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/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a> has disclosed a final voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.60 per share, a 7.1% premium to the previous S$0.56 offer. </li>
<li>As predicted, the offer followed the recent SGX unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.</li>
<li>The modest offer premium will still leave minorities aggrieved. Hitting the 90% compulsory threshold implies a minority acceptance rate of 31.3%. At the last close, the gross spread is 3.4%.</li>
</ul>



Challenger Technologies (CHLG SP) has disclosed a final voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.60 per share, a 7.1% premium to the previous S$0.56 offer. 
As predicted, the offer followed the recent SGX unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.
The modest offer premium will still leave minorities aggrieved. Hitting the 90% compulsory threshold implies a minority acceptance rate of 31.3%. At the last close, the gross spread is 3.4%.


Challenger Technologies (CHLG SP): Unconditional and Final Offer at S$0.60

<ul>
<li>
<a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a> has disclosed a voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.56 per share, a 1.8% premium to the undisturbed price (29 May). </li>
<li>The little to no offer premium will leave minorities aggrieved. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 31.3%. The offer has not been declared final.</li>
<li>The offer is set to follow the recent SGX voluntary unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.</li>
</ul>



Challenger Technologies (CHLG SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Loo Family at S$0.56 per share, a 1.8% premium to the undisturbed price (29 May). 
The little to no offer premium will leave minorities aggrieved. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 31.3%. The offer has not been declared final.
The offer is set to follow the recent SGX voluntary unconditional offer playbook – a lowball offer followed by declaring the offer final after a cursory bump.


Challenger Technologies (CHLG SP): Loo Family/Dymon Asia’s Skinny Unconditional S$0.56 Offer

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points.</li><li>The market will thus turn its focus to the 1Q23 corporate earnings that will be reported this week, which could provide a lift if they come out better than expected.</li><li>Historical data from the five most recent general elections shows that the SET Index generated an average return of +1.87% in the week before the elections took place.</li></ul>

The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points.The market will thus turn its focus to the 1Q23 corporate earnings that will be reported this week, which could provide a lift if they come out better than expected.Historical data from the five most recent general elections shows that the SET Index generated an average return of +1.87% in the week before the elections took place.

<ul><li>The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.</li><li>Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.</li><li>Our recommended stocks are VGI, STEC, and BA.</li></ul>

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points.Tactically, investors may continue to speculate on earnings results, focusing on certain stocks with good 4Q22E earnings outlooks as well as those with specific catalysts, such as stocks in the construction services sector whose share prices have outperformed due to the progress on the new general election.Our recommended stocks are VGI, STEC, and BA.

Recommendation: Buy on Weakness, Sell on Strength

PTT Exploration & Production / Equity Bottom-Up

<ul><li>The SET Index is expected to fall, with the support at 1,662/1,650 points and the resistance at 1,681/1,690 points.</li><li>We recommend trading buy on stocks with positive reversal signs that may outperform the market today, such as those in the banking sector and the healthcare sector.</li><li>The disappointing earnings of large firms and signals for weak earnings results create high risk of selling ahead of upcoming earnings announcements (keep a close watch on PTTEP's earnings today).</li></ul>

The SET Index is expected to fall, with the support at 1,662/1,650 points and the resistance at 1,681/1,690 points.We recommend trading buy on stocks with positive reversal signs that may outperform the market today, such as those in the banking sector and the healthcare sector.The disappointing earnings of large firms and signals for weak earnings results create high risk of selling ahead of upcoming earnings announcements (keep a close watch on PTTEP's earnings today).

Thailand

Synnex (Thailand) Public Company Limited distributes computers, computer peripherals, software, information technology systems, computer consumables, and communication devices. The company also offers retail and online platform services, computer system repair and maintenance, and training. It was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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Synnex (SYNEX TB)

Challenger Technologies (CHLG SP): Unconditional and Final Offer at S$0.60

The final offer's modest premium will still leave minorities aggrieved. Hitting the 90% compulsory threshold implies a minority acceptance rate of...

Arun George

Challenger Technologies (CHLG SP): Loo Family/Dymon Asia’s Skinny Unconditional S$0.56 Offer

The offer is set to follow the recent SGX voluntary unconditional offer playbook – a lowball offer followed by declaring the offer final after a...

Arun George

Today's Dominant Ideas

The SET Index today is expected to recover, with the support at 1,518/1,507 points and the resistance at 1,540/1,545 points. The market will thus...

Krungthai XSpring

Recommendation: Buy on Weakness, Sell on Strength

The SET Index is expected to move sideways, with the support at 1,670/1,665 points and the resistance at 1,690/1,700 points. Tactically, investors...

Krungthai XSpring

Market Outlook

The SET Index is expected to fall, with the support at 1,662/1,650 points and the resistance at 1,681/1,690 points. We recommend trading buy on...

Krungthai XSpring

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