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/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> is drawing takeover interest from Cerberus Capital, <a href="https://www.afr.com/street-talk/cerberus-capital-management-eyes-austal-takeover-has-citi-on-board-20230615-p5dgx2" target="_blank" rel="noopener">according to AFR</a>. Cerebus joins Arlington Capital Partners and Bondi Partners as rumoured suitors, increasing the bid odds.</li>
<li>Takeover interest in Austal is driven by the desire to capitalise on the opportunities presented by the AUKUS defence pact between Australia, the US and the UK. </li>
<li>Andrew Forrest's 19.34% stake can make or break a deal. Peer multiples point to an offer of at least A$2.80, a 22% premium to the last close.  </li>
</ul>



Austal Ltd (ASB AU) is drawing takeover interest from Cerberus Capital, according to AFR. Cerebus joins Arlington Capital Partners and Bondi Partners as rumoured suitors, increasing the bid odds.
Takeover interest in Austal is driven by the desire to capitalise on the opportunities presented by the AUKUS defence pact between Australia, the US and the UK. 
Andrew Forrest's 19.34% stake can make or break a deal. Peer multiples point to an offer of at least A$2.80, a 22% premium to the last close.  


Austal (ASB AU): Attracting Takeover Interest

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>REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year to date till Jun 8, slightly underperforming the iEdge S-Reit Index which gained 0.8 per cent.</li><li>Aside from Keppel DC Reit, STI constituents – Mapletree Industrial Trust and CapitaLand Ascendas Reit also have exposure to Singapore data centres.</li></ul>

REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year to date till Jun 8, slightly underperforming the iEdge S-Reit Index which gained 0.8 per cent.Aside from Keppel DC Reit, STI constituents – Mapletree Industrial Trust and CapitaLand Ascendas Reit also have exposure to Singapore data centres.

REIT Watch – S-Reits in STI and its reserve list gain 4% this year

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Seatrium’s 1Q23 business update displayed strong cashflow generation, as evidenced by its materially lower gearing levels.</li><li>However, it is the company’s potential to continue to grow its orderbook in the oil &amp; gas and renewables space that is exciting in our view.</li><li>Maintain BUY recommendation on Seatrium with an upgraded target price of S$0.17.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Seatrium’s 1Q23 business update displayed strong cashflow generation, as evidenced by its materially lower gearing levels.However, it is the company’s potential to continue to grow its orderbook in the oil &amp; gas and renewables space that is exciting in our view.Maintain BUY recommendation on Seatrium with an upgraded target price of S$0.17.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Seatrium - Sailing Into A Sea Of Opportunity

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>It is relatively low-hanging fruit to "further propel the renmimbi's internationalisation" and for HKEX, it will "cement HK's position as the premier offshore renmimbi financing center."</li>
<li>The Conundrum: the more active investors decide they like <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, the more there is to sell. That creates interesting opportunities.</li>
<li>Short <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> now, or soon. The dynamics of this is that there WILL be selling when the rights come out. </li>
</ul>


It is relatively low-hanging fruit to "further propel the renmimbi's internationalisation" and for HKEX, it will "cement HK's position as the premier offshore renmimbi financing center."
The Conundrum: the more active investors decide they like Fast Retailing (9983 JP), the more there is to sell. That creates interesting opportunities.
Short Yuexiu Property (123 HK) now, or soon. The dynamics of this is that there WILL be selling when the rights come out. 


Last Week in Event SPACE: China Mobile, Fast Retailing, Yuexiu Property, Vinda, Tokyo Gas

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>With roughly 4 more months left for the base date, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> seems to be an ADD but it is close to the border.</li>
<li>Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
With roughly 4 more months left for the base date, Sembcorp Marine (SMM SP) seems to be an ADD but it is close to the border.
Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.


Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

Singapore

Seatrium is a Singapore-headquartered engineering firm providing innovative solutions to the global offshore, marine, and energy industries. It specializes in oil & gas newbuilds and conversions, offshore renewables, specialized shipbuilding, and repairs & upgrades. The company was formed in 2023 through the merger of Sembcorp Marine and Keppel Offshore & Marine.

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Seatrium (STM SP)

Austal (ASB AU): Attracting Takeover Interest

AFR reports that JF Lehman & Company, a middle-market private equity firm focused on aerospace, defence and maritime sectors, is preparing to lodge...

Arun George

REIT Watch – S-Reits in STI and its reserve list gain 4% this year

REIT Watch – S-Reits in STI and its reserve list gain 4% this year The Straits Times Index (STI) gained 0.6 per cent in total returns for the year...

Singapore Exchange Ltd (SGX)

Seatrium - Sailing Into A Sea Of Opportunity

Seatrium’s 1Q23 business update displayed strong cashflow generation, as evidenced by its materially lower gearing levels.

UOB Kay Hian

Last Week in Event SPACE: China Mobile, Fast Retailing, Yuexiu Property, Vinda, Tokyo Gas

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

As things stand, there could be one day of volume to buy in Sembcorp Marine and two days of volume to sell in KDCREIT but if share prices fluctuate...

Janaghan Jeyakumar, CFA

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