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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> filed for a US$1bn IPO and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> aims to shortly launch a US$100-150m IPO.</li>
<li>On the Event-Driven front, key developments at <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  


Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for <strong><a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a></strong>.</li>
<li>The Offer Doc is now out and is open for acceptances. The first close is the 28th June. </li>
<li>This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.</li>
</ul>


On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for Hwa Hong Corp (HWAH SP).
The Offer Doc is now out and is open for acceptances. The first close is the 28th June. 
This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.


Hwa Hong’s Conditional Offer Open For Acceptances

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> clinches a six-year lease extension at Bonn Campus</li><li><a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a> YTD22 tenants’ sales surpassed pre-Covid levels</li><li>New private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%</li></ul>

IREIT Global (IREIT SP) clinches a six-year lease extension at Bonn CampusFrasers Centrepoint Trust (FCT SP) YTD22 tenants’ sales surpassed pre-Covid levelsNew private home sales remained flattish MoM in Apr22; Take-up rate fell further to ~164%

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

<ul>
<li>Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for <strong><a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a></strong>.</li>
<li>The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. </li>
<li>However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. </li>
</ul>


Ong Choo Eng and his son Ong Eng Yaw, together with Roswell Assets, Dymon Asia Private Equity, and Crytalic Star have launched a voluntary Offer for Hwa Hong (HWAH SP).
The S$0.37/share Offer is a nine-year high and a 27.6% premium to last close. It has not been declared final. 
However, it appears not all of the founding members of the company are on the same page. The family fissure became public after the last independent director resigned this month. 


Hwa Hong's Conditional Offer Amid Family Tussle

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> announced a voluntary conditional cash offer from Mr Ong Choo and partners at S$0.370 per share, a 27.6% premium to the last close.</li>
<li>The offer is the culmination of a brewing family feud which pits Mr Ong Choo against the families of his five brothers. </li>
<li>The offer price is a 9-year share price high. We estimate around 60% of the public float needs to accept the offer to meet the 50%+ minimum acceptance condition. </li>
</ul>



Hwa Hong Corp (HWAH SP) announced a voluntary conditional cash offer from Mr Ong Choo and partners at S$0.370 per share, a 27.6% premium to the last close.
The offer is the culmination of a brewing family feud which pits Mr Ong Choo against the families of his five brothers. 
The offer price is a 9-year share price high. We estimate around 60% of the public float needs to accept the offer to meet the 50%+ minimum acceptance condition. 


Hwa Hong’s Voluntary Conditional Offer at S$0.370

Singapore

Hwa Hong Corporation Limited is an investment holding company. The Company's subsidiaries operate in general insurance, warehouse rental, packing of edible oil products, general trading in consumer products, and property management and development activities.

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Hwa Hong Corp (HWAH SP)

Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Last week, notable developments occurred in Event-Driven (Xiamen Port, Link Net, Yancoal, Link, AOF, Cocoaland, AKM, Irongate, Virtus Health) and...

Arun George

Hwa Hong’s Conditional Offer Open For Acceptances

This is a hostile Offer. It has not been declared final. But the family dispute runs deep. I can see the Offer failing to meet the 50% acceptance...

David Blennerhassett

ASEAN Builder's Scoop (18May22) - IREIT Lease Extension at Bonn Campus

FCT YTD22 tenants' sales surpassed pre-Covid levels; Apr22 new homes sales flat MoM; FEH launching 2 Aus hotel brands; BIR suspends issuance of MEG...

SCCM Asia Research

Hwa Hong's Conditional Offer Amid Family Tussle

I'd pay up to S$0.35-S$0.36/share, or ~15% annualised, assuming around three months to complete from here. It's a hostile Offer. It has not been...

David Blennerhassett

Hwa Hong’s Voluntary Conditional Offer at S$0.370

Hwa Hong announced a VGO at S$0.370 per share, a 27.6% premium to the last close. We estimate around 60% of the public float needs to accept the...

Arun George

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