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/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> disclosed that the <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> consortium withdrew its indicative proposal but remains committed to the alternative proposal, which the Board earlier rejected. </li>
<li>The alternative proposal, while inferior to the indicative proposal, is still attractive and better than the status quo of no deal. The Board will engage for an improved offer. </li>
<li>The value gap between the parties is not huge, and a deal is possible. The upside (20% to alternative proposal) vs downside (-9% to undisturbed price) is worth a punt. </li>
</ul>



Ramsay Health Care (RHC AU) disclosed that the KKR &amp; Co Inc (KKR US) consortium withdrew its indicative proposal but remains committed to the alternative proposal, which the Board earlier rejected. 
The alternative proposal, while inferior to the indicative proposal, is still attractive and better than the status quo of no deal. The Board will engage for an improved offer. 
The value gap between the parties is not huge, and a deal is possible. The upside (20% to alternative proposal) vs downside (-9% to undisturbed price) is worth a punt. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> notes that discussions with KKR are ongoing, but the indicative proposal is held up by due diligence access to <a href="https://www.smartkarma.com/entities/ramsay-generale-de-sante" target="_blank" data-smartkarma-citation="entities:21473:1" rel="noopener">Ramsay Generale de Sante (GDS FP)</a>.</li>
<li>KKR proposed an alternative proposal that the Board rejected as “<em>meaningfully inferior.</em>” KKR remains interested, and its shenanigans are likely a move to nudge down the price.</li>
<li>At the last close, the risk/reward profile is favourable as the downside due to a deal break (-3% estimated decline) is lower than the upside (+20%) to the indicative proposal.</li>
</ul>



Ramsay Health Care (RHC AU) notes that discussions with KKR are ongoing, but the indicative proposal is held up by due diligence access to Ramsay Generale de Sante (GDS FP).
KKR proposed an alternative proposal that the Board rejected as “meaningfully inferior.” KKR remains interested, and its shenanigans are likely a move to nudge down the price.
At the last close, the risk/reward profile is favourable as the downside due to a deal break (-3% estimated decline) is lower than the upside (+20%) to the indicative proposal.


Ramsay's Overdue Update on the KKR Proposal

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining 3.2 per cent, the Hang Seng Index falling 5 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.</li><li>Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$156 million of net inflows, following on from S$111 million of net outflow for the preceding 5 sessions.</li><li>On Aug 2, Baker Technology executive director Benety Chang acquired 132,000 shares of the company at an average price of 44.9 cents per share.</li></ul>

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining 3.2 per cent, the Hang Seng Index falling 5 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.Overall, institutions were net buyers of Singapore stocks over the 5 sessions with S$156 million of net inflows, following on from S$111 million of net outflow for the preceding 5 sessions.On Aug 2, Baker Technology executive director Benety Chang acquired 132,000 shares of the company at an average price of 44.9 cents per share.

Raffles Medical chair ups stake following H1 2022 results

<ul><li>What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.</li><li>Singapore banks benefited from rising interest rates and reported an increase in net interest margin (NIM) and higher profits in 2Q22.</li></ul>

What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.Singapore banks benefited from rising interest rates and reported an increase in net interest margin (NIM) and higher profits in 2Q22.

What's Trending - SG Banks & Notable earnings

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical (RFMD SP)</a> reported strong H1 2022 results, with double-digit growth in revenue and net profit. With the resumption of international travel, the company is seeing increasing patients.</li>
<li>While COVID-related revenue is declining, the company’s hospital business will benefit from the returning of foreign patients as well as resumption of elective surgeries for the domestic patients.</li>
<li>Raffles Medical has received the approval to set up an IVF clinic in Hainan province of China.</li>
</ul>



Raffles Medical (RFMD SP) reported strong H1 2022 results, with double-digit growth in revenue and net profit. With the resumption of international travel, the company is seeing increasing patients.
While COVID-related revenue is declining, the company’s hospital business will benefit from the returning of foreign patients as well as resumption of elective surgeries for the domestic patients.
Raffles Medical has received the approval to set up an IVF clinic in Hainan province of China.


Raffles Medical (RFMD SP): Stellar H1 Performance Driven by Resumption of Medical Tourism

Singapore

Raffles Medical Group is a leading integrated private healthcare provider in Asia. It operates hospitals and a network of medical and dental clinics, offering a wide range of services including primary, specialist, and tertiary care, as well as health insurance and consumer healthcare products. The company was founded in 1976 and is headquartered in Singapore.

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Raffles Medical Group (RFMD SP)

Ramsay and KKR’s Game of Cat and Mouse

The value gap between the parties is not huge, and a deal remains possible. The upside (20% to the alternative proposal) vs downside (-9% to...

Arun George

Ramsay's Overdue Update on the KKR Proposal

KKR is interested but is looking to nudge the price down. A potential binding offer's risk/reward profile is favourable due to the limited downside...

Arun George

Raffles Medical chair ups stake following H1 2022 results

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Stellar H1 Performance Driven by Resumption of Medical Tourism

Raffles Medical’s H1 revenue grew 11%, while net profit jumped 51%. Resumption of medical tourism and returning of domestic patients seeking...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ramsay and KKR’s Game of Cat and Mouse

The value gap between the parties is not huge, and a deal remains possible. The upside (20% to the alternative proposal) vs downside (-9% to...

Arun George

Ramsay's Overdue Update on the KKR Proposal

KKR is interested but is looking to nudge the price down. A potential binding offer's risk/reward profile is favourable due to the limited downside...

Arun George

Raffles Medical chair ups stake following H1 2022 results

FOR the 5 trading sessions that spanned Jul 29 to Aug 4, the Straits Times Index (STI) gained 5 per cent, with the FTSE China A50 Index declining...

Singapore Exchange Ltd (SGX)

What's Trending - SG Banks & Notable earnings

What you need to know about the SG market last week #whatstrending feat. #whatstrending is a new series addressing some of the most trending...

Singapore Exchange Ltd (SGX)

Raffles Medical (RFMD SP): Stellar H1 Performance Driven by Resumption of Medical Tourism

Raffles Medical’s H1 revenue grew 11%, while net profit jumped 51%. Resumption of medical tourism and returning of domestic patients seeking...

Tina Banerjee