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/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</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>, <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-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER 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>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</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 - Alliance Aviation Services (AQZ AU), 21Vianet Group (VNET US), Origin Energy (ORG AU), 111 Inc (YI US), Golden Energy &amp; Resources (GER SP), Toyo Construction (1890 JP). 
Lowest spreads - Tyro Payments (TYR AU), Boustead Projects (BOCJ SP), Essential Metals (ESS AU), Nitro Software Ltd (NTO AU), Ihara Science (5999 JP), Nissin Electric (6641 JP).        


Merger Arb Mondays (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>There are 41 - 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 deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont</a>/<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest</a>; <a href="https://www.smartkarma.com/entities/first-abu-dhabi-bank-pjsc" target="_blank" data-smartkarma-citation="entities:28945:1" rel="noopener">First Abu Dhabi Bank</a>/<a href="https://www.smartkarma.com/entities/standard-chartered-plc-f07a1272-e0fc-49e2-8090-1a08715a40a1" target="_blank" data-smartkarma-citation="entities:22649:1" rel="noopener">Standard Chartered</a>,  <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>; <a href="https://www.smartkarma.com/entities/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, and <a href="https://www.smartkarma.com/entities/iwasaki-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13072:1" rel="noopener">Iwasaki Electric (6924 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>.</li>
</ul>


There are 41 - 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 deal was discussed on Smartkarma this past week: Newmont/Newcrest; First Abu Dhabi Bank/Standard Chartered,  Boustead Projects (BOCJ SP); Ihara Science (5999 JP), and Iwasaki Electric (6924 JP).
Key updates took place for: Nitro Software Ltd (NTO AU), Toshiba Corp (6502 JP), and Halcyon Agri (HACL SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newmont/Newcrest, StanChart, Boustead Proj., Ihara, Iwasaki

<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/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a> guides to the low end of the IDR875-880 price range and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> has a good debut.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <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/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</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 - Pertamina Geothermal (0125738D IJ) guides to the low end of the IDR875-880 price range and Hesai Group (HSAI US) has a good debut.
Event-Driven developments - Newcrest Mining (NCM AU), Nitro Software Ltd (NTO AU), Toshiba Corp (6502 JP), Ihara Science (5999 JP), Boustead Projects (BOCJ SP), Sabana Industrial REIT (SSREIT SP). 


Weekly Deals Digest (12 Feb) - Pertamina Geothermal, Toshiba, Newcrest, Nitro, Boustead, Sabana

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, a high-spec facilities designer and builder, has announced an unconditional Offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at S$0.90/share. The price is not final.</li>
<li>BOCS currently holds 54.87% in BOCJ. FF Wong, a shareholder in BOCS, holds a further 19.28%; therefore 74.16% is held by parties acting in concert. </li>
<li>It is the intention of BOCS to delist BOCJ. This should trade tight. This should be bumped. The Offer price is wrong.</li>
</ul>



Boustead Projects (BOCJ SP), a high-spec facilities designer and builder, has announced an unconditional Offer from Boustead Singapore Limited (BOCS SP) at S$0.90/share. The price is not final.
BOCS currently holds 54.87% in BOCJ. FF Wong, a shareholder in BOCS, holds a further 19.28%; therefore 74.16% is held by parties acting in concert. 
It is the intention of BOCS to delist BOCJ. This should trade tight. This should be bumped. The Offer price is wrong.


Boustead Projects' Underwhelming Unconditional Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>/BPL has disclosed a voluntary unconditional offer from <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).</li>
<li>The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.</li>
<li>As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.</li>
</ul>



Boustead Projects (BOCJ SP)/BPL has disclosed a voluntary unconditional offer from Boustead Singapore Limited (BOCS SP) at S$0.90 per share, a 7.8% premium to the undisturbed price (3 February).
The offer price is unattractive in comparison to peer multiples, historical trading ranges and precedent transactions. However, the offer price is not final.
As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and the offer opens by 27 February.


Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

Singapore

Lian Beng Group Limited provides building construction and civil engineering services for both the private and public sectors. The Group also sells, leases, and maintains construction machinery and equipment, and develops and invests in properties.

Low Keng Huat (Singapore) Limited is a general building contractor and an investment holding company.  Through its subsidiaries, the Company manages projects and hotels, trades construction materials, invests in properties, and provides management services.

Wee Hur Holdings Ltd provides building construction services and acts as the management or main contractor in construction projects for both private and public sectors. The Company's clients from the private sector include property owners and developers, and those from the public sector comprise government bodies and statutory boards.

Soilbuild Construction Group Ltd is involved in in general building and construction.  The Company is principally engaged in building works in Singapore in which they act as the main contractor. In addition, they are also engaged in architectural works in Singapore in which they act as a direct contractor, and project management services.

Hock Lian Seng Holdings Ltd. is a civil engineering firm. The Company carries out civil engineering works for bridges, expressways, tunnels, MRT, port facilities, water and sewage facilities and other infrastructure works.  Hock Lian also procures and sells building materials, namely, concreting sand and aggregates, for building and construction purposes.

Nordic Group Limited provides automation systems integration solutions for the marine and offshore oil and gas industries.  The Company also designs and builds tooling systems for customers in the marine, oil and gas, aerospace, medical, and electronic manufacturing services.

Lum Chang Holdings Limited is an investment holding company whose subsidiaries provide services such as property development and management, building construction, and investment dealing.  The Company also provides home and office improvement services via the Internet for home and office owners.  Lum Chang owns and manages hotels and serviced residences.

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

KSH Holdings Limited constructs, develops, and manages various properties in Singapore, Malaysia, and the People's Republic of China.

PEC Ltd. offers engineering services to the oil and natural gas production, petrochemical, pharmaceutical, and oil and chemical terminal industries.  The Company offers engineering, procurement, construction and/or construction management, and maintenance services.

HOKURIKU ELECTRICAL CONSTRUCTION CO., LTD. is an electrical engineering company. The Company performs electrical and environmental works such as indoor wiring in buildings and plants.  Hokuriku Electrical also constructs power distribution lines and cable television systems.

Sambu Construction Co., Ltd. specializes in government construction, such as dams, expressways, and subways.  The Company also constructs office buildings, industrial plants, hotels, apartments, schools, shopping malls, museums, and sports facilities.

Mitsubishi Kakoki Kaisha., Ltd. constructs industrial plant facilities for petroleum, petrochemicals, and gas.  The Company also manufactures, builds, and sells environment protection facilities for sewage, waste management, and recycling.  Additionally, Mitsubishi Kakoki sells industrial machinery such as centrifuges and filtration equipment.

Zhejiang Reclaim Construction Group Company Limited designs and develops the seawall, reservoir, flood control and other water conservation and hydropower engineering constructions.

Zhejiang Reclaim Construction (002586 CH)

Fudo Tetra Corporation constructs infrastructure such as airports, roads, and dams.  The Company performs ground improvement works.  Fudo Tetra also builds commercial, institutional, and industrial buildings such as skyscrapers, multi-complex parking, and distribution and production facilities. The Company, through its subsidiaries, operates real estate businesses.

Subaru Enterprise Co., Ltd. maintains, cleans, and repairs highways.  The Company also operates movies theaters, restaurants, and other real estate.

OHMOTO GUMI CO., LTD. is a general contractor operating nationwide.  The Company performs civil engineering works for tunnels, man-made islands, and bridges. Ohmoto develops and uses dredging and shield work technologies.  The Company also builds commercial, institutional, and residential buildings.  Additionally, Ohmoto operates real estate businesses.

DL Construction Co., Ltd. provides construction and civil engineering services. The Company offers general outsourcing, public building, housing, landscaping, and other related services. DL Construction offers services throughout South Korea.

Vascon Engineers Ltd. develops real estate and offers contracting services. The Company also owns, with partners, hotels, shopping malls, and an office complex.

ASAHI KOGYOSHA CO., LTD. designs, builds, and maintains air-conditioning and sanitation facilities.  The Company also constructs security, disaster prevention, and electrical facilities in family houses, buildings, and industrial plants.  Additionally, Asahi Kogyosha develops and installs environmental control devices such as clean rooms for high-tech industries.

Boustead Projects Limited is a leading provider of innovative real estate solutions with core engineering expertise in the design-and-build and development of smart eco-sustainable business park and industrial developments, and has an international presence across Singapore, China, Malaysia and Vietnam.

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Boustead Projects (BOCJ SP)

Merger Arb Mondays (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

This week, the highest gross spreads are Alliance Aviation (37.3%), VNET (30.0%), Origin Energy (27.5%), 111 (23.2%), Golden Energy (21.1%), Toyo...

Arun George

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newmont/Newcrest, StanChart, Boustead Proj., Ihara, Iwasaki

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

Weekly Deals Digest (12 Feb) - Pertamina Geothermal, Toshiba, Newcrest, Nitro, Boustead, Sabana

Last week, notable developments occurred in Event-Driven (Newcrest, Nitro, Warrego, Ihara, Iwasaki Electric, Toshiba, Toyo, Boustead Projects,...

Arun George

Boustead Projects' Underwhelming Unconditional Offer

This is done. It is super illiquid. Given net cash of S$154mn, this is being done way too cheaply. If you're still reading, buy a couple of spreads...

David Blennerhassett

Boustead Projects (BOCJ SP): Unconditional Offer at S$0.90 from Boustead Singapore

The offer is unremarkable. As Boustead Singapore aims to privatise BPL there is a possibility of a bump. The offer document will be despatched and...

Arun George

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