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/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> provided an update on Aura’s results for the two months ended 28 February. The financial disclosure has both positives and negatives.</li>
<li>The positive is that Aura has improved its key performance indicators (KPIs) across the business. The negatives are that the D2C segment faces challenges with retention and profitability.</li>
<li>While the QOR deal valuation of A$0.72 is nonsensical, the risk/reward profile remains favourable. Based on Aura’s results, the updated implied QOR’s fair value is A$0.43.</li>
</ul>



Qoria (QOR AU) provided an update on Aura’s results for the two months ended 28 February. The financial disclosure has both positives and negatives.
The positive is that Aura has improved its key performance indicators (KPIs) across the business. The negatives are that the D2C segment faces challenges with retention and profitability.
While the QOR deal valuation of A$0.72 is nonsensical, the risk/reward profile remains favourable. Based on Aura’s results, the updated implied QOR’s fair value is A$0.43.


Qoria (QOR AU): Takeaways from Aura’s Results

<ul>
<li>On 2 February, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> entered a merger with Aura at 1 Aura CDI per 17.2 QOR share. The implied offer price per QOR share is A$0.72.</li>
<li>While the scheme vote is low risk, the gross spread is massive due to the SaaS market sell-off and warranted scepticism about the stated MergerCo valuation.</li>
<li>However, my analysis suggests the risk/reward profile is favourable. If MergeCo trades in line with SaaS peers, it implies a QOR fair value of A$0.40, 30% premium to last close.</li>
</ul>


On 2 February, Qoria (QOR AU) entered a merger with Aura at 1 Aura CDI per 17.2 QOR share. The implied offer price per QOR share is A$0.72.
While the scheme vote is low risk, the gross spread is massive due to the SaaS market sell-off and warranted scepticism about the stated MergerCo valuation.
However, my analysis suggests the risk/reward profile is favourable. If MergeCo trades in line with SaaS peers, it implies a QOR fair value of A$0.40, 30% premium to last close.


Qoria (QOR AU): Risk/Reward in the Aftermath of SaaStrophe

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 Jan 16th (reported today). The aggregated short interest was USD31.5bn.</li>
<li>We tabulate league tables 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 Goodman, Treasury Wine Estates, NEWMONT, Scentre, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 16th (reported today). The aggregated short interest was USD31.5bn.
We tabulate league tables 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 Goodman, Treasury Wine Estates, NEWMONT, Scentre, South32.


ASX Short Interest Weekly (Jan 16th): Goodman, Treasury Wine Estates, NEWMONT

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mirrabooka Investments / Equity Bottom-Up

<ul><li>Mirrabooka Investments (MIR) Mirrabooka Investments aims to provide attractive investment returns over the medium to long term through holding core investments in a portfolio of 50-70 small and medium sized companies and to provide attractive dividend returns.</li><li>MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.</li><li>These companies typically exhibit ‘quality’ characteristics by targeting businesses that can demonstrate sustainable competitive advantages, have strong management, have competitive moats and demonstrate balance sheet strength. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Mirrabooka Investments (MIR) Mirrabooka Investments aims to provide attractive investment returns over the medium to long term through holding core investments in a portfolio of 50-70 small and medium sized companies and to provide attractive dividend returns.MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.These companies typically exhibit ‘quality’ characteristics by targeting businesses that can demonstrate sustainable competitive advantages, have strong management, have competitive moats and demonstrate balance sheet strength. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 21st (reported today). The aggregated short interest was USD26.3bn.</li>
<li>We tabulate league tables 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 James Hardie Industries, Atlas Arteria, Sonic Healthcare, Coles, Life360.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 21st (reported today). The aggregated short interest was USD26.3bn.
We tabulate league tables 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 James Hardie Industries, Atlas Arteria, Sonic Healthcare, Coles, Life360.


ASX Short Interest Weekly (Nov 21st): James Hardie Industries, Atlas Arteria, Sonic Healthcare

United States

Life360, Inc. designs and develops technological products. The Company offers mobile application for multi-channel messaging and tracking platform for family communication, lost item retrieving, and medical treatment services. Life360 serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Life360 Inc (360 AU)

Qoria (QOR AU): Takeaways from Aura’s Results

Aura's results for the two months ended 28 February have both positives and negatives. The risk/reward profile remains favourable. The updated...

Arun George

Qoria (QOR AU): Risk/Reward in the Aftermath of SaaStrophe

The risk/reward profile is favourable. Scepticism about the stated MergerCo valuation is warranted. My QOR fair value implied by the offer is...

Arun George

ASX Short Interest Weekly (Jan 16th): Goodman, Treasury Wine Estates, NEWMONT

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Treasury Wine Estates, NEWMONT CORPORATION...

Ke Yan, CFA, FRM

Analyst Outlook December 2025

MIR focuses on companies with attractive valuations, prospects for strong growth and the potential to benefit from takeover activity.

Bell Potter

ASX Short Interest Weekly (Nov 21st): James Hardie Industries, Atlas Arteria, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in James Hardie Industries, Atlas Arteria, Sonic...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)