In today’s briefing:
- SIA Placement Lockup – Time for Another Trim of Its US$7bn Stake
- J&T Global Express IPO Trading – Tepid Demand Despite the Team Effort
- Triton/Caverion: Offer Declared Unconditional
SIA Placement Lockup – Time for Another Trim of Its US$7bn Stake
- Temasek raised around US$300m via its secondary selldown in Singapore Airlines (SIA SP) in Jun 2023. The lockup from that placement will expire soon.
- Temasek still owns over 50% of SIA and hence, any selldown might not come before SIA reports its 1H23/24 results in mid-Nov 2023.
- In this note, we talk about the placement lockup dynamics.
J&T Global Express IPO Trading – Tepid Demand Despite the Team Effort
- J&T Global Express (1519 HK), a global logistics service provider, raised around US$500m in its Hong Kong IPO.
- As per Frost & Sullivan (F&S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we talk about the trading dynamics.
Triton/Caverion: Offer Declared Unconditional
- On 24 October, Crayfish received all regulatory approvals (earlier than expected) and secured the fulfillment of the minimum acceptance condition of 66.67%. Crayfish has thus declared the offer unconditional.
- Triton’s purchase offer will continue until 1 November, after which the purchase offer will be implemented. Spread is 0.46%/5.29% (gross/annualised, assuming settlement on 27 November). Long and tender.
- In case Crayfish obtains >90% of the shares, it intends to initiate compulsory redemption proceedings and delist Caverion.
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