In today’s briefing:
- Weekly Deals Digest (24 Jul): Thai Life, Bharat FIH, Link, DTAC/True, Pendal, Tassal, Ramsay, AOF
- Merger Arb Mondays (25 Jul) – DTAC/True, Ramsay Health, Link Admin, VNET, Alliance Aviation
- Thai Life Insurance IPO: Trading Debut
Weekly Deals Digest (24 Jul): Thai Life, Bharat FIH, Link, DTAC/True, Pendal, Tassal, Ramsay, AOF
- 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.
- On the ECM front, Thai Life Insurance (TLI TB) will start trading on 25 July, Bharat FIH (BFIH IN) aims to launch an August IPO to raise US$625 million.
- Event-Driven developments at DTAC/True, Link Administration (LNK AU), Pendal Group (PDL AU), Tassal (TGR AU), Suncorp (SUN AU), Hwa Hong Corp (HWAH SP), Excelpoint Technology (EXLP SP), Cocoaland.
Merger Arb Mondays (25 Jul) – DTAC/True, Ramsay Health, Link Admin, VNET, Alliance Aviation
- We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
- The highest spreads are 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Ramsay Health Care (RHC AU), Resapp Health (RAP AU), Yashili International Holdings (1230 HK), True Corp.
- Lowest gross spreads are Excelpoint Technology (EXLP SP), Giordano International (709 HK), Frasers Hospitality Trust (FHT SP), MyDeal.com.au Ltd (MYD AU), Dongzheng Automotive Finance (2718 HK), Cocoaland Holdings (COLA MK).
Thai Life Insurance IPO: Trading Debut
- Thai Life Insurance (TLI TB) will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.
- We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case, Thai Life Insurance IPO: The Bear Case and Thai Life Insurance IPO: Valuation Insights.
- The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair.
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