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>Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-02-27/samsonite-is-said-to-consider-options-amid-takeover-interest" target="_blank" rel="noopener">reports</a> that <a href="https://www.smartkarma.com/entities/samsonite-international-sa" target="_blank" data-smartkarma-citation="entities:12790:1" rel="noopener">Samsonite (1910 HK)</a> is drawing takeover interest from several PE firms which aim to relist Samsonite in the US to draw a higher valuation. </li>
<li>A standard takeover premium (around 30%) should be sufficient due to the shareholder register. There is no single large shareholder(s) to pose an issue to an offer. </li>
<li>The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite trades at an undemanding valuation. </li>
</ul>


Bloomberg reports that Samsonite (1910 HK) is drawing takeover interest from several PE firms which aim to relist Samsonite in the US to draw a higher valuation. 
A standard takeover premium (around 30%) should be sufficient due to the shareholder register. There is no single large shareholder(s) to pose an issue to an offer. 
The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite trades at an undemanding valuation. 


Samsonite (1910 HK): Evaluating a Potential Privatisation

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only 9% QoQ fall in sales). Interestingly, its gross margin improved to 60% from 47% in Q4FY21 as it procured nearly 90% of luggage from its captive Bangladesh plants. As per the management, the gross margin is sustainable. Q1FY22 EBITDA jumped up nearly 3x QoQ to Rs129 mn and...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Investor with primary focus on consumer sector

Vaibhav Saharan

<p><a href="https://www.smartkarma.com/entities/12790" target="_blank" data-smartkarma-citation="entities:12790:1">Samsonite International Sa (1910 HK)</a> is down 20% since Soren Aandahl's new firm Blue Orca Capital came out with a short call yesterday based on accounting gimmicks and shady related party transactions. Samsonite filed a rebuttal this morning highlighting the misleading nature of the report/allegations and indicated to reveal more in due time. Perhaps they were testing the waters and this morning's 10% fall will push them to come back with more clarifications sooner. </p><p>The Short Call:</p><p>A lot of…</p>

Samsonite International Sa (1910 HK) is down 20% since Soren Aandahl's new firm Blue Orca Capital came out with a short call yesterday based on accounting gimmicks and shady related party transactions. Samsonite filed a rebuttal this morning highlighting the misleading nature of the report/allegations and indicated to reveal more in due time. Perhaps they were testing the waters and this morning's 10% fall will push them to come back with more clarifications sooner. The Short Call:A lot of…

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:</p><ul><li>Latin America is breaking out to all-time highs.</li><li>Tech--extended but still leadership.</li><li>Uptick in attractive consumer stocks.</li><li>Commodity sectors are strengthening.</li></ul>

This report highlights actionable EM stocks from across industries and regions.  This week's report highlights the following:Latin America is breaking out to all-time highs.Tech--extended but still leadership.Uptick in attractive consumer stocks.Commodity sectors are strengthening.

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

<div class="content-highlight"><h2><strong>Market Overview</strong></h2></div><p>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.</p><ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

India

V.I.P Industries Limited manufactures brand name molded luggage, soft luggage and ABS luggage. The Company's products include briefcases, suitcases, handbags, carry bags and vanity cases.  V.I.P. also provides travel related information, tips on destination and special deals on the Internet.

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V.I.P. Industries (VIP IN)

Samsonite (1910 HK): Evaluating a Potential Privatisation

The probability of an offer is medium, with an offer price likely around HK$30.00. Irrespective of a binding offer, the upside remains as Samsonite...

Arun George

VIP Industries: Q1FY22 Result Review

VIP reported better than expected revenue and EBIDTA in Q1FY22. Revenue increased 411% YoY to Rs2,062 mn but fell 15.1% QoQ (Safari reported only...

IDBI Capital

Samsonite: The Short Report

Samsonite International Sa (1910 HK) is down 20% since Soren Aandahl's new firm Blue Orca Capital came out with a short call yesterday based on...

Vaibhav Saharan

EM Leadership Screen & Chart Book: Technically Attractive EM Stocks

This report highlights actionable EM stocks from across industries and regions. This week's report highlights the following: Latin America is...

Vermilion Research

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

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