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/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>’s EGM to vote on the US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited is on 31 January 2023.</li>
<li>Shareholders representing two-thirds of shares need to approve the deal. As rollover shareholders represent 16.92% of voting rights, 59.88% of disinterested shareholders must vote YES to meet the two-thirds threshold.</li>
<li>While peers have re-rated, the offer is attractive and there are no competing bids. At the last close, the gross spread to the offer is 11.6%.   </li>
</ul>



O2Micro International (OIIM US)’s EGM to vote on the US$5.00 per ADS privatisation offer from FNOF Precious Honour Limited is on 31 January 2023.
Shareholders representing two-thirds of shares need to approve the deal. As rollover shareholders represent 16.92% of voting rights, 59.88% of disinterested shareholders must vote YES to meet the two-thirds threshold.
While peers have re-rated, the offer is attractive and there are no competing bids. At the last close, the gross spread to the offer is 11.6%.   


O2Micro (OIIM US) Privatisation Vote on 31 January

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/evonik-industries-ag" target="_blank" data-smartkarma-citation="entities:21618:1" rel="noopener">Evonik Industries Ag (EVK GR)</a><a href="https://www.smartkarma.com/entities/altria-group-inc" target="_blank" data-smartkarma-citation="entities:6572:1" rel="noopener">Altria Group (MO US)</a> and <a href="https://www.smartkarma.com/entities/procter-gamble-co" target="_blank" data-smartkarma-citation="entities:978:1" rel="noopener">Procter &amp; Gamble Co (PG US)</a> </li>
<li>For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion in the portfolio.
The three companies we write about this week are Evonik Industries Ag (EVK GR)Altria Group (MO US) and Procter &amp; Gamble Co (PG US) 
For three weeks ended 9 Dec the combined innovation portfolio was +0.7%, versus DJIA -0.8%, S&amp;P500 -0.8%, Nasdaq -1.3% &amp; MSCI-ACWI-ETF +0.5%.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations.</li><li>The company’s top-line continues to be driven by its auto, 5G, and cloud businesses.</li><li>On a sequential basis, the data center revenue of the company declined because of softness in its on-premise business.</li></ul>

In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations.The company’s top-line continues to be driven by its auto, 5G, and cloud businesses.On a sequential basis, the data center revenue of the company declined because of softness in its on-premise business.

Marvell Technologies: New Product Launch & Other Drivers

<ul>
<li>We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  </li>
<li>The three companies are <a href="https://www.smartkarma.com/entities/johnson-johnson-831a1ab9-b291-4564-99b0-dc7f8d2b8175" target="_blank" data-smartkarma-citation="entities:26818:1" rel="noopener">Johnson &amp; Johnson (JNJ UN)</a> , <a href="https://www.smartkarma.com/entities/mondelez-international-inc" target="_blank" data-smartkarma-citation="entities:8111:1" rel="noopener">Mondelez International (MDLZ US)</a> and <a href="https://www.smartkarma.com/entities/qorvo-inc" target="_blank" data-smartkarma-citation="entities:11965:1" rel="noopener">Qorvo Inc (QRVO US), which have the highest weighting in each portfolio</a>
</li>
<li>For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  </li>
</ul>


We write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their the innovation scores and inclusion in the portfolio.  
The three companies are Johnson &amp; Johnson (JNJ UN) , Mondelez International (MDLZ US) and Qorvo Inc (QRVO US), which have the highest weighting in each portfolio

For the week the large cap portfolio was up 1.2%, the midcap was up 1.4% and the small cap was up 0.9%, all in US$ terms.  


How the Portfolios Did for the First Week

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$463m in its Japan IPO. </li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.</li>
<li>In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. 
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.


Socionext IPO - Ample Upside Even After Discount

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

O2Micro (OIIM US) Privatisation Vote on 31 January

The 11.6% spread reflects the need for 59.88% of disinterested shareholders to vote YES to meet the two-thirds threshold. However, the offer is...

Arun George

The Innovations Portfolios - Week Three

We assess how the three portfolios did for the first three weeks and discuss about one stock each from the large, mid and small cap portfolios

Pyari Menon

Marvell Technologies: New Product Launch & Other Drivers

In the last quarter, Marvell delivered a disappointing result as its revenues and earnings failed to meet Wall Street expectations. The company’s...

Baptista Research

How the Portfolios Did for the First Week

We assess how the three portfolios did for the first week and discuss about one stock each from the large, mid and small cap portfolios, briefly...

Pyari Menon

Socionext IPO - Ample Upside Even After Discount

Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. In this note, we will look at the updated deal dynamics, our earlier...

Clarence Chu

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