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, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> and <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> IPOs, <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> and <a href="https://www.smartkarma.com/entities/sanrio-co-ltd" target="_blank" data-smartkarma-citation="entities:16476:1" rel="noopener">Sanrio (8136 JP)</a> placements.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/wealthnavi-inc" target="_blank" data-smartkarma-citation="entities:31058:1" rel="noopener">WealthNavi (7342 JP)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy G (1250 HK)</a>, <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>.       </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Kioxia Holdings (285A JP) and FineToday Holdings Co Ltd (289A JP) IPOs, Hulic Co Ltd (3003 JP) and Sanrio (8136 JP) placements.
Event-Driven developments: Seven &amp; I Holdings (3382 JP), WealthNavi (7342 JP), ESR Group (1821 HK), Shandong Hi-Speed New Energy G (1250 HK), Vitasoy Intl Holdings (345 HK).       


Weekly Deals Digest (01 Dec) - Seven & I, WealthNavi, ESR, SDHS New Energy, Vitasoy, Kioxia, Hulic

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Remain BULLISH <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP) </a> with low conviction. This is buying on narrative rather than fundamentals but there is no need to not get involved.</li>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>'s share price run up is excessive as Philip Ng and<a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a> over-extend their hand.</li>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a> has yet to trade below terms. The premium is small, perhaps reflecting the risk NEC will lower the minimum threshold. But there is still a fight here.</li>
</ul>


Remain BULLISH Keisei Electric Railway Co (9009 JP)  with low conviction. This is buying on narrative rather than fundamentals but there is no need to not get involved.

Vitasoy Intl Holdings (345 HK)'s share price run up is excessive as Philip Ng andYeo Hiap Seng (YHS SP) over-extend their hand.

Nec Networks (1973 JP) has yet to trade below terms. The premium is small, perhaps reflecting the risk NEC will lower the minimum threshold. But there is still a fight here.


Last Week in Event SPACE: Keisei Electric Railway, Vitasoy, NEC Network, ESR Group

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  </li>
<li>Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.</li>
<li>Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  </li>
</ul>



Vitasoy Intl Holdings (345 HK)’s shares surged 19.5% on speculation that billionaire Philip Ng will launch a takeover offer due to recent share purchases.  
Philip Ng’s stakebuilding suggests three potential outcomes. The likely near-term outcome is that he continues to nudge up his stake and potentially seek Board representation.
Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as Vitasoy’s valuation looked frothy at the last close.  


Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

<ul>
<li>Yesterday, beverage maker <a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a> <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1126/2024112600161.pdf" target="_blank" rel="noopener">announced</a> a 1H25E (Mar Y/E) net profit of HK$171mn, a 4.8% gain yoy. An interim dividend of HK$0.04/share (HK$0.014/share in 1H24), was <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1126/2024112600167.pdf" target="_blank" rel="noopener">declared</a>.</li>
<li>What was absent from the announcement/briefing was any comment on Philip Ng Chee-tat's and <a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a>'s recent buying in Vitasoy.</li>
<li>Ng, the younger brother of <a href="https://www.smartkarma.com/entities/sino-land-co" target="_blank" data-smartkarma-citation="entities:17323:1" rel="noopener">Sino Land (83 HK)</a>'s chairman Robert Ng Chee-siong, indirectly holds 12.26%, up from 5.22% on the 7th October. The share price is up 104% since.</li>
</ul>


Yesterday, beverage maker Vitasoy Intl Holdings (345 HK) announced a 1H25E (Mar Y/E) net profit of HK$171mn, a 4.8% gain yoy. An interim dividend of HK$0.04/share (HK$0.014/share in 1H24), was declared.
What was absent from the announcement/briefing was any comment on Philip Ng Chee-tat's and Yeo Hiap Seng (YHS SP)'s recent buying in Vitasoy.
Ng, the younger brother of Sino Land (83 HK)'s chairman Robert Ng Chee-siong, indirectly holds 12.26%, up from 5.22% on the 7th October. The share price is up 104% since.


Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Bottom-Up

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>An interesting comparison between China and India smart phone markets in 2Q 2024 - highlighting differences in market size and the dominance of leading players.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp(1810 HK)</a>  made a strong come back in 2Q24 in terms of sales in both the markets. In China, it saw a 17% year-on-year increase, shipping 10 million units.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
An interesting comparison between China and India smart phone markets in 2Q 2024 - highlighting differences in market size and the dominance of leading players.

Xiaomi Corp(1810 HK)  made a strong come back in 2Q24 in terms of sales in both the markets. In China, it saw a 17% year-on-year increase, shipping 10 million units.


Consumer Tales #July21-26:Apple Falls from Top 5 in China, Xiaomi Tops India Smartphones

Singapore

Yeo Hiap Seng Limited is a Singaporean investment holding company that manufactures, markets, and distributes food and beverage products. Its offerings include Asian drinks, soy milk, canned food, sauces, and instant noodles, alongside vending and warehousing services. The company is headquartered in Singapore and was founded in 1900.

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Yeo's (YHS SP)

Weekly Deals Digest (01 Dec) - Seven & I, WealthNavi, ESR, SDHS New Energy, Vitasoy, Kioxia, Hulic

Last week, notable developments occurred in Event-Driven (Seven & I, WealthNavi, ESR, SDHS New Energy, Vitasoy, Capitol, AVJennings, SG Fleet) and...

Arun George

Last Week in Event SPACE: Keisei Electric Railway, Vitasoy, NEC Network, ESR Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Vitasoy (345 HK): Take Profits as Takeover Speculation Mounts

Without the Lo family's support, a scheme privatisation is impossible. While a voluntary conditional offer is possible, it isn't very likely, as...

Arun George

Vitasoy (345 HK): Trading Rich As Ng & Yeo Hiap Seng Up Their Exposure

The share price looks to have overshot after Ng over-extended his hand. Unless you believe Ng/YHS are gearing up for a takeover of Vitasoy by the...

David Blennerhassett

Consumer Tales #July21-26:Apple Falls from Top 5 in China, Xiaomi Tops India Smartphones

Comparing smartphone market trends in China and India for 2Q 2024 highlighting differences in market size and the dominance of leading players....

Devi Subhakesan

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