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>The Ong directors tried every trick in the book to derail the <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> offer. The trump card was hiring Evercore to attract competing offers by 25 July.</li>
<li>The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.</li>
<li>The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.     </li>
</ul>


The Ong directors tried every trick in the book to derail the Hwa Hong Corp (HWAH SP) offer. The trump card was hiring Evercore to attract competing offers by 25 July.
The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.
The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.     


<ul>
<li>The IFA considers the S$0.40 per share offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> to be fair and reasonable. Consequently, the recommending directors recommend that shareholders accept the offer.  </li>
<li>The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.86% of outstanding shares.</li>
<li>Ong directors/families (29.26% stake) will not accept the offer hoping for an increasingly unlikely superior proposal. The shares are trading tight to terms (1.3% gross spread).</li>
</ul>


The IFA considers the S$0.40 per share offer for Hwa Hong Corp (HWAH SP) to be fair and reasonable. Consequently, the recommending directors recommend that shareholders accept the offer.  
The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.86% of outstanding shares.
Ong directors/families (29.26% stake) will not accept the offer hoping for an increasingly unlikely superior proposal. The shares are trading tight to terms (1.3% gross spread).


Hwa Hong’s Directors Recommend Accepting the S$0.40 Voluntary Conditional Offer

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Thematic (Sector/Industry)

The end of the year is always a good time for reflection on how your investment ideas have panned out. In this note, I will review all my picks, visit notes and other articles that I have written since February when I joined SmartKarma as an insight provider.Since investment ideas don't follow a calendar many of my better ideas in 2017 still look good going into 2018.

The end of the year is always a good time for reflection on how your investment ideas have panned out. In this note, I will review all my picks, visit notes and other articles that I have written since February when I joined SmartKarma as an insight provider.Since investment ideas don't follow a calendar many of my better ideas in 2017 still look good going into 2018.

Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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20 Largest China Plays Returned 27% in the YTD

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

Bund Center Investment / Equity Bottom-Up

On Tuesday 25th of April I attended the AGM of <a href="https://www.smartkarma.com/entities/3813" target="_blank" data-smartkarma-citation="entities:3813:1">Bund Center Investment Ltd (BCI SP)</a> in Singapore. There were about 75-80 people in attendance.<figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/024/966/original/25-4-2017%208-30-55%20PM.jpg?1493123481" data-smartkarma-image-id="24966"></figure>The CFO gave a short introduction to the company. Highlighting the decline in revenue in 2016 (-8%) which was primarily due to the RMB depreciation vs SGD. Recall that all revenue and income of this group is generated by two assets in China. Please see <a href="https://www.smartkarma.com/insights/discover-singapore-bund-center-investment-bci-sp-70-discount-to-nav-and-churning-out-dividends" target="_blank" data-smartkarma-citation="insights:10117">Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends</a> for…

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The CFO gave a short introduction to the company. Highlighting the decline in revenue in 2016 (-8%) which was primarily due to the RMB depreciation vs SGD. Recall that all revenue and income of this group is generated by two assets in China. Please see Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends for…

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

Singapore

Bund Center Investment, Ltd. invests in commercial property in China. The Company owns office buildings, hotels, and retail malls.

Price Gauge
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Bund Center Investment (BCI SP)

Hwa Hong Confirms No Competing Offers

It will be close but we think the offer meets the 50%+ minimum acceptance condition. The offer lapses at 5:30 pm on 1 August. At the last close,...

Arun George

Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018

The end of the year is always a good time for reflection on how your investment ideas have panned out. In this note, I will review all my picks,...

Nicolas Van Broekhoven

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hwa Hong Confirms No Competing Offers

It will be close but we think the offer meets the 50%+ minimum acceptance condition. The offer lapses at 5:30 pm on 1 August. At the last close,...

Arun George

Hwa Hong’s Directors Recommend Accepting the S$0.40 Voluntary Conditional Offer

We think that the offer will meet the 50%+ minimum acceptance condition. At the last close, the gross spread to the offer is 1.3%.

Arun George

Overview of My Winners and Losers in 2017...and 5 High Conviction Ideas Going into 2018

The end of the year is always a good time for reflection on how your investment ideas have panned out. In this note, I will review all my picks,...

Nicolas Van Broekhoven

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The...

Nicolas Van Broekhoven