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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> has received a revised non-binding indicative offer from <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> at A$28.25 per share, a 13.0% premium to the previously rejected offer.</li>
<li>The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.</li>
<li>While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.</li>
</ul>



OZ Minerals Ltd (OZL AU) has received a revised non-binding indicative offer from BHP Group Ltd (BHP AU) at A$28.25 per share, a 13.0% premium to the previously rejected offer.
The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.
While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.


OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP

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 analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.


ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 21st (reported today) which has an aggregated short interest worth USD17.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth, Rio Tinto, Santos.


ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2022-09-17/oz-minerals-said-to-hold-out-for-a-10-billion-in-potential-sale?leadSource=uverify%20wall" target="_blank" rel="noopener">Bloomberg reported</a> that <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> has been considering raising its bid for <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>. OZ is pushing BHP to increase its offer to A$30. </li>
<li>The OZ Board has a strong justification for a higher offer as BHP’s acquisition of OZ would tick the boxes of future-facing commodities and potential operational synergies.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> recently increased its bid to minority shareholders of <a href="https://www.smartkarma.com/entities/turquoise-hill-resources-ltd" target="_blank" data-smartkarma-citation="entities:25405:1" rel="noopener">Turquoise Hill Resources (TRQ CN)</a>. This increases the probability that BHP will return with a sweetened offer.</li>
</ul>



Bloomberg reported that BHP Group Ltd (BHP AU) has been considering raising its bid for OZ Minerals Ltd (OZL AU). OZ is pushing BHP to increase its offer to A$30. 
The OZ Board has a strong justification for a higher offer as BHP’s acquisition of OZ would tick the boxes of future-facing commodities and potential operational synergies.

Rio Tinto Ltd (RIO AU) recently increased its bid to minority shareholders of Turquoise Hill Resources (TRQ CN). This increases the probability that BHP will return with a sweetened offer.


OZ Minerals Could Get an Improved Offer from BHP

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

Australia

29Metals Limited provides exploration and mining services. The Company explores and develops base and precious metals assets. 29Metals serves customers worldwide.

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29Metals (29M AU)

OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP

While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is...

Arun George

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 21st): Telstra, BHP, Woolworth, Rio Tinto, Santos

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Woodside, ANZ, Telstra, BHP, Woolworth,...

Ke Yan, CFA, FRM

OZ Minerals Could Get an Improved Offer from BHP

Bloomberg reported that BHP has been considering raising its bid. The OZ Board has a strong justification for a higher offer. The shares are...

Arun George

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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