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/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a>'s IE considers <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a>’s A$0.13 offer fair and reasonable as it is above its valuation range of A$0.098 to A$0.109 per share. </li>
<li>The offer is subject to FIRB and shareholder approval. New Zealand’s OIO approval suggests that Australia’s FIRB approval should be forthcoming. Pearson’s recent selldown lowers the vote risk.</li>
<li>At the last close price and for the 4 October payment, the gross and annualised spread is 4.0% and 32.0%, respectively.</li>
</ul>



Tesserent Ltd (TNT AU)'s IE considers Thales SA (HO FP)’s A$0.13 offer fair and reasonable as it is above its valuation range of A$0.098 to A$0.109 per share. 
The offer is subject to FIRB and shareholder approval. New Zealand’s OIO approval suggests that Australia’s FIRB approval should be forthcoming. Pearson’s recent selldown lowers the vote risk.
At the last close price and for the 4 October payment, the gross and annualised spread is 4.0% and 32.0%, respectively.


Tesserent (TNT AU): Scheme Meeting on 18 September

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)</li></ul>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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)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.

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a>'s intra-review change. </li>
<li>Many of the high-ranked F250 potential additions could have very high impact according to our estimates.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including Mediclinic International (MDC LN)'s intra-review change. 
Many of the high-ranked F250 potential additions could have very high impact according to our estimates.


Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

<ul><li>Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business</li><li>While JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costs</li><li>Despite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4</li></ul>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.

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India businessWhile JLR margin lagged expectations, domestic PV and CV margins also declined QoQ due to high input costsDespite management’s best efforts, JLR debt has further increased to GBP8.2bn, from GBP7.6bn in Q4Content 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.

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

United Kingdom

NCC Group PLC is a global provider of independent escrow and information security assurance services. The Company provides business critical IT assurance and protection to public and private organizations worldwide.

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NCC Group PLC (NCC LN)

Tesserent (TNT AU): Scheme Meeting on 18 September

FIRB and shareholder approval should be forthcoming, At the last close price and for the 4 October payment, the gross and annualised spread is 4.0%...

Arun George

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tesserent (TNT AU): Scheme Meeting on 18 September

FIRB and shareholder approval should be forthcoming, At the last close price and for the 4 October payment, the gross and annualised spread is 4.0%...

Arun George

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

On average, there could be around 20 days of volume to buy for the top four F250 potential ADDs according to our estimates and I see a decent...

Janaghan Jeyakumar, CFA

HSIE Results Daily: Tata Motors, Godrej Properties, Phoenix Mills, APL Apollo,

Tata Motors: TTMT posted weak performance in Q2, both at JLR and in the India business. While JLR margin lagged expectations, domestic PV and CV...

HDFC Securities

Quiddity Leaderboard for UK F100/250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs