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/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a> disclosed a revised conditional offer from <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> at S$0.67, an 11.7% premium to the initial S$0.60 offer.</li>
<li>The Estate (largest shareholder) stated that the previous S$0.60 offer was not compelling. The final offer addresses most of the Estate’s valuation concerns.</li>
<li>The Estate’s view and IFA opinion in the circular (despatched by 23 October) will be crucial to the acceptance rate. They are likely to support the final offer. </li>
</ul>



Dyna Mac Holdings (DMHL SP) disclosed a revised conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.67, an 11.7% premium to the initial S$0.60 offer.
The Estate (largest shareholder) stated that the previous S$0.60 offer was not compelling. The final offer addresses most of the Estate’s valuation concerns.
The Estate’s view and IFA opinion in the circular (despatched by 23 October) will be crucial to the acceptance rate. They are likely to support the final offer. 


Dyna-Mac (DMHL SP): Hanwha’s Final Offer Could Get the Deal Done

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a> disclosed a voluntary conditional offer from <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> at S$0.60, a 21.2% premium to the undisturbed price.</li>
<li>The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. </li>
<li>The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). </li>
</ul>



Dyna Mac Holdings (DMHL SP) disclosed a voluntary conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.60, a 21.2% premium to the undisturbed price.
The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. 
The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). 


Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

Malaysia Marine And Heavy Engg Hldgs / Equity Bottom-Up

<div class="content-highlight"><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></div>

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.

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.</p><p>On the supply side, growth continued to be driven…</p>

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption contributed 4.1 percentage point (ppt) to GDP largely driven by private consumption while fixed capital formation contributed 1.7 ppt. Change in inventories and net exports detracted 1.2 ppt and 0.7 ppt respectively from GDP. Net exports detracted from overall GDP as imports grew at a faster pace than exports.On the supply side, growth continued to be driven…

Malaysia: Manufacturing and Services Drive GDP

Malaysia

Malaysia Marine and Heavy Engineering Holdings Bhd provides solutions for the oil and gas sector. The Company's activities include a full range of construction and engineering services, including building and installing offshore structures, marine repair of vessels including large LNG and LPG carriers and tankers, and marine conversion of vessels.

Malaysia Marine And Heavy Engg Hldgs (MMHE MK)

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

Malaysia Marine And Heavy Engg Hldgs (MMHE MK)

Dyna-Mac (DMHL SP): Hanwha’s Final Offer Could Get the Deal Done

The Estate’s view and IFA opinion in the circular (despatched by 23 October) will be crucial to the acceptance rate. They are likely to support the...

Arun George

Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

The Lim Estate’s statement notes that Dyna-Mac “is definitely worth more than SGD 0.60 per share. The Estate is not opposed to proposed offers for...

Arun George

Impairments for Marine Repair Base

Sell Malaysia Marine & Heavy Engineering Hldgs Bhd: Impairments for Marine Repair Base. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

Malaysia: Manufacturing and Services Drive GDP

Malaysia’s GDP grew 4% y-o-y in 2Q2016 compared to a 4.2% y-o-y rise in 1Q2016 – slowing for the sixth straight quarter. Final consumption...

Rajan Govil

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)