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>Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-11-10/asia-pulp-paper-is-said-to-bid-for-stake-in-tissue-maker-vinda#xj4y7vzkg" target="_blank" rel="noopener">reported</a> Asia Pulp &amp; Paper is the latest party to have expressed interest in acquiring <a href="https://www.smartkarma.com/entities/essity-ab" target="_blank" data-smartkarma-citation="entities:28203:1" rel="noopener">Essity (ESSITYB SS)</a>’s controlling <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a> stake at more than HK$20 per share.</li>
<li>Vinda has three substantial shareholders. We think the most likely structure is a bidder acquiring Essity’s stake, which would trigger a mandatory general offer.</li>
<li>Vinda's recent update points to improving growth and margins. Peers and historical multiples imply a fair price range of HK$21-26 per share, a 7-32% premium to the last close.</li>
</ul>


Bloomberg reported Asia Pulp &amp; Paper is the latest party to have expressed interest in acquiring Essity (ESSITYB SS)’s controlling Vinda International (3331 HK) stake at more than HK$20 per share.
Vinda has three substantial shareholders. We think the most likely structure is a bidder acquiring Essity’s stake, which would trigger a mandatory general offer.
Vinda's recent update points to improving growth and margins. Peers and historical multiples imply a fair price range of HK$21-26 per share, a 7-32% premium to the last close.


Vinda International (3331 HK): Essity’s Stake Attracts More Potential Bidders

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<div><ul><li>We are initiating coverage of The Procter &amp; Gamble Company (NYSE: PG), a best-in-class, global Household &amp; Personal Care (HPC) company that aims to grow categories and delight consumers with “irresistible superiority” in product performance, packaging, brand communication, retail execution, and value.</li><li>Our FY26E EPS is $6.85, essentially unchanged from FY25 despite 4% sales growth due to 100 bps of operating margin compression driven by an unfavorable mix, tariff costs, heavy reinvestment, and higher oil-related costs hitting F4Q.</li><li>This is within company guidance of $6.83-7.09 and below FactSet consensus of $6.89. Our FY27E EPS is +2% to $6.99 and our FY28E EPS is +7% to $7.49.</li></ul></div>

We are initiating coverage of The Procter &amp; Gamble Company (NYSE: PG), a best-in-class, global Household &amp; Personal Care (HPC) company that aims to grow categories and delight consumers with “irresistible superiority” in product performance, packaging, brand communication, retail execution, and value.Our FY26E EPS is $6.85, essentially unchanged from FY25 despite 4% sales growth due to 100 bps of operating margin compression driven by an unfavorable mix, tariff costs, heavy reinvestment, and higher oil-related costs hitting F4Q.This is within company guidance of $6.83-7.09 and below FactSet consensus of $6.89. Our FY27E EPS is +2% to $6.99 and our FY28E EPS is +7% to $7.49.

PG: Initiating Coverage; Strategic Interventions Ramping Up - 1 June 2026

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.

<ul><li>Procter & Gamble Company’s latest quarterly discussion reflected a clear improvement in organic sales momentum, but also showed a more complicated cost and margin backdrop heading into the next fiscal year.</li><li>Organic sales increased more than 3%, with volume contributing 2 points, pricing adding 1 point and mix flat.</li><li>Growth was broad-based across all 10 product categories and all 7 regions, with North America up 4%, Greater China up 3%, enterprise markets up 5% and Latin America up 5%.</li></ul>

Procter & Gamble Company’s latest quarterly discussion reflected a clear improvement in organic sales momentum, but also showed a more complicated cost and margin backdrop heading into the next fiscal year.Organic sales increased more than 3%, with volume contributing 2 points, pricing adding 1 point and mix flat.Growth was broad-based across all 10 product categories and all 7 regions, with North America up 4%, Greater China up 3%, enterprise markets up 5% and Latin America up 5%.

Can Procter & Gamble (P&G) Offset A $1.3 Billion Oil Headwind Through Productivity Alone?

<ul><li>Procter & Gamble (P&G) presented a mixed financial performance in their latest earnings call for the second quarter of fiscal 2026.</li><li>The company reported organic sales in line with the previous year, with a 1% decline in volume and a 1% increase in pricing, maintaining a flat mix.</li><li>Out of their product categories, seven out of ten either held or grew organic sales, notably Hair Care with mid-single digits growth and Skin and Personal Care, Personal Health Care, Home Care, and Oral Care with low single-digit increases.</li></ul>

Procter & Gamble (P&G) presented a mixed financial performance in their latest earnings call for the second quarter of fiscal 2026.The company reported organic sales in line with the previous year, with a 1% decline in volume and a 1% increase in pricing, maintaining a flat mix.Out of their product categories, seven out of ten either held or grew organic sales, notably Hair Care with mid-single digits growth and Skin and Personal Care, Personal Health Care, Home Care, and Oral Care with low single-digit increases.

Procter & Gamble’s E-Commerce Push Is Exploding—Can Online Share Gains Become a Powerful Growth Engine?

<ul><li>Procter & Gamble reported its fiscal first-quarter results for 2026, showcasing consistent organic sales growth for 40 consecutive quarters and core EPS growth for ten consecutive years.</li><li>The quarter saw a 2% organic sales increase, bolstered by a 1% rise in both pricing and mix.</li><li>Despite facing a challenging macroeconomic environment, sales were broadly stable with 8 out of 10 product categories maintaining or increasing sales.</li></ul>

Procter & Gamble reported its fiscal first-quarter results for 2026, showcasing consistent organic sales growth for 40 consecutive quarters and core EPS growth for ten consecutive years.The quarter saw a 2% organic sales increase, bolstered by a 1% rise in both pricing and mix.Despite facing a challenging macroeconomic environment, sales were broadly stable with 8 out of 10 product categories maintaining or increasing sales.

Procter & Gamble’s Strategic Makeover: Will P&G's Combination of Marketing

United States

The Procter & Gamble Company manufactures and markets consumer products in countries throughout the world. The Company provides products in the laundry and cleaning, paper, beauty care, food and beverage, and health care segments. Procter & Gamble products are sold primarily through mass merchandisers, grocery stores, membership club stores, drug stores, and neighborhood stores.

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Procter & Gamble Co (PG US)

Vinda International (3331 HK): Essity’s Stake Attracts More Potential Bidders

Vinda’s improving performance has supported the increasing list of potential bidders. The most likely bid structure is the acquisition of Essity’s...

Arun George

PG: Initiating Coverage; Strategic Interventions Ramping Up - 1 June 2026

This is within company guidance of $6.83-7.09 and below FactSet consensus of $6.89. Our FY27E EPS is +2% to $6.99 and our FY28E EPS is +7% to $7.49.

Water Tower Research

Can Procter & Gamble (P&G) Offset A $1.3 Billion Oil Headwind Through Productivity Alone?

Procter & Gamble Company’s latest quarterly discussion reflected a clear improvement in organic sales momentum, but also showed a more...

Baptista Research

Procter & Gamble’s Strategic Makeover: Will P&G's Combination of Marketing

Procter & Gamble reported its fiscal first-quarter results for 2026, showcasing consistent organic sales growth for 40 consecutive quarters...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vinda International (3331 HK): Essity’s Stake Attracts More Potential Bidders

Vinda’s improving performance has supported the increasing list of potential bidders. The most likely bid structure is the acquisition of Essity’s...

Arun George

PG: Initiating Coverage; Strategic Interventions Ramping Up - 1 June 2026

This is within company guidance of $6.83-7.09 and below FactSet consensus of $6.89. Our FY27E EPS is +2% to $6.99 and our FY28E EPS is +7% to $7.49.

Water Tower Research

Can Procter & Gamble (P&G) Offset A $1.3 Billion Oil Headwind Through Productivity Alone?

Procter & Gamble Company’s latest quarterly discussion reflected a clear improvement in organic sales momentum, but also showed a more...

Baptista Research

Procter & Gamble’s E-Commerce Push Is Exploding—Can Online Share Gains Become a Powerful Growth Engine?

Procter & Gamble (P&G) presented a mixed financial performance in their latest earnings call for the second quarter of fiscal 2026. The...

Baptista Research

Procter & Gamble’s Strategic Makeover: Will P&G's Combination of Marketing

Procter & Gamble reported its fiscal first-quarter results for 2026, showcasing consistent organic sales growth for 40 consecutive quarters...

Baptista Research