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>Unsurprisingly, the independent financial advisor (IFA) considers <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s S$1.93 offer for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a> to be fair and reasonable. We think that IFA’s valuation approach is sound. </li>
<li>The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. </li>
<li>We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.</li>
</ul>


Unsurprisingly, the independent financial advisor (IFA) considers WT Microelectronics (3036 TT)'s S$1.93 offer for Excelpoint Technology (EXLP SP) to be fair and reasonable. We think that IFA’s valuation approach is sound. 
The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. 
We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.


Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.</li>
<li>The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.</li>
<li>The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.</li>
</ul>



WT Microelectronics (3036 TT) will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.
The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.
The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.


Excelpoint’s Privatisation Offer from WT

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

Thematic (Sector/Industry)

<p>How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.</p>

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Singapore

Serial System Limited trades computer peripherals and components and provides board level integration services and solutions.  The Company also designs, develops, and manufactures consumer digital appliances, integrated circuits, and related electronic components.

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Serial System (SERL SP)

Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5%...

Arun George

Excelpoint’s Privatisation Offer from WT

WT will offer S$1.93 in cash and a final FY2021 dividend of S$0.088 for a total consideration of S$2.018. At the last close of S$1.96, the...

Arun George

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

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