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/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> aims to spin off Yangzijiang Financial Holdings (YZJFH) through a dividend-in-specie of all the issued YZJFH shares to shareholders on a one-on-one basis.</li>
<li>YZJFH shares will be listed on the SGX-ST by way of an introduction. The EGM to approve the spin-off will be held on 18 April at 4 pm.</li>
<li>This transaction will unlock value. Our SoTP valuation is S$1.94 per share, which is a 22% upside to the last close price of S$1.59 per share.</li>
</ul>



Yangzijiang Shipbuilding (YZJSGD SP) aims to spin off Yangzijiang Financial Holdings (YZJFH) through a dividend-in-specie of all the issued YZJFH shares to shareholders on a one-on-one basis.
YZJFH shares will be listed on the SGX-ST by way of an introduction. The EGM to approve the spin-off will be held on 18 April at 4 pm.
This transaction will unlock value. Our SoTP valuation is S$1.94 per share, which is a 22% upside to the last close price of S$1.59 per share.


Yangzijiang: Proposed Spin-Off of YZJFH to Unlock Value

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> and <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> recently launched a new sustainability/ESG index – the <a href="https://www.smartkarma.com/entities/iedge-ocbc-singapore-low-carbon-select-50-capped-index" target="_blank" data-smartkarma-citation="entities:35795:1" rel="noopener">IEdge-OCBC Singapore Low Carbon Select 50 Capped Index (SGLC50CN INDEX)</a>.</li>
<li>Whilst country-Specific carbon indices are often too narrow for index-linked products, they are invaluable as carbon performance <em>benchmarks</em> for climate change mitigation and planning.</li>
<li>The iEdge-OCBC index, along with the broad-based <a href="https://www.smartkarma.com/entities/iedge-singapore-low-carbon-index" target="_blank" data-smartkarma-citation="entities:35793:1" rel="noopener">iEdge Singapore Low Carbon Index (SGLCN INDEX)</a>, consistently outperformed (backcast) comparable indices, often with lower volatility.</li>
</ul>



Singapore Exchange (SGX SP) and OCBC (OCBC SP) recently launched a new sustainability/ESG index – the IEdge-OCBC Singapore Low Carbon Select 50 Capped Index (SGLC50CN INDEX).
Whilst country-Specific carbon indices are often too narrow for index-linked products, they are invaluable as carbon performance benchmarks for climate change mitigation and planning.
The iEdge-OCBC index, along with the broad-based iEdge Singapore Low Carbon Index (SGLCN INDEX), consistently outperformed (backcast) comparable indices, often with lower volatility.


SGX's New Low Carbon Index Outperformed Comparable Indices and With Less Volatility

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Combination Cuscaden - Keppel Scheme Offer Meetings for <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders should come imminently.</li>
<li>Time has passed and that should be worth something. Astute shareholders have likely already made their feelings known. Everyone should. </li>
<li>In the meantime, there is a good spread, with a put option on a portion of it, and the possibility of a little upside. </li>
</ul>


The Combination Cuscaden - Keppel Scheme Offer Meetings for Singapore Press Holdings (SPH SP) shareholders should come imminently.
Time has passed and that should be worth something. Astute shareholders have likely already made their feelings known. Everyone should. 
In the meantime, there is a good spread, with a put option on a portion of it, and the possibility of a little upside. 


SPH Shareholders - A Good Deal For Waiting (After a Good Deal of Waiting)

David Blennerhassett

<ul>
<li>For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).</li>
<li>This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.</li>
</ul>


For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).
This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.


Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

Yangzijiang: Proposed Spin-Off of YZJFH to Unlock Value

The EGM to approve the spin-off of YZJFH will be held on 18 April at 4 pm. This transaction will unlock value. Our SoTP valuation is S$1.94 per...

Arun George

SGX's New Low Carbon Index Outperformed Comparable Indices and With Less Volatility

SGX's new iEdge-OCBC Low Carbon index outperforms comparable indices, and with lower volatility – a testament to Singapore issuers' carbon...

Kyle Rudden

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

SPH Shareholders - A Good Deal For Waiting (After a Good Deal of Waiting)

The Cuscaden/Keppel Offer Scheme Meetings For SPH Shareholders should come soon. There is a Chain Offer for SPH REIT meaning the current terms are...

Travis Lundy

(Mostly) Asia M&A: December 2021 Roundup

For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. The...

David Blennerhassett

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