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>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason Group Holdings (273 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/enm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16267:1" rel="noopener">ENM Holdings (128 HK)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" target="_blank" data-smartkarma-citation="entities:20044:1" rel="noopener">Yaizu Suisankagaku Industry (2812 JP)</a>, <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>, <a href="https://www.smartkarma.com/entities/treasury-group-ltd" target="_blank" data-smartkarma-citation="entities:14625:1" rel="noopener">Pacific Current (PAC AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), Mason Group Holdings (273 HK), JSR Corp (4185 JP), DDH1 (DDH AU), ENM Holdings (128 HK). 
Lowest spreads - Toyo Construction (1890 JP), Healius (HLS AU), Yaizu Suisankagaku Industry (2812 JP), Allkem Ltd (AKE AU), Pact Group Holdings (PGH AU), Pacific Current (PAC AU). 


Merger Arb Mondays (25 Sep) - ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 20 September, HLB Inc announced that it has hired Korea Investment &amp; Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing. </li>
<li>In our view, there is a 80-90%+ probability of HLB switching its listing from KOSDAQ to KOSPI sometime in the next 6-12 months.</li>
<li>If HLB finally decides to switch its listing from KOSDAQ to KOSPI, it is likely that HLB will be included in KOSPI 200 index in 2024. </li>
</ul>


On 20 September, HLB Inc announced that it has hired Korea Investment &amp; Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing. 
In our view, there is a 80-90%+ probability of HLB switching its listing from KOSDAQ to KOSPI sometime in the next 6-12 months.
If HLB finally decides to switch its listing from KOSDAQ to KOSPI, it is likely that HLB will be included in KOSPI 200 index in 2024. 


HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> WEEKLY did rise last week and is approaching OVERBOUGHT territory based on the current short-term trend pattern (Q3 resistance is at 346).</li>
<li>The current pattern is bearish, but if the market gains momentum and rallies for 2 more weeks, it could reach 357 during the 3rd week up (not earlier).</li>
<li>The alternative scenario, a better fit for this bearish pattern, is that the index starts to pull back this week, or remains weak this week and falls the next.</li>
</ul>


The KOSPI 200 INDEX WEEKLY did rise last week and is approaching OVERBOUGHT territory based on the current short-term trend pattern (Q3 resistance is at 346).
The current pattern is bearish, but if the market gains momentum and rallies for 2 more weeks, it could reach 357 during the 3rd week up (not earlier).
The alternative scenario, a better fit for this bearish pattern, is that the index starts to pull back this week, or remains weak this week and falls the next.


EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Brilliance China Automotive / Event-Driven

<ul>
<li>It was a busy Friday with a bunch of indices rebalancing at the close and big volumes trading on a lot of stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/brilliance-china-automotive" target="_blank" data-smartkarma-citation="entities:469:1" rel="noopener">Brilliance China Automotive (1114 HK)</a> had a good week with the stock rallying on Thursday and Friday on huge volumes amid expectations of upcoming passive buying.</li>
<li>A quiet week for ETFs with mainland China ETFs seeing some outflows after the huge inflows over the last couple of months.</li>
</ul>


It was a busy Friday with a bunch of indices rebalancing at the close and big volumes trading on a lot of stocks.

Brilliance China Automotive (1114 HK) had a good week with the stock rallying on Thursday and Friday on huge volumes amid expectations of upcoming passive buying.
A quiet week for ETFs with mainland China ETFs seeing some outflows after the huge inflows over the last couple of months.


Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, CSI500, STAR50, FnGuide Top10

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mirae-asset-tiger-top-10-etf" target="_blank" data-smartkarma-citation="entities:36042:1" rel="noopener">Mirae Asset Tiger Top 10 ETF (292150 KS)</a> tracks the FnGuide Top 10 Index and has an AUM of over US$1bn.</li>
<li>We currently forecast one potential change at the next rebalance in December. There is another set of changes that could also take place.</li>
<li>There has been a big increase in short interest on a couple of stocks while the rise has been more gradual on the other stocks.</li>
</ul>


The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of over US$1bn.
We currently forecast one potential change at the next rebalance in December. There is another set of changes that could also take place.
There has been a big increase in short interest on a couple of stocks while the rise has been more gradual on the other stocks.


FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

Merger Arb Mondays (25 Sep) - ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

This week, the highest gross spreads are 111 (48.9%), Eoflow (23.7%), Symbio (10.7%), Mason Group (9.0%), JSR (7.8%), DDH1 (6.0%), ENM (5.5%),...

Arun George

HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing

On 20 September, HLB Inc announced that it has hired Korea Investment & Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing.

Douglas Kim

EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...

Nico Rosti

Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, CSI500, STAR50, FnGuide Top10

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

Brian Freitas

FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December

A long add/short delete trade has performed well historically. Currently, there is one add/delete pair in Dec; that could increase to two. Short...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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Merger Arb Mondays (25 Sep) - ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare

This week, the highest gross spreads are 111 (48.9%), Eoflow (23.7%), Symbio (10.7%), Mason Group (9.0%), JSR (7.8%), DDH1 (6.0%), ENM (5.5%),...

Arun George

HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing

On 20 September, HLB Inc announced that it has hired Korea Investment & Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing.

Douglas Kim

EQD | KOSPI 200 Index WEEKLY OVERBOUGHT (Or Break-Out Rally?)

​The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...

Nico Rosti

Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, CSI500, STAR50, FnGuide Top10

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

Brian Freitas

FnGuide Top10 Index Rebalance Preview: Good Historical Performance; One Potential Change in December

A long add/short delete trade has performed well historically. Currently, there is one add/delete pair in Dec; that could increase to two. Short...

Brian Freitas

The KOSPI 200 Index is approaching Q3/overbought territory, this pattern is bearish, but if the index keeps rallying for 2 more weeks, it could...