Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s implied stub value is around its highest-ever level, dating back to 2004. </li>
<li>The simple ratio of JCNC/ <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.</li>
<li>There is no apparent justification for the current valuation. And a takeover from <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> at these levels appears unrealistic. </li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is around its highest-ever level, dating back to 2004. 
The simple ratio of JCNC/ Astra International (ASII IJ) is also the highest level outside the brief spikes post-Covid and during the 2008 GFC.
There is no apparent justification for the current valuation. And a takeover from Jardine Matheson Holdings (JM SP) at these levels appears unrealistic. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. </li>
<li>The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.</li>
</ul>



Adbri (ABC AU) has entered a scheme implementation deed with CRH (CRH US) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
The offer requires shareholder and FIRB approval. FIRB approval for the bidder, CRH, should be forthcoming as it is a Fortune 500 company with HQ in Ireland. 
The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%/6.6%.


Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a> has disclosed a non-binding proposal from <a href="https://www.smartkarma.com/entities/crh-plc-48f6cfec-562f-4a6b-a3b8-f4bd3f5243d4" target="_blank" data-smartkarma-citation="entities:24514:1" rel="noopener">CRH (CRH LN)</a> and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).</li>
<li>The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. </li>
<li>The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  </li>
</ul>



Adbri (ABC AU) has disclosed a non-binding proposal from CRH (CRH LN) and Barro at A$3.20 per share, a 41.0% premium to the undisturbed price of A$2.27 (13 December).
The offer is the best and final offer. The Board has granted an exclusive due diligence period, which ends on 28 February 2024. 
The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs. peer multiples and historical ranges.  


Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/scg-decor-pcl" target="_blank" data-smartkarma-citation="entities:39984:1" rel="noopener">SCG Decor PCL (SCGD TB)</a> is looking to raise around US$180m in its Thailand IPO.</li>
<li>SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
In this note, we look at the firm's past performance.


SCG Decor Pre-IPO - Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

Thailand

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

Siam City Cement (SCCC TB)

JCNC's Logic-Defying Valuation

There is no apparent justification for the current level. Expect Matheson to chip away at minorities. But a full-blown Offer appears unrealistic....

David Blennerhassett

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from...

Sumeet Singh

Adbri (ABC AU): CRH and Barro’s Binding A$3.20 Offer

The offer is attractive vs. peer multiples and historical ranges. At the last close and for a mid-June payment, the gross/annualised spread is 1.9%...

Arun George

Adbri (ABC AU): CRH and Barro’s Non-Binding A$3.20 Offer

The Board intends to recommend a binding proposal. The offer requires FIRB approval (ACCC approval is not mentioned). The offer is attractive vs....

Arun George

SCG Decor Pre-IPO - Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO. In this note, we look at the firm's past performance.

Clarence Chu