IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s S$0.413 per share MGO from <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has met the 50%+ minimum acceptance condition.</li>
<li>The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.</li>
<li>The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. </li>
</ul>



Halcyon Agri (HACL SP)’s S$0.413 per share MGO from China Hainan Rubber Industry (601118 CH) has met the 50%+ minimum acceptance condition.
The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.
The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. 


Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY), respectively.</li><li>This exceeded our forecast by 5%, due to higher revenue in the industrial park segment, which was 20% above our projection, reaching VND239bn (-5% YoY).</li><li>In 2022, the average price of rubber decreased significantly to US$1,450/ton (-14.7% YoY), due to high inflation and China's continued closure.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY), respectively.This exceeded our forecast by 5%, due to higher revenue in the industrial park segment, which was 20% above our projection, reaching VND239bn (-5% YoY).In 2022, the average price of rubber decreased significantly to US$1,450/ton (-14.7% YoY), due to high inflation and China's continued closure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Phuoc Hoa Rubber - Net Profit Backed up by Earning from VSIP 3

<ul>
<li>The IFA opines that <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s MGO at S$0.413 per share is fair and reasonable. The <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> Board recommends accepting the offer.</li>
<li>Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.</li>
<li>The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.</li>
</ul>


The IFA opines that China Hainan Rubber Industry (601118 CH)'s MGO at S$0.413 per share is fair and reasonable. The Halcyon Agri (HACL SP) Board recommends accepting the offer.
Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.
The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.


Halcyon Agri (HACL SP): Board Recommends Conditional MGO

Thematic (Sector/Industry)

<ul><li>According to JLL Vietnam, Southern IPs maintained the occupancy rate at 85% in 1Q22 (1Q21: 86%), despite the increasing supply. In addition, rents across the region saw a sharp increase. Average rent is estimated at US$120/m2 /leasing cycle, up by 9% YoY</li><li>The occupancy rate for Northern IPs reached 80% in 1Q22, a significant increase compared with the 75% rate in 1Q21. Average rent reached US$109/m2 /lease cycle, flat compared with 4Q21, but still up 9.2% YoY</li><li>The supply of RBF has rebounded, after a period of slow growth due to the pandemic. In 1Q22, the market experienced an increase of 9.1% YTD</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

According to JLL Vietnam, Southern IPs maintained the occupancy rate at 85% in 1Q22 (1Q21: 86%), despite the increasing supply. In addition, rents across the region saw a sharp increase. Average rent is estimated at US$120/m2 /leasing cycle, up by 9% YoYThe occupancy rate for Northern IPs reached 80% in 1Q22, a significant increase compared with the 75% rate in 1Q21. Average rent reached US$109/m2 /lease cycle, flat compared with 4Q21, but still up 9.2% YoYThe supply of RBF has rebounded, after a period of slow growth due to the pandemic. In 1Q22, the market experienced an increase of 9.1% YTDContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrial Real Estate: Big Investors Come In

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

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Looking at relevant, up-to-date information from multiple perspectives with the support of intensive data and analyses, RongViet's research is effective, practical and widely used for investing purposes.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<p>Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area. Despite the project is still waiting for final approval, we are optimistic about its absorption due to a 40% pre-sold rate. Nam Tan Uyen 3 Industrial Park will be the growth driver in the next five years when coming into operation. Unceasingly large FDI inflows and the relocation of factories across the regions have been creating a solid lease demand in…</p>

Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area. Despite the project is still waiting for final approval, we are optimistic about its absorption due to a 40% pre-sold rate. Nam Tan Uyen 3 Industrial Park will be the growth driver in the next five years when coming into operation. Unceasingly large FDI inflows and the relocation of factories across the regions have been creating a solid lease demand in…

NTC - Flourishing Rental Activity and Attractive Cash Dividend

Vietnam

Phuoc Hoa Rubber JSC operates a rubber tree plantation, where it also processes and trades rubber wood harvested. The Company manufactures basic rubber products, such as latex and Standard Vietnamese Rubber (SVR) products.

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Phuoc Hoa Rubber Jsc (PHR VN)

Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

The offer (S$0.413 per share) is unconditional and closes on 10 April. Payment is within seven business days of receipt of a valid acceptance. At...

Arun George

Phuoc Hoa Rubber - Net Profit Backed up by Earning from VSIP 3

Phuoc Hoa Rubber Joint Stock Company (HSX: PHR) recorded revenue and net profit (NP) of VND1,711bn (-12.2% YoY) and VND886.9bn (+86% YoY),...

Mirae Asset Securities

Halcyon Agri (HACL SP): Board Recommends Conditional MGO

The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate. This remains achievable. At the last close, the gross...

Arun George

Industrial Real Estate: Big Investors Come In

According to JLL Vietnam, Southern IPs maintained the occupancy rate at 85% in 1Q22 (1Q21: 86%), despite the increasing supply

Mirae Asset Securities

NTC - Flourishing Rental Activity and Attractive Cash Dividend

Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area....

Rong Viet Securities

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