Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell 7% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>  to fund its budget requirements for 2023-24.</li>
<li>Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

<ul>
<li>TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.</li>
<li>The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.</li>
<li>In this note, we talk about the upcoming lock-up release and its dynamics.</li>
</ul>


TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.
The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.
In this note, we talk about the upcoming lock-up release and its dynamics.


TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

DigiCo Infrastructure REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digico-reit" target="_blank" data-smartkarma-citation="entities:44091:1" rel="noopener">DigiCo REIT (DIGICO AU)</a> raised around US$1.3bn in its Australian IPO.</li>
<li>DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO.
DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.


DigiCo Infrastructure REIT IPO Trading - Now for the Real Test, Ex-Adjustments

Australia

Sydney Airport operates the Sydney, Australia airport. The Company develops and maintains the airport infrastructure and leases terminal space to airlines and retailers.

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Sydney Airport (SYD AU)

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Auckland Airport just reported its full year results, this in effect frees its largest shareholder, Auckland City Council to progress with its...

Sumeet Singh

TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and David Teoh,...

Sumeet Singh

DigiCo Infrastructure REIT IPO Trading - Now for the Real Test, Ex-Adjustments

DigiCo REIT (DIGICO AU) raised around US$1.3bn in its Australian IPO. We have looked at the company's past performance earlier, in this note we...

Sumeet Singh

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