In today’s briefing:
- Chip Eng Seng: Low-Balled MBO At $0.72/Share
- Growatt Technology Pre-IPO – Still Looks Good, Updated Thoughts on Valuation
- TS Group (Global) Pre-IPO Tearsheet
Chip Eng Seng: Low-Balled MBO At $0.72/Share
- Conglomerate Chip Eng Seng Corp (CHIP SP) (CES) has announced a voluntary Offer of S$0.72/share from a Tang family-owned entity. The price is a 1.4% premium to last close.
- The Tang’s hold 38.23% and the Offer is conditional on a 50% acceptance condition.
- The Offer price is a 27.3% discount to CES’ NAV as of 30 June 2022 – no such mention in the announcement. The Offer price has not been declared final.
Growatt Technology Pre-IPO – Still Looks Good, Updated Thoughts on Valuation
- Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
- In our previous notes, we looked at various aspects of the company’s performance. In this note, we’ll provide our updated thoughts on the company’s valuation.
TS Group (Global) Pre-IPO Tearsheet
- TS Group (Global) (TS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners are JPM, and China Merchant Securities.
- TS Group (Global) is a container shipping firm primarily focusing on the Asia region, which as per the Drewry report, is the largest and one of the fastest growing regions.
- As of Jun 2022, it had a total of 52 vessels, consisting of 26 owned vessels and 26 chartered-in vessels, with a total capacity of 107,907 total equivalent units (TEU).
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