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

<ul>
<li>BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.</li>
<li>As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. </li>
<li>In this note, we will look at the possible deal dynamics and the overall background of the deal.</li>
</ul>


BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.
As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. 
In this note, we will look at the possible deal dynamics and the overall background of the deal.


BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The EGM of <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> today approved the BHP Petroleum merger in overwhelming fashion. 98.66% FOR. </li>
<li>They did not approve of the Climate Report the board submitted to vetting by shareholders for the first time. That got 51% "support."</li>
<li>But now that's done, people will talk about flows. So far the trade has worked but now time to think about how far to stretch it.</li>
</ul>


The EGM of Woodside Petroleum (WPL AU) today approved the BHP Petroleum merger in overwhelming fashion. 98.66% FOR. 
They did not approve of the Climate Report the board submitted to vetting by shareholders for the first time. That got 51% "support."
But now that's done, people will talk about flows. So far the trade has worked but now time to think about how far to stretch it.


Woodside Shareholders Approve Deal but Not WPL's Green Credentials; Now People Talk About Flows

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Discounts to NAV of holdcos have generally widened during April: Alba, tightened to 37.4%; GBL widened to 31.8%; Heineken Holdings widened to 20%; Industrivärden C widened to 12.1%;</li>
<li>Investor B widened to 11.5%; Porsche Automobile Holding widened to 29.9%. There is just one DLC left in this report, Rio Tinto, which widened to 11.8%.</li>
<li>Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).</li>
</ul>


Discounts to NAV of holdcos have generally widened during April: Alba, tightened to 37.4%; GBL widened to 31.8%; Heineken Holdings widened to 20%; Industrivärden C widened to 12.1%;
Investor B widened to 11.5%; Porsche Automobile Holding widened to 29.9%. There is just one DLC left in this report, Rio Tinto, which widened to 11.8%.
Recommended trades: GBL vs. listed assets, Industrivärden C vs. listed assets, Investor B vs. listed assets; Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto (DLC).


Selected European Holdcos and DLCs: April ‘22 Report

Porsche Automobil Holding  / Event-Driven

<ul>
<li>Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;</li>
<li>Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.</li>
<li>Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.</li>
</ul>


Discounts to NAV of holdcos have generally tightened during March: Alba, widened to 40.3%; GBL tightened to 30.7%; Heineken Holdings tightened to 17.7%; Industrivärden C tightened to 6.2%;
Investor B tightened to 5.7%; Porsche Automobile Holding (FY 2021 results) widened to 28.8%. There is just one DLC left in this report, Rio Tinto.
Recommended trades: GBL vs. listed assets, Porsche vs. VW (long 1 PAH3 GR/short 0.5136 VOW GR), Rio Tinto.


Selected European Holdcos and DLCs: March ‘22 Report

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Group-buying / In Depth: The shake-out of China’s community group-buying market</li><li>Huawei / Huawei’s 2021 net profit soars 76% even as revenue plummets</li><li>Tax relief / China offers tax relief for workers with children under age 3</li></ul>

Group-buying / In Depth: The shake-out of China’s community group-buying marketHuawei / Huawei’s 2021 net profit soars 76% even as revenue plummetsTax relief / China offers tax relief for workers with children under age 3

CX Daily: The Shake-Out of China’s Community Group-Buying Market

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

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Rio Tinto Ltd (RIO AU)

BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn,...

Sumeet Singh

Woodside Shareholders Approve Deal but Not WPL's Green Credentials; Now People Talk About Flows

Woodside shareholders approve the merger with BHP Petroleum creating a top 10 global independent. Articles will now talk about sell flow/overhang,...

Travis Lundy

Selected European Holdcos and DLCs: April ‘22 Report

Discounts to NAV of holdcos have generally widened during April in line with the market volatility. The insight incorporates some Q1 results.

Jesus Rodriguez Aguilar

Selected European Holdcos and DLCs: March ‘22 Report

Discounts to NAV of covered European holdcos have generally tightened during March. Recommended trades: GBL vs. listed assets, Porsche vs. VW (long...

Jesus Rodriguez Aguilar

CX Daily: The Shake-Out of China’s Community Group-Buying Market

The shake-out of China’s community group-buying market; China doles out support for businesses amid worst Covid outbreak since 2020

Caixin Global

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