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Morningstar, Inc.

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Event-Driven

CK Infrastructure Holdings / Event-Driven

<ul><li>Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive.</li><li>CKI and Power Assets have significant stakes in common assets. The merger will simplify the ownership structure, remove a layer of costs and provide the firm with direct access to the underlying cash flows.</li><li>Power Assets also brings significant excess cash, which we we think will be better utilised within the combined and simplified structure, providing funds to increase earnings.</li></ul>Analyst: Jennifer SongRegional Director: Lorraine Tan, CFAFull report below the fold....

Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive.CKI and Power Assets have significant stakes in common assets. The merger will simplify the ownership structure, remove a layer of costs and provide the firm with direct access to the underlying cash flows.Power Assets also brings significant excess cash, which we we think will be better utilised within the combined and simplified structure, providing funds to increase earnings.Analyst: Jennifer SongRegional Director: Lorraine Tan, CFAFull report below the fold....

Proposed Takeover of Power Assets Holdings is Positive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

CK Infrastructure Holdings / Equity Capital Markets

We would take the deal, given:<ol><li>The deal scores well on our Momentum-Adjusted Deal Stag Framework for its track record of outperformance vs. the index and peers </li><li>In its previous three deals, the stock has returned 4% on average in the first month, with the worst performance being 0% . Over one year the stock has returned 16% on average over deal price.&nbsp; </li><li>The deal will increase the free-float and large institutions like Capital Group and Blackrock have been adding to their holdings over the past few months (as per Bloomberg) and thus, will likely use this opportunity to add to their holdings </li><li>The proceeds from the deal will be used to finance the acquisition of EverSholt Rail Group and should add to EPS upon completion </li><li>The deal provides a good opportunity to co-invest along with Li Family as the continue shopping for utility assets around the globe</li></ol>

We would take the deal, given:The deal scores well on our Momentum-Adjusted Deal Stag Framework for its track record of outperformance vs. the index and peers In its previous three deals, the stock has returned 4% on average in the first month, with the worst performance being 0% . Over one year the stock has returned 16% on average over deal price.&nbsp; The deal will increase the free-float and large institutions like Capital Group and Blackrock have been adding to their holdings over the past few months (as per Bloomberg) and thus, will likely use this opportunity to add to their holdings The proceeds from the deal will be used to finance the acquisition of EverSholt Rail Group and should add to EPS upon completion The deal provides a good opportunity to co-invest along with Li Family as the continue shopping for utility assets around the globe

CKI (1038 HK) - Deal provides the opportunity to ride along; take the deal

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Sino American Silicon Products / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/sino-american-silicon-products-inc" target="_blank" data-smartkarma-citation="entities:3441:1" rel="noopener">Sino American Silicon Products (5483 TT)</a>  is a Taiwan-based company mainly engaged in the research, development, design, manufacture, and distribution of semiconductor wafer products with subsidiaries in both listed and unlisted companies including <a href="https://www.smartkarma.com/entities/globalwafers-co-ltd" target="_blank" data-smartkarma-citation="entities:17916:1" rel="noopener">Globalwafers (6488 TT)</a> , <a href="https://www.smartkarma.com/entities/parade-technologies-ltd" target="_blank" data-smartkarma-citation="entities:6987:1" rel="noopener">Parade Technologies (4966 TT)</a> , <a href="https://www.smartkarma.com/entities/actron-technology-corp" target="_blank" data-smartkarma-citation="entities:4989:1" rel="noopener">Actron Technology (8255 TT)</a> and <a href="https://www.smartkarma.com/entities/advanced-wireless-semiconduc" target="_blank" data-smartkarma-citation="entities:16559:1" rel="noopener">Advanced Wireless Semiconduc (8086 TT)</a> with only in Globalwafers - SAS owns more than 51%.
The large discount between SAS and its subsidiaries could be due to 1) lack of bulge-bracket coverage, 2) higher polysilicon price 3) and 3) weak 1H demand from the solar and the semiconductor from COVID-19 plague which caused investors to care less about the value dislocation between SAS and its subsidiaries.
With a somewhat certain 28-30% gain in the earning as early Q1 2022, investors should start slowly building positions in SAS as the risk-off beast may disturb the confidence in the equity market much longer than what investors would like. The second scenario of increasing stake in Parade Tech should be treated as a call option as when it happens, it is a bonus of another 24%. Thus the total upside could be around 54%. 
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Besides the above-mentioned reasons, <a href="https://www.smartkarma.com/entities/sino-american-silicon-products-inc" target="_blank" data-smartkarma-citation="entities:3441:1" rel="noopener">Sino American Silicon Products (5483 TT)</a> remains a smart way to gain exposure in Globalwafers which trades at 24x PER, compared to SAS that trades at 13x PER. The other factor is that Globalwafers dividend yield is 2.28% while SAS is 5.22%. 
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Sino American Silicon Products (5483 TT)  is a Taiwan-based company mainly engaged in the research, development, design, manufacture, and distribution of semiconductor wafer products with subsidiaries in both listed and unlisted companies including Globalwafers (6488 TT) , Parade Technologies (4966 TT) , Actron Technology (8255 TT) and Advanced Wireless Semiconduc (8086 TT) with only in Globalwafers - SAS owns more than 51%.
The large discount between SAS and its subsidiaries could be due to 1) lack of bulge-bracket coverage, 2) higher polysilicon price 3) and 3) weak 1H demand from the solar and the semiconductor from COVID-19 plague which caused investors to care less about the value dislocation between SAS and its subsidiaries.
With a somewhat certain 28-30% gain in the earning as early Q1 2022, investors should start slowly building positions in SAS as the risk-off beast may disturb the confidence in the equity market much longer than what investors would like. The second scenario of increasing stake in Parade Tech should be treated as a call option as when it happens, it is a bonus of another 24%. Thus the total upside could be around 54%. 

Besides the above-mentioned reasons, Sino American Silicon Products (5483 TT) remains a smart way to gain exposure in Globalwafers which trades at 24x PER, compared to SAS that trades at 13x PER. The other factor is that Globalwafers dividend yield is 2.28% while SAS is 5.22%. 


Sino American Silicon (5483): Entry to Globalwafers and Others

Hong Kong

CK Infrastructure Holdings Limited (CKI) operates as a real assets investment company. The Company invests in energy, transportation, water, and electricity generation sectors. CKI serves customers worldwide.

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CK Infrastructure Holdings (1038 HK)

Proposed Takeover of Power Assets Holdings is Positive

Cheung Kong Infrastructure's, or CKI's, proposed takeover of Power Assets Holdings is positive. CKI and Power Assets have significant stakes in...

Morningstar, Inc.

CKI (1038 HK) - Deal provides the opportunity to ride along; take the deal

We would take the deal, given: The deal scores well on our Momentum-Adjusted Deal Stag Framework for its track record of outperformance vs. the...

Sumeet Singh

Sino American Silicon (5483): Entry to Globalwafers and Others

Sino American Silicon remains a smart way to gain exposure in Globalwafers (24x PER), compared to SAS (13x PER). The other factor is that...

Henry Soediarko

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