In this briefing:
- Maoyan Entertainment (猫眼娱乐) IPO: Lackluster Demand but CNY Blockbusters Could Be a Catalyst
- Healthscope (HSO AU): Don’t Count on a Material Bump to Brookfield’s Binding Offer
1. Maoyan Entertainment (猫眼娱乐) IPO: Lackluster Demand but CNY Blockbusters Could Be a Catalyst
Maoyan Entertainment was priced at HKD 14.8/share and will start trading today. We summarize the latest information with updates on our valuation in this short note, prior to the trading debut. Our recent studies on the movies slotted to launch during the Chinese New Year period suggest that the box office during the CNY period could be a positive catalyst to Maoyan, which lists right before the CNY.
Our previous coverage on Maoyan Entertainment
2. Healthscope (HSO AU): Don’t Count on a Material Bump to Brookfield’s Binding Offer
Healthscope Ltd (HSO AU), Australia’s second-largest private hospital operator, finally received a firm but marginally lower offer from Brookfield Asset Management (BAM US) through a recommended implementation deed.
With Brookfield’s binding proposal providing a floor, the shares are viewed as attractive as BGH-AustralianSuper, a rival bidder could start a bidding war. However, we maintain our view that in the event AustralianSuper decides to stick with the consortium, BGH-AustralianSuper’s improved offer is unlikely to provide material upside.
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