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 <a href="https://www.bloomberg.com/news/articles/2022-04-22/bain-backed-chindata-said-to-field-preliminary-takeover-interest" target="_blank" rel="noopener">Bloomberg article</a> claimed that <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> is attracting takeover interest from <a href="https://www.smartkarma.com/entities/gds-holdings-adr" target="_blank" data-smartkarma-citation="entities:23649:1" rel="noopener">GDS Holdings (ADR) (GDS US)</a>, PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.</li>
<li>Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. </li>
<li>A forward EV/EBITDA multiple of 8.9x, in line with <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>’s proposed acquisition multiple, would imply $6.85 per ADS. </li>
</ul>


A Bloomberg article claimed that Chindata Group (CD US) is attracting takeover interest from GDS Holdings (ADR) (GDS US), PAG and EdgeConneX. Shares rose 9.8% to close at $4.81.
Potential privatisation will require the blessing of Bain Capital, the largest shareholder. Chindata’s track record of beating guidance, modest leverage and the beaten-down rating make it a target. 
A forward EV/EBITDA multiple of 8.9x, in line with 21Vianet Group (VNET US)’s proposed acquisition multiple, would imply $6.85 per ADS. 


Chindata the Next Chinese ADR Privatisation Target?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/069/790/original/img%201.JPG?1542165661" class="editor-image img-responsive" data-smartkarma-image-id="69790"></figure>

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional clients an opportunity to engage with the management of 49 public companies we think have structural competitive advantages, or economic moats, as well as two private companies worth watching. This report distills the highlights from company presentations. A roster of all companies that participated in the conference, including those that held one-on-one meetings with investors, can be found on Page 2 of the attached document.

Morningstar Management Behind the Moat 2018: Conference Highlights

Amareos

Ryan Shea

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial, apartment and hotel sectors, excluding the development sites. Select data/charts courtesy of our data partner <a href="http://www.rcanalytics.com" target="_blank">Real Capital Analytics</a>:1. GLOBAL DOLLAR VOLUMES DOWNFor the first time since 2009, the global volumes declined overall and across the major regions. Low interest rates had clearly given a boost to volumes over the past 7 years, with the rich…

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial, apartment and hotel sectors, excluding the development sites. Select data/charts courtesy of our data partner Real Capital Analytics:1. GLOBAL DOLLAR VOLUMES DOWNFor the first time since 2009, the global volumes declined overall and across the major regions. Low interest rates had clearly given a boost to volumes over the past 7 years, with the rich…

Global Capital Trends In Real Estate In 2016

We have updated our currency impact tables 'post-Brexit' for USD, EUR, JPY, AUD, GBP, and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates that back into investor currency on a given end date. Change in the value at end date vs start date in investor currency represents the approximate currency impact, not adjusted for any transaction or other costs…

We have updated our currency impact tables 'post-Brexit' for USD, EUR, JPY, AUD, GBP, and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates that back into investor currency on a given end date. Change in the value at end date vs start date in investor currency represents the approximate currency impact, not adjusted for any transaction or other costs…

4 Months After Brexit - Currency Impact Tables For International Property Investors

United States

Iron Mountain Incorporated is a storage and information management company. The Company provides records management, data management solutions, and information destruction services.

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Iron Mountain (IRM US)

Chindata the Next Chinese ADR Privatisation Target?

Bloomberg claimed that Chindata is attracting takeover interest from GDS, PAG and EdgeConneX. A forward EV/EBITDA multiple of 8.9x, in line with...

Arun George

Morningstar Management Behind the Moat 2018: Conference Highlights

Morningstar and PitchBook hosted the 10th annual Management Behind the Moat Conference in Chicago on Nov. 7 and 8, offering our institutional...

Morningstar, Inc.

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble...

Amareos

Global Capital Trends In Real Estate In 2016

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial,...

Robert Ciemniak

4 Months After Brexit - Currency Impact Tables For International Property Investors

We have updated our currency impact tables 'post-Brexit' for USD, EUR, JPY, AUD, GBP, and CNY. We make a simple assumption that a property investor...

Robert Ciemniak

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