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>The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.</li>
<li>The <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. </li>
<li>The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. </li>
</ul>


The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.
The Ramsay Health Care (RHC AU) Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. 
The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. 


Ramsay’s Indicative Bid from the KKR Consortium

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> lists on the IDX tomorrow. The IDX has <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>'s free float at 66% which would mean IDX30, LQ45 and IDX80 Fast Entry index inclusion. </li>
<li>If included in the indices at a free float of 66%, <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> will have a weight of 13.55% in the IDX30 Index and 12.12% in the LQ45 Index.</li>
<li>Passive trackers will then need to buy 13.2% of the real float on the stock. Active funds will also buy the stock as it would appear in their benchmarks.</li>
</ul>



GoTo (GOTO IJ) lists on the IDX tomorrow. The IDX has GoTo (GOTO IJ)'s free float at 66% which would mean IDX30, LQ45 and IDX80 Fast Entry index inclusion. 
If included in the indices at a free float of 66%, GoTo (GOTO IJ) will have a weight of 13.55% in the IDX30 Index and 12.12% in the LQ45 Index.
Passive trackers will then need to buy 13.2% of the real float on the stock. Active funds will also buy the stock as it would appear in their benchmarks.


GoTo Gojek Tokopedia IPO: Potential LQ45, IDX30, IDX80 Index Fast Entry & Impact

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.</li>
<li>The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.</li>
</ul>



Mitra Keluarga Karyasehat Tbk (MIKA IJ) booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.
The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.

Mitra Keluarga Karyasehat Tbk (MIKA IJ) remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.


Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> released an exceptionally strong set of FY2021 results, driven partly by COVID testing but coupled by a pick-up in its core testing business and especially esoteric testing.</li>
<li>It continues to see increasing tests per visit with revenue per visit increasing at the same time. Its digital strategy is working well further driving growth through an omnichannel approach.</li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains our top Indonesian healthcare pick.</li>
</ul>



Prodia (PRDA IJ) released an exceptionally strong set of FY2021 results, driven partly by COVID testing but coupled by a pick-up in its core testing business and especially esoteric testing.
It continues to see increasing tests per visit with revenue per visit increasing at the same time. Its digital strategy is working well further driving growth through an omnichannel approach.

Prodia (PRDA IJ) continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains our top Indonesian healthcare pick.


Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.</li>
<li>Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.</li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. </li>
</ul>



Siloam International Hospitals (SILO IJ) held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.
Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. 


Siloam International Hospitals (SILO IJ) - Core Strength in Display

Indonesia

PT Mitra Keluarga Karyasehat Tbk is a prominent Indonesian private hospital operator that owns and manages hospitals, offering both outpatient and inpatient healthcare services. The company's network includes Mitra Keluarga Hospitals and Kasih Group Hospitals, providing specialized medical care such as oncology, radiotherapy, brain and spine care, women and children's health, and orthopedic services. It also offers healthcare platform services. The company was founded in 1989 and is headquartered in Jakarta, Indonesia.

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Mitra Keluarga Karyasehat (MIKA IJ)

Ramsay’s Indicative Bid from the KKR Consortium

The KKR consortium will offer A$88.00 less an interim dividend of A$0.485 for a total of A$87.52 per share. The offer is attractive. The gross...

Arun George

GoTo Gojek Tokopedia IPO: Potential LQ45, IDX30, IDX80 Index Fast Entry & Impact

GoTo lists tomorrow and could get Fast Entry to the IDX30, LQ45 and IDX80 indices if the IDX uses a float of 66%. That would require passives to...

Brian Freitas

Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

Mitra Keluarga Karyasehat remains a core proxy for the growing penetration of healthcare in Indonesia. Valuations are attractive versus history...

Angus Mackintosh

Prodia (PRDA IJ) - Diagnosed for Growth

Prodia (PRDA IJ) continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Core Strength in Display

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are...

Angus Mackintosh

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