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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s Cainiao &amp; Cloud Intelligence Group, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs &amp; <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a>'s secondary placement.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>, <a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China Holding (1970 HK)</a>, <a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK)</a>, <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Tryt Inc (9164 JP), Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH) IPOs &amp; Socionext (6526 JP)'s secondary placement.
Event-Driven developments - Chindata Group (CD US), IMAX China Holding (1970 HK), Shougang Fushan Resources (639 HK), Invocare Ltd (IVC AU), Musgrave Minerals (MGV AU). 


Weekly Deals Digest (16 Jul) - Socionext, Tryt, IMAX, Shougang Resources, Invocare, Musgrave

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>According to Invest Chosun, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.</li>
<li>
<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> investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.</li>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a>'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh (7752 JP)</a>.</li>
</ul>


According to Invest Chosun, Celltrion Inc (068270 KS) plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.

Fast Retailing (9983 JP) investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.

Canon (7751 JP)'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs Ricoh (7752 JP).


Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Shougang Fushan Resources / Equity Bottom-Up

<ul>
<li>Funde Sino Life Insurance, a significant shareholder of <a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK), </a>has sold down its stake in the company by 3.31% to  27.96% as per recent filings.</li>
<li>Along with coking coal prices remaining weak, this creates a massive overhang clubbed with uncertainty on the share price in the short term. </li>
<li>It also creates an opportunity as the stock has almost 70% of its market capitalization in cash, a low-cost advantage, and a dividend yield of at least 12% for FY23e.</li>
</ul>


Funde Sino Life Insurance, a significant shareholder of Shougang Fushan Resources (639 HK), has sold down its stake in the company by 3.31% to  27.96% as per recent filings.
Along with coking coal prices remaining weak, this creates a massive overhang clubbed with uncertainty on the share price in the short term. 
It also creates an opportunity as the stock has almost 70% of its market capitalization in cash, a low-cost advantage, and a dividend yield of at least 12% for FY23e.


Fushan Energy Shareholder Selldown Implications

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-group-ltd" target="_blank" data-smartkarma-citation="entities:4387:1" rel="noopener">Allied (373 HK)</a> took <a href="https://www.smartkarma.com/entities/allied-properties-h-k-limited" target="_blank" data-smartkarma-citation="entities:19953:1" rel="noopener">Allied Properties (H.K.) (56 HK)</a> private in 2020, followed by <a href="https://www.smartkarma.com/entities/shk-hong-kong-industries-ltd" target="_blank" data-smartkarma-citation="entities:2399:1" rel="noopener">SHK Hong Kong Industries (666 HK)</a> in 2021. Now it's <a href="https://www.smartkarma.com/entities/tian-an-china-investment" target="_blank" data-smartkarma-citation="entities:13665:1" rel="noopener">Tian An China (28 HK)</a>'s turn.</li>
<li>Preceding my comments on Tian An and AGL are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Allied (373 HK) took Allied Properties (H.K.) (56 HK) private in 2020, followed by SHK Hong Kong Industries (666 HK) in 2021. Now it's Tian An China (28 HK)'s turn.
Preceding my comments on Tian An and AGL are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


Inner Mongolia Yitai Coal Company Ltd / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  </li>
<li>The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  </li>
<li>The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   </li>
</ul>



Inner Mongolia Yitai Coal Company Ltd (3948 HK)'s H Share buyback offer at HK$17.50 per H Share is open. The H class meeting is on 30 June.  
The key conditions are approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There is a 90% minimum acceptance condition.  
The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the last close, the gross/annualised spread is 4.7%/23.9%.   


Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

Hong Kong

Shougang Fushan Resources Group Ltd. produces and sells coking coal products and side products in China. The Company is principally engaged in mining of coking coal and production and sales of raw and clean coking coal,

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Shougang Fushan Resources (639 HK)

Weekly Deals Digest (16 Jul) - Socionext, Tryt, IMAX, Shougang Resources, Invocare, Musgrave

Last week, notable developments occurred in Event-Driven (InvoCare, Musgrave, IMAX, Shougang Resources, Chindata) and ECM (Socionext, Tryt,...

Arun George

Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

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

Fushan Energy Shareholder Selldown Implications

The selldown of Funde Sino Life Insurance in Fushan Energy creates an opportunity as 70% of its market capitalization is in cash, it's very...

Sameer Taneja

StubWorld: Tian An In AGL's Crosshairs

Tian is currently suspended so there is nothing to do. AGL is dirt cheap. Expect Asiasec Properties (271 HK) and Sun Hung Kai (86 HK) to be the...

David Blennerhassett

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Weekly Deals Digest (16 Jul) - Socionext, Tryt, IMAX, Shougang Resources, Invocare, Musgrave

Last week, notable developments occurred in Event-Driven (InvoCare, Musgrave, IMAX, Shougang Resources, Chindata) and ECM (Socionext, Tryt,...

Arun George

Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

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

Fushan Energy Shareholder Selldown Implications

The selldown of Funde Sino Life Insurance in Fushan Energy creates an opportunity as 70% of its market capitalization is in cash, it's very...

Sameer Taneja

StubWorld: Tian An In AGL's Crosshairs

Tian is currently suspended so there is nothing to do. AGL is dirt cheap. Expect Asiasec Properties (271 HK) and Sun Hung Kai (86 HK) to be the...

David Blennerhassett

Yitai Coal (3948 HK): Offer Open with H Share Class Meeting on 30 June

The de-rating of the peers, likely supportive substantial H Shareholders and no major retail opposition should help hit the 90% threshold. At the...

Arun George