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/healthway-medical-corp-ltd" target="_blank" data-smartkarma-citation="entities:561:1" rel="noopener">Healthway Medical Corp (HMED SP)</a> received a delisting proposal from <a href="https://www.smartkarma.com/entities/oue-lippo-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Lippo Healthcare (IHC SP)</a> at S$0.048 per share, a 45.5% premium to the undisturbed price (28 June).</li>
<li>The key conditions are HMED shareholder approval and the offeror and concert parties representing &gt;50% of voting rights (satisfied due to irrevocables).</li>
<li>The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.</li>
</ul>



Healthway Medical Corp (HMED SP) received a delisting proposal from OUE Lippo Healthcare (IHC SP) at S$0.048 per share, a 45.5% premium to the undisturbed price (28 June).
The key conditions are HMED shareholder approval and the offeror and concert parties representing &gt;50% of voting rights (satisfied due to irrevocables).
The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.


Healthway Medical (HMED SP): OUE Healthcare’s Delisting Offer

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.

Equity Capital Markets

Mapletree Logistics Trust / Equity Capital Markets

<ul>
<li>Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.</li>
<li>We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.</li>
<li>In this note, we will run the deal through our ECM framework and talk about deal dynamics.</li>
</ul>


Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan, Australia and South Korea.
We have earlier covered the previous six placements for the REIT since 2017. Most of the past deals have done well except for the two most recent ones.
In this note, we will run the deal through our ECM framework and talk about deal dynamics.


MLT Placement - Small Deal but Recent Deals Didn’t Do Well

GoTo Gojek Tokopedia Tbk PT / Event-Driven

<ul>
<li>In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.</li>
<li>GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the upcoming lockup expiry.</li>
</ul>


In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their lockup soon.
GoTo was formed in May 2021 as a result of a merger between two of Indonesia’s largest unicorns Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the upcoming lockup expiry.


GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Last Week in Event SPACE: JD.com, CNOOC, Coca Cola Amatil, Kunlun Energy, Honshu Chemical, Toa Oil

Travis Lundy

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848:1" rel="noopener">First REIT (FIRT SP)</a> is bouncing today (+9.8%) in its first day of trading after the close of the Rights Period on the 16th. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/241/original/Screenshot+2021-02-17+at+2.35.23+PM.png?1613543735" class="editor-image img-responsive" data-smartkarma-image-id="189241"></figure></section>Interestingly, the shares stayed lower for longer than I had expected.<a href="https://www.smartkarma.com/entities/oue-ltd" target="_blank" data-smartkarma-citation="entities:9984:1" rel="noopener">OUE Ltd (OUE SP)</a> provided an irrevocable undertaking to backstop the entire Proposed Rights Issue. This meant, in effect, that OUE, which already owned 19.72% (through First REIT Management Limited (FRML) and <a href="https://www.smartkarma.com/entities/oue-lippo-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:562:1" rel="noopener">OUE Lippo Healthcare (IHC SP)</a>) was saying "we will take absolute management AND majority economic control of the REIT at S$0.20 if nobody else wants it." It was akin to a Voluntary General Offer with no minimum threshold at S$0.20. Investors should remember that shares like to trade down to Rights Share strike prices. More below the fold.

First REIT (FIRT SP) is bouncing today (+9.8%) in its first day of trading after the close of the Rights Period on the 16th. Interestingly, the shares stayed lower for longer than I had expected.OUE Ltd (OUE SP) provided an irrevocable undertaking to backstop the entire Proposed Rights Issue. This meant, in effect, that OUE, which already owned 19.72% (through First REIT Management Limited (FRML) and OUE Lippo Healthcare (IHC SP)) was saying "we will take absolute management AND majority economic control of the REIT at S$0.20 if nobody else wants it." It was akin to a Voluntary General Offer with no minimum threshold at S$0.20. Investors should remember that shares like to trade down to Rights Share strike prices. More below the fold. 

FIRST REIT Rights Right FIRST REIT. Right On.

Singapore

OUE Lippo Healthcare Limited ("OUELH") is a subsidiary company of OUE Limited ("OUE") and is listed on the Catalist Board of Singapore Exchange Securities Trading Limited.

OUELH provides high-quality and sustainable healthcare solutions through the acquisition, development, management, and operations of healthcare facilities across Asia. Leveraging on the strategic partnerships it has, OUELH continually seeks to expand its portfolio across the region.

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OUE Lippo Healthcare (IHC SP)

Healthway Medical (HMED SP): OUE Healthcare’s Delisting Offer

The offer price is attractive. The EGM is likely to be held in late September. The current price of S$0.046 implies a gross spread of 4.3%.

Arun George

MLT Placement - Small Deal but Recent Deals Didn’t Do Well

Mapletree Logistics Trust (MLT SP) plans to raise around US$150 (S$200m) to partially fund the acquisition of logistics properties in Japan,...

Sumeet Singh

GoTo IPO Lockup Expiry - US$13bn Lockup Release or in Other Words, the Real IPO

In Mar 2022, GoTo raised around US$1bn from what was essentially a domestic Indonesian IPO. Its pre-IPO shareholders will be released from their...

Sumeet Singh

Last Week in Event SPACE: JD.com, CNOOC, Coca Cola Amatil, Kunlun Energy, Honshu Chemical, Toa Oil

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

FIRST REIT Rights Right FIRST REIT. Right On.

The FIRST REIT (FIRT SP) Rights Payment is done. Shares bounced 10% today. One can reasonably estimate a FY2021 DPU getting to a 9.4% yield after...

Travis Lundy

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