In today’s briefing:
- Halcyon Agri: Hainan Rubber’s Conditional MGO
- Delhivery IPO Lockup Expiry – US$2.8bn Lockup Release, with Softbank the Largest Holder
- Growatt Technology Pre-IPO – Thoughts on Valuation
- PTB Group: Scheme Approved. Now For The Dividend
- Ametek Inc: Recent Acquisitions & Other Developments
Halcyon Agri: Hainan Rubber’s Conditional MGO
- Halcyon Agri (HACL SP) has announced Sinochem, its largest shareholder with 65.2%, has entered into a SPA to sell 36% of shares out to China Hainan Rubber Industry (601118 CH).
- Upon completion of the SPA, Hainan Rubber will make an MGO, conditional on a 50% tendering acceptance. Sinochem has provided an undertaking not to tender its remaining 29.2% stake.
- The Offer Price? The SPA price is US$0.315/share and the Offer Price will be the SGD equivalent at the close of the SPA.
Delhivery IPO Lockup Expiry – US$2.8bn Lockup Release, with Softbank the Largest Holder
- In May 2022, Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.
- Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
- In this note, we will talk about the upcoming lockup expiry.
Growatt Technology Pre-IPO – Thoughts on Valuation
- Growatt Technology (1833969D CH) is looking to raise about US$500m 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 the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.
PTB Group: Scheme Approved. Now For The Dividend
- PTB Group Ltd (PTB AU) shareholders comprehensively approved the PAG Scheme on the 16 November. Shares will be suspended from trading at the close on the 30 November.
- However, before the trading halt, PTB’s board is expected to declare a final (and fully franked) dividend to Scheme shareholders up to the amount of A$0.03/share.
- Expect that declaration to occur on or around Monday, 28 November.
Ametek Inc: Recent Acquisitions & Other Developments
- Ametek’s stock price has surged as the company delivered excellent results with strong sales growth as well as solid operational execution, thus leading to high earnings, both of which were well above market expectations.
- Ametek also sees continued broad-based and strong demand across its diversified niche markets that leads to impressive organic order growth.
- The Electronic Instruments Group of the company delivered excellent operating performance having broad-based and continued strong growth.
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