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/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.</li>
<li>The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. </li>
<li>MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.</li>
</ul>



Link Administration (LNK AU) has entered a SID with Mitsubishi UFJ Financial (MUFG) (8306 JP) at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.
The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. 
MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.


Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 28th (reported today) which has an aggregated short interest worth USD16.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Bhp, Pilbara Minerals, Newcrest Mining, Macquarie, Rio Tinto, Igo, Northern Star Re.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 28th (reported today) which has an aggregated short interest worth USD16.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Bhp, Pilbara Minerals, Newcrest Mining, Macquarie, Rio Tinto, Igo, Northern Star Re.


ASX Short Interest Weekly (Apr 28th): BHP, Pilbara, Newcrest Mining, Macquarie, Rio Tinto, Igo

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 21st (reported today) which has an aggregated short interest worth USD16.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lottery, Igo, Woolworths, Newcrest Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 21st (reported today) which has an aggregated short interest worth USD16.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lottery, Igo, Woolworths, Newcrest Mining.


ASX Short Interest Weekly (Apr 21st): Lottery, Igo, Woolworths, Newcrest Mining

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 24th (reported today) which has an aggregated short interest worth USD42.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance.


ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

<ul>
<li>The EGM to approve the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> distribution of <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.</li>
<li>This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  </li>
<li>Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.</li>
</ul>


The EGM to approve the PEXA Group (PXA AU) distribution of Link Administration (LNK AU)’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.
This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  
Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.


Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

Australia

Iress Limited provides real-time information services to businesses that specialize in the equity, equity options and future information markets in Australia and New Zealand. The Group supplies a range of pricing data, charting, news and equity and equity derivatives and also offers real-time trading tools, including a domestic order routing product and financial

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Iress Ltd (IRE AU)

Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose...

Arun George

ASX Short Interest Weekly (Apr 28th): BHP, Pilbara, Newcrest Mining, Macquarie, Rio Tinto, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Bhp, Pilbara Minerals, Newcrest Mining, Macquarie,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Apr 21st): Lottery, Igo, Woolworths, Newcrest Mining

We analyzed ASX short interest report for the past week and highlight short interest changes in Lottery, Igo, Woolworths, Newcrest Mining.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Feb 24th): Pilbara Minerals, Nine Entertainment, ANZ, Reliance

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Nine Entertainment, ANZ, Reliance...

Ke Yan, CFA, FRM

Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

The PEXA distribution marks the latest move to unlock the underlying value by pursuing a breakup strategy. If you haven’t been turned off by the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)