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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">Mmg Ltd (1208 HK)</a> will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.</li>
<li>The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.</li>
<li>MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).</li>
</ul>



Mmg Ltd (1208 HK) will raise HK$9.1bn (US$1.2bn) through 2 rights shares for every 5 existing shares rights offering. The rights price is HK$2.62, a 24.7% discount to the TERP.
The rights proceeds will be used to repay existing debt, which will allow it to use other funds to better support the ongoing development of the operating mines.
MMG shares should continue to decline heading into the ex-rights date. The shares go ex-rights on 11 June, and the rights start trading from 24 June to 2 July (inclusive).


MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

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>The first quarter 2024 earnings for Newmont Corporation presents an operational and strategic snapshot for the company in a balanced manner.</li><li>To lay out the salient attributes and challenges of investing in Newmont: Positively, Newmont executives highlight the company's robust operational performance for the 1st quarter 2024.</li><li>Despite experiencing the loss of three employees due to on-site incidents, Newmont still looks set to meet its 2024 guidance, thereby proving the underlying stability of its operations.</li></ul>

The first quarter 2024 earnings for Newmont Corporation presents an operational and strategic snapshot for the company in a balanced manner.To lay out the salient attributes and challenges of investing in Newmont: Positively, Newmont executives highlight the company's robust operational performance for the 1st quarter 2024.Despite experiencing the loss of three employees due to on-site incidents, Newmont still looks set to meet its 2024 guidance, thereby proving the underlying stability of its operations.

Newmont Corporation: What Is Its Asset Divestments Strategy? - Major Drivers

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

OceanaGold Philippines / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/oceanagold-philippines" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGP PM)</a> is looking to raise up to US$106m in its Philippines IPO.</li>
<li>OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.</li>
<li>In our previous note, we talked about the company’s historical performance and shared our quick thoughts on valuation. In this note, we share our updated thoughts on valuation.</li>
</ul>



OceanaGold Philippines (OGP PM) is looking to raise up to US$106m in its Philippines IPO.
OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.
In our previous note, we talked about the company’s historical performance and shared our quick thoughts on valuation. In this note, we share our updated thoughts on valuation.


OceanaGold Philippines IPO - Updated Thoughts on Valuation - Too Expensive Even at This Price

<ul><li>Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance.</li><li>Operationally, the company managed to produce 5.5 million ounces of gold at an all-in sustaining cost of $1,444 an ounce with additional production of nearly 900,000 gold equivalent ounces from copper, silver, lead, and zinc in 2023.</li><li>This performance delivered adjusted EBITDA of $4.2 billion and allowed the company to return more than $1.4 billion to shareholders, ending the year with liquidity of above $6 billion.</li></ul>

Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance.Operationally, the company managed to produce 5.5 million ounces of gold at an all-in sustaining cost of $1,444 an ounce with additional production of nearly 900,000 gold equivalent ounces from copper, silver, lead, and zinc in 2023.This performance delivered adjusted EBITDA of $4.2 billion and allowed the company to return more than $1.4 billion to shareholders, ending the year with liquidity of above $6 billion.

Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers

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>The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.</li>
<li>There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.</li>
<li>There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.</li>
</ul>


The results for the March 2024 index rebal event for ASX indices were announced after the close on Friday 1st March 2024.
There is one change for ASX 20, two changes for ASX 100, and four changes for ASX 200.
There are 14 ADDs and 10 DELs for ASX 300 and while most of these are small-size flow names some of them have more than 15x ADV to trade.


Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

United States

Newmont Mining Corporation acquires, explores, and develops mineral properties. The Company produces gold from operations in the United States, Australia, Peru, Indonesia, Ghana, Canada, New Zealand and Mexico. Newmont also mines and processes copper in Indonesia.

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Newmont Mining (NEM US)

MMG (1208 HK): US$1.2bn Highly Dilutive Rights Issue

The rights price is HK$2.62, a 24.7% discount to the TERP. Precedents suggest that MMG shares should continue to decline heading into the ex-rights...

Arun George

Newmont Corporation: What Is Its Asset Divestments Strategy? - Major Drivers

The first quarter 2024 earnings for Newmont Corporation presents an operational and strategic snapshot for the company in a balanced manner. To...

Baptista Research

OceanaGold Philippines IPO - Updated Thoughts on Valuation - Too Expensive Even at This Price

OceanaGold Philippines (OGP PM) is looking to raise up to US$106m in its Philippines IPO. In this note, we share our updated thoughts on valuation.

Ethan Aw

Newmont Corporation: Will Its Balanced Capital Allocation Strategy Work? - Major Drivers

Newmont Corporation recently released its fourth-quarter 2023 earnings and 2024 guidance. Operationally, the company managed to produce 5.5...

Baptista Research

Quiddity ASX Mar 24 Index Rebal: Many High-Impact Names

On average, the ADDs have 11x ADV to buy and DELs have 8x ADV to sell. The ADDs could outperform the DELs over the next two weeks.

Janaghan Jeyakumar, CFA

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