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/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.</li>
<li>The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   </li>
<li>The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   </li>
</ul>



Crown Resorts (CWN AU) has entered a scheme implementation deed with Blackstone Group (BX US) at A$13.10 cash per share, a 32.3% premium to the unaffected price of A$9.90.
The key conditions precedent is Crown shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.   
The offer price is attractive and the largest shareholder will be supportive. At last close, the gross and annualised spread is 3.6% and 10.0%, respectively, to a June scheme meeting.   


Crown Resorts Enters a SID with Blackstone

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

MGM China reported an 85% jump in its 2021 revenues to HKD 9.4bn ($1.4bn). Its adjusted EBITDA stood at HKD 390mn ($50mn), compared to a negative adjusted EBITDA of HKD 1.4bn ($179mn) in 2020. MGM Macau saw revenue up by 85% to HKD 5.2bn ($666mn) and MGM COTAI’s revenues rose 84% to HKD 4.2bn ($538mn). The Group had total liquidity of ~HKD 13.2bn ($1.69bn), consisting of cash and cash equivalent and undrawn revolver/revolving debt (Term of the Day, explained below) . Jennifer Song, a Hong Kong-based analyst at Morningstar said, “ We think strong pent-up demand and China’s expanding prosperity will continue to support Macau gaming revenue’s recovery”.

MGM China Reports 85% Jump in 2021 Revenues

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> has returned for a fourth time with a revised indicative offer of A$13.10 cash per share, a 4.8% bump to its previous offer of A$12.50.</li>
<li>The Board intends to recommend a binding offer of no less than A$13.10 per share. CPH, the largest shareholder, is “encouraged by today’s announcement.”</li>
<li>The Board’s willingness to recommend a binding offer may draw out rival suitors. At the last close of A$12.65, the shares trade at a 3.6% gross spread to the offer.</li>
</ul>



Blackstone Group (BX US) has returned for a fourth time with a revised indicative offer of A$13.10 cash per share, a 4.8% bump to its previous offer of A$12.50.
The Board intends to recommend a binding offer of no less than A$13.10 per share. CPH, the largest shareholder, is “encouraged by today’s announcement.”
The Board’s willingness to recommend a binding offer may draw out rival suitors. At the last close of A$12.65, the shares trade at a 3.6% gross spread to the offer.


Blackstone’s Fourth Bid for Crown Resorts

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackstone-group-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone Group (BX US)</a> has returned for a third time with a A$12.50 cash per share offer, a marginal 1.2% bump to its last offer of A$12.35 on 10 May.</li>
<li>
<a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> is at the start of a difficult reform agenda it needs to fulfil to maintain its gaming licenses. Nevertheless, Blackstone’s ongoing interest suggest inherent value.</li>
<li>Blackstone’s bid retains leeway for a bump and may draw out previous suitors. At the last close of A$11.54, the shares trade at an 8.3% gross spread to the offer.</li>
</ul>



Blackstone Group (BX US) has returned for a third time with a A$12.50 cash per share offer, a marginal 1.2% bump to its last offer of A$12.35 on 10 May.

Crown Resorts (CWN AU) is at the start of a difficult reform agenda it needs to fulfil to maintain its gaming licenses. Nevertheless, Blackstone’s ongoing interest suggest inherent value.
Blackstone’s bid retains leeway for a bump and may draw out previous suitors. At the last close of A$11.54, the shares trade at an 8.3% gross spread to the offer.


Blackstone Third-Time Lucky with Crown Resorts Bid?

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

*Gaming Caught In The Crosshairs: Mainland China indicated that changes are afoot to gaming regulations, including the appointment of government officials to supervise the companies - just as Macau's lucrative gaming licenses come up for re-bidding in 2022; and*Financials Likely Next: There appears to be a genuine timeline for each sector in mainland China to be taken out to the woodshed. Now that the gaming industry is now being placed under firm control, it would appear to only be a matter of time when the financial sector will be re-configured to suit mainland China’s vision – likely ahead of the national elections in 2022.

Mainland China – Here Comes The Rein Again

Hong Kong

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

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MGM China Holdings (2282 HK)

Crown Resorts Enters a SID with Blackstone

Crown Resorts has entered a SID with Blackstone at A$13.10 cash per share. The offer price is attractive and presents the largest shareholder...

Arun George

MGM China Reports 85% Jump in 2021 Revenues

MGM China reported an 85% jump in its 2021 revenues to HKD 9.4bn ($1.4bn). Its adjusted EBITDA stood at HKD 390mn ($50mn), compared to a negative...

BondEvalue

Blackstone’s Fourth Bid for Crown Resorts

Blackstone has returned for a fourth time with a revised indicative offer of A$13.10 cash per share. The Board’s willingness to recommend a binding...

Arun George

Blackstone Third-Time Lucky with Crown Resorts Bid?

Blackstone’s new A$12.50 cash per share bid retains leeway for a bump and may draw out previous suitors. At the last close of A$11.54 per share,...

Arun George

Mainland China – Here Comes The Rein Again

FINANCIALS IN CROSSHAIRS: Mainland China is appointing government officials to supervise the gaming companies. There appears to be a genuine...

Thomas J. Monaco

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