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/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a> is on a halt “<em>pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.</em>” </li>
<li>I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.</li>
<li>I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.</li>
</ul>



ANE Cayman Inc (9956 HK) is on a halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers which contains inside information of the Company.” 
I expect the halt is related to a potential privatisation bid from either a trade buyer, such as one of the Tongda operators, or an MBO sponsored by Centurium Capital.
I use several methods to triangulate the likely offer price, which suggests a range of HK$11.34-11.80 per share, with an average of HK$11.55, a 14% premium to the last close.


ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?

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>H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories</li>
<li>KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"</li>
<li>SE Asia still promises X-border growth; impact on SF Holding limited</li>
</ul>


H125 results from KEX, J&amp;T Global (SE Asia) tell two very different stories
KEX shrunk under pressure from J&amp;T and Flash, a private express "unicorn"
SE Asia still promises X-border growth; impact on SF Holding limited


After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Hangzhou SF Intra-city Industrial / Equity Bottom-Up

Hangzhou SF Intra-city Industrial (9699 HK)

<ul>
<li>HK-Listed SF Intra is a leading player in Chinese on-demand delivery</li>
<li>H1 results show strong top-line growth, but thin margins, -ive OpCF</li>
<li>SF Intra's structure suggests no fat to cut in local eComm fulfillment expense</li>
</ul>


HK-Listed SF Intra is a leading player in Chinese on-demand delivery
H1 results show strong top-line growth, but thin margins, -ive OpCF
SF Intra's structure suggests no fat to cut in local eComm fulfillment expense


Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

<ul>
<li>Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status</li>
<li>It's become clear that boosting eComm logistics simply isn't a priority for Alibaba</li>
<li>For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive</li>
</ul>


Last week in its June quarter earnings release Alibaba "demoted" CaiNiao's status
It's become clear that boosting eComm logistics simply isn't a priority for Alibaba
For firms that took investment from Alibaba &amp; CaiNiao, implications are -Ive


Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

<ul>
<li>The Bad: Margins &amp; cash flow both declined sharply compared to Q224 </li>
<li>The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1</li>
<li>With no signs of a turnaround in sight, we retain our negative view of ZTO</li>
</ul>


The Bad: Margins &amp; cash flow both declined sharply compared to Q224 
The Ugly: ZTO cut FY25 parcel volume growth target after a sluggish H1
With no signs of a turnaround in sight, we retain our negative view of ZTO


ZTO Express Q225 Results: No 'Good', Just the 'Bad' and the 'Ugly'

China

STO Express Co Ltd. develops, manufactures and markets valves, pipe fittings and plumbing equipment. The Company's business encompasses the    development, manufacturing, sales and servicing of plumbing equipment, valves,  pipe fittings, metal construction materials, home automation, environmental protection and energy control systems.

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STO Express (002468 CH)

ANE Cayman (9956 HK): Trade Buyer or Centurium Capital to Launch a Privatisation Offer?

On 17 September, the Board received a conditional privatisation proposal from Centurium Capital and Temasek. No price was disclosed. Nearly a month...

Arun George

After Battling J&T Global and Flash in Thailand's Express Market, KEX Shrinks, Then Delists

Under pressure on multiple fronts, Kerry Express Thailand recently delisted its shares after less than five years of life as a publicly-traded...

Tracking Traffic

Checking in With On-Demand Delivery Leader SF Intra-City (9699 HK) | Strong Growth, Thin Margins

SF Intra's H125 results give us some valuable insights into China's on-demand retail segment, which has shown strong growth in recent periods.

Tracking Traffic

Alibaba's Logistics Arm CaiNiao Relegated To "Others" Status | Implications for Chinese Express?

As part of its June quarter earnings release last week, Alibaba effectively "demoted" logistics arm CaiNiao by pushing it into a new "Others"...

Tracking Traffic

ZTO Express Q225 Results: No 'Good', Just the 'Bad' and the 'Ugly'

ZTO reported a weak set of results for Q225, with margins and cash flow declining sharply. Management also cut FY25 volume growth targets. We...

Tracking Traffic

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