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/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>/BPL has disclosed an improved final unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at $0.95 per share, a 5.6% premium to the previous S$0.90 offer.</li>
<li>In response to SIAS’ call to table a fairer offer closer to 1x P/NAV, Boustead Singapore has marginally increased its offer from 0.71x to 0.75x P/NAV.</li>
<li>Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are currently trading 4.2% above terms. </li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed an improved final unconditional offer from Boustead Singapore Limited (BOCS SP) at $0.95 per share, a 5.6% premium to the previous S$0.90 offer.
In response to SIAS’ call to table a fairer offer closer to 1x P/NAV, Boustead Singapore has marginally increased its offer from 0.71x to 0.75x P/NAV.
Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are currently trading 4.2% above terms. 


Boustead Projects (BOCJ SP): Boustead Singapore’s Final S$0.95 Offer to Call Minorities’ Bluff

<ul>
<li>
<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>/BPL has disclosed a voluntary unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).</li>
<li>The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.</li>
<li>As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.</li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed a voluntary unconditional offer from Boustead Singapore Limited (BOCS SP) at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).
The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.
As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.


Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> disclosed a revised conditional VGO from the Tangs at S$0.75, a 4.2% premium to the previous offer of S$0.72. The offer is final.</li>
<li>The offeror (47.27% of outstanding shares) and immediate family represent 50.49% of outstanding shares or 48.63% of diluted shares, which is just shy of the 50%+ minimum acceptance condition. </li>
<li>The bump was to increase the chances of privatisation rather than hitting the 50%+ minimum acceptance condition. At the last close, the gross spread is 1.4%. </li>
</ul>



Chip Eng Seng Corp (CHIP SP) disclosed a revised conditional VGO from the Tangs at S$0.75, a 4.2% premium to the previous offer of S$0.72. The offer is final.
The offeror (47.27% of outstanding shares) and immediate family represent 50.49% of outstanding shares or 48.63% of diluted shares, which is just shy of the 50%+ minimum acceptance condition. 
The bump was to increase the chances of privatisation rather than hitting the 50%+ minimum acceptance condition. At the last close, the gross spread is 1.4%. 


Chip Eng Seng (CHIP SP)’s Revised S$0.75 VGO from the Tangs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> disclosed a conditional VGO from the Tangs at S$0.720, a 6.7% premium to the undisturbed price (6 September). The price is not declared final. </li>
<li>Irrevocables and family represent 41.44% of outstanding shares. The VGO has a 50%+ minimum acceptance condition which requires around a 15% minorities acceptance rate.</li>
<li>While the last close is in line with the offer, it is attractive in the context of historical prices/multiples. Therefore, there is a good chance of hitting the 50% threshold.</li>
</ul>



Chip Eng Seng Corp (CHIP SP) disclosed a conditional VGO from the Tangs at S$0.720, a 6.7% premium to the undisturbed price (6 September). The price is not declared final. 
Irrevocables and family represent 41.44% of outstanding shares. The VGO has a 50%+ minimum acceptance condition which requires around a 15% minorities acceptance rate.
While the last close is in line with the offer, it is attractive in the context of historical prices/multiples. Therefore, there is a good chance of hitting the 50% threshold.


Chip Eng Seng (CHIP SP)’s S$0.72 VGO from the Tangs

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>FOR the 5 trading sessions that spanned Sep 16 to Sep 22, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index declining 3.8 per cent, the Hang Seng Index declining 3.5 per cent and the FTSE Bursa Malaysia KLCI declining 1.9 per cent.</li><li>Overall, institutions were net buyers of Singapore stocks for the 5 sessions ending September, with close to S$200 million of net inflows, following the S$220 million of net inflows for the preceding 5 sessions.</li><li>On Sep 15, Global Investments independent director Ng Thiam Poh acquired 99,700 shares of the mutual fund company at an average price of 13.5 Singapore cents per share.</li></ul>

FOR the 5 trading sessions that spanned Sep 16 to Sep 22, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index declining 3.8 per cent, the Hang Seng Index declining 3.5 per cent and the FTSE Bursa Malaysia KLCI declining 1.9 per cent.Overall, institutions were net buyers of Singapore stocks for the 5 sessions ending September, with close to S$200 million of net inflows, following the S$220 million of net inflows for the preceding 5 sessions.On Sep 15, Global Investments independent director Ng Thiam Poh acquired 99,700 shares of the mutual fund company at an average price of 13.5 Singapore cents per share.

Ong Sek Chong & Sons continues building Lian Beng stake

Singapore

Lian Beng Group Ltd is a Singapore-based company primarily engaged in construction and civil engineering, property development and investment, and the manufacturing of construction materials. It also operates dormitory businesses and provides construction-related services. The company was established in 1973 and is headquartered in Singapore.

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Lian Beng (LBG SP)

Boustead Projects (BOCJ SP): Boustead Singapore’s Final S$0.95 Offer to Call Minorities’ Bluff

Boustead Singapore’s approach is to call minorities bluff by tabling a "take it or leave it" proposal instead of a fair offer. The shares are...

Arun George

Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

The offer is unremarkable. As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and...

Arun George

Chip Eng Seng (CHIP SP)’s Revised S$0.75 VGO from the Tangs

The bump was to increase the chances of privatisation rather than hitting the 50%+ minimum acceptance condition. At the last close, the gross...

Arun George

Chip Eng Seng (CHIP SP)’s S$0.72 VGO from the Tangs

The price is not declared final. There is a good chance of hitting the 50% minimum acceptance threshold. Not worth chasing through terms in hopes...

Arun George

Ong Sek Chong & Sons continues building Lian Beng stake

FOR the 5 trading sessions that spanned Sep 16 to Sep 22, the Straits Times Index (STI) declined 0.2 per cent, with the FTSE China A50 Index...

Singapore Exchange Ltd (SGX)

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