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

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part

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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>
<a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> IFA opined that the Widjaja family's S$0.31 offer is NOT fair but reasonable, as it is below the valuation range of S$0.350 to S$0.361.</li>
<li>The independent directors have recommended that shareholders accept. Due to a breach of the 10% free float requirement, the shares will be suspended at the close of the offer. </li>
<li>There are four possible outcomes with a medium probability that Sinarmas will follow the <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> and <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a> playbook.</li>
</ul>



Sinarmas Land (SML SP) IFA opined that the Widjaja family's S$0.31 offer is NOT fair but reasonable, as it is below the valuation range of S$0.350 to S$0.361.
The independent directors have recommended that shareholders accept. Due to a breach of the 10% free float requirement, the shares will be suspended at the close of the offer. 
There are four possible outcomes with a medium probability that Sinarmas will follow the Great Eastern Holdings (GE SP) and Boustead Projects (BOCJ SP) playbook.


Sinarmas Land (SML SP): Potential Outcomes as IFA Says NOT Fair but Reasonable