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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> and <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Rakuten Bank (5838 JP), SBI Sumishin Net Bank (7163 JP), Trial Holdings (5882 JP) and PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) IPOs.
Event-Driven developments - Toshiba Corp (6502 JP), Toyo Construction (1890 JP), Golden Energy &amp; Resources (GER SP), Estia Health (EHE AU), Healius (HLS AU), Mincor Resources NL (MCR AU).


Weekly Deals Digest (26 Mar) - Toshiba, Toyo, Healius, Mincor, Rakuten Bank, SBI Sumishin, Harita

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 9th Jan, small lithium player <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a> entered into a Scheme with Tianqi Lithium JV, comprising <a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi (9696 HK)</a> (51%) and <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO (IGO AU)</a> (49%). </li>
<li>The <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02645727-6A1141620?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme Booklet is now out</a>, with a Scheme Meeting tabled for the 20 April. The Independent Expert reckons the Scheme Consideration is fair. FIRB is no longer required. </li>
<li>This is done and has traded tight from the onset.</li>
</ul>


Back on the 9th Jan, small lithium player Essential Metals (ESS AU) entered into a Scheme with Tianqi Lithium JV, comprising Tianqi (9696 HK) (51%) and IGO (IGO AU) (49%). 
The Scheme Booklet is now out, with a Scheme Meeting tabled for the 20 April. The Independent Expert reckons the Scheme Consideration is fair. FIRB is no longer required. 
This is done and has traded tight from the onset.


Essential Metals (ESS AU)'s Scheme: Shareholders To Vote On 20 April. MinRes In The Wings?

<ul>
<li>The IE considers <a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a>/<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a> JV’s A$0.50 offer for <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a> to be fair and reasonable as it is higher than its A$0.283-0.468 valuation. </li>
<li>Odey, the recent substantial shareholder, hoped for a competing proposal which has not materialised. On 10 March, Odey sold down 21% of its holding at A$0.48 per share.</li>
<li>Barring an unlikely competing proposal, this is done. At the last close price and for the 5 May payment, the gross and annualised spread is 3.1% and 28.4%, respectively.</li>
</ul>


The IE considers Tianqi Lithium (9696 HK)/IGO Ltd (IGO AU) JV’s A$0.50 offer for Essential Metals (ESS AU) to be fair and reasonable as it is higher than its A$0.283-0.468 valuation. 
Odey, the recent substantial shareholder, hoped for a competing proposal which has not materialised. On 10 March, Odey sold down 21% of its holding at A$0.48 per share.
Barring an unlikely competing proposal, this is done. At the last close price and for the 5 May payment, the gross and annualised spread is 3.1% and 28.4%, respectively.


Essential Metals (ESS AU): Tianqi/​IGO JV Scheme Meeting on 20 April

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 17th.</li>
<li>We estimate the weekly inflows to be US$2,260.0 million, led by information technology, industrials, materials sectors, and offset by financials, energy.</li>
<li>We highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB .</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 17th.
We estimate the weekly inflows to be US$2,260.0 million, led by information technology, industrials, materials sectors, and offset by financials, energy.
We highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB .


Northbound Flows (Mar 17th): Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.


Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

China

Tianqi Lithium Corporation develops, manufactures, and sells lithium products. The Company produces lithium carbonate, lithium chloride, lithium hydroxide, and other related products. Tianqi Lithium markets its products worldwide.

Price Gauge
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Tianqi Lithium (9696 HK)

Weekly Deals Digest (26 Mar) - Toshiba, Toyo, Healius, Mincor, Rakuten Bank, SBI Sumishin, Harita

Last week, notable developments occurred in Event-Driven (Essential, Estia, Healius, Mincor, Nitro, Jiangnan, Toshiba, Toyo, Golden Energy) and ECM...

Arun George

Essential Metals (ESS AU)'s Scheme: Shareholders To Vote On 20 April. MinRes In The Wings?

Trading at a relatively attractive gross/annualised spread of 2.0%/17.8%, however, this is not a super liquid arb situation. Now that FIRB is hands...

David Blennerhassett

Essential Metals (ESS AU): Tianqi/IGO JV Scheme Meeting on 20 April

Barring an unlikely competing proposal, this is done. At the last close price and for the 5 May payment, the gross and annualised spread is 3.1%...

Arun George

Northbound Flows (Mar 17th): Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

We analyzed the Hong Kong Connect Scheme for February and highlight flows for China Mobile, GWM, Sensetime, Tencent, HKEx, CCB, Meituan, BYD.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Deals Digest (26 Mar) - Toshiba, Toyo, Healius, Mincor, Rakuten Bank, SBI Sumishin, Harita

Last week, notable developments occurred in Event-Driven (Essential, Estia, Healius, Mincor, Nitro, Jiangnan, Toshiba, Toyo, Golden Energy) and ECM...

Arun George

Essential Metals (ESS AU)'s Scheme: Shareholders To Vote On 20 April. MinRes In The Wings?

Trading at a relatively attractive gross/annualised spread of 2.0%/17.8%, however, this is not a super liquid arb situation. Now that FIRB is hands...

David Blennerhassett

Essential Metals (ESS AU): Tianqi/​IGO JV Scheme Meeting on 20 April

Barring an unlikely competing proposal, this is done. At the last close price and for the 5 May payment, the gross and annualised spread is 3.1%...

Arun George

Northbound Flows (Mar 17th): Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL, Moutai, CMB

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Yangtze Power, Tcl Zhonghuan, Ping An Insurance, CATL,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

We analyzed the Hong Kong Connect Scheme for February and highlight flows for China Mobile, GWM, Sensetime, Tencent, HKEx, CCB, Meituan, BYD.

Ke Yan, CFA, FRM

Essential Metals (ESS AU): Tianqi/IGO JV Scheme Meeting on 20 April