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 href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a> shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. </li>
<li>The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.</li>
<li>The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.</li>
</ul>



Trend Micro Inc (4704 JP) shares rose 14.8% on Friday after Reuters reported that it is exploring a sale after attracting buyout interest. 
The interest is unsurprising due to the weak share price. Since ValueAct disclosed a stake on 8 August 2022, the shares are down 0.7% vs the Nikkei 225’s 23.6% increase.
The lack of a controlling shareholder and increased cybersecurity M&amp;A activity support the buyout interest. A privatisation price is likely to be around JPY9,000. Valuation is undemanding at last close.


Trend Micro (4704 JP): Evaluating the Privatisation Rumours

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. </li>
<li>The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. </li>
<li>Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  </li>
</ul>


In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. 
The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks. 
Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US)  Crowdstrike Holdings Inc (CRWD US)  CloudFlare (NET US).  


Cyberattacks at Numerous US Airports by Suspects from Russia

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. </li>
<li>The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.</li>
<li>Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  </li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. 
The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.
Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  


SK Shieldus IPO: The Syndicate's Revised Methodology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  </li>
<li>In <a href="https://www.smartkarma.com/insights/sk-shieldus-ipo-initiation-track-and-shield" target="_blank" data-smartkarma-citation="insights:67989" rel="noopener">SK Shieldus IPO Initiation: Track and Shield</a>, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  </li>
<li>In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.</li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  
In SK Shieldus IPO Initiation: Track and Shield, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  
In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.


United States

Check Point Software Technologies Ltd. develops, markets and supports a range of software and hardware products and services for information technology (IT) security and offers its customers a network and gateway security solutions, data and endpoint security solutions and management solutions.

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Check Point Software Tech (CHKP US)

Trend Micro (4704 JP): Evaluating the Privatisation Rumours

The lack of a controlling shareholder and increased cybersecurity M&A activity support the buyout interest. A privatisation price is likely to be...

Arun George

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

Cyberattacks at Numerous US Airports by Suspects from Russia

In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia. This could...

Douglas Kim

SK Shieldus IPO: The Syndicate's Revised Methodology

The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The unchanged...

Arun George

SK Shieldus IPO: Valuation Insights

SK shieldus is pre-marketing a KRX IPO to raise up to US$0.9 billion. Our valuation analysis suggests that the IPO price range is attractive.

Arun George

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