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 (19 Jan) - IJM, Dongfeng, BioDlink, Makino, Toyota Ind, Mandom, Qube, Webjet

Merger Arb Mondays (02 Feb) - Dongfeng, ENN, Toyota Ind, Raksul, Sankei, Mandom, IJM, Webjet, Qube

Dongfeng Motor (489 HK): Precondition Satisfied

Dongfeng Motor (489 HK): VOYAH Listing Docs Underscore the Upside

Dongfeng Motor (489 HK): DFM’s Attractive Privatisation Offer

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>Four months after the offer was announced, Dongfeng Motor Corporation has satisfied the regulatory precondition related to its <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> offer.</li>
<li>The remaining precondition is approval from the CSRC and HKEx, both of which are low-risk. The appraised value of HK$10.85 is the key point of debate.   </li>
<li>The peers have since derated, which affects the appraised value. However, based on several methodologies, I estimate the offer is worth HK$11.51-11.55 per H Share.</li>
</ul>


Four months after the offer was announced, Dongfeng Motor Corporation has satisfied the regulatory precondition related to its Dongfeng Motor (489 HK) offer.
The remaining precondition is approval from the CSRC and HKEx, both of which are low-risk. The appraised value of HK$10.85 is the key point of debate.   
The peers have since derated, which affects the appraised value. However, based on several methodologies, I estimate the offer is worth HK$11.51-11.55 per H Share.


BAIC BluePark New Energy Techn (600733 CH)

東風汽車（489 HK）：規制の前提条件を満たしている