Alpha-Centric ESG Research

Kyle Rudden

<p>Whether we call this a SPAC bubble that has burst or a SPAC bull-run "correcting" itself, one thing is clear – the global SPAC market is cooling off. Cooling off... but not dead. SPACs are likely to play a much larger role in global equity markets than they have historically, and Asia is poised to play a larger role within that larger global equity markets role. We are already seeing evidence of this.</p><p>Specifically, the recent increase in SPAC-related interest and activity in Asia by: 1) SPAC sponsors (growing number of Asia-based sponsors and foreign SPACs seeking Asia-based targets), 2) Asia's unicorns (several have announced huge SPAC deals), and 3) Asia's financial exchanges (which are increasingly enabling local SPAC listings, such as Singapore Exchange's new framework).</p><p>It is still too soon to call anything an Asia SPAC "boom," but the growth is tangible and immediate enough for optimism. It motivated me to finally write about a topic I have been meaning to cover – i.e., ESG issues related to the SPAC <em>vehicle</em> itself, as well as to how SPACs are <em>applied</em> in supporting sustainability-related tech startups (e.g., electric vehicles, batteries/storage, clean energy).</p>

Whether we call this a SPAC bubble that has burst or a SPAC bull-run "correcting" itself, one thing is clear – the global SPAC market is cooling off. Cooling off... but not dead. SPACs are likely to play a much larger role in global equity markets than they have historically, and Asia is poised to play a larger role within that larger global equity markets role. We are already seeing evidence of this.Specifically, the recent increase in SPAC-related interest and activity in Asia by: 1) SPAC sponsors (growing number of Asia-based sponsors and foreign SPACs seeking Asia-based targets), 2) Asia's unicorns (several have announced huge SPAC deals), and 3) Asia's financial exchanges (which are increasingly enabling local SPAC listings, such as Singapore Exchange's new framework).It is still too soon to call anything an Asia SPAC "boom," but the growth is tangible and immediate enough for optimism. It motivated me to finally write about a topic I have been meaning to cover – i.e., ESG issues related to the SPAC vehicle itself, as well as to how SPACs are applied in supporting sustainability-related tech startups (e.g., electric vehicles, batteries/storage, clean energy).

SPACs and ESG: Issues Related to the SPAC Vehicle Itself and Sustainability Use Cases

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Sandfire Resources Limited / Event-Driven

<p>On 23 September pre-market open, <a href="https://www.smartkarma.com/entities/sandfire-resources-limited" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Limited (SFR AU)</a> requested for a trading halt. A short time later, the company announced the acquisition of the MATSA mining complex from Mubadala and Trafigura for US$1.865bn (A$2.572bn).</p><p>The acquisition is expected to be completed in the March 2022 quarter and is subject to Spanish Foreign Direct Investment Approval and anti-trust merger control approval.</p><p>The acquisition will be funded by an A$120m strategic placement to AustralianSuper, a A$165m institutional placement, a A$963m fully underwritten 1 for 1 accelerated non-renounceable entitlement offer (ANREO), debt and cash on hand.</p><p>Just over 231m shares will be issued at A$5.40/share, a 13.2% discount to the last close of A$6.22/share, and a 6.2% discount to TERP.</p><p>The increase in market cap as a result of the placement and entitlement offer will result in <a href="https://www.smartkarma.com/entities/sandfire-resources-limited" target="_blank" data-smartkarma-citation="entities:1259:1" rel="noopener">Sandfire Resources Limited (SFR AU)</a> becoming a high probability inclusion to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the December rebalance.</p><p>With a number of M&amp;A deals targeting <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> constituents, there will be more changes to the index over the next couple of regular rebalances (and in the interim as well).</p>

On 23 September pre-market open, Sandfire Resources Limited (SFR AU) requested for a trading halt. A short time later, the company announced the acquisition of the MATSA mining complex from Mubadala and Trafigura for US$1.865bn (A$2.572bn).The acquisition is expected to be completed in the March 2022 quarter and is subject to Spanish Foreign Direct Investment Approval and anti-trust merger control approval.The acquisition will be funded by an A$120m strategic placement to AustralianSuper, a A$165m institutional placement, a A$963m fully underwritten 1 for 1 accelerated non-renounceable entitlement offer (ANREO), debt and cash on hand.Just over 231m shares will be issued at A$5.40/share, a 13.2% discount to the last close of A$6.22/share, and a 6.2% discount to TERP.The increase in market cap as a result of the placement and entitlement offer will result in Sandfire Resources Limited (SFR AU) becoming a high probability inclusion to the S&amp;P/ASX 200 (AS51 INDEX) at the December rebalance.With a number of M&amp;A deals targeting S&amp;P/ASX 200 (AS51 INDEX) constituents, there will be more changes to the index over the next couple of regular rebalances (and in the interim as well).

Sandfire Resources (SFR AU): Acquisition, ANREO and ASX200 Inclusion

<p>On 20 September, <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> announced that it had received an unsolicited, indicative, non-binding and conditional proposal from the infrastructure affiliate of <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> to acquire all the shares in <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> via a Scheme of Arrangement at an indicative price of A$2.50/share in cash.</p><p><a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> finished the day 19.2% higher at A$2.36 on volumes that were nearly 3 times the ADV.</p><p>In a surprising development, earlier today, <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> announced that it has made a non-binding indicative proposal to acquire all the shares in <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> via a Scheme of Arrangement at an indicative price of A$2.60/share in cash and scrip.</p><p>What makes this even more surprising is that <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> and <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> were in discussions earlier. <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> knew that a revised offer from <a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> was forthcoming, yet went ahead and gave Brookfield an 8 week period of exclusivity for due diligence.</p><p><a href="https://www.smartkarma.com/entities/apa-group" target="_blank" data-smartkarma-citation="entities:18658:1" rel="noopener">APA Group (APA AU)</a> has clearly laid out why its proposal is superior to the proposal from <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> and this could get interesting with a possibility of even higher bids coming in for <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a>.</p><p><a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> is a member of the S&amp;P/ASX 100, <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> and S&amp;P/ASX 300 Indices. Once the stock is delisted, it will be replaced in the indices with the highest ranking stocks that are not part of the index. With the wave of ongoing M&amp;A activity, there will be a lot of additions to the indices in the next few months.</p>

On 20 September, Ausnet Services (AST AU) announced that it had received an unsolicited, indicative, non-binding and conditional proposal from the infrastructure affiliate of Brookfield Asset Management (BAM US) to acquire all the shares in Ausnet Services (AST AU) via a Scheme of Arrangement at an indicative price of A$2.50/share in cash.Ausnet Services (AST AU) finished the day 19.2% higher at A$2.36 on volumes that were nearly 3 times the ADV.In a surprising development, earlier today, APA Group (APA AU) announced that it has made a non-binding indicative proposal to acquire all the shares in Ausnet Services (AST AU) via a Scheme of Arrangement at an indicative price of A$2.60/share in cash and scrip.What makes this even more surprising is that APA Group (APA AU) and Ausnet Services (AST AU) were in discussions earlier. Ausnet Services (AST AU) knew that a revised offer from APA Group (APA AU) was forthcoming, yet went ahead and gave Brookfield an 8 week period of exclusivity for due diligence.APA Group (APA AU) has clearly laid out why its proposal is superior to the proposal from Brookfield Asset Management (BAM US) and this could get interesting with a possibility of even higher bids coming in for Ausnet Services (AST AU).Ausnet Services (AST AU) is a member of the S&amp;P/ASX 100, S&amp;P/ASX 200 (AS51 INDEX) and S&amp;P/ASX 300 Indices. Once the stock is delisted, it will be replaced in the indices with the highest ranking stocks that are not part of the index. With the wave of ongoing M&amp;A activity, there will be a lot of additions to the indices in the next few months.

AusNet (AST AU): Bidding War Between Brookfield & APA Brewing?

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Philippine Stock Exchange / Equity Bottom-Up

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<p>The <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> reported a strong set of 1H2021 numbers with net income up by +63.1% YoY on the back of a +30.9% increase in operating revenues.</p>
<p>The bottom-line performance was driven by the increase in operating revenues together with positive investment income. </p>
<p>The company saw particularly strong growth in listing fees due to a number of large size IPOs, whilst transaction fees and SCCP clearing fees increased due to higher market volumes, driven by particularly strong retail activity.</p>
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<p>The real growth driver for revenues and profits in 1H2021 came from a significant increase in capital raisings.</p>
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<p>Even after the flush of offerings in 1H2021, the listing pipeline is robust for 2H2021 and going into 2022, with a number of already approved issues plus upcoming planned listings as well as a number of planned REITs in the pipeline, which have already been featured in the news.</p>
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<p>The <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> has also laid out a number of key initiatives set to launch this year which will provide a potential boost to activity on the exchange including new rules on short selling.</p>
<p><a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> will launch a new marketing campaign to encourage more companies to list and especially SMEs. </p>
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<p>This latest set of results underline the positive story with <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> which continues to look promising with a strong IPO and placement pipeline for 2H2021 and going into 2022. </p>
<p>If we factor in the company's cash per share into the <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> valuation then the company is trading on an ex-cash FY21E PER of 16.0x and FY22E PER of 14.5x making it look significantly more attractive versus its peers together with stronger growth prospects. </p>
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The Philippine Stock Exchange (PSE PM) reported a strong set of 1H2021 numbers with net income up by +63.1% YoY on the back of a +30.9% increase in operating revenues.
The bottom-line performance was driven by the increase in operating revenues together with positive investment income. 
The company saw particularly strong growth in listing fees due to a number of large size IPOs, whilst transaction fees and SCCP clearing fees increased due to higher market volumes, driven by particularly strong retail activity.





The real growth driver for revenues and profits in 1H2021 came from a significant increase in capital raisings.

Even after the flush of offerings in 1H2021, the listing pipeline is robust for 2H2021 and going into 2022, with a number of already approved issues plus upcoming planned listings as well as a number of planned REITs in the pipeline, which have already been featured in the news.



The Philippine Stock Exchange (PSE PM) has also laid out a number of key initiatives set to launch this year which will provide a potential boost to activity on the exchange including new rules on short selling.
Philippine Stock Exchange (PSE PM) will launch a new marketing campaign to encourage more companies to list and especially SMEs. 





This latest set of results underline the positive story with Philippine Stock Exchange (PSE PM) which continues to look promising with a strong IPO and placement pipeline for 2H2021 and going into 2022. 
If we factor in the company's cash per share into the Philippine Stock Exchange (PSE PM) valuation then the company is trading on an ex-cash FY21E PER of 16.0x and FY22E PER of 14.5x making it look significantly more attractive versus its peers together with stronger growth prospects. 


Philippine Stock Exchange (PSE PM) - Thriving on Retailers and IPOs

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<p>The <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> just released a strong set of 1Q2021 results, with revenue growth of +31.7% and pre-tax profit growth of +121.1%. The exchange saw its net income rise by +199% YoY and EPS by +195% YoY. The better numbers were driven by higher market volumes and particularly from retail investors and a pick-up in IPO activity and placements.</p>
<p>We expect continued momentum behind volumes driven by retail together with more IPO activity in 2Q2021, with the completion of the US$1bn <a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> IPO to come together with <a href="https://www.smartkarma.com/entities/del-monte-philippines-inc" target="_blank" data-smartkarma-citation="entities:26988:1" rel="noopener">Del Monte Philippines (1575316D PM)</a>, National Grid Corporation (NCGP), and REITs from <a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746:1" rel="noopener">Megaworld Corp (MEG PM)</a>, <a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831:1" rel="noopener">Robinsons Land Co (RLC PM),</a> and <a href="https://www.smartkarma.com/entities/vista-land-lifescapes-inc" target="_blank" data-smartkarma-citation="entities:18262:1" rel="noopener">Vista Land &amp; Lifescapes (VLL PM)</a>. </p>
<p><a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" data-smartkarma-citation="entities:23182:1" rel="noopener">Philippine Stock Exchange (PSE PM)</a> is trading at a discount to regional exchanges on 18.6x FY21E PER, which trades on an average forward PER of 27.7x. There are also a number of potential catalysts ahead, the most obvious being higher volumes, driven by increasing retail participation plus significantly higher profile IPOs in FY2021. </p>
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The Philippine Stock Exchange (PSE PM) just released a strong set of 1Q2021 results, with revenue growth of +31.7% and pre-tax profit growth of +121.1%. The exchange saw its net income rise by +199% YoY and EPS by +195% YoY. The better numbers were driven by higher market volumes and particularly from retail investors and a pick-up in IPO activity and placements.
We expect continued momentum behind volumes driven by retail together with more IPO activity in 2Q2021, with the completion of the US$1bn Monde Nissin Corp (0191881D PM) IPO to come together with Del Monte Philippines (1575316D PM), National Grid Corporation (NCGP), and REITs from Megaworld Corp (MEG PM), Robinsons Land Co (RLC PM), and Vista Land &amp; Lifescapes (VLL PM). 
Philippine Stock Exchange (PSE PM) is trading at a discount to regional exchanges on 18.6x FY21E PER, which trades on an average forward PER of 27.7x. There are also a number of potential catalysts ahead, the most obvious being higher volumes, driven by increasing retail participation plus significantly higher profile IPOs in FY2021. 


Philippine Stock Exchange (PSE PM) - Solid Foundations for Future Growth

Australia

Netwealth Group Limited provides investment management services. The Company offers portfolio management, insurance, advisory, and investment solutions. Netwealth Group focuses on funds, deposits, accounts, cash, and securities. Netwealth Group serves customers in Australia.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

Pinnacle Investment Management Group Limited provides investment management services. The Company offers operational support, insurance, business management, compliance, financial reporting, and accounting services. Pinnacle Investment Management Group conducts its business in Australia.

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

IOOF Holdings Limited is a financial services company operating in Australia. The Company's services include personal superannuation, allocated pension services, employee superannuation retirement services and investment services.

Centuria Capital Group manages a diversified portfolio of investment funds and offers financial  services.  The Company manages funds of unlisted property investments; and offers investment  bonds, education plans, insurance and home loans.

Magellan Financial Group Ltd operates as an investment management company. The Company invests in global equities and listed infrastructure. Magellan Financial Group serves customers worldwide.

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

Platinum Asset Management Limited is a fund management company. The Company specializes in global equities.

Pacific Current Group Limited operates as an asset management firm. The Company offers investment management, strategic planning, compensation structuring, and trading services. Pacific Current Group serves institutional and individual clients worldwide.

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

Pershing Square Holdings Ltd is a closed-ended hedge fund vehicle incorporated in Guernsey.

Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses.  The Company also provides ancillary securities processing and information technology services to participants in the financial sector.

Houlihan Lokey, Inc. operates as an investment bank. The Company offers mergers and acquisitions, financial restructuring, capital markets, strategic consulting, and financial advisory services. Houlihan Lokey serves customers worldwide.

Founder Securities Company Limited's major business includes securities brokerage, securities investment consulting, securities trading, financial advisory on securities investment and trading activities, proprietary trading, securities asset management, investment fund distribution, margin business, and provide intermediate agency services for Founder Futures Limited.

MarketAxess Holdings, Inc. operates an electronic, multi-dealer to client platform for U.S. and European high-grade corporate and emerging markets bond trading.  The Company's technology delivers price discovery and trade execution services to institutional and broker-dealer clients.

SBI Holdings, Inc. manages venture capital fund which mainly invest in Internet related venture companies.  The Company also provides brokerage, investment banking, and financial services.

China Merchants Securities Co., Ltd. provides securities services. The Company offers securities brokerage, securities investment consulting, securities underwriting, and other services. China Merchants Securities also operates investment management.

China Merchants Securities Co Ltd (A) (600999 CH)

Evercore Partners Inc. is an investment banking boutique. The firm provides advisory services to multinational corporations on mergers, acquisitions, divestitures, restructurings and other corporate transactions. Evercore also manages private equity funds for institutional investors.

Stifel Financial Corp. is a financial services holding company whose subsidiaries serve individual and institutional clients in the U.S. and Europe. The Company's broker-dealer affiliates provide wealth management, investment banking, independent research, trading, investment advisory, and related financial services.

ASX Ltd is a demutualized company which operates Australia's primary national stock exchange and equity derivatives market. The ASX operates markets for equities, derivatives, fixed-interest securities and capital-raising for unlisted companies using advanced computer systems for both trading and settlement.

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ASX Ltd (ASX AU)

Sandfire Resources (SFR AU): Acquisition, ANREO and ASX200 Inclusion

Sandfire Resources is buying the MATSA mine in Spain and conducting a placement and entitlement offer to raise funds. This will lead to a big jump...

Brian Freitas

AusNet (AST AU): Bidding War Between Brookfield & APA Brewing?

Yesterday, Brookfield made an offer for AusNet at A$2.5/share in cash. Today, APA Group made an offer at A$2.6/share in cash + scrip. This could go...

Brian Freitas

Philippine Stock Exchange (PSE PM) - Thriving on Retailers and IPOs

The Philippine Stock Exchange (PSE PM) continues to look undervalued relative to other listed regional exchanges with a strong IPO and placement...

Angus Mackintosh

Philippine Stock Exchange (PSE PM) - Solid Foundations for Future Growth

The Philippine Stock Exchange released a strong set of results for 1Q2021 but we see more to come with higher volumes and more IPO activity...

Angus Mackintosh

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SPACs and ESG: Issues Related to the SPAC Vehicle Itself and Sustainability Use Cases

In Asia there is an undeniable upswell in SPAC activity – by SPAC sponsors, crown-jewel unicorns, and bourses like SGX. This covers ESG issues...

Kyle Rudden

Sandfire Resources (SFR AU): Acquisition, ANREO and ASX200 Inclusion

Sandfire Resources is buying the MATSA mine in Spain and conducting a placement and entitlement offer to raise funds. This will lead to a big jump...

Brian Freitas

AusNet (AST AU): Bidding War Between Brookfield & APA Brewing?

Yesterday, Brookfield made an offer for AusNet at A$2.5/share in cash. Today, APA Group made an offer at A$2.6/share in cash + scrip. This could go...

Brian Freitas

Philippine Stock Exchange (PSE PM) - Thriving on Retailers and IPOs

The Philippine Stock Exchange (PSE PM) continues to look undervalued relative to other listed regional exchanges with a strong IPO and placement...

Angus Mackintosh

Philippine Stock Exchange (PSE PM) - Solid Foundations for Future Growth

The Philippine Stock Exchange released a strong set of results for 1Q2021 but we see more to come with higher volumes and more IPO activity...

Angus Mackintosh