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/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a> disclosed a voluntary conditional offer from <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> at S$0.60, a 21.2% premium to the undisturbed price.</li>
<li>The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. </li>
<li>The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). </li>
</ul>



Dyna Mac Holdings (DMHL SP) disclosed a voluntary conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.60, a 21.2% premium to the undisturbed price.
The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. 
The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). 


Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The core business continues to perform well  with a growing  order backlog</li>
<li>Due to the company's historical issues it has hugely underperformed its smaller peers</li>
<li>The disconnect from the oil price provides  asymmetric upside once the overhang clears</li>
</ul>


The core business continues to perform well  with a growing  order backlog
Due to the company's historical issues it has hugely underperformed its smaller peers
The disconnect from the oil price provides  asymmetric upside once the overhang clears


Seatrium – Overhang Remains but Huge Option Value

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of November 2024, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in November was ~44%. The average premium YTD is ~43%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of November 2024, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in November was ~44%. The average premium YTD is ~43%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Nov 2024: Net One System, Amcor/Berry, I D & E Holdings, SG Fleet, Macromill

<ul>
<li>At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."</li>
<li>The <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor Limited (AMC AU)</a>/<a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split</li>
<li>This Temasek-led development will have a marginal impact on <a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (TUYA US)</a>. Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.</li>
</ul>


At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."
The Amcor Limited (AMC AU)/Berry Global Group (BERY US) merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split
This Temasek-led development will have a marginal impact on Tuya Inc (TUYA US). Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.


Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

<ul>
<li>I tally 48 - 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>Three new deals this week: <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor (AMC AU)</a> takes out <a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global (BERY US)</a>;<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona (SYA AU)</a> and <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont (PLL AU)</a> merge; and <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering  (9161 JP)</a>'s TOB. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a>, and <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>.</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals this week: Amcor (AMC AU) takes out Berry Global (BERY US);Sayona (SYA AU) and Piedmont (PLL AU) merge; and Integrated Design &amp; Engineering  (9161 JP)'s TOB. 
Key updates/news took place on: Arcadium Lithium (LTM AU), Pacific Smiles (PSQ AU), Hotel Property Investments (HPI AU), HKBN (1310 HK), Xingda International (1899 HK), and Malaysia Airports Holdings (MAHB MK).


(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

Singapore

Dyna-Mac Holdings Ltd. offers engineering, procurement and construction services to the offshore oil and natural gas, marine construction and other industries.  The Company builds topside modules for floating production storage and offloading, semi-submersibles, manifolds, buoys, process piping, and tanks for petrochemical and pharmaceutical plants.

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Dyna Mac Holdings (DMHL SP)

Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

The Lim Estate’s statement notes that Dyna-Mac “is definitely worth more than SGD 0.60 per share. The Estate is not opposed to proposed offers for...

Arun George

Seatrium – Overhang Remains but Huge Option Value

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

(Mostly) Asia M&A, Nov 2024: Net One System, Amcor/Berry, I D & E Holdings, SG Fleet, Macromill

For Nov 2024, 14 new transactions were discussed on Smartkarma with an overall deal size of ~US$15bn. The ave. premium for these new transactions...

David Blennerhassett

Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

The Lim Estate’s statement notes that Dyna-Mac “is definitely worth more than SGD 0.60 per share. The Estate is not opposed to proposed offers for...

Arun George

Seatrium – Overhang Remains but Huge Option Value

​Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

(Mostly) Asia M&A, Nov 2024: Net One System, Amcor/Berry, I D & E Holdings, SG Fleet, Macromill

For Nov 2024, 14 new transactions were discussed on Smartkarma with an overall deal size of ~US$15bn. The ave. premium for these new transactions...

David Blennerhassett

Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

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

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.