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>Unsurprisingly, the independent financial advisor (IFA) considers <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s S$1.93 offer for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a> to be fair and reasonable. We think that IFA’s valuation approach is sound. </li>
<li>The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. </li>
<li>We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.</li>
</ul>


Unsurprisingly, the independent financial advisor (IFA) considers WT Microelectronics (3036 TT)'s S$1.93 offer for Excelpoint Technology (EXLP SP) to be fair and reasonable. We think that IFA’s valuation approach is sound. 
The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. 
We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.


Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.</li>
<li>The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.</li>
<li>The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.</li>
</ul>



WT Microelectronics (3036 TT) will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.
The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.
The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.


Excelpoint’s Privatisation Offer from WT

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

When opportunity knocks, how will you answer?
This is one question that frequently swirls in the back of Derek Goh's mind, keeping the Chief Executive Officer of Serial System Ltd focused on what he enjoys most - growing profits and maximising returns for shareholders.
By spending his entire career exploring and capitalising on opportunities that emerged along the way, Goh has transformed a one-man operation into the largest electronics components distributor listed on Singapore Exchange, with annual revenue of more than US$1 billion.
"Life isn't fair, and money is hard to earn. I wasn't born with a silver spoon in my mouth, in fact, all I had was a rusty spoon - one which I had to polish very hard," Goh recalled wryly.

When opportunity knocks, how will you answer?
This is one question that frequently swirls in the back of Derek Goh's mind, keeping the Chief Executive Officer of Serial System Ltd focused on what he enjoys most - growing profits and maximising returns for shareholders.
By spending his entire career exploring and capitalising on opportunities that emerged along the way, Goh has transformed a one-man operation into the largest electronics components distributor listed on Singapore Exchange, with annual revenue of more than US$1 billion.
"Life isn't fair, and money is hard to earn. I wasn't born with a silver spoon in my mouth, in fact, all I had was a rusty spoon - one which I had to polish very hard," Goh recalled wryly.

Serial System Weighs Opportunities in Transformation Drive

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Strong Earnings Sees IT Sector Grow Two-Thirds in 2017 YTD

Tech Sector Led in Sep, Venture now Biggest Stock in the STI Reserve List

Singapore

Serial System Limited trades computer peripherals and components and provides board level integration services and solutions.  The Company also designs, develops, and manufactures consumer digital appliances, integrated circuits, and related electronic components.

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Serial System (SERL SP)

Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5%...

Arun George

Excelpoint’s Privatisation Offer from WT

WT will offer S$1.93 in cash and a final FY2021 dividend of S$0.088 for a total consideration of S$2.018. At the last close of S$1.96, the...

Arun George

Serial System Weighs Opportunities in Transformation Drive

When opportunity knocks, how will you answer? This is one question that frequently swirls in the back of Derek Goh's mind, keeping the Chief...

Singapore Exchange Ltd (SGX)

Strong Earnings Sees IT Sector Grow Two-Thirds in 2017 YTD

Singapore Exchange Ltd (SGX)

Tech Sector Led in Sep, Venture now Biggest Stock in the STI Reserve List

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)