK)’s IFA opines that Mr Samuel Kuo (Chairman)’s HK$0.48 privatisation offer to be fair and reasonable. The vote is on 21 October. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). Despite the market rally, most peers’ shares have declined since the offer announcement. 
The attractive premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. At the last close, the gross/annualised spread is 3.2%/29.8%.


Samson Holding (531 HK): Scheme Vote on 21 October

Equity Capital Markets

Huisen Household International Group Limited / Equity Capital Markets

Huisen Household International Group Limited

<p><a href="https://www.smartkarma.com/entities/huisen-household-international-group-limited" target="_blank" data-smartkarma-citation="entities:31078:1" rel="noopener">Huisen Household International (2127 HK)</a> is the largest panel furniture exporter in terms of export value in China with a 3.92% market share in 2019, according to Frost &amp; Sullivan. Huisen has launched a Hong Kong IPO to raise net proceeds of HK$1,228.8 million ($160 million) at the mid-point of the IPO price range. </p><p>Unsurprisingly, due to the covid-19 outbreak, the export value of the PRC panel furniture will decline by 10% YoY to RMB73.5 billion in 2020, according to Frost &amp; Sullivan. Due to this decline in market growth, Huisen guides to a slight decrease in revenue and gross profit in 2020. Encouragingly, the export value of the PRC panel furniture is expected to recover gradually at a 3.2% CAGR from 2020 to 2024. Huisen is well placed to benefit from this growth as it is the largest panel furniture exporter in China.</p><div class="content-highlight"><p>As a sign of confidence, most of the IPO proceeds will be used to establish a new manufacturing factory and construct the second phase of an existing factory. Overall, we believe that Huisen’s fundamentals are attractive.</p></div>

Huisen Household International (2127 HK) is the largest panel furniture exporter in terms of export value in China with a 3.92% market share in 2019, according to Frost &amp; Sullivan. Huisen has launched a Hong Kong IPO to raise net proceeds of HK$1,228.8 million ($160 million) at the mid-point of the IPO price range. Unsurprisingly, due to the covid-19 outbreak, the export value of the PRC panel furniture will decline by 10% YoY to RMB73.5 billion in 2020, according to Frost &amp; Sullivan. Due to this decline in market growth, Huisen guides to a slight decrease in revenue and gross profit in 2020. Encouragingly, the export value of the PRC panel furniture is expected to recover gradually at a 3.2% CAGR from 2020 to 2024. Huisen is well placed to benefit from this growth as it is the largest panel furniture exporter in China.As a sign of confidence, most of the IPO proceeds will be used to establish a new manufacturing factory and construct the second phase of an existing factory. Overall, we believe that Huisen’s fundamentals are attractive.

Huisen Household IPO Initiation: Part of the Furniture

China

Huisen Household International Group Limited manufactures and distributes home furniture. The Company produces particle boards, functional panel furniture, economical panel furniture, upholstered furniture, and other products. Huisen Household International Group also produces steel tubes.

Huisen Household International Group Limited (2127 HK)

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Huisen Household International Group Limited (2127 HK)

Samson Holding (531 HK): Scheme Vote on 21 October

The attractive premium, lack of shareholders holding a blocking stake, and low AGM minority participation rate point to a done deal. At the last...

Arun George

Huisen Household IPO Initiation: Part of the Furniture

Huisen has launched an HK IPO to raise net proceeds of $160 million at the mid-point of the IPO price range. Overall, we believe that Huisen’s...

Arun George

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