IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

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/goodbaby-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9467:1" rel="noopener">Goodbaby International (1086 HK)</a> disclosed a scheme offer from Mr Song Zhenghuan (Chairman and founder) at HK$1.50, a 38.9% premium to the undisturbed price. The offer is final. </li>
<li>The offer looks light next to peers, at 0.38x book and 2.0x EV/EBITDA against an 11.4x peer median. However, the offer looks fair compared to historical trading ranges.</li>
<li>The vote is low risk, as no independent holder holds a blocking stake. The last AGM showed little opposition, and thin trading makes it hard to build an activist stake.</li>
</ul>



Goodbaby International (1086 HK) disclosed a scheme offer from Mr Song Zhenghuan (Chairman and founder) at HK$1.50, a 38.9% premium to the undisturbed price. The offer is final. 
The offer looks light next to peers, at 0.38x book and 2.0x EV/EBITDA against an 11.4x peer median. However, the offer looks fair compared to historical trading ranges.
The vote is low risk, as no independent holder holds a blocking stake. The last AGM showed little opposition, and thin trading makes it hard to build an activist stake.


Goodbaby (1086 HK): Chairman’s Light Privatisation Offer Likely to Pass