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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, Jiangnan.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy NL (NWE AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  21Vianet Group (VNET US), 111 Inc (YI US), Alliance Aviation Services (AQZ AU), Oishi Group PCL (OISHI TB), Toyo Construction (1890 JP), Aag Energy Holdings (2686 HK), Jiangnan.
Lowest spreads - Norwest Energy NL (NWE AU), Genesis Minerals (GMD AU), GK Goh Holdings (GKG SP), Nitro Software Ltd (NTO AU), Boustead Projects (BOCJ SP), Nissin Electric (6641 JP).


Merger Arb Mondays (13 Mar) - InvoCare, Origin, Tyro, Toyo, Oishi, AAG Energy, Yashili, Halcyon

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>'s large offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s shares, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to raise up to US$440 million. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>, <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</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, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Japan Post Holdings (6178 JP)'s large offering of Japan Post Bank (7182 JP)'s shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
Event-Driven developments - ASM Pacific Technology (522 HK), Yashili International Holdings (1230 HK), Invocare Ltd (IVC AU), Oishi Group PCL (OISHI TB), Olam Group (OLG SP), Halcyon Agri (HACL SP). 


Weekly Deals Digest (12 Mar) - Japan Post Bank, SBI Sumishin, ASMPT, Oishi, InvoCare, Olam

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>, and <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for Invocare Ltd (IVC AU).
Key updates took place for Yashili International Holdings (1230 HK), Pushpay Holdings (PPH NZ), Nippon Steel Trading Corporation (9810 JP), and S.M.Entertainment Co (041510 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.</li>
<li>TPG has also acquired 17.8% of the shares in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> via a combination of stock and derivatives.</li>
<li>With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.</li>
</ul>



Invocare Ltd (IVC AU) has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.
TPG has also acquired 17.8% of the shares in Invocare Ltd (IVC AU) via a combination of stock and derivatives.
With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.


InvoCare (IVC AU): TPG's A$12.65/Share NBIO

<ul>
<li>PE outfit TPG has taken a 17.8% stake in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">InvoCare Ltd (IVC AU)</a>, Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.</li>
<li>The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.</li>
<li>InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff. </li>
</ul>


PE outfit TPG has taken a 17.8% stake in InvoCare Ltd (IVC AU), Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.
The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.
InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff. 


InvoCare (IVC AU): TPG's Non-Binding Offer

Australia

InvoCare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

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Invocare Ltd (IVC AU)

Merger Arb Mondays (13 Mar) - InvoCare, Origin, Tyro, Toyo, Oishi, AAG Energy, Yashili, Halcyon

This week, the highest gross spreads are VNET (150.8%), 111 (38.6%), Alliance Aviation (35.7%), Oishi (26.9%), Toyo (11.1%), AAG Energy (8.8%),...

Arun George

Weekly Deals Digest (12 Mar) - Japan Post Bank, SBI Sumishin, ASMPT, Oishi, InvoCare, Olam

Last week, notable developments occurred in Event-Driven (InvoCare, Pushpay, Tyro, ASMPT, Yashili, Ihara, Nippon Steel, Toyo, Halcyon, Olam,...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

InvoCare (IVC AU): TPG's Non-Binding Offer

This remains an indicative Offer. However, TPG is not holding back with an initial 17.8% stake. I'd buy around A$12, or 5.4%/13% annualised,...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Merger Arb Mondays (13 Mar) - InvoCare, Origin, Tyro, Toyo, Oishi, AAG Energy, Yashili, Halcyon

This week, the highest gross spreads are VNET (150.8%), 111 (38.6%), Alliance Aviation (35.7%), Oishi (26.9%), Toyo (11.1%), AAG Energy (8.8%),...

Arun George

Weekly Deals Digest (12 Mar) - Japan Post Bank, SBI Sumishin, ASMPT, Oishi, InvoCare, Olam

Last week, notable developments occurred in Event-Driven (InvoCare, Pushpay, Tyro, ASMPT, Yashili, Ihara, Nippon Steel, Toyo, Halcyon, Olam,...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

InvoCare (IVC AU): TPG's A$12.65/Share NBIO

TPG has made an NBIO to acquire InvoCare at A$12.65/share for an equity value of A$1.8bn. TPG has also bought up 17.8% of the company. We'd buy...

Brian Freitas

InvoCare (IVC AU): TPG's Non-Binding Offer

This remains an indicative Offer. However, TPG is not holding back with an initial 17.8% stake. I'd buy around A$12, or 5.4%/13% annualised,...

David Blennerhassett