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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a>, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> launched HKEx IPOs. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> priced its KRW IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <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>, <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> and DTAC/True.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - CALB (3931 HK), Leapmotor (9863 HK) and Onewo (2602 HK) launched HKEx IPOs. WCP (WCP KS) priced its KRW IPO.
Event-Driven developments - Genex Power Ltd (GNX AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), OZ Minerals Ltd (OZL AU), Shandong Fengxiang (9977 HK) and DTAC/True.


Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

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 Sep 16th which has an aggregated short interest worth USD15.6bn.</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 South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 16th which has an aggregated short interest worth USD15.6bn.
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 South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.


ASX Short Interest Weekly: South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Six+ weeks ago, <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> approached <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> with a bid of A$25/share. Oz very quickly rejected it and said it was worth more.</li>
<li>The back and forth immediately post-rejection was not conciliatory. My expectation was that if they came back quickly, they'd have to pay A$30. But coming back quickly was tough.</li>
<li>There are hints now that may be the price. But it may not be. It will take time. </li>
</ul>


Six+ weeks ago, BHP Group Ltd (BHP AU) approached OZ Minerals Ltd (OZL AU) with a bid of A$25/share. Oz very quickly rejected it and said it was worth more.
The back and forth immediately post-rejection was not conciliatory. My expectation was that if they came back quickly, they'd have to pay A$30. But coming back quickly was tough.
There are hints now that may be the price. But it may not be. It will take time. 


OZ Minerals May Be Narrowing the Price Gap to a BHP Deal

<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.</li>
<li>Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.</li>
<li>In this note, we will talk about the deal dynamic and run the deal through our ECM framework.</li>
</ul>


Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.
Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.
In this note, we will talk about the deal dynamic and run the deal through our ECM framework.


Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

Last week, notable developments occurred in Event-Driven (Genex, Infomedia, Link Admin, OZ Minerals, Fengxiang and DTAC/True ) and ECM (CALB,...

Arun George

ASX Short Interest Weekly: South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in South32, Sayona, ANZ, Santos, CSL, BHP, Woolworths.

Ke Yan, CFA, FRM

OZ Minerals May Be Narrowing the Price Gap to a BHP Deal

AUD-denominated copper prices have softened somewhat, with longer-dated softening more relatively speaking. Higher rates don't help. OZL may be...

Travis Lundy

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

Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in...

Sumeet Singh

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