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/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.</li>
<li>BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. </li>
<li>The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. </li>
</ul>



Webjet Group (WJL AU) disclosed a non-binding offer from BGH to acquire a controlling interest at A$0.80 per share, a 10.1% discount to the last close.
BGH was also disclosed as the mystery buyer of the 5% stake on 8 May. BGH currently represents 10.76% of outstanding shares. 
The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should negotiate better terms. 


Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)</li>
<li>TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)</li>
<li>Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)</li>
</ul>


BABA US: Ele.me's Daily Food Delivery Orders via Taobao Deals Surpass 10 Million on May 5 (-)
TCOM US/3690 HK/ATAT US: Summary of May Day Holiday Consumption Trends.(+/+/+)
Entertainment Sector Update: Weak Box Office Performance During May Day Holiday Hits 8-Year Low(-)


[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

<ul>
<li>BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)</li>
<li>700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）</li>
<li>JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)</li>
</ul>


BABA US/PDD US: DHgate's GMV Doubles in a Single Week, While Buyer Count Surges 200% (///)
700 HK : Tencent Officially Unveils &lt;VALORANT Mobile&gt;, Launches Pre-Registration（+）
JD US/3690 HK: JD escalates PR battle, food delivery losses may exceed expectations(-//)


[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Combined January-February activity indicates demand growth continues to slow down</li>
<li>Similarly, capacity restoration &amp; load factors on outbound flights appear to have stagnated </li>
<li>We expect shares of Chinese airlines to continue to outperform travel platform Trip.com</li>
</ul>


Combined January-February activity indicates demand growth continues to slow down
Similarly, capacity restoration &amp; load factors on outbound flights appear to have stagnated 
We expect shares of Chinese airlines to continue to outperform travel platform Trip.com


Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

<ul>
<li>Late January timing of LNY holiday boosted last month's travel and tourism statistics</li>
<li>Chinese airlines are filling outbound flights, which should lift pricing &amp; margins (eventually)</li>
<li>Numbers suggest Chinese consumers eager to travel, but spending remains muted</li>
</ul>


Late January timing of LNY holiday boosted last month's travel and tourism statistics
Chinese airlines are filling outbound flights, which should lift pricing &amp; margins (eventually)
Numbers suggest Chinese consumers eager to travel, but spending remains muted


Monthly Chinese Tourism Tracker | LNY Numbers Just OK | Airlines Filling Up | (February 2025)

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

Price Gauge
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Trip.com (TCOM US)

Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should...

Arun George

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

The growth of Chinese travel demand appeared to slow in the first two months of 2025. We believe the Chinese airlines can continue to outperform...

Tracking Traffic

Monthly Chinese Tourism Tracker | LNY Numbers Just OK | Airlines Filling Up | (February 2025)

January and Lunar New Year travel activity data seem OK, but not spectacular. Chinese tourists seem eager to travel, but there are few signs they...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Webjet Group (WJL AU): BGH Is the Mystery Buyer and Seeks a Controlling Stake at A$0.80

The offer will likely be structured as a takeover offer with a 50.1% minimum acceptance condition. It is unattractive, and the Board should...

Arun George

[Blue Lotus Daily-TMT Update]:BABA US/TCOM US/3690 HK/ATAT US/PDD US/JD US

​Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:BABA US/PDD US/700 HK/JD US/3690 HK/TCOM US/

​DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.

Blue Lotus Research Institute

Monthly Chinese Tourism Tracker | Growth of Travel Demand Slowed in January-February (March 2025)

The growth of Chinese travel demand appeared to slow in the first two months of 2025. We believe the Chinese airlines can continue to outperform...

Tracking Traffic

Monthly Chinese Tourism Tracker | LNY Numbers Just OK | Airlines Filling Up | (February 2025)

January and Lunar New Year travel activity data seem OK, but not spectacular. Chinese tourists seem eager to travel, but there are few signs they...

Tracking Traffic

Ele.me's food delivery orders via Taobao reached 10 million, May Day holiday consumption trends summarized, weak box office performance during...

DHgate's GMV and buyer count skyrocket, Tencent announces pre-registration, JD faces potential food delivery losses exceeding expectations.