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 - <strong><em><a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/genetron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28435:1" rel="noopener">Genetron Holdings Ltd (GTH US)</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/lithium-power-international" target="_blank" data-smartkarma-citation="entities:30603:1" rel="noopener">Lithium Power International (LPI AU)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>.</em> </strong>
</li>
<li>Lowest spreads - <em><strong><a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE 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/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE 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>.</strong></em> </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 - Probiotec Ltd (PBP AU), Shinko Electric Industries (6967 JP), Genetron Holdings Ltd (GTH US), JSR Corp (4185 JP), Lithium Power International (LPI AU), Altium Ltd (ALU AU). 

Lowest spreads - Tietto Minerals Ltd (TIE AU), Pact Group Holdings (PGH AU), Orecorp Ltd (ORR AU), QV Equities Ltd (QVE AU), Yaizu Suisankagaku Industry (2812 JP). 


Merger Arb Mondays (19 Feb) - Outsourcing, JSR, Shinko, YSK, Vinda, Altium, Azure, Ansarada

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Nobody "named" having &gt;5.0% in <strong><a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing (2427 JP)</a></strong>; no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.</li>
<li>Stay long <strong><a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a></strong> as its FY23 top line surpasses pre-Covid levels.</li>
<li>Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid <strong><a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a></strong> shares.</li>
</ul>


Nobody "named" having &gt;5.0% in Outsourcing (2427 JP); no public noise, the stock down; people won't be fighting for a bump unless the delay and impairment are truly meaningless.
Stay long MGM China Holdings (2282 HK) as its FY23 top line surpasses pre-Covid levels.
Investors and risk arbitrageurs who are worried about the potential loss of the case to RF SUNY should simply avoid, or sell then avoid JSR Corp (4185 JP) shares.


Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

Equity Capital Markets

<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: <strong><em><a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>'s</em></strong> US$550 Million secondary offering.</li>
<li>Event-Driven developments: <strong><em><a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <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/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a>.</em></strong> </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: Toei Animation (4816 JP)'s US$550 Million secondary offering.
Event-Driven developments: Outsourcing Inc (2427 JP), Altium Ltd (ALU AU), Ansarada Group Ltd (AND AU), China Traditional Chinese Medicine (570 HK), Vinda International (3331 HK). 


Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

<ul>
<li>I tally 53 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week on Smartkarma: <strong><a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a></strong>, and <strong><a href="https://www.smartkarma.com/entities/welbe-inc" target="_blank" data-smartkarma-citation="entities:31118:1" rel="noopener">Welbe Inc (6556 JP)</a></strong>.</li>
<li>Key updates took place on <strong><a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing Inc (2427 JP)</a> </strong>
</li>
</ul>


I tally 53 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week on Smartkarma: Altium Ltd (ALU AU), Ansarada Group Ltd (AND AU), Roland DG Corp (6789 JP), and Welbe Inc (6556 JP).
Key updates took place on JSR Corp (4185 JP) and Outsourcing Inc (2427 JP) 



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Altium, Ansarada, Roland DG, Welbe, Orecorp, Vinda

Director, RaaS Advisory, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Advisory

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

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<p><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank">Ansarada Group Ltd (ASX:AND) is a global provider of cloud-based SaaS-information governance solutions for corporates, investment banks and advisory firms. The company came about as a result of a merger between ASX-listed thedocyard and privately held Ansarada NEWCO Pty Ltd. The merger resulted in an additional $45m being raised at $1.48/share to give a market capitalisation of $131.3m to the merged group on relisting in December 2020. Proceeds from the merger raise were applied to the following: $21m to redeem Ansarada’s convertible notes, $3.5m to product design and development, $4.0m to sales and marketing, $0.5m to integration costs, $5.7m on transaction costs and $10.3m in additional working capital. The combined group brought together thedocyard’s transaction management platform and recently acquired Athena Board, a secure document creation and sharing platform for boards, with Ansarada’s AI-powered virtual data room (VDR) platform, and tenders and compliance platform which provides enterprises with a single engine room to manage and measure the quality of their information within a compliance regime. Ansarada is debt free with $21m in cash available for growth opportunities.</a></p>
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Ansarada Group Ltd (ASX:AND) is a global provider of cloud-based SaaS-information governance solutions for corporates, investment banks and advisory firms. The company came about as a result of a merger between ASX-listed thedocyard and privately held Ansarada NEWCO Pty Ltd. The merger resulted in an additional $45m being raised at $1.48/share to give a market capitalisation of $131.3m to the merged group on relisting in December 2020. Proceeds from the merger raise were applied to the following: $21m to redeem Ansarada’s convertible notes, $3.5m to product design and development, $4.0m to sales and marketing, $0.5m to integration costs, $5.7m on transaction costs and $10.3m in additional working capital. The combined group brought together thedocyard’s transaction management platform and recently acquired Athena Board, a secure document creation and sharing platform for boards, with Ansarada’s AI-powered virtual data room (VDR) platform, and tenders and compliance platform which provides enterprises with a single engine room to manage and measure the quality of their information within a compliance regime. Ansarada is debt free with $21m in cash available for growth opportunities.







Ansarada (AND) SaaS Solution for Keeping the Deal on Foot

Australia

Ansarada Group Ltd operates as an AI-powered virtual data rooms and deal making company. The Company offers deals and corporate transactions, portfolio and asset management, tender life cycle management, governance risk and compliance, and post deal integration solutions. Ansarada Group serves customers worldwide.

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Ansarada Group Ltd (AND AU)

Merger Arb Mondays (19 Feb) - Outsourcing, JSR, Shinko, YSK, Vinda, Altium, Azure, Ansarada

This week, the highest gross spreads are Probiotec (11.0%), Shinko Electric (7.7%), Genetron (7.1%), JSR (6.8%), Lithium Power (4.6%), Altium...

Arun George

Last Week in Event SPACE: Outsourcing Ltd, MGM China, JSR Corp, Dissentient Blues

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Weekly Deals Digest (18 Feb) - Toei, Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda

Last week, notable developments occurred in Event-Driven (Outsourcing, YSK, Altium, Ansarada, China TCM, Vinda) and ECM (Toei Animation).

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Altium, Ansarada, Roland DG, Welbe, Orecorp, Vinda

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Ansarada (AND) SaaS Solution for Keeping the Deal on Foot

Ansarada Group Ltd (ASX:AND) is a global provider of cloud-based SaaS-information governance solutions for corporates, investment banks and...

Research as a Service (RaaS)

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