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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> will launch a US$500 million HKEx IPO this week. <a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> has launched an IDR8.2 trillion (US$530 million) Indonesian IPO.</li>
<li>Event-Driven developments  <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, DTAC/True.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Giant Biogene Holding (GBH HK) will launch a US$500 million HKEx IPO this week. Blibli (1437710D IJ) has launched an IDR8.2 trillion (US$530 million) Indonesian IPO.
Event-Driven developments  Link Administration (LNK AU), Nearmap Ltd (NEA AU), Pushpay Holdings (PPH NZ), Tyro Payments (TYR AU), China Vast Industrial Urban Development (6166 HK), Singapore Medical (SMG SP), DTAC/True.


Weekly Deals Digest (23 Oct) - Link, Nearmap, Pushpay, Tyro, Singapore Medical, DTAC/True, Blibli

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> investors should look at process and understand the difference between this one and others. Some news is not news, other than telling you the dance has started.</li>
<li>
<a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> is cheap. It appears to be running at 6x 2022 earnings. This is not abnormal for a cyclical at the end of the cycle.</li>
<li>
<a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a> confirms its interest in <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, but still nothing firm.</li>
</ul>



Toshiba (6502 JP) investors should look at process and understand the difference between this one and others. Some news is not news, other than telling you the dance has started.

United Tractors (UNTR IJ) is cheap. It appears to be running at 6x 2022 earnings. This is not abnormal for a cyclical at the end of the cycle.

Westpac Banking (WBC AU) confirms its interest in Tyro Payments (TYR AU), but still nothing firm.


Last Week in Event SPACE: Toshiba, United Tractor, Recruit, Tyro Payments, DTAC/True, Bank Of Kyoto

<ul>
<li>There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>I see no new deals discussed on Smartkarma this week.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, and <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>.</li>
</ul>


There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
I see no new deals discussed on Smartkarma this week.
Key updates took place for Tyro (TYR AU), Shandong Fengxiang (9977 HK), Singapore Medical (SMG SP), Shinsei Bank (8303 JP), and True (TRUE TB) / Total Access Communication (DTAC TB).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Tyro, Fengxiang, Singapore Medical, Shinsei Bank, True/DTAC

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 Oct 14th (reported today) which has an aggregated short interest worth USD16.3bn.</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 ANZ, Domino's Aristocrat, Suncorp, New Hope.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 14th (reported today) which has an aggregated short interest worth USD16.3bn.
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 ANZ, Domino's Aristocrat, Suncorp, New Hope.


ASX Short Interest Weekly (Oct 14th): ANZ, Domino's Aristocrat, Suncorp, New Hope

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a> confirmed that it has “received approaches from several parties expressing interest in a potential change of control transaction, including <a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a>.”</li>
<li>Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.</li>
<li>The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.</li>
</ul>



Tyro Payments (TYR AU) confirmed that it has “received approaches from several parties expressing interest in a potential change of control transaction, including Westpac Banking (WBC AU).”
Tyro previously rejected a A$1.27 offer from the Potentia consortium. Grok's get-out clause with Potentia sets the floor price of a competing bid at A$1.52 per share.
The last close of A$1.59 is higher than the floor price. Triangulating the value of a rival bid across several data points suggests a competing offer of around A$2.


Tyro Confirms Westpac as One of the Interested Suitors

Australia

Westpac Banking Corporation offers general and savings banking services.  The Company provides investment portfolio management and advice, insurance services,  consumer finance, and money market services among other services.  Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

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Westpac Banking (WBC AU)

Weekly Deals Digest (23 Oct) - Link, Nearmap, Pushpay, Tyro, Singapore Medical, DTAC/True, Blibli

Last week, notable developments occurred in Event-Driven (Link Admin, Nearmap, Pushpay, Tyro, China VAST, Fengxiang, Singapore Medical, DTAC/True)...

Arun George

Last Week in Event SPACE: Toshiba, United Tractor, Recruit, Tyro Payments, DTAC/True, Bank Of Kyoto

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Tyro, Fengxiang, Singapore Medical, Shinsei Bank, True/DTAC

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

ASX Short Interest Weekly (Oct 14th): ANZ, Domino's Aristocrat, Suncorp, New Hope

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, Domino's Aristocrat, Suncorp, New Hope.

Ke Yan, CFA, FRM

Tyro Confirms Westpac as One of the Interested Suitors

The floor price of a competing bid at A$1.52 per share. Triangulating the value of a rival bid across several data points suggests a competing...

Arun George

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