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>BGH Capital has lobbed a non-binding A$7.10 cash per share offer. The offer price represents a 36.3% premium to the unaffected price of A$5.21 (13 December).</li>
<li>On 13 December, BGH Capital acquired a 9.99% stake at A$7.10 per share and has entered into a swap deal for another 10.00% stake. </li>
<li>We think that the offer is reasonable in the context of historical share prices and multiples. At the last close price of A$6.70, the gross spread is 6.0%.</li>
</ul>


BGH Capital has lobbed a non-binding A$7.10 cash per share offer. The offer price represents a 36.3% premium to the unaffected price of A$5.21 (13 December).
On 13 December, BGH Capital acquired a 9.99% stake at A$7.10 per share and has entered into a swap deal for another 10.00% stake. 
We think that the offer is reasonable in the context of historical share prices and multiples. At the last close price of A$6.70, the gross spread is 6.0%.


Virtus Receives a A$7.10 Per Share Offer from BGH Capital

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

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.

<ul>
<li>Jinxin Fertility is a leading IVF player with strong foothold in Southwest China, Greater Bay Area in China and the Westcoast of the US.</li>
<li>The company's growth will come from both organic and inorganic expansion, with recovery of international business as its long term catalyst.</li>
<li>The company's valuation is appealing with potential of more than 100% upside. </li>
</ul>


Jinxin Fertility is a leading IVF player with strong foothold in Southwest China, Greater Bay Area in China and the Westcoast of the US.
The company's growth will come from both organic and inorganic expansion, with recovery of international business as its long term catalyst.
The company's valuation is appealing with potential of more than 100% upside. 


2022 High Conviction: Tail Winds for Jinxin Fertility

<p>Jinxin Fertility announced that it is acquiring the Jinxin Woman and Children Hospital from its main shareholder with a mix of cash and convertible bond. We attended the call which provided more details of the transaction and the rationale behind. While the transaction is EPS accretive to the listed company and the explanation makes sense as to capture more value over the O&amp;B value chain, we do think the acquisition could be viewed as controversial. Though we continue to like the company, we think there could be de-rating of the PER multiple due to increasing contribution from traditional O&amp;B business.  </p>

Jinxin Fertility announced that it is acquiring the Jinxin Woman and Children Hospital from its main shareholder with a mix of cash and convertible bond. We attended the call which provided more details of the transaction and the rationale behind. While the transaction is EPS accretive to the listed company and the explanation makes sense as to capture more value over the O&amp;B value chain, we do think the acquisition could be viewed as controversial. Though we continue to like the company, we think there could be de-rating of the PER multiple due to increasing contribution from traditional O&amp;B business.  

Jinxin Fertility: Accretive but Slightly Controversial Acquisition of Jinxin WCH

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<p>Recently, <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a> released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.</p>

Recently, Hygeia Healthcare Group (6078 HK) released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

China

Jinxin Fertility Group is a leading international provider of assisted reproductive services (ARS) and assisted reproductive technology (ART). Its core offerings include In Vitro Fertilization (IVF), Intrauterine Insemination (IUI), egg retrieval, embryo transfer, and genetic screening, alongside a range of women's health services. The company is headquartered in Chengdu, China, and was founded in 1951.

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Jinxin Fertility (1951 HK)

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

2022 High Conviction: Tail Winds for Jinxin Fertility

We like Jinxin Fertility as a leading IVF player with strong foothold in Southwest China, Greater Bay Area in China and the Westcoast of the US. It...

Ke Yan, CFA, FRM

Jinxin Fertility: Accretive but Slightly Controversial Acquisition of Jinxin WCH

We attended management call to understand its acquisition of Jinxin Woman and Children Hospital. Though the deal dilutes the core IVF business it...

Ke Yan, CFA, FRM

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

This article analyzed Hygeia in terms of its 2021/1H financial result, the management mode, talent cultivation, new policy on professional title...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

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Virtus Receives a A$7.10 Per Share Offer from BGH Capital

BGH Capital has lobbed a non-binding A$7.10 cash per share offer, a 36.3% premium to the unaffected price. The offer is reasonable in the context...

Arun George

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

2022 High Conviction: Tail Winds for Jinxin Fertility

We like Jinxin Fertility as a leading IVF player with strong foothold in Southwest China, Greater Bay Area in China and the Westcoast of the US. It...

Ke Yan, CFA, FRM

Jinxin Fertility: Accretive but Slightly Controversial Acquisition of Jinxin WCH

We attended management call to understand its acquisition of Jinxin Woman and Children Hospital. Though the deal dilutes the core IVF business it...

Ke Yan, CFA, FRM

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

This article analyzed Hygeia in terms of its 2021/1H financial result, the management mode, talent cultivation, new policy on professional title...

Xinyao (Criss) Wang