Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Market Vectors Vietnam ETF / Equity Bottom-Up

<ul>
<li>In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.</li>
<li>Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.</li>
<li>Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.</li>
</ul>


In this Postcard Edition, we detour and go international—to the streets, shops, and supermarkets of Vietnam. Choosing Vietnam as a country to explore and begin building our Asian Coverage.
Despite strong manufacturing fundamentals, capital markets remain narrow, with limited institutional participation and underrepresentation of export-led sectors.
Vietnam is on our watchlist for its evolving opportunity set, and we will continue tracking IPO activity, MSCI inclusion efforts, and policy reforms.


Postcard from Hanoi | Xin Chào Việt Nam

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/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a>'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.</li>
<li>The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.</li>
<li>Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  </li>
</ul>



Bright Smart Securities And (1428 HK)'s Chairman entered a SPA with Ant Holdco to sell his 50.55% stake at HK$3.28, a 7.5% premium to the last close.
The SPA completion requires approval from both the NDRC and SFC. Unusually, Ant has the option of extending the long-stop date, reflecting a possibility of extra scrutiny by the regulators.
Under Rule 26.1 of the Code, upon completion, Ant will be required to make an unconditional mandatory cash offer at HK$3.28. The MGO price is final and a knockout offer.  


Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities And (1428 HK)</a> is in a trading halt “<em>pursuant to the Hong Kong Code on Takeovers and Mergers, which constitutes inside information of the Company.</em>”</li>
<li>It is likely that Mr Lum, the founder and chairman, has entered a sale and purchase agreement to sell his controlling stake, which would trigger a mandatory general offer (MGO).   </li>
<li>The shares are at an all-time high and have a P/B multiple that is a material premium to peers. The MGO price is likely to be lower than last close.</li>
</ul>



Bright Smart Securities And (1428 HK) is in a trading halt “pursuant to the Hong Kong Code on Takeovers and Mergers, which constitutes inside information of the Company.”
It is likely that Mr Lum, the founder and chairman, has entered a sale and purchase agreement to sell his controlling stake, which would trigger a mandatory general offer (MGO).   
The shares are at an all-time high and have a P/B multiple that is a material premium to peers. The MGO price is likely to be lower than last close.


Bright Smart Securities (1428 HK): A Takeunder MGO?

Get Nice Financial Group Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>/GNF’s scheme offer from <a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a>/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.</li>
<li>The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk</li>
<li>The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.</li>
</ul>



Get Nice Financial Group Ltd (1469 HK)/GNF’s scheme offer from Get Nice Holdings (64 HK)/GNH is at 4 GNH shares per GNF share + HK$0.50 scheme dividend.
The implied GNF offer value is HK$1.116, a 39.5% premium to the last close. The offer is conditional on the GNH/GNF shareholder approval, which is low risk
The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is likely the first step towards privatising GNH.


Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/get-nice-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice Holdings (64 HK)</a> and <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a> are on a trading halt “<em>in relation to the Hong Kong Code on Takeovers and Mergers.</em>”</li>
<li>Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   </li>
<li>We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close</li>
</ul>



Get Nice Holdings (64 HK) and Get Nice Financial Group Ltd (1469 HK) are on a trading halt “in relation to the Hong Kong Code on Takeovers and Mergers.”
Mr Hung (Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH at this time.   
We use three methods to triangulate the likely offer price. Our methods suggest a price range of HK$0.179-0.251 per share, a 16.3%-62.8% premium to the last close


Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Hong Kong

Mason Group Holdings Limited is a health and wealth solutions conglomerate. The Company provides financial services in Hong Kong, including financial brokerage, leveraged and acquisition financing, asset and wealth management and mortgages business. Mason Group Holdings provides health solutions through its healthcare business, mother-infant-child business and dairy products business.

Price Gauge
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Mason Group Holdings (273 HK)

Postcard from Hanoi | Xin Chào Việt Nam

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

Bright Smart Securities (1428 HK): A Takeunder MGO?

It is likely that Mr Lum, the founder, has entered a sale and purchase agreement to sell his controlling stake, which would trigger an MGO.

Arun George

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Postcard from Hanoi | Xin Chào Việt Nam

​Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....

Pranav Bhavsar

Bright Smart Securities (1428 HK): Ant’s Possible Unconditional MGO at HK$3.28

The Chairman is selling out to Ant at a knockout price (HK$3.28). Completion will trigger an unconditional MGO. Timing is the key risk, which is...

Arun George

Bright Smart Securities (1428 HK): A Takeunder MGO?

It is likely that Mr Lum, the founder, has entered a sale and purchase agreement to sell his controlling stake, which would trigger an MGO.

Arun George

Get Nice Financial (1469 HK): Get Nice Holdings (64 HK) Share Exchange Offer

The share exchange ratio is attractive compared to historical price ratios, precedent transactions, and peer multiples. This is a done deal and is...

Arun George

Get Nice Holdings (64 HK): Chairman to Reload with a Privatisation Offer?

Mr Hung Hon Man (founder and Chairman) is likely to reload his 2020 offer. The key difference is that he will seek to privatise GNH now.

Arun George

Exploring Vietnam's potential for growth and investment opportunities, despite challenges in capital markets and institutional participation....