IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Yanlord’s Déjà Vu Cash Offer for United Engineers

Temasek’s Partial Cash Offer for Keppel Built on Promises

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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

<p><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152:1" rel="noopener">Yanlord Land (YLLG SP)</a> marginally increased its cash offer to S$2.70 per share for <a href="https://www.smartkarma.com/entities/united-engineers-ltd" target="_blank" data-smartkarma-citation="entities:15566:1" rel="noopener">United Engineers (UEM SP)</a> as it acquired an additional 6.1% stake at S$2.70 per share. Following the recent share purchases, Yanlord’s stake has increased to 41.4%, which is not far from the 50% stake required for the offer to become unconditional. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/yanlord-s-deja-vu-cash-offer-for-united-engineers" target="_blank" rel="noopener">our previous note</a>, we stated that United Engineers’ shareholders would be better placed holding on to their shares as Yanlord’s offer is far from compelling. Our updated valuation analysis suggests that the revised offer price continues to remain unattractive. </p></div>

Yanlord Land (YLLG SP) marginally increased its cash offer to S$2.70 per share for United Engineers (UEM SP) as it acquired an additional 6.1% stake at S$2.70 per share. Following the recent share purchases, Yanlord’s stake has increased to 41.4%, which is not far from the 50% stake required for the offer to become unconditional. In our previous note, we stated that United Engineers’ shareholders would be better placed holding on to their shares as Yanlord’s offer is far from compelling. Our updated valuation analysis suggests that the revised offer price continues to remain unattractive. 

Yanlord’s Revised Cash Offer for United Engineers Remains Uncompelling