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

Merger Arb Mondays (16 May) - Link Admin, Infomedia, VNET, Alliance Aviation, Ramsay, Link Net

Merger Arb Mondays (23 May) - True Corp, DTAC, Ramsay, VNET, Link Admin, Alliance Aviation, Yashili

Merger Arb Mondays (30 May) - Yancoal, Link Net, Link Admin, Alliance Aviation, True Corp, DTAC

Link’s Scheme Meeting on 13 July, High Spread Reflects Deal Risk

Link’s Shares Collapse as Worries of Buyer’s Remorse Sets In

Link's Privatisation by DND on Track to Complete in June/July

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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>DND’s 3QFY22 last night continued to suggest DND’s commitment to complete the <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a> acquisition.</li>
<li>DND management's messaging in the call downplayed the MAC risk of a contract renewal but shifted incrementally more bearish on the ACCC review, in our view.</li>
<li>The risk-reward calculus is now incrementally more positive. The gross spread is wide at 24.4% with the “deal-break” valuation of A$4.18 (-5% below the last close) limiting downside risk.</li>
</ul>


DND’s 3QFY22 last night continued to suggest DND’s commitment to complete the Link Administration Holdings (LNK AU) acquisition.
DND management's messaging in the call downplayed the MAC risk of a contract renewal but shifted incrementally more bearish on the ACCC review, in our view.
The risk-reward calculus is now incrementally more positive. The gross spread is wide at 24.4% with the “deal-break” valuation of A$4.18 (-5% below the last close) limiting downside risk.


Link Risk/Reward Benefits with the Messaging from DND’s Earnings Call