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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> rights issue and <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a>, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a>, <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>,  <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, Lian Beng.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Yuexiu Property (123 HK) rights issue and ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK), Mankind Pharma (6596876Z IN) IPOs.
Event-Driven developments - Blackmores Ltd (BKL AU), United Malt Group Ltd (UMG AU),  Aag Energy Holdings (2686 HK), HKBN Ltd (1310 HK), Metro Pacific Investments Co (MPI PM), Lian Beng.


Weekly Deals Digest (30 Apr) - AAG, HKBN, Blackmores, Lian Beng, Horizon Construction, Mankind

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of April, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.</li>
<li>The average premium for the new deals announced (or first discussed) in April was 23%.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of April, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
The average premium for the new deals announced (or first discussed) in April was 23%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, April 2023: Arcland Service, Lian Beng, Silk Laser, Breaker Resources, Blackmores

<ul>
<li>It is relatively low-hanging fruit to "further propel the renmimbi's internationalisation" and for HKEX, it will "cement HK's position as the premier offshore renmimbi financing center."</li>
<li>The Conundrum: the more active investors decide they like <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>, the more there is to sell. That creates interesting opportunities.</li>
<li>Short <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> now, or soon. The dynamics of this is that there WILL be selling when the rights come out. </li>
</ul>


It is relatively low-hanging fruit to "further propel the renmimbi's internationalisation" and for HKEX, it will "cement HK's position as the premier offshore renmimbi financing center."
The Conundrum: the more active investors decide they like Fast Retailing (9983 JP), the more there is to sell. That creates interesting opportunities.
Short Yuexiu Property (123 HK) now, or soon. The dynamics of this is that there WILL be selling when the rights come out. 


Last Week in Event SPACE: China Mobile, Fast Retailing, Yuexiu Property, Vinda, Tokyo Gas

<ul>
<li>There are 39 - 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>Two new deals were discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin (2503 JP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores (BKL AU)</a>; <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific (142 HK)</a> &amp; Co's Offer for <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific (MPI PM)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy Holdings (2686 HK)</a>, and <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> 
</li>
</ul>


There are 39 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma this past week: Kirin (2503 JP)'s Offer for Blackmores (BKL AU); First Pacific (142 HK) &amp; Co's Offer for Metro Pacific (MPI PM).
Key updates took place for Invocare Ltd (IVC AU), AAG Energy Holdings (2686 HK), and Jiangnan (1366 HK) 



(Mostly) Asia-Pac Weekly Risk Arb Wrap: Blackmores, Metro Pacific, Invocare, AAG Energy, Jiangnan

Metro Pacific Investments Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> disclosed a voluntary delisting tender offer from a consortium at PHP4.63 per share, an 8.7% premium to the undisturbed price (26 April). </li>
<li>The offer is conditional on shareholder approval and meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.</li>
<li>The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid. </li>
</ul>



Metro Pacific Investments Co (MPI PM) disclosed a voluntary delisting tender offer from a consortium at PHP4.63 per share, an 8.7% premium to the undisturbed price (26 April). 
The offer is conditional on shareholder approval and meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.
The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid. 


Metro Pacific Investments (MPI PM): PHP4.63 Delisting Tender Offer

Philippines

Metro Pacific Investments Corporation is an investment holding company. The Company, through its subsidiaries, provides water, sanitation and sewerage services, and also operates in real estate, infrastructure projects, toll roads, electricity distribution, hospital operations and light rail.

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Metro Pacific Investments Co (MPI PM)

Weekly Deals Digest (30 Apr) - AAG, HKBN, Blackmores, Lian Beng, Horizon Construction, Mankind

Last week, notable developments occurred in Event-Driven (Blackmores, United Malt, AAG, HKBN, Metro Pacific Investments, Lian Beng) and ECM...

Arun George

(Mostly) Asia M&A, April 2023: Arcland Service, Lian Beng, Silk Laser, Breaker Resources, Blackmores

For the month of April, 6 new deals were discussed on Smartkarma with an overall deal size of ~US$3bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: China Mobile, Fast Retailing, Yuexiu Property, Vinda, Tokyo Gas

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Blackmores, Metro Pacific, Invocare, AAG Energy, Jiangnan

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

Metro Pacific Investments (MPI PM): PHP4.63 Delisting Tender Offer

The shareholder approval and delisting threshold require around 73% and 86% acceptance rate, which is a risk as the offer is far from a knockout bid.

Arun George

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