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

Yashili International Holdings / 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, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (GBH HK)</a> pre-marketing a US$500 million HKEx IPO. <a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> closes its books early for its THB17.4 billion (US$462 million) IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, DTAC/True. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Giant Biogene Holding (GBH HK) pre-marketing a US$500 million HKEx IPO. Betagro (BTG TB) closes its books early for its THB17.4 billion (US$462 million) IPO.
Event-Driven developments - Kingston Financial (1031 HK), Yashili International Holdings (1230 HK), China Vast Industrial Urban Development (6166 HK), Elmo Software (ELO AU), Pushpay Holdings (PPH NZ), DTAC/True. 


Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In April, reportedly <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> might sell <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.</li>
<li>The Nikkei says the JIP consortium is the "Preferred Bidder" for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse</li>
<li>Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play <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> private.</li>
</ul>


In April, reportedly Renault (RNO FP) might sell Nissan (7201 JP) shares to support EV investments. We have news talks are coming to a head. The results won't be pretty.
The Nikkei says the JIP consortium is the "Preferred Bidder" for Toshiba Corp (6502 JP). That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse
Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play Golden Energy &amp; Resources (GER SP) private.


Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

<ul>
<li>There are 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new (possible) deals discussed this week: KKR's tilt for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo (ELO AU)</a>; Widjaja Family's move on <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>, Chu's bid for <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>
</li>
<li>Key updates took place for <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/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</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> / <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>, and <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group (PTB AU)</a>.</li>
</ul>


There are 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new (possible) deals discussed this week: KKR's tilt for Elmo (ELO AU); Widjaja Family's move on Golden Energy &amp; Resources (GER SP), Chu's bid for Kingston Financial (1031 HK)

Key updates took place for Toshiba Corp (6502 JP), Pushpay Holdings (PPH NZ), True Corp Pcl (TRUE TB) / Total Access Communication (DTAC TB), and PTB Group (PTB AU).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Elmo Software; Golden Energy, Kingston Financial, Pushpay

Total Access Communication / Event-Driven

<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>With near-on nine-month having lapsed since <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> submitted an amalgamation report, the NBTC may conclude/clarify a sweeping resolution today.</li>
<li>That resolution, prompted by DTAC and True, is expected to establish the NBTC has no authority to consider approving or rejecting the merger, although remedial measures may be enforced.</li>
<li>Further rumours abound as I type that the NBTC decision may be delayed another week. </li>
</ul>


With near-on nine-month having lapsed since True Corp Pcl (TRUE TB) and Total Access Communication (DTAC TB) submitted an amalgamation report, the NBTC may conclude/clarify a sweeping resolution today.
That resolution, prompted by DTAC and True, is expected to establish the NBTC has no authority to consider approving or rejecting the merger, although remedial measures may be enforced.
Further rumours abound as I type that the NBTC decision may be delayed another week. 


Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

True Corp Pcl (TRUE TB)

Weekly Deals Digest (16 Oct) - Yashili, Kingston, Elmo, Pushpay, DTAC/True, Giant Biogene, Betagro

Last week, notable developments occurred in Event-Driven (China VAST, Kingston, Yashili, Elmo, Genex, PTB, Pushpay, DTAC/True) and ECM (Giant...

Arun George

Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Elmo Software; Golden Energy, Kingston Financial, Pushpay

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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

True/DTAC: NBTC's Last Roll Of The Dice?

Recommend going long DTAC short TRUE trade at the current price ratio, using a share ratio. If the deal breaks, you are long DTAC (6.1x forward EV...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)