Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Brookfield Asset Management/MidOcean Energy's tilt for <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, faced two major hurdles. </li>
<li>The first was ACCC approval. Not just over competition issues, but also the perceived/apparent public benefit from Brookfield's future commitment to renewable generation. ACCC has now cleared the transaction. 
</li>
<li>The second is currying favour with shareholders, several of whom, including AustralianSuper (13.68% stake), reckon the Offer is substantially below long-term value. This needs a bump.</li>
</ul>


Brookfield Asset Management/MidOcean Energy's tilt for Origin Energy (ORG AU), faced two major hurdles. 
The first was ACCC approval. Not just over competition issues, but also the perceived/apparent public benefit from Brookfield's future commitment to renewable generation. ACCC has now cleared the transaction. 

The second is currying favour with shareholders, several of whom, including AustralianSuper (13.68% stake), reckon the Offer is substantially below long-term value. This needs a bump.


Origin/Brookfield: ACCC Rubber Stamped. Now Shareholders Will Have Their Say

<ul>
<li>After <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> entered into a Scheme Implementation Deed with Brookfield Asset Management/MidOcean Energy in late March, the ACCC approval process has played out in the public eye.</li>
<li>And it hasn't been all beer and Skittles for the Offerors. Not just on competition issues. But also the perceived/apparent public benefit from Brookfield's future commitment to renewable generation.  </li>
<li>All the while, the ACCC recently blocked <a href="https://www.smartkarma.com/entities/australia-and-new-zealand-banking-group-anz" target="_blank" data-smartkarma-citation="entities:443:1" rel="noopener">ANZ (ANZ AU)</a>’s acquisition of Suncorp Bank, and <a href="https://www.smartkarma.com/entities/telstra-corp-ltd" target="_blank" data-smartkarma-citation="entities:690:1" rel="noopener">Telstra Corp (TLS AU)</a>/<a href="https://www.smartkarma.com/entities/tpg-telecom-ltd-5b64c473-761f-4a0a-a7f9-95770efefa20" target="_blank" data-smartkarma-citation="entities:30984:1" rel="noopener">TPG Telecom (TPG AU)</a>'s mobile network sharing deal. </li>
</ul>


After Origin Energy (ORG AU) entered into a Scheme Implementation Deed with Brookfield Asset Management/MidOcean Energy in late March, the ACCC approval process has played out in the public eye.
And it hasn't been all beer and Skittles for the Offerors. Not just on competition issues. But also the perceived/apparent public benefit from Brookfield's future commitment to renewable generation.  
All the while, the ACCC recently blocked ANZ (ANZ AU)’s acquisition of Suncorp Bank, and Telstra Corp (TLS AU)/TPG Telecom (TPG AU)'s mobile network sharing deal. 


Origin Energy: ACCC's Concerns And Brookfield's Quid Pro Quo

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 analyzed the changes in short interest of ASX Stocks as of May 19th (reported today) which has an aggregated short interest worth USD16.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 19th (reported today) which has an aggregated short interest worth USD16.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest Mining.


ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while</li>
<li>There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.


ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.</li>
<li>For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Tianqi managed to pull off the largest HK IPO so far this year, a good listing could see a pickup in other large deals.
For placements, SK IE couldn't hold on to its deal price, while Ming Yang kicked off what might be a busy GDR season.


ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

Australia

TPG Telecom Ltd provides telecommunication services. The Company offers mobile and fixed broadband solutions. Vodafone Hutchison Australia serves customers in Australia.

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TPG Telecom (TPG AU)

Origin/Brookfield: ACCC Rubber Stamped. Now Shareholders Will Have Their Say

Shares are up 4.5% today to A$9.15, as I type, suggesting ~7% upside to a possible A$9.80/share revised Offer. I'd be picking up shares around here.

David Blennerhassett

Origin Energy: ACCC's Concerns And Brookfield's Quid Pro Quo

The integrated energy play is trading at a healthy 5.1% gross spread to terms, with an off-ramp perhaps mid-1Q24. I would be a buyer around here.

David Blennerhassett

ASX Short Interest Weekly (May 19th): Wesfarmers, Coles, Xero, ANZ, Bhp, Woolworths, Newcrest

We analyzed ASX short interest report for the past week and highlight short interest changes in Wesfarmers, Coles, Xero, ANZ, BHP, Woolworths,...

Ke Yan, CFA, FRM

ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ECM Weekly (10th Jul 2022) -Tianqi, Thai Life, TPG, SK IE, Weilong, Emperador, Soosan, SoCar, Deewin

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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