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>PAG is the successful bidder for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>'s controlling shareholder’s 70.92% stake at HK$1.5132 per H Share (RMB1.3822 per domestic share).</li>
<li>As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.</li>
<li>The share sale transfer requires SAMR approval which will be forthcoming. Our best guess is the MGO completes end-January 2023. At the last close, the gross spread is 14.6%.</li>
</ul>


PAG is the successful bidder for Shandong Fengxiang (9977 HK)'s controlling shareholder’s 70.92% stake at HK$1.5132 per H Share (RMB1.3822 per domestic share).
As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.
The share sale transfer requires SAMR approval which will be forthcoming. Our best guess is the MGO completes end-January 2023. At the last close, the gross spread is 14.6%.


Fengxiang’s Unconditional MGO at HK$ 1.5132 from PAG

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/lippo-karawaci-tbk-pt' target='_blank' rel='noopener'>Lippo Karawaci</a></li><li><a href='/entities/seazen' target='_blank' rel='noopener'>Seazen (Formerly Future Land)</a></li><li><a href='/entities/jsw-steel-ltd' target='_blank' rel='noopener'>JSW Steel Ltd</a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/guangzhou-r-f-properties-h' target='_blank' rel='noopener'>Guangzhou R&F Properties</a></li></ol>and more...

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<ul>
<li>A <a href="https://susong-item.taobao.com/auction/683969821701.htm?spm=a213w.7398554.paiList.1.51e41fa3epY51Y" target="_blank" rel="noopener">successful bidder</a> (identity unknown at the time of writing) has emerged for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> controlling shareholder’s 70.92% stake at the base bid price of RMB1,372.2 million.</li>
<li>As the bidder will hold 30% or more of the voting rights, it will result in an MGO at RMB1.383 per share (HK$1.526 at the <a href="https://www.bankofchina.com/sourcedb/whpj/enindex_1619.html" target="_blank" rel="noopener">median BOC</a> FX of 0.9056).  </li>
<li>The transfer of the sale shares is subject to completion procedures. Our best guess is the offer completes end-January 2023. At the last close, the gross spread is 15.6%. </li>
</ul>


A successful bidder (identity unknown at the time of writing) has emerged for Shandong Fengxiang (9977 HK) controlling shareholder’s 70.92% stake at the base bid price of RMB1,372.2 million.
As the bidder will hold 30% or more of the voting rights, it will result in an MGO at RMB1.383 per share (HK$1.526 at the median BOC FX of 0.9056).  
The transfer of the sale shares is subject to completion procedures. Our best guess is the offer completes end-January 2023. At the last close, the gross spread is 15.6%. 


Fengxiang’s Judical Auction Successful, MGO Upcoming

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/alam-sutera-realty-tbk-pt' target='_blank' rel='noopener'>Alam Sutera Realty</a></li><li><a href='/entities/cifi-holdings-group-co-ltd' target='_blank' rel='noopener'>CIFI Holdings</a></li><li><a href='/entities/indika-energy-tbk-pt' target='_blank' rel='noopener'>Indika Energy</a></li><li><a href='/entities/hopson-development-holdings' target='_blank' rel='noopener'>Hopson Development</a></li></ol>and more...

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Indonesia

PT Siantar Top Tbk manufactures a variety of snack food products.  The Company produces snack noodles, crackers, and candies under the brand names Fuji Mie, Mie Goreng, Olala, Tamiku, Twistko, Tic-Tic, Twistball, Fuji Chips, Tovie Candy, Balico-Kelapa, and XUXU.

PT Ultrajaya Milk Industry and Trading Company Tbk operates in the food and beverage industry. The Company produces aseptic drinks such as liquid milk, fruit juices and health drinks. Ultrajaya Milk also produces butter, powder milk and sweet condensed milk.

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking oil. Through its subsidiaries,  the Company also operates a variety of other plantations such as palm oil, tea, and cocoa plantations.

PT Sawit Sumbermas Sarana Tbk operates in the agriculture industry. The Company trades in palm oil.

Sinar Mas Agro Resources and Technology Tbk PT and its subsidiaries develops oil palm and tea plantations.  The Company produces and trades crude palm oil, palm kernel oil, tea, and refined palm products such as cooking oil and margarine.  Sinar Mas also manufactures packaging products such as bottles and caps as well as provides management services.

Sinar Mas Agro Resources and Technology Tbk PT (SMAR IJ)

Sinar Mas Agro Resources and Technology Tbk PT

PT Dharma Satya Nusantara TBK is a palm oil and wood processing company. The Company is currently concentrating on three types of integrated businesses: wood products, timber estates and plantations.

PT Salim Ivomas Pratama Tbk produces, manufactures and distributes cooking oil, margarine, and shortening. The Company has its own palm plantation and factories. Salim distributes its product worldwide.

PT Nippon Indosari Corpindo Tbk produces baked goods.  The Company produces bread, cakes, bread pudding, lasagna, and other foods.

PT Nippon Indosari Corpindo Tbk. (ROTI) (ROTI IJ)

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and processes palm oil, rubber, coconut, cocoa, coffee, and tea.

PT Bisi International Tbk cultivates and markets corns, vegetable and rice seeds.

Xinjiang Tecon Animal Husbandry Bio-Technology Co., Ltd. is engaged in producing and distributing feeds and feed additives. The Company also produces and sells veterinary drugs, agricucutural and milk products.

Xinjiang Tecon Anml Hsbndry Bio Tchnlgy (002100 CH)

Visionox Technology Inc. manufactures electronic components. The Company researches, develops, produces, and sells organic light emitting displays. Visionox Technology markets its products domestically and overseas.

FGV Holdings Bhd is an agricultural and agri-commodities company. The Company owns and operates an oil palm plantation producing oil palm and rubber plantation products, soybean and canola products, oleochemial products and sugar products.

Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company exports pigs to Hong Kong and Macau as well as sells them domestically.

ARIAKE JAPAN Co., Ltd. produces natural seasonings and flavorings from meat products.  The Company sells the products to major food makers such as Ajinomoto Co., Ltd. and Myojo Foods Co., Ltd.  Ariake also has a plant in the United States.

Shree Renuka Sugars Limited is an integrated manufacturing company with a focus on sugar, distillery products and ethanol. The Company also generates power which is used for captive consumption besides being sold externally.

Del Monte Pacific Limited produces and markets packaged vegetable and fruit, beverage and culinary products. The Group has the exclusive right to use the Del Monte brand for packaged products in the USA, South America, Philippines, the Indian subcontinent and Myanmar, and the S&W brand for both packaged and fresh products globally except Australia and New Zealand.

Triveni Engineering & Industries Limited conducts operations in sugar manufacturing and engineered-to-order mechanical equipment.

Triveni Engineering & Industries (TRE IN)

China Foods Limited, through its subsidiaries, operates food processing businesses.  The Company processes and refines edible oil and fats, produces confectionery products, wine and beverage as well as flour including wheat and other grain products.  In addition, China Foods Limited trades food products.

Ottogi Corporation manufactures food seasonings and instant food, such as mayonnaise, ketchup, salad dressing, sesame and cooking oils, and instant curry. The Company also produces frozen salads, fruit preservatives, instant noodles, and canned tuna.

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

Fengxiang’s Unconditional MGO at HK$ 1.5132 from PAG

The unconditional MGO is HK$1.5132 per H Share. Our best guess is the MGO completes end-January 2023. At the last close, the gross spread is 14.6%.

Arun George

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Fengxiang’s Judical Auction Successful, MGO Upcoming

The succesful bid will result in an MGO at HK$1.526 (at the median BOC FX of 0.9056). Our best guess is the offer completes end-January 2023. At...

Arun George

Weekly Wrap - 14 Oct 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

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