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, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced at IDR450, <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (2367 HK)</a>  priced at the bottom of the range, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>'s upcoming lock-up expiry.  </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>,  <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 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>, Nitro. </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, Korea, India and Chinese ADRs.
ECM developments - Blibli (1437710D IJ) priced at IDR450, Giant Biogene Holding (2367 HK)  priced at the bottom of the range, GoTo (GOTO IJ)'s upcoming lock-up expiry.  
Event-Driven developments - Keppel Corp (KEP SP), Shandong Fengxiang (9977 HK), Jinke Smart Services (9666 HK), Kingston Financial (1031 HK),  Lifestyle International Holdings (1212 HK), Pushpay Holdings (PPH NZ), Nitro. 


Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Under revised terms, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp (SMM SP)</a> will issue fewer shares to <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a>. It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  </li>
<li>Stay cautiously positive on <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> until the stock starts trading as if those who bought on momentum look like they are getting out. </li>
<li>With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets</li>
</ul>


Under revised terms, Sembcorp (SMM SP) will issue fewer shares to Keppel (KEP SP). It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  
Stay cautiously positive on Socionext (6526 JP) until the stock starts trading as if those who bought on momentum look like they are getting out. 
With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets


Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

<ul>
<li>There are 45 - 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>Three new deals discussed on Smartkarma this week: K1's Offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a>, Chu's Offer for <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>, KKR's tilt for <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, and <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" data-smartkarma-citation="entities:26072:1" rel="noopener">Aruhi Corp (7198 JP)</a>.</li>
</ul>


There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed on Smartkarma this week: K1's Offer for Elmo Software (ELO AU), Chu's Offer for Kingston Financial (1031 HK), KKR's tilt for Hitachi Transport System (9086 JP).
Key updates took place for Nearmap Ltd (NEA AU), Jinke Smart Services (9666 HK), Lifestyle International Holdings (1212 HK), and Aruhi Corp (7198 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: ELMO, Kingston Financial, Hitachi Transport, Nearmap, Aruhi

Travis Lundy

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> made an <a href="https://links.sgx.com/FileOpen/SCM%20Press%20Release%2027.10.2022.ashx?App=Announcement&amp;FileID=735575" target="_blank" rel="noopener">announcement</a> of revised structure and revised terms.</li>
<li>Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. </li>
<li>Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. </li>
</ul>


Today, Keppel Corp (KEP SP) and Sembcorp Marine (SMM SP) made an announcement of revised structure and revised terms.
Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. 
Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. 


Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

<ul>
<li>The agreed equity value exchange ratio between Keppel O&amp;M and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> was revised from 56%:44% to 54%:46%. </li>
<li>For <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> shareholders, the revised terms will lower the overall value but in a shorter deal completion, higher EPS accretion and higher in-specie distribution of SMM shares.</li>
<li>The deal is expected to close by the end of the year. Our revised Keppel SoTP valuation is S$8.17 per share, which is 23% above the last close.</li>
</ul>


The agreed equity value exchange ratio between Keppel O&amp;M and Sembcorp Marine (SMM SP) was revised from 56%:44% to 54%:46%. 
For Keppel Corp (KEP SP) shareholders, the revised terms will lower the overall value but in a shorter deal completion, higher EPS accretion and higher in-specie distribution of SMM shares.
The deal is expected to close by the end of the year. Our revised Keppel SoTP valuation is S$8.17 per share, which is 23% above the last close.


Keppel: Keppel O&M and Sembcorp Marine’s Revised Terms

Singapore

Keppel Ltd. is a Singaporean global asset manager and operator, providing critical infrastructure and services for renewables, clean energy, decarbonization, sustainable urban renewal, and digital connectivity. The company operates across Infrastructure, Real Estate, Connectivity, and Fund Management & Investment platforms. Keppel is headquartered in Singapore and was founded in 1968.

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Keppel (KEP SP)

Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Last week, notable developments occurred in Event-Driven (Keppel, China VAST, Fengxiang, Kingston, Jinke, Lifestyle, Elmo, Pushpay, Nitro, Eagle...

Arun George

Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ELMO, Kingston Financial, Hitachi Transport, Nearmap, Aruhi

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

Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

Keppel and SMM have amended the transaction structure and terms, and it is a win-win, but perhaps more of a win for SMM as it catches up with...

Travis Lundy

Keppel: Keppel O&M and Sembcorp Marine’s Revised Terms

Revised terms are an acceptable compromise for KEP shareholders - lower the overall value but result in a shorter deal completion, higher EPS...

Arun George

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