IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

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

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936</a><a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener"> JP)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> placements; <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> and <a href="https://www.smartkarma.com/entities/timee-inc" target="_blank" data-smartkarma-citation="entities:43690:1" rel="noopener">Timee Inc (215A JP)</a> IPOs.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/samson-holding-ltd" target="_blank" data-smartkarma-citation="entities:2767:1" rel="noopener">Samson Holding (531 HK)</a>, <a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a>, <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>, <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a>. 
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP) and Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments China Traditional Chinese Medicine (570 HK), Huafa Property Services Group (982 HK), Samson Holding (531 HK), Zhihu Technology (ZH US), Intouch Holdings (INTUCH TB), Gulf Energy Development (GULF TB). 



Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Tencent (700 HK), HSBC (5 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Tencent (700 HK), HSBC (5 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), AIA (1299 HK).


Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

Chorus Limited is a wholesale and retail telecommunications company.  The Company maintains and build the Chorus local access network which is made up of local telephone exchanges, cabinets and copper and fiber cables that connects New Zealand homes and businesses throughout the country.

<ul><li>The Commerce Commission (ComCom) released its draft decision for Chorus' (CNU) maximum allowable revenue (MAR) over its second regulatory period (RP2) covering CY25–CY28.</li><li>With the WACC and (draft) opex/capex known, the main unknown in the release is related to the treatment of depreciation and its expected wash-up from RP1.</li><li>Both were broadly in line with our (and we assume CNU's) expectations. </li></ul>

The Commerce Commission (ComCom) released its draft decision for Chorus' (CNU) maximum allowable revenue (MAR) over its second regulatory period (RP2) covering CY25–CY28.With the WACC and (draft) opex/capex known, the main unknown in the release is related to the treatment of depreciation and its expected wash-up from RP1.Both were broadly in line with our (and we assume CNU's) expectations. 

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

MoneyHero Limited operates as a personal finance company. The company was founded in 2014 and is headquartered in Singapore.

<ul>
<li>This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.</li>
<li>In its most recent Q1 2024 result, the company continues to demonstrate exceptional growth and strategic agility.</li>
<li>MoneyHero Group has seen a significant uptick in revenues and improved margins and was also in the news for an important strategic sale of CompareHero in Malaysia that could prove to be another game changer.</li>
</ul>


This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.
In its most recent Q1 2024 result, the company continues to demonstrate exceptional growth and strategic agility.
MoneyHero Group has seen a significant uptick in revenues and improved margins and was also in the news for an important strategic sale of CompareHero in Malaysia that could prove to be another game changer.


MoneyHero Group: A Promising Q1 2024 Result With Lots To Look Forward To!!

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Tech stocks continued their decline on Thursday, with the Nasdaq Composite falling over 0.7% following its worst day since 2022</li>
<li>Dalton Investments, a US activist fund, acquired a 5% stake in Ezaki Glico, becoming its fourth-largest shareholder.</li>
<li>TSMC reports that AI chip constraints will persist until 2025, despite exploring new packaging technologies</li>
</ul>


Tech stocks continued their decline on Thursday, with the Nasdaq Composite falling over 0.7% following its worst day since 2022
Dalton Investments, a US activist fund, acquired a 5% stake in Ezaki Glico, becoming its fourth-largest shareholder.
TSMC reports that AI chip constraints will persist until 2025, despite exploring new packaging technologies


Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Last week, notable developments occurred in Event-Driven (China TCM, Huafa, Samson, Zhihu, Intouch/Gulf, Legend Biotech, Capitol/Integral) and ECM...

Arun George

Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM

Chorus - Regulatory Wheels Keep Turning

The Commerce Commission (ComCom) released its draft decision for Chorus' (CNU) maximum allowable revenue (MAR) over its second regulatory period...

Forsyth Barr

MoneyHero Group: A Promising Q1 2024 Result With Lots To Look Forward To!!

This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.

Baptista Research

Ohayo Japan | Dow Falls 500 Points

Tech stocks, including Nasdaq, fall; Dalton Investments buys stake in Ezaki Glico; TSMC predicts AI chip shortages until 2025.

Mark Chadwick

Weekly Deals Digest (21 Jul) - Intouch/Gulf, China TCM, Huafa, Samson, Zhihu, Asics, Kokusai, Timee

Last week, notable developments occurred in Event-Driven (China TCM, Huafa, Samson, Zhihu, Intouch/Gulf, Legend Biotech, Capitol/Integral) and ECM...

Arun George

Hong Kong Buybacks Weekly (Jul 19th): Meituan, Tencent, Hsbc

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Meituan (3690 HK),...

Ke Yan, CFA, FRM

Chorus - Regulatory Wheels Keep Turning

The Commerce Commission (ComCom) released its draft decision for Chorus' (CNU) maximum allowable revenue (MAR) over its second regulatory period...

Forsyth Barr

MoneyHero Group: A Promising Q1 2024 Result With Lots To Look Forward To!!

This is a follow-up research note on MoneyHero Group, a leading personal finance aggregation and comparison entity in Greater Southeast Asia.

Baptista Research

Ohayo Japan | Dow Falls 500 Points

​Tech stocks, including Nasdaq, fall; Dalton Investments buys stake in Ezaki Glico; TSMC predicts AI chip shortages until 2025.

Mark Chadwick

Tech stocks, including Nasdaq, fall; Dalton Investments buys stake in Ezaki Glico; TSMC predicts AI chip shortages until 2025.