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 covered by us 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/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</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/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/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <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/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/penguin-international-ltd" target="_blank" data-smartkarma-citation="entities:10190:1" rel="noopener">Penguin International (PBS SP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 111 Inc (YI US), United Malt Group Ltd (UMG AU), Silk Laser Australia (SLA AU), Estia Health (EHE AU), Chindata Group (CD US), ENM Holdings (128 HK).
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Musgrave Minerals (MGV AU), Toyo Construction (1890 JP), Lian Beng (LBG SP), Penguin International (PBS SP).


Merger Arb Mondays (19 Jun) - Golden Eagle, Hailan, Yitai Coal, Toshiba, Kenedix, Tesserent, Oishi

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 44 - 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>Five new deals were discussed this week: <a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic (085370 KS)</a> tender Offer;<a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan (2278 HK)</a>'s VGO; <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason (273 HK)</a>'s Scheme; <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent (TNT AU)</a>Scheme, &amp; <a href="https://www.smartkarma.com/entities/kenedix-office-investment-co" target="_blank" data-smartkarma-citation="entities:16263:1" rel="noopener">Kenedix Office (8972 JP)</a>'s merger. </li>
<li>Key updates took place for <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/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, and <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals were discussed this week: Lutronic (085370 KS) tender Offer;Hailan (2278 HK)'s VGO; Mason (273 HK)'s Scheme; Tesserent (TNT AU)Scheme, &amp; Kenedix Office (8972 JP)'s merger. 
Key updates took place for Toyo Construction (1890 JP), Inner Mongolia Yitai Coal Company Ltd (3948 HK), and HKBN Ltd (1310 HK).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us 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/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/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>. </li>
<li>Lowest spreads - <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/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/musgrave-minerals-ltd" target="_blank" data-smartkarma-citation="entities:2564:1" rel="noopener">Musgrave Minerals (MGV AU)</a>, <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <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/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  111 Inc (YI US), Mason Group Holdings (273 HK), United Malt Group Ltd (UMG AU), HKBN Ltd (1310 HK), Silk Laser Australia (SLA AU), Chindata Group (CD US). 
Lowest spreads - Healius (HLS AU), Liontown Resources (LTR AU), Musgrave Minerals (MGV AU), Lian Beng (LBG SP), Toyo Construction (1890 JP), Mincor Resources NL (MCR AU). 


Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

<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 - <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD 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/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>. </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 - Amman Mineral Internasional (1416286D IJ), Tata Technologies (TATATECH IN), JD Industrials (2231713D CH) IPOs.
Event-Driven developments - Toshiba Corp (6502 JP), Chindata Group (CD US), Eoflow (294090 KS), Inner Mongolia Yitai Coal Company Ltd (3948 HK), Estia Health (EHE AU), Origin Energy (ORG AU). 


Weekly Deals Digest (11 Jun) - Toshiba, Chindata, Yitai Coal, Eoflow, Estia, Origin, Amman Mineral

Inner Mongolia Yitai Coal Company Ltd / Event-Driven

<ul>
<li>There are 38 - 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>Two new deals were discussed on Smartkarma this week: Chinachem's Offer <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>; Bain's non-binding Offer for <a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, and <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>.</li>
</ul>


There are 38 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma this week: Chinachem's Offer Enm Holdings (128 HK); Bain's non-binding Offer for Chindata Group (CD US).
Key updates took place for Estia Health (EHE AU), Inner Mongolia Yitai Coal Company Ltd (3948 HK), and Challenger Technologies (CHLG SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

Australia

Anagenics Limited operates as a health and beauty-tech company. The Company develops consumer solutions to such as a anti-aging products. Anagenics serves customers worldwide.

Holista CollTech Ltd. is a biotechnology company.  The Company specialising in the development and commercialisation of ovine collagen and collagen-based healthcare products.

GrainCorp Limited operates as a food ingredients and agribusiness company. The Company processes and distributes wheat, barley, and canola, as well as offers a range of malt products and service to brewers and distillers. GrainCorp also supplies and refines edible oils. GrainCorp serves customers worldwide.*Dummy ticker for index membership mapping

Bega Cheese Ltd. provides dairy food products. The Company offers a variety of cheese products including can, stringers, fingers, slice, whey powder, processed, natural, and reduced fat cheddar cheeses. Bega Cheese's exports its whey powder to Asian countries. Bega Cheese's also distributes its cheese products to international commodity markets.

Elders Limited owns and operates rural services businesses. The Company brokers and processes wool, buys and sells grain, and retails seed, fertilizer, and animal health and other farm products. Elders operates in Australia.

Costa Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, grows and markets fruits and vegetables. Costa Group Holdings supplies its products to supermarket chains and independent grocers worldwide.

Bubs Australia Limited produces packaged food products. The Company supplies organic baby food, milk formulas, cereals, and other nutritional products for children. Bubs Australia serves customers in Australia.

Tassal Group Limited produces and markets Atlantic salmon and ocean trout.  The Company's product is marketed under the Royal Tasman Salmon brand.  The products are distributed in Australia, Japan and other international markets.

Australian Agricultural Company Limited is a cattle producer and breeder.  The Company operates grazing and farming properties along with wholesale meat marketing. Australian Agricultural operates an integrated cattle production system across cattle stations, feedlots and farms located throughout Queensland and the Northern Territory.

Ridley Corporation Limited, through its subsidiaries, operates stockfeed mills, which produce and distribute animal feed products for the beef, dairy, pig and poultry industries.  The Company also operates salt refineries and produces crude salt along with providing rural products and services.

Cosmax, Inc. is a cosmetics manufacturer. The Company develops and produces a variety of cosmetics for men and women, such as basic and special skin care, makeup, hair care, and other beauty products. Cosmax manufactures its products on original equipment manufacturing (OEM) basis.

Herbalife Ltd. is a global nutrition company that sells weight management, healthy meals and snacks, sports and fitness, energy and targeted nutritional products as well as personal care products. The Company distributes and sells its products through a network of independent distributors, using the direct selling channel.

Rizap Group Inc provides low calorie foods including soy milk cookies, diet drinks, and supplements.  The Company sells its products through mail order.

Noevir Holdings Co., Ltd. manufactures and sells a variety of cosmetic products. The Company's products include skin care and make-up.  Noevir also manufactures and sells medicines, nutritional supplements and apparel.

EIS Eczacibasi Ilac Sanayi ve Finansal Yatirimlar Sanayi ve Ticaret A.S. produces and markets pharmaceuticals, veterinary products, hospital equipment, and cosmetics. The Company's products include cephalosporin and penicillin. The Company exports its products to the Middle East, Russian Federation, Central Asia, Eastern Europe and EU countries.

Best World International Limited sources, formulates, brands, and distributes a range of health and lifestyle products under the BWL, Avance, DORS, DR's Secret, and DRs Seager brand names.  The Company also distributes a range of third-party cosmetics and skin care products under the brand C'bon.

PT Industri Jamu Dan Farmasi Sido Muncul Tbk manufactures and produces herbal products. The Company's products consist of medicinal herbs, energy drinks, sweets and other beverages.

Kolmar Korea Co., Ltd. manufactures and distributes personal care products. The Company produces cosmetics. Kolmar Korea also produces medicine and healthcare products.

USANA Health Sciences, Inc. develops, manufactures, and markets nutritionals, personal care, and weight management products.  The Company's products are sold directly to preferred customers and distributors throughout the United States, Canada, Australia, New Zealand, the United Kingdom, and Hong Kong.

Jamieson Wellness Inc., doing business as Jamieson Vitamins, develops, manufactures, and markets natural health products. The Company offers vitamins, minerals, and supplement products, as well as over-the-counter remedies and sports nutrition products. Jamieson Vitamins serves customers worldwide.

Blackmores Limited manufactures and markets vitamin, herbal, mineral supplements and natural skin and hair treatment products in Australia and New Zealand. These products are supplied to the over the counter retail market and to health care professionals. The Company also has a line of natural beauty and aromatherapy products and its products are distributed in South East Asia.

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Blackmores Ltd (BKL AU)

Merger Arb Mondays (19 Jun) - Golden Eagle, Hailan, Yitai Coal, Toshiba, Kenedix, Tesserent, Oishi

This week, the highest gross spreads are 111 (28.4%), United Malt (14.7%), Silk Laser (14.7%), Estia (10.0%), Chindata (9.7%), ENM (9.4%), Metro...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

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

Merger Arb Mondays (12 Jun) - Chindata, Mason, Yitai, Toshiba, Estia, Origin, Musgrave, Toyo

This week, the highest gross spreads are 111 (31.2%), Mason Group (20.7%), United Malt (17.1%), HKBN (16.7%), Silk Laser (13.2%), Chindata (12.5%),...

Arun George

Weekly Deals Digest (11 Jun) - Toshiba, Chindata, Yitai Coal, Eoflow, Estia, Origin, Amman Mineral

Last week, notable developments occurred in Event-Driven (Toshiba, Yitai, Blackmores, Estia, Origin, Challenger, Golden Energy, Eoflow, Chindata)...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ENM, Estia Health, Yitai Coal, and Challenger Technologies

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

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