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/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. </li>
<li>The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. </li>
<li>While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. </li>
</ul>



Perpetual Ltd (PPT AU) has received a further revised non-binding indicative proposal from EQT at A$22.50 per share, a 1.9% premium to the previously rejected offer of A$22.07 per share. 
The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and the 45.2% premium to the undisturbed price. 
While the revised offer implies a discount to peer multiples, it is reasonable compared to historical trading ranges. The Board will be under pressure to grant due diligence. 


Perpetual (PPT AU): EQT’s Further Revised NBIO Amps the Pressure on the Board

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has received a revised non-binding indicative proposal from EQT at A$22.07 per share, a 2.0% premium to the previously rejected offer of A$21.64 per share. </li>
<li>While the revised offer remains below the Board’s rumoured floor price of A$25.00, it is reasonable compared to historical ranges and is a 42.4% premium to the undisturbed price. </li>
<li>Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under pressure to engage.  </li>
</ul>



Perpetual Ltd (PPT AU) has received a revised non-binding indicative proposal from EQT at A$22.07 per share, a 2.0% premium to the previously rejected offer of A$21.64 per share. 
While the revised offer remains below the Board’s rumoured floor price of A$25.00, it is reasonable compared to historical ranges and is a 42.4% premium to the undisturbed price. 
Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under pressure to engage.  


Perpetual (PPT AU): EQT Returns with a Revised NBIO at A$22.07

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 29th (reported today). The aggregated short interest was USD48.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Wesfarmers, Scentre, Computershare, Transurban.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 29th (reported today). The aggregated short interest was USD48.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Wesfarmers, Scentre, Computershare, Transurban.


ASX Short Interest Weekly (May 29th): Pilbara Minerals, Wesfarmers, Scentre, Computershare

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 2nd February <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a> announced a scrip merger with unlisted Boston-based Aura, to form an enlarged digital safety play under the ASX-ticker AXQ.</li>
<li>This morning Qoria released 1H26 numbers, with revenue and gross margins up 25%, and EBITDA up 68%. </li>
<li>Zero earnings colour on Aura; although its prospectus is due out in April. Qoria is down 10% since Aura's backdoor listing was announced as SaaS plays come under the hammer.</li>
</ul>


Back on the 2nd February Qoria (QOR AU) announced a scrip merger with unlisted Boston-based Aura, to form an enlarged digital safety play under the ASX-ticker AXQ.
This morning Qoria released 1H26 numbers, with revenue and gross margins up 25%, and EBITDA up 68%. 
Zero earnings colour on Aura; although its prospectus is due out in April. Qoria is down 10% since Aura's backdoor listing was announced as SaaS plays come under the hammer.


Qoria (QOR AU)'s Solid 1H26 Results. Limited Colour On Aura's Backdoor Listing

<ul>
<li>Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th April, published ~9AM on the 24th April.</li>
<li>The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest industry net decrease was A$505mn out of "Diversified Banks". Net shorts increased A$2.2bn week-on-week.</li>
<li>Companies mentioned in this regular weekly report include: <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>, <a href="https://www.smartkarma.com/entities/wisetech-global-ltd" target="_blank" data-smartkarma-citation="entities:22669:1" rel="noopener">Wisetech Global (WTC AU)</a>, <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>, <a href="https://www.smartkarma.com/entities/4dmedical-ltd" target="_blank" data-smartkarma-citation="entities:30789:1" rel="noopener">4DMedical (4DX AU)</a>, and <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield Ltd (DRO AU)</a>.</li>
</ul>


Australia's ASIC releases the aggregated short position data four business days after the reporting day. Data in this insight is up to 20th April, published ~9AM on the 24th April.
The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest industry net decrease was A$505mn out of "Diversified Banks". Net shorts increased A$2.2bn week-on-week.
Companies mentioned in this regular weekly report include: BHP Group Ltd (BHP AU), Wisetech Global (WTC AU), Goodman Group (GMG AU), 4DMedical (4DX AU), and DroneShield Ltd (DRO AU).


Aussie Shorts [20 April 2026]: BHP, Wisetech, Goodman, 4DMedical, DroneShield, Telix Pharmaceuticals

Australia

Pinnacle Investment Management Group Limited provides investment management services. The Company offers operational support, insurance, business management, compliance, financial reporting, and accounting services. Pinnacle Investment Management Group conducts its business in Australia.

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Pinnacle Investment Management (PNI AU)

Perpetual (PPT AU): EQT’s Further Revised NBIO Amps the Pressure on the Board

The Board will find it increasingly challenging to dismiss EQT, particularly as peers have materially de-rated since EQT’s first offer (1 July) and...

Arun George

Perpetual (PPT AU): EQT Returns with a Revised NBIO at A$22.07

Given the low premium to the earlier rejected offer, the Board is highly likely to reject the revised offer. Nevertheless, the Board will be under...

Arun George

ASX Short Interest Weekly (May 29th): Pilbara Minerals, Wesfarmers, Scentre, Computershare

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Wesfarmers, Scentre,...

Ke Yan, CFA, FRM

Qoria (QOR AU)'s Solid 1H26 Results. Limited Colour On Aura's Backdoor Listing

Scheme Booklet is out. Scheme Meeting is the 2 July. The IE (Grant Thorton) concluded NOT Fair BUT Reasonable, and "hence in the best interest" of...

David Blennerhassett

Aussie Shorts [20 April 2026]: BHP, Wisetech, Goodman, 4DMedical, DroneShield, Telix Pharmaceuticals

The largest industry net increase in the past week was A$421mn into "Diversified Metals"; the largest net decrease was A$505mn out of "Diversified...

David Blennerhassett

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