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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads  <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads  21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Genex Power Ltd (GNX AU), Golden Energy &amp; Resources (GER SP), 111 Inc (YI US), Origin Energy (ORG AU). 
Lowest spreads - Tyro Payments (TYR AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Uzabase Inc (3966 JP), Lifestyle International Holdings (1212 HK), Nearmap Ltd (NEA AU). 


Merger Arb Mondays (05 Dec) - Origin Energy, OZ Minerals, Genex, Bigtincan, Pendal, Golden Energy

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue growth flat given little progress with net church additions</li><li>The soft performance means PPH has revised its FY25 targets (given six months ago), with the company now expecting to achieve US$10bn of processing volume and 20k customers 12–18 months later than originally expected</li><li>Subdued trading over the past six months and the softer outlook provides support for the NZ$1.34 per share, BGH Capital and Sixth Street ​​​​​​​bid, though alternative offers can't be ruled out</li></ul>

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue growth flat given little progress with net church additionsThe soft performance means PPH has revised its FY25 targets (given six months ago), with the company now expecting to achieve US$10bn of processing volume and 20k customers 12–18 months later than originally expectedSubdued trading over the past six months and the softer outlook provides support for the NZ$1.34 per share, BGH Capital and Sixth Street ​​​​​​​bid, though alternative offers can't be ruled out

<ul><li>Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue flat on 1H22.</li><li>Customer growth has stagnated with net new churches added just +0.6% on FY22.</li><li>PPH has revised medium term guidance given at its FY22 in May 2022. I</li></ul>

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue flat on 1H22.Customer growth has stagnated with net new churches added just +0.6% on FY22.PPH has revised medium term guidance given at its FY22 in May 2022. I

Pushpay Holdings (PPH): 1H23 Result – First Impressions

<ul><li>Takeover bid offers modest premium on beaten down share price</li><li>Unanimous Board support highlights uncertainty on PPH's growth aspirations</li><li>1H23 misses expectations as church growth slows, FY23 guidance downgraded</li></ul>

Takeover bid offers modest premium on beaten down share priceUnanimous Board support highlights uncertainty on PPH's growth aspirations1H23 misses expectations as church growth slows, FY23 guidance downgraded

Pushpay: Prophet Warning to Go with Takeover Bid

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of October, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in October was ~56%, and a year-to-date average of 40%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of October, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in October was ~56%, and a year-to-date average of 40%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


New Zealand

Pushpay Holdings Limited operates as a holding company. The Company, through its subsidiaries, designs and develops mobile payment application and solutions that allows users to donate to charities and non-profit organization. Pushpay Holdings conducts its business worldwide.

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Pushpay Holdings (PPH NZ)

Merger Arb Mondays (05 Dec) - Origin Energy, OZ Minerals, Genex, Bigtincan, Pendal, Golden Energy

This week, the highest gross spreads are VNET (65.0%), Alliance Aviation (55.7%), Genex (47.1%), Golden Energy (31.5%), 111 (27.1%), Origin Energy...

Arun George

Pushpay: 1H23 — Losing My Religion

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue growth flat given little progress with net church additions; the soft...

Forsyth Barr

Pushpay Holdings (PPH): 1H23 Result – First Impressions

Pushpay Holdings (PPH) reported a challenged 1H23 result with organic revenue flat on 1H22; It has revised medium term guidance given at its FY22...

Forsyth Barr

Pushpay: Prophet Warning to Go with Takeover Bid

Pushpay's (PPH) board unanimously recommends shareholders accept a takeover offer of NZ$1.34 per share, a +13% premium to the most recent closing...

Forsyth Barr

(Mostly) Asia M&A: October 2022 Roundup

6 new deals were discussed on Smartkarma in October. The average premium for the new deals announced (or first discussed) in October was ~56%, and...

David Blennerhassett

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