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 (28 Sep) - Kakaku, Sankei RE, Kadoya, Leopalace, Goodbaby, Z Fin, Yinson, Peet

Yinson (YNS MK): An Impending Scheme Privatisation?

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>On 25 September, <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a> said MISC and YLSB would be equal co-offerors in the scheme, with EPF keeping its stake and the indicative price unchanged at RM2.35.</li>
<li>KWAP holds a blocking stake but should back the deal, given its MAHB precedent, state links and MISC exposure. The main risk is vocal opposition from other minorities.</li>
<li>The offer looks light. It's 25.2% below the average analyst target, under the previously rumoured RM2.75–3.04 bids and at a 4% P/E discount to FPSO peers.</li>
</ul>


On 25 September, Yinson Holdings (YNS MK) said MISC and YLSB would be equal co-offerors in the scheme, with EPF keeping its stake and the indicative price unchanged at RM2.35.
KWAP holds a blocking stake but should back the deal, given its MAHB precedent, state links and MISC exposure. The main risk is vocal opposition from other minorities.
The offer looks light. It's 25.2% below the average analyst target, under the previously rumoured RM2.75–3.04 bids and at a 4% P/E discount to FPSO peers.


Yinson (YNS MK): MISC Steps up as Co-Offeror, but RM2.35 Still Looks Light