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/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth Group Limited (751 HK)</a> disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.</li>
<li>The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. </li>
<li>While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.</li>
</ul>



Skyworth Group Limited (751 HK) disclosed a preconditional privatisation through a share buyback scheme along with a proposed distribution and listing of Skyworth Photovoltaic shares.
The offer comprises HK$4.03 + 0.3699779 Skyworth Photovoltaic shares per Skyworth share, for an estimated total value of HK$10.16, representing a 96.1% premium to the last close price. 
While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43. Timing is the key risk.


Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>’s IFA opines that the Yang family’s HK$5.60 cash offer is fair and reasonable. The IFA does not recommend the scrip option. The vote is on 23 April. </li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.</li>
<li>The vote is low-risk due to a lack of opposition. At the last close and for the 15 May payment, the gross/annualised spread is 2.9%/28.7%.</li>
</ul>



Vesync (2148 HK)’s IFA opines that the Yang family’s HK$5.60 cash offer is fair and reasonable. The IFA does not recommend the scrip option. The vote is on 23 April. 
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). The offer price is final.
The vote is low-risk due to a lack of opposition. At the last close and for the 15 May payment, the gross/annualised spread is 2.9%/28.7%.


Vesync (2148 HK): Scheme Vote on 23 April

Hong Kong

Town Ray Holdings Limited manufactures and sells a range of electrothermic household appliances, including garment care products like steam irons and garment steamers, as well as cooking appliances such as coffee machines and steam cooking devices. The company also offers consumer electronics, cleaning products, and air purifiers. Founded in 2005, its headquarters are located in Kwun Tong, Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Skyworth (751 HK): A Long-Dated but Attractive Distribution and Share Buyback Scheme Proposal

While the offer is attractive, the appraised value of Skyworth Photovoltaic is optimistic - my estimated total value is HK$8.43 vs the IFA's...

Arun George

Vesync (2148 HK): Scheme Vote on 23 April

The vote is low-risk due to a lack of opposition. At the last close and for the 15 May payment, the gross/annualised spread is 2.9%/28.7%.

Arun George