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/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

<ul>
<li>Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.</li>
<li>Ingredion <a href="https://www.smartkarma.com/entities/ingredion-inc" target="_blank" data-smartkarma-citation="entities:4284:1" rel="noopener">Ingredion Inc (INGR US)</a> has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies</li>
<li>On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.</li>
</ul>


Innovation trends and patent filings within the food industry saw significant upswing over the year in the areas of natural ingredients and methods to manufacture vegan proteins.
Ingredion Ingredion Inc (INGR US) has a leadership position in  the fast growing Clean Label, Sugar Reduction and Plant-Based Protein Technologies
On a relative basis the stock despite better profitability metrics trades at a discount to the country-sector median and on an absolute basis at about 20% discount to FV.


Ingredion: Innovations Redefining the Taste and Texture of Modern Food

<ul>
<li>The <a href="https://www.afr.com/street-talk/malteries-soufflet-signs-binding-deal-to-buy-united-malt-at-5-a-share-20230702-p5dl6n" target="_blank" rel="noopener">AFR reports</a> that <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.</li>
<li>The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.</li>
<li>The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. </li>
</ul>


The AFR reports that United Malt Group Ltd (UMG AU) has received a binding offer from Malteries Soufflet at A$5.00 per share, a 13.6% premium to the last close price.
The high spread reflected the risk of a no-deal or price cut due to the weak 1HFY23 results and lack of updates since the end of the 10-week due diligence.
The offer is conditional on shareholders and FIRB approval. Shareholders will be supportive and breathe a sigh of relief at receiving a binding offer with unchanged terms. 


United Malt (UMG AU): Malteries Soufflet’s Binding Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a> has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.</li>
<li>The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.</li>
<li>The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. </li>
</ul>



United Malt Group Ltd (UMG AU) has offered exclusive due diligence to Malteries Soufflet for its non-binding indicative proposal of A$5.00 per share, a 45.3% premium to the undisturbed price.
The offer follows on from three previous undisclosed proposals. The offer is subject to several conditions such as due diligence, Board recommendation and FIRB approval.
The presence of several substantial shareholders necessitates an attractive premium. The offer is attractive in comparison to historical share prices and peer multiples. 


United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

<ul>
<li>On 10 January, <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. </li>
<li>The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.</li>
<li>The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.</li>
</ul>


On 10 January, Olam Group (OLG SP) announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. 
The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.
The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.


Olam Group (OLG SP): Entering the Final Stages to Unlock Value

Ireland

Kerry Group PLC is a major international food corporation. The Group develops, manufactures and delivers innovative taste solutions and nutritional and functional ingredients for the food, beverage and pharmaceutical industries. The Group also manufactures added value brands and customer branded chilled foods to the UK and Irish consumer food markets.

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Kerry Group PLC (KYG ID)

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Ingredion: Innovations Redefining the Taste and Texture of Modern Food

Ingredion leads clean label innovation, transforming grains, fruits, and plants into value-added ingredients for food, beverages, and beyond....

Pyari Menon

United Malt (UMG AU): Malteries Soufflet’s Binding Offer

AFR reports that Malteries Soufflet has lobbed a binding offer at A$5.00. Shareholders will be supportive and sigh relief at receiving a binding...

Arun George

United Malt (UMG AU): Malteries Soufflet’s Indicative A$5.00 Offer

The offer is attractive in comparison to historical share prices and peer multiples. Due diligence lasts for 10 weeks. At the last close, the gross...

Arun George

Olam Group (OLG SP): Entering the Final Stages to Unlock Value

The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of...

Arun George

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