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/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a> has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).</li>
<li>While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. </li>
<li>The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.</li>
</ul>



Mma Offshore (MRM AU) has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).
While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. 
The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.


MMA Offshore (MRM AU): A Polarising Offer from Seraya Partners

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Marine and subsea services provider <strong><a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">MMA Offshore (MRM AU)</a></strong> has<a href="https://announcements.asx.com.au/asxpdf/20240325/pdf/061th4gr5xnplb.pdf" target="_blank" rel="noopener"> entered into a Scheme</a> with Singapore's Cyan Renewables. </li>
<li>Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. </li>
<li>MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. </li>
</ul>


Marine and subsea services provider MMA Offshore (MRM AU) has entered into a Scheme with Singapore's Cyan Renewables. 
Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. 
MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. 


MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners

External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. 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

<ul>
<li>1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;</li>
<li>From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;</li>
<li>Management further noted "solid contracted revenue position" for the remainder of 1H24</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>


1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;
From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;
Management further noted "solid contracted revenue position" for the remainder of 1H24

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.

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

<div><div><div><div><ul><li><p>Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.</p></li><li><p>Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.</p></li><li><p>Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. </p></li></ul></div></div></div></div><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>

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. 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.

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a></em></strong>. </li>
<li>Lowest spreads: <strong><em><a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>.</em></strong> </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), Alps Logistics (9055 JP), Hollysys Automation Technologies (HOLI US), Ansarada Group Ltd (AND AU), Southern Cross Media (SXL AU). 
Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Mma Offshore (MRM AU), Great Eastern Holdings (GE SP), Pact Group Holdings (PGH AU), Alumina Ltd (AWC AU). 


Merger Arb Mondays (13 May) - GA Pack, HEC Pharma, L'Occitane, Alps Logistics, Great Eastern

Australia

MMA Offshore Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. MMA Offshore operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

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Mma Offshore (MRM AU)