SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

<ul><li>PropertyGuru is now the leading property technology platform in Southeast Asia</li><li>The company now serves 37 million buyers across 16 countries and works with 50,000 partner agents across its network</li><li>PropertyGuru is set to go public over the next few months through a SPAC merger with Bridgetown 2 Holdings, in a deal that values the firm at $1.78 billion</li></ul>

PropertyGuru is now the leading property technology platform in Southeast AsiaThe company now serves 37 million buyers across 16 countries and works with 50,000 partner agents across its networkPropertyGuru is set to go public over the next few months through a SPAC merger with Bridgetown 2 Holdings, in a deal that values the firm at $1.78 billion

Will PropertyGuru Face the Same Fate as Zillow

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul>
<li>The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.</li>
<li>Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares</li>
<li>We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.</li>
</ul>


The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.
Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares
We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.


Wickhams Hill Research | Under-The-Radar Issue 3

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.

Event-Driven

<p>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.</p><p>We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.</p><p>Link to our previous notes:</p><ul style="list-style-type: disc;">
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-powered-by-singapore-recharged-by-vietnam-but-dragged-down-by-others" target="_blank" rel="noopener">PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-sotp-leaves-one-well-short-of-the-low-end" target="_blank" rel="noopener">PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End</a></li>
<li><a href="https://www.smartkarma.com/insights/propertyguru-ipo-agents-q-a-shows-its-stranglehold-in-s-pore-throws-up-some-interesting-nuggets" target="_blank" rel="noopener">PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets</a></li>
</ul>

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. The transaction will value PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn.We have looked at the company’s prior listing attempt when it tried to list in Australia in 2019. In this note, we will comment on the current listing arrangement.Link to our previous notes:
PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others
PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End
PropertyGuru IPO - Agents Q&amp;A Shows Its Stranglehold in S’pore; Throws up Some Interesting Nuggets


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

Dalrymple Bay Infrastructure / Equity Capital Markets

<div><p>Dalrymple Bay Infrastructure (DBI from hereon) raised around US$500m in its Australian listing. It is owned by <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a>. The stock will start trading tomorrow. </p></div><div><p>It holds a 99-lease for Dalrymple Bay Terminal (DBT), a coal export terminal. DBT was commissioned in 1983 and is located close to Bowen Basin, the world’s largest met coal export region, in Queensland.  </p></div><div>
<p>I've covered various aspects of the deal in my earlier note, <a href="https://www.smartkarma.com/insights/dalrymple-bay-infrastructure-highly-curious-timing" target="_blank" rel="noopener">Dalrymple Bay Infrastructure - Highly Curious Timing.</a></p>
<p>In this note, I'll talk about the trading dynamics and provide a table with implied valuations at different share price levels. </p>
</div>

Dalrymple Bay Infrastructure (DBI from hereon) raised around US$500m in its Australian listing. It is owned by Brookfield Asset Management (BAM US). The stock will start trading tomorrow. It holds a 99-lease for Dalrymple Bay Terminal (DBT), a coal export terminal. DBT was commissioned in 1983 and is located close to Bowen Basin, the world’s largest met coal export region, in Queensland.  
I've covered various aspects of the deal in my earlier note, Dalrymple Bay Infrastructure - Highly Curious Timing.
In this note, I'll talk about the trading dynamics and provide a table with implied valuations at different share price levels. 


Dalrymple Bay Infrastructure IPO Trading - Yield Limits Downside, for Now

APAC IPOs & Placements

Zhen Zhou, Toh

<p><a href="https://www.smartkarma.com/entities/nuix-limited" target="_blank" data-smartkarma-citation="entities:31040:1" rel="noopener">Nuix (NXL AU)</a> will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement basis. </p><p>Nuix is a leading provider of investigative analytics and intelligence software. The company runs a software platform called Nuix platform which consists of a data processing engine called Nuix Engine and other software applications.</p><p>We will look at deal dynamics and provide a table for implied EV/Revenue at different share price levels.</p><p>We have earlier covered the deal in:</p><ul><li>
<a href="https://www.smartkarma.com/insights/nuix-limited-ipo-a-stable-and-predictable-niche" target="_blank" data-smartkarma-citation="insights:45748" rel="noopener">Nuix Limited IPO -  A Stable and Predictable Niche</a> </li></ul>

Nuix (NXL AU) will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement basis. Nuix is a leading provider of investigative analytics and intelligence software. The company runs a software platform called Nuix platform which consists of a data processing engine called Nuix Engine and other software applications.We will look at deal dynamics and provide a table for implied EV/Revenue at different share price levels.We have earlier covered the deal in:
Nuix Limited IPO -  A Stable and Predictable Niche 

Nuix Limited IPO Trading - Aiming for a Modest Debut

Singapore

Silverlake Axis Limited provides customized software solutions. The Company provides digital economy software solutions and services to the banking, insurance, payment, retail and logistics industries.

IGG Inc. is an online games developer and operator. The Company offers multi-language browser games, client-based games and mobile games to players globally.

iFast Corporation Ltd. operates a funds and investments distribution platform in the Asia Pacific region.

CSE Global Limited provides systems integration and information technology solutions, computer network systems, and industrial automation.  The Company also designs, manufactures, and installs management information systems. CSE Global develops, manufactures, and sells electronic and micro processor monitoring equipment.

UMS Holdings Limited provides equipment manufacturing and engineering services to Original Equipment Manufacturers (OEMs) of semiconductors and related products. The Company manufactures high precision components and complex electromechanical assembly and final testing services. UMS supports the electronic, machine tools and oil and gas industries.

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

GP Industries Limited develops, manufactures, and markets electronics, batteries and electrical installation products.  The Company also manufactures and markets wire harness and cables, automotive electronics, specialty electronics, parts and components, and loudspeakers.

Valuetronics Holdings Ltd. offers original equipment manufacturing and original design manufacturing services.  The Company serves customers in the telecommunications, industrial, commercial electronic products, and consumer electronic products industries.

Multi-Chem Limited provides printed circuit boards (PCB) manufacturing services, mainly precision drilling services to PCB fabricators.  The Company also distributes specialty chemicals and other related products and equipment to PCB fabricators.

Micro-Mechanics Holdings Limited designs and manufactures precision tools.  The Company also provides effective solutions and total support services to its customers.

NetDragon Websoft, Inc. develops online internet games. The Company offers tracks player behaviour and purchasing patterns to design games that cater to their customers' tastes. NetDragon Websoft operates worldwide.

Beijing SuperMap Software Co., Ltd. develops and sells GIS (Geographic Information System) softwares.  The Company also provides system support services for GIS softwares.

Beijing SuperMap Software Co., Ltd. (300036 CH)

GungHo Online Entertainment, Inc. develops and distributes Internet games. The Company also develops applications for smartphones.

Objective Corporation Limited manufactures knowledge management application software.  The Company's products allow users to access and manage word processing documents, spreadsheets, web page content and e-mails.  Objective also develops branded software which provides template-based conversion of documents to HTML.

AurionPro Solutions Limited provides software solutions and offshore information technology outsourcing services to banking, financial services, and technology companies.

Wemade Co., Ltd. develops and markets on-line games that enable users to play over the internet.  The Company also provides computer game software and mobile games for cellular phone users.

PROS Holdings, Inc. develops and markets business computer software.  The Company offers pricing and revenue optimization software.

Beijing Orient National Communication Science & Technology Company Limited develops and sells enterprise business system solution and provides related technical services. The Company's main product is data management software.

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

Shenzhen Kingdom Sci-Tech Co., Ltd. develops and markets financial security software. The Company also provides computer system integration and system maintenance service.

PropertyGuru Group Limited operates as a property technology company. The Company offers tools and digital property marketplaces for agents, developers and property seekers to access and manage real estate data. PropertyGuru Group serves customers worldwide.

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PropertyGuru (PGRU US)

Will PropertyGuru Face the Same Fate as Zillow

PropertyGuru is now the leading property technology platform in Southeast Asia. The company now serves 37 million buyers across 16 countries and...

subSPAC

Wickhams Hill Research | Under-The-Radar Issue 3

The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high.

Lloyd Moffatt

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Second Time Lucky - Some Food for Thought

PropertyGuru and Bridgetown 2 announced, that they have merge to take PropertyGuru go public in the US. The transaction will value PropertyGuru at...

Sumeet Singh

Dalrymple Bay Infrastructure IPO Trading - Yield Limits Downside, for Now

Dalrymple Bay Infrastructure (DBI from hereon) raised around US$500m in its Australian listing. It is owned by Brookfield Asset Management (BAM...

Sumeet Singh

Nuix Limited IPO Trading - Aiming for a Modest Debut

Nuix (NXL AU) will raise about US$698m (A$953m) in its Australia IPO and shares are due to trade tomorrow on a conditional and deferred settlement...

Zhen Zhou, Toh

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