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/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> has disclosed a revised <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. </li>
<li>Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. </li>
<li>Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.</li>
</ul>



PointsBet Holdings (PBH AU) has disclosed a revised Mixi Inc (2121 JP) offer at A$1.20, a 13.2% premium to the previous A$1.06 offer and a 10.6% premium to last close. 
Due to Betr’s 19.9% stake, which can effectively block Mixi’s scheme, Mixi will consider an off-market takeover offer of A$1.20 with a 50.1% minimum acceptance condition. 
Mixi’s revised offer is superior to Betr’s if synergies are not factored in. While the Betr’s all-cash offer is equivalent to Mixi’s, it is subject to scale-back.


PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has returned with a non-binding proposal for <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, which it claims is worth A$1.20 to A$1.50+ per PBH share.</li>
<li>Betr has also acquired a 19.9% stake, which can effectively block <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.</li>
<li>Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.</li>
</ul>



BETR Entertainment (BBT AU) has returned with a non-binding proposal for PointsBet Holdings (PBH AU), which it claims is worth A$1.20 to A$1.50+ per PBH share.
Betr has also acquired a 19.9% stake, which can effectively block Mixi Inc (2121 JP)’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.
Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.


PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 14th (reported today) which has an aggregated short interest worth USD22.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 14th (reported today) which has an aggregated short interest worth USD22.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.


ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

<ul>
<li>On 26 February, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a> at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).</li>
<li>Subsequently, <a href="https://www.smartkarma.com/entities/bluebet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BlueBet Holdings (BBT AU)</a> disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  </li>
<li>BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. </li>
</ul>


On 26 February, PointsBet Holdings (PBH AU) entered a scheme implementation deed with Mixi Inc (2121 JP) at A$1.06, a 27.7% premium to the undisturbed price of A$0.83 (25 February).
Subsequently, BlueBet Holdings (BBT AU) disclosed a competing non-binding cash-and-scrip offer worth a combined equity value of A$340-360 million or A$1.02-1.09 per PBT share.  
BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential bump from Mixi. 


PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 1st (reported today) which has an aggregated short interest worth USD19.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo, Yancoal Australi, Macquarie, Xero, Lovisa.


ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo

Australia

Tabcorp Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides gambling, gaming, wagering, and entertainment services. Tabcorp Holdings serves customers in Australia and in the United Kingdom.

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Tabcorp Ltd (TAH AU)

PointsBet (PBH AU): Mixi Returns with a Revised Offer and a Potential Takeover Offer

If synergies are not factored in, Mixi’s revised offer is superior to Betr’s. The potential Mixi takeover offer will require Betr to revise terms...

Arun George

PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

Betr’s offer is higher primarily due to questionable assumptions in the presentation. Mixi can either let the scheme fail (betr has a blocking...

Arun George

ASX Short Interest Weekly (Mar 14th): Lottery, Telstra, Sigma Pharmaceuticals

We analyzed ASX short interest report for the past week and highlight short interest changes in Lottery, Telstra, Sigma Pharmaceuticals.

Ke Yan, CFA, FRM

PointsBet (PBH AU): A Tussle Between MIXI (2121 JP) And Bluebet (BBT AU)

BlueBet has limited headroom to engage in a bidding war, particularly as its share price weakens. The share price already factors in a potential...

Arun George

ASX Short Interest Weekly (Mar 1st): Commonw Bk Austr, Rio Tinto, Seven Group Hold, Wesfarmers, Igo

We analyzed ASX short interest report for the past week and highlight short interest changes in Commonw Bk Austr, Rio Tinto, Seven Group Hold,...

Ke Yan, CFA, FRM

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