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

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a>, a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.</li>
<li>Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.</li>
<li>The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.</li>
</ul>



Lygend Resources &amp; Technology (LR HK), a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.
Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.
The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.


Lygend Resources & Technology IPO: Riding the Wave

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a> is looking to raise about US$800m in its Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>With the Obi Project expanding the firm’s capacity into the higher margin production segment, Lygend expects sales and profitability to pick up. </li>
</ul>



Lygend Resources &amp; Technology (LR HK) is looking to raise about US$800m in its Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
With the Obi Project expanding the firm’s capacity into the higher margin production segment, Lygend expects sales and profitability to pick up. 


Lygend Resources & Technology Pre-IPO - Resting Its Hopes and Dreams on a JV with a Singular Partner

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

The LQ45 Index is a market cap weighted index of the 45 most liquid stocks listed on the Indonesia Stock Exchange (IDX). The LQ45 Index covers at least 70% of the stock market capitalization and transaction values in the Indonesia Stock Market.The IDX has announced the changes to the LQ45 Index as a part of the August review. <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a> and <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a> have been added to the index while <a href="https://www.smartkarma.com/entities/bank-tabungan-pensiunan-nasi" target="_blank" data-smartkarma-citation="entities:27088:1" rel="noopener">Bank BTPN Syariah (BTPS IJ)</a> and <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> have been deleted from the index.We expect the impact of passive funds (and active funds) will be quite high on <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a>, <a href="https://www.smartkarma.com/entities/bit-digital-inc" target="_blank" data-smartkarma-citation="entities:31155:1" rel="noopener">Bit Digital (BTBT US)</a> and <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> and significantly lower on <a href="https://www.smartkarma.com/entities/timah-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:11174:1" rel="noopener">Timah Persero (TINS IJ)</a>.The changes are effective after the close of trading on 30 July, so there are only 4 trading days before passive funds have to rebalance their portfolios. Active funds benchmarked to the LQ45 index will also trade over the next few days so as not to deviate too far from their benchmark.

The LQ45 Index is a market cap weighted index of the 45 most liquid stocks listed on the Indonesia Stock Exchange (IDX). The LQ45 Index covers at least 70% of the stock market capitalization and transaction values in the Indonesia Stock Market.The IDX has announced the changes to the LQ45 Index as a part of the August review. Barito Pacific (BRPT IJ) and Timah Persero (TINS IJ) have been added to the index while Bank BTPN Syariah (BTPS IJ) and Ciputra Development (CTRA IJ) have been deleted from the index.We expect the impact of passive funds (and active funds) will be quite high on Barito Pacific (BRPT IJ), Bit Digital (BTBT US) and Ciputra Development (CTRA IJ) and significantly lower on Timah Persero (TINS IJ).The changes are effective after the close of trading on 30 July, so there are only 4 trading days before passive funds have to rebalance their portfolios. Active funds benchmarked to the LQ45 index will also trade over the next few days so as not to deviate too far from their benchmark.

LQ45 Index Rebalance: BRPT, TINS In; BTPS, CTRA Out

Over 25-yrs in Global Materials & Soft Commodities

Charles Spencer

Alpha Factors

Equity Bottom-Up

INVESTMENT CONCLUSION:  We recommend Buying <a href="https://www.smartkarma.com/entities/vale-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:19226:1" rel="noopener">Vale Indonesia Tbk (INCO IJ)</a> shares with a price target of Rp.4,500/sh.  INCO is a beneficiary of stronger <a href="https://www.smartkarma.com/entities/nickel" target="_blank" data-smartkarma-citation="entities:26790:1" rel="noopener">Nickel (NICKEL COMDTY)</a> prices and we forecast 4Q19 EBITDA jumping back toward the US$100mn level or US$400mn on an annualized level, which is well ahead of the current consensus forecasts today.

INVESTMENT CONCLUSION:  We recommend Buying Vale Indonesia Tbk (INCO IJ) shares with a price target of Rp.4,500/sh.  INCO is a beneficiary of stronger Nickel (NICKEL COMDTY) prices and we forecast 4Q19 EBITDA jumping back toward the US$100mn level or US$400mn on an annualized level, which is well ahead of the current consensus forecasts today. 

PT Vale Indonesia: Consensus Looks Too Conservative - Trading Buy

Ex - Analyst at PE and Indonesia Brokerage Firm

Surabhi Chopra

<a href="https://www.smartkarma.com/entities/19226" target="_blank" data-smartkarma-citation="entities:19226:1">Vale Indonesia Tbk (INCO IJ)</a> current market price per share is IDR 2,720/share and market capitalization is IDR 24 trillion.  Summary: INCO is the largest lateritic nickel mine in the world. It has good corporate governance and has been increasing production and reducing costs to combat the downturn in nickel prices. We are initiating with a sell rating on INCO mainly because of our bearish view on the nickel prices and the stock is trading at high PE 2018 valuation compared to its peers. We…

Vale Indonesia Tbk (INCO IJ) current market price per share is IDR 2,720/share and market capitalization is IDR 24 trillion.  Summary: INCO is the largest lateritic nickel mine in the world. It has good corporate governance and has been increasing production and reducing costs to combat the downturn in nickel prices. We are initiating with a sell rating on INCO mainly because of our bearish view on the nickel prices and the stock is trading at high PE 2018 valuation compared to its peers. We…

Indonesia

PT Vale Indonesia Tbk is Indonesia's largest integrated nickel producer, engaged in the exploration, mining, processing, and production of nickel in matte from lateritic ores. The company also operates hydroelectric power generating plants that supply electricity for its smelting and nickel ore processing facilities. It is headquartered in Jakarta, Indonesia, and was founded on July 25, 1968.

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Vale Indonesia (INCO IJ)

Lygend Resources & Technology IPO: Riding the Wave

The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.

Arun George

Lygend Resources & Technology Pre-IPO - Resting Its Hopes and Dreams on a JV with a Singular Partner

Lygend Resources & Technology (LR HK) is looking to raise about US$800m in its Hong Kong IPO. Lygend is a nickel trading and production firm.

Clarence Chu

LQ45 Index Rebalance: BRPT, TINS In; BTPS, CTRA Out

The LQ45 rebalance will be implemented at the close on 30 July. BRPT & TINS have been included, replacing BTPS & CTRA. There is a large impact on...

Brian Freitas

PT Vale Indonesia: Consensus Looks Too Conservative - Trading Buy

INVESTMENT CONCLUSION: We recommend Buying Vale Indonesia Tbk (INCO IJ) shares with a price target of Rp.4,500/sh. INCO is a beneficiary of...

Charles Spencer

Vale Indonesia: Initiate with a Sell

Vale Indonesia Tbk (INCO IJ) current market price per share is IDR 2,720/share and market capitalization is IDR 24 trillion. Summary: INCO is the...

Surabhi Chopra

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