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

Total Access Communication / Event-Driven

<ul>
<li>The NBTC Board approved the merger by acknowledging by a vote of 3-2 the intention for <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> and <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> to merge. </li>
<li>The NBTC issued several conditions on the mergers, such as price ceilings, service quality, innovation and spectrum-sharing with MVNOs. The implementation of the conditions will be monitored for five years.</li>
<li>The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied swap ratio of 10.221x.</li>
</ul>


The NBTC Board approved the merger by acknowledging by a vote of 3-2 the intention for True Corp Pcl (TRUE TB) and Total Access Communication (DTAC TB) to merge. 
The NBTC issued several conditions on the mergers, such as price ceilings, service quality, innovation and spectrum-sharing with MVNOs. The implementation of the conditions will be monitored for five years.
The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied swap ratio of 10.221x.


DTAC/True Merger: NBTC Clears the Deal with Conditions

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.

Equity Capital Markets

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the not-so-positive aspects of the deal.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the not-so-positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener"> PT Global Digital Trade (1437710D IJ)</a>  (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the positive aspects of the deal.</li>
</ul>



 PT Global Digital Trade (1437710D IJ)  (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

<ul>
<li>The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October. </li>
<li>The <a href="https://www.bangkokpost.com/business/2412378/regulator-set-to-rule-on-telecom-merger-wednesday" target="_blank" rel="noopener">Bangkok Post reported</a> today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it. </li>
<li>The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.</li>
</ul>


The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October. 
The Bangkok Post reported today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it. 
The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.


DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

<ul>
<li>The <a href="https://www.bangkokpost.com/business/2396261/nbtc-has-no-authority-to-approve-or-reject-telecom-merger" target="_blank" rel="noopener">press reports</a> that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.</li>
<li>The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.</li>
</ul>


The press reports that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.
The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.


DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

Singapore

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

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StarHub Ltd (STH SP)

DTAC/True Merger: NBTC Clears the Deal with Conditions

The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied...

Arun George

PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

BliBli aims to raise up to US$530m in its Indonesian IPO, the company provides ecommerce and travel services in Indonesia. In this note, we talk...

Sumeet Singh

DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share...

Arun George

DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

The NBTC remedial measures will likely focus on consumer protection measures. It is attractive to buy the current price ratio of 9.150x as it is a...

Arun George

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