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>
<a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a> received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).</li>
<li>The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.</li>
<li>The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional. </li>
</ul>



Singapore Medical (SMG SP) received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).
The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.
The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional. 


Singapore Medical’s Light VGO Offer from Top Management

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Healthcare provider <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a> has announced a voluntary conditional general offer from TLW Success, an entity equally controlled by three senior members of management.</li>
<li>TLW is offering S$0.37/share, a 13.8% premium to last close. Shareholders are afforded an unlisted scrip option.</li>
<li>TLW shareholders hold 16.49%. Irrevocables another 35.18%, or 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror. The acceptance level condition may be reduced. </li>
</ul>


Healthcare provider Singapore Medical (SMG SP) has announced a voluntary conditional general offer from TLW Success, an entity equally controlled by three senior members of management.
TLW is offering S$0.37/share, a 13.8% premium to last close. Shareholders are afforded an unlisted scrip option.
TLW shareholders hold 16.49%. Irrevocables another 35.18%, or 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror. The acceptance level condition may be reduced. 


Singapore Medical: Management's Low-Balled Buyout

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Qualitas Medical Group / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/26971" target="_blank" data-smartkarma-citation="entities:26971:1" rel="noopener">Qualitas Medical Group (QMGL SP)</a> is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make strategic investments and acquisitions, seek out organic growth and initiatives, and general corporate purposes.
In this insight, we will look at the company's business, examine the changes since it got privatized in 2011, compare it against other regional healthcare peers. We will also run the deal through our ECM framework.

Qualitas Medical Group (QMGL SP) is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make strategic investments and acquisitions, seek out organic growth and initiatives, and general corporate purposes.
In this insight, we will look at the company's business, examine the changes since it got privatized in 2011, compare it against other regional healthcare peers. We will also run the deal through our ECM framework.

Qualitas Medical Group IPO Review - Valuation up 95% in One Month

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.

Thematic (Sector/Industry)

<ul><li>Singapore lists comparatively more stocks in the GICS® ‘Healthcare Providers and Services’ sub-sector than the global norm, with capitalisation growth outpacing the world.</li><li>Singapore's 14 primary listings in the sub-sector generated a 12M median return of 24% (or 45% average gain excluding new listing HC Surgical Specialists' 115% gain on its initial offer price).</li><li>Four of the 14 primary listings - Singapore Medical Group, Health Management International, TalkMed Group and Singapore O&amp;G - exceeded 50% in 12M returns. The majority of the four stocks reported profit growth for either the 6M or 12M ending 31 Dec 2016 with significant increases in 12M turnover activity. </li></ul>

Singapore lists comparatively more stocks in the GICS® ‘Healthcare Providers and Services’ sub-sector than the global norm, with capitalisation growth outpacing the world.Singapore's 14 primary listings in the sub-sector generated a 12M median return of 24% (or 45% average gain excluding new listing HC Surgical Specialists' 115% gain on its initial offer price).Four of the 14 primary listings - Singapore Medical Group, Health Management International, TalkMed Group and Singapore O&amp;G - exceeded 50% in 12M returns. The majority of the four stocks reported profit growth for either the 6M or 12M ending 31 Dec 2016 with significant increases in 12M turnover activity. 

Singapore's Strongest Performing Healthcare Providers of Past Year

Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

The death of <a href="http://www.rememberingleekuanyew.sg/" target="_blank">Lee Kuan Yew</a>&nbsp;takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep sadness for all Singaporeans including those of us at <a href="http://www.centennialasia.com/" target="_blank">Centennial Asia</a>.His extraordinary leadership at crucial moments in Singapore&rsquo;s history - the traumatic merger and then separation with Malaysia, the confrontation with Indonesia, ethnic tensions, and countless economic challenges and crises - made what is Singapore today. His record of decisiveness and pragmatism and his success in creating strong institutions and a durable national consensus that unites the country mark him out from other leaders of developing nations.<blockquote>Some analysts have suggested that his passing could weaken Singapore, perhaps even create some political instability. The evidence suggests otherwise.</blockquote>

The death of Lee Kuan Yew&nbsp;takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep sadness for all Singaporeans including those of us at Centennial Asia.His extraordinary leadership at crucial moments in Singapore&rsquo;s history - the traumatic merger and then separation with Malaysia, the confrontation with Indonesia, ethnic tensions, and countless economic challenges and crises - made what is Singapore today. His record of decisiveness and pragmatism and his success in creating strong institutions and a durable national consensus that unites the country mark him out from other leaders of developing nations.Some analysts have suggested that his passing could weaken Singapore, perhaps even create some political instability. The evidence suggests otherwise.

Singapore: Lee Kuan Yew's enduring legacy of strong institutions will see Singapore through

Singapore

Singapore Medical Group Ltd. operates medical clinics throughout Singapore. The Company's principal activities lie in the provision of multi-disciplinary specialist healthcare services across the fields of ophthalmology, sports medicine, aesthetic medicine and oncology.

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Singapore Medical (SMG SP)

Singapore Medical’s Light VGO Offer from Top Management

The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). At the last close, the...

Arun George

Singapore Medical: Management's Low-Balled Buyout

SMG is trading at a 2.7% gross spread to terms. This transaction will get up. But it is not a super liquid arb situation.

David Blennerhassett

Qualitas Medical Group IPO Review - Valuation up 95% in One Month

Qualitas Medical Group (QMGL SP) is looking to raise approximately US$102m in its upcoming IPO. The company will be using the proceeds to make...

Zhen Zhou, Toh

Singapore's Strongest Performing Healthcare Providers of Past Year

Singapore lists comparatively more stocks in the GICS® ‘Healthcare Providers and Services’ sub-sector than the global norm, with capitalisation...

Singapore Exchange Ltd (SGX)

Singapore: Lee Kuan Yew's enduring legacy of strong institutions will see Singapore through

The death of Lee Kuan Yew takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep...

Manu Bhaskaran

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