Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p><a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is a head-scratcher.</p>
<div>
<p>Below is a timeline of events that unfolded since April last year, together with my insights:</p>
</div>
<div>
<table class="table table-striped">
<tbody>
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<td style="width: 139.871px;">
<h3>Date</h3>
</td>
<td style="width: 606.141px;">
<h3>Data in the Date</h3>
</td>
</tr>
<tr>
<td style="width: 139.871px;">7-Apr-20</td>
<td style="width: 606.141px;">
<div>
<p>Temasek was understood to be selling 135.2m shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg. <br><br><em><a href="https://skr.ma/Y44cD" target="_blank" rel="noopener">Intouch: Temasek Trims Stake; More To Come</a></em></p>
</div>
</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Aug-20</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>’s board of directors <a href="https://www.set.or.th/set/newsdetails.do?newsId=15985721258680&amp;language=en&amp;country=US" target="_blank" rel="noopener">decided</a> to hold no more than a 10% stake in <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>. As of August 21, Gulf holds a 7.99% stake in Intouch.<br><br><em><a href="https://skr.ma/c7MNt" target="_blank" rel="noopener">StubWorld: Gulf's Questionable Stake In Intouch</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">6-Oct-20</td>
<td style="width: 606.141px;">10% was achieved on the <a href="https://www.set.or.th/dat/news/202010/20111444.pdf" target="_blank" rel="noopener">6 October</a>, making Gulf the second-largest shareholder behind <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> (21%). </td>
</tr>
<tr>
<td style="width: 139.871px;">30-Dec-20</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/newsdetails.do?newsId=16092855169460&amp;language=en&amp;country=US" target="_blank" rel="noopener">announced</a> "<em>that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent</em>." As at 30 December, Gulf held <a href="https://www.intouchcompany.com/Download/intuch/INTUCH-Notification%20of%20a%20change%20in%20the%20Company%E2%80%99s%20shareholding%20structure%20made%20by%20a%20major%20shareholder.pdf" target="_blank" rel="noopener">14.39%</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Jan-21</td>
<td style="width: 606.141px;">Gulf holds 15% on <a href="https://www.nationthailand.com/news/30402235" target="_blank" rel="noopener">28 January</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">12-Apr-21</td>
<td style="width: 606.141px;">I (incorrectly) suggested reversing the stub given <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s long-term discount to NAV and the simple ratio (Intouch over <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>) are at all-time extremes.  <br><br><em><a href="https://skr.ma/Vekzg" target="_blank" rel="noopener">StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Apr-21</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/pdfnews.do?newsId=16187886028860&amp;sequence=0" target="_blank" rel="noopener">announced</a> it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl-ca1a971f-2f70-4565-b1fd-dda5b533acd3" target="_blank" data-smartkarma-citation="entities:27653:1" rel="noopener">Advanced Info Service PCL (ADVANC-R TB)</a> at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB</a>.<br><br><em><a href="https://skr.ma/YTbgf" target="_blank" rel="noopener">Intouch Holdings: Gulf's Inexplicable Offer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">1-Jun-21</td>
<td style="width: 606.141px;"> <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> has <a href="https://www.set.or.th/set/newsdetails.do?newsId=16221589634070&amp;language=en&amp;country=US" target="_blank" rel="noopener">reduced</a> the downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.</td>
</tr>
<tr>
<td style="width: 139.871px;">4-Jun-21</td>
<td style="width: 606.141px;">160mn shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> - a 4.99% stake - traded after the close at Bt64.86/share.<br><br><em><a href="https://skr.ma/TpN7Z" target="_blank" rel="noopener">StubWorld: Intouch's Big Share Transfer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">29-Jun-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> starts <a href="https://www.set.or.th/set/pdfnews.do?newsId=16248374186790&amp;sequence=2021071934" target="_blank" rel="noopener">today</a>.  The Offer closes on the 4 August - 25 business days. <br><br><em><a href="https://skr.ma/bBx6r" target="_blank" rel="noopener">StubWorld: Gulf's Curious Offer For Intouch Now Open</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Jul-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153870&amp;sequence=2021078813" target="_blank" rel="noopener">says</a> the Offer from <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> is "appropriate". Equally unsurprising, <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153760&amp;sequence=2021078811" target="_blank" rel="noopener">has</a> the opinion that the shareholders should reject the Tender Offer from Gulf.<br><br><em><a href="https://skr.ma/7DTjP" target="_blank" rel="noopener">StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">5-Aug-21</td>
<td style="width: 606.141px;">The Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl-3e2a0083-1080-4c9c-86c6-10624bce3a2a" target="_blank" data-smartkarma-citation="entities:28056:1" rel="noopener">Intouch Holdings PCL (INTUCH-R TB)</a> has closed with <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> acquiring <a href="https://www.set.or.th/set/pdfnews.do?newsId=16281206078180&amp;sequence=2021084057" target="_blank" rel="noopener">23.32%</a>, taking its stake to 42.25%.<br><br><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> expected (in <em><a href="https://skr.ma/gXuQc" target="_blank" rel="noopener">GULF/INTUCH: Large Tenders Will Result in Big Passive Sell</a></em>) FTSE to lower <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).</td>
</tr>
<tr>
<td style="width: 139.871px;">16-Aug-21</td>
<td style="width: 606.141px;">Just 2,032 shares <a href="https://www.set.or.th/set/pdfnews.do?newsId=16290671598140&amp;sequence=2021091609" target="_blank" rel="noopener">tendered</a> into the downstream Offer for AIS. </td>
</tr>
<tr>
<td colspan="2" style="width: 746.012px;"><em>Source: SET announcements, my insights</em></td>
</tr>
</tbody>
</table>
</div>
<div>
<p>Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.</p>
<p>Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.</p>
<p>The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/440/original/image_83946068721631064197442.png?1631064198" class="editor-image img-responsive" data-smartkarma-image-id="228440"></figure>
</div>
<div style="text-align: left;" class="content-caption">Source: CapIQ</div>
<div>
<p>Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.</p>
<h3>The New News</h3>
<p>According to <a href="https://www.isranews.org/article/isranews-news/102276-gov-thaicom-concession-news.html" target="_blank" rel="noopener">local news</a> and Bloomberg - and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>'s SET <a href="https://www.set.or.th/set/pdfnews.do?newsId=16310581966210&amp;sequence=0" target="_blank" rel="noopener">filing</a> - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. </p>
<p>Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.</p>
<p>It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.</p>
<p>More below the fold. </p>
</div>

Intouch Holdings (INTUCH TB) is a head-scratcher.

Below is a timeline of events that unfolded since April last year, together with my insights:






Date


Data in the Date



7-Apr-20


Temasek was understood to be selling 135.2m shares of Intouch Holdings (INTUCH TB) at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg.   Intouch: Temasek Trims Stake; More To Come




28-Aug-20

Gulf Energy Development Public Company (GULF TB)’s board of directors decided to hold no more than a 10% stake in Intouch Holdings (INTUCH TB). As of August 21, Gulf holds a 7.99% stake in Intouch.  StubWorld: Gulf's Questionable Stake In Intouch



6-Oct-20
10% was achieved on the 6 October, making Gulf the second-largest shareholder behind Singtel (ST SP) (21%). 


30-Dec-20
Gulf announced "that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent." As at 30 December, Gulf held 14.39%.


28-Jan-21
Gulf holds 15% on 28 January.


12-Apr-21
I (incorrectly) suggested reversing the stub given Intouch Holdings (INTUCH TB)'s long-term discount to NAV and the simple ratio (Intouch over Advanced Info Service (ADVANC TB)) are at all-time extremes.    StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s



19-Apr-21
Gulf announced it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for Advanced Info Service PCL (ADVANC-R TB) at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for Thaicom Pcl (THCOM TB.  Intouch Holdings: Gulf's Inexplicable Offer



1-Jun-21
 Gulf Energy Development Public Company (GULF TB) has reduced the downstream offer for Advanced Info Service (ADVANC TB) to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.


4-Jun-21
160mn shares of Intouch Holdings (INTUCH TB) - a 4.99% stake - traded after the close at Bt64.86/share.  StubWorld: Intouch's Big Share Transfer



29-Jun-21

Gulf Energy Development Public Company (GULF TB)'s Tender Offer for Intouch Holdings (INTUCH TB) starts today.  The Offer closes on the 4 August - 25 business days.   StubWorld: Gulf's Curious Offer For Intouch Now Open



19-Jul-21

Intouch Holdings (INTUCH TB)'s IFA says the Offer from Gulf Energy Development Public Company (GULF TB) is "appropriate". Equally unsurprising, Advanced Info Service (ADVANC TB)'s IFA has the opinion that the shareholders should reject the Tender Offer from Gulf.  StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS



5-Aug-21
The Offer for Intouch Holdings PCL (INTUCH-R TB) has closed with Gulf Energy Development Public Company (GULF TB) acquiring 23.32%, taking its stake to 42.25%.  Brian Freitas expected (in GULF/INTUCH: Large Tenders Will Result in Big Passive Sell) FTSE to lower Intouch Holdings (INTUCH TB)'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).


16-Aug-21
Just 2,032 shares tendered into the downstream Offer for AIS. 


Source: SET announcements, my insights





Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.
Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.
The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.


Source: CapIQ

Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.
The New News
According to local news and Bloomberg - and Thaicom Pcl (THCOM TB)'s SET filing - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. 
Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.
It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.
More below the fold. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>In 2021, <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> made an offer to acquire all <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> shares at THB65/share. <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> did not tender their then 21% stake.</li>
<li>Now <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF)</a> and <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH)</a> are looking to merge and that will result in VTO's for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>.</li>
<li>The merger will result in an inclusion to the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> in the first quarter of 2025. There is the December rebalance before that.</li>
</ul>


In 2021, Gulf Energy Development (GULF TB) made an offer to acquire all Intouch Holdings (INTUCH TB) shares at THB65/share. Singtel (ST SP) did not tender their then 21% stake.
Now Gulf Energy Development (GULF) and Intouch Holdings (INTUCH) are looking to merge and that will result in VTO's for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB).
The merger will result in an inclusion to the SET 50 Index in the first quarter of 2025. There is the December rebalance before that.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> and <a href="https://www.smartkarma.com/entities/gulf-energy-development-pcl" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development (GULF TB)</a> announced restructuring transactions to merge into NewCo and VTOs for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>. </li>
<li>Shareholders will receive 1.69335 NewCo shares per Intouch share (excluding shares held by Gulf) and 1.02974 NewCo shares per Gulf share.</li>
<li>The key conditions are shareholder approvals, completion of VTOs and purchase of dissenting shares. The transaction is long-dated and expected to be completed in 2Q25.</li>
</ul>



Intouch Holdings (INTUCH TB) and Gulf Energy Development (GULF TB) announced restructuring transactions to merge into NewCo and VTOs for Advanced Info Service (ADVANC TB) and Thaicom Pcl (THCOM TB). 
Shareholders will receive 1.69335 NewCo shares per Intouch share (excluding shares held by Gulf) and 1.02974 NewCo shares per Gulf share.
The key conditions are shareholder approvals, completion of VTOs and purchase of dissenting shares. The transaction is long-dated and expected to be completed in 2Q25.


Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The amalgamation will entail the ratios for allocations of shares in the NewCo to the shareholders of GULF and INTUCH as detailed below.</li><li>The amalgamation process and the establishment of the NewCo are expected to be completed in 2Q25.</li><li>The restructuring is aimed at reducing duplication in the shareholding structure and facilitating growth opportunities in the energy, infrastructure, and digital businesses.</li></ul>

The amalgamation will entail the ratios for allocations of shares in the NewCo to the shareholders of GULF and INTUCH as detailed below.The amalgamation process and the establishment of the NewCo are expected to be completed in 2Q25.The restructuring is aimed at reducing duplication in the shareholding structure and facilitating growth opportunities in the energy, infrastructure, and digital businesses.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener"><strong>Intouch Holdings (INTUCH TB)</strong></a> plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. </li>
<li>Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Intouch Holdings (INTUCH TB) plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile. 
Preceding my comments on Intouch are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Intouch "Cheap" As Thaksin Returns

Thailand

Symphony Communication PCL provides Internet services. The Company provides Ethernet services throughout the Bangkok Metropolitan areas.

Samart Telcoms Public Company Limited provides satellite communication network services.  The Company's products and services include international video conferencing, Local Area Network (LAN), Wide Area Network (WAN) via satellite links, Electronic Data Interchange (EDI), and high speed corporate internet access.

Jasmine International Public Company Limited provides telecommunication services including fixed-telephone lines, wireless network, digital network and internet access services. The Company also distributes telecommunication equipment through its own retail chain stores.

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

Total Access Communication Public Company Limited provides cellular mobile telephone services under WorldPhone 800 and WorldPhone 1800 brand names throughout Thailand. The Company also sells cellular handsets and other telecommunications equipment through its WorldMedia network of retail stores.

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

Digital Telecommunications Infrastructure Fund is a closed-ended fund that owns telecommunications towers and other related passive telecommunications infrastructure for mobile telecommunications services. Digital Telecommunication also owns core fiber optic cable grid and related transmission equipment and an up-country broadband system.

Digital Telecommunications Infrastructure Fund (DIF TB)

Digital Telecommunications Infrastructure Fund

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

HKBN Ltd., provides telephone voice and data communications services. The Company offers wireless internet service, IDD and IPTV service, local telephony services, and other value-added services.

KINX INC is the Internet linkage and line adapter service providing firm.  The Company provides IX and Internet Data Center service to the network service providers to reduce the traffic and to contruct Internet infrastructure.  KINX also provides VoIP service.

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

Dr. Peng Telecom & Media Group Co., Ltd. provides value-added telecommunications services. The company offers Internet access, e-government, Internet data center, and private network and operations services, as well as network security monitoring, city surveillance, toll-shunt, and other value-added network services.

Sri Lanka Telecom PLC operates a telecommunications company, which specializes within the South 
Asian region. The Group provides domestic and international telephone coverage, voice mail, fax and 
telex messages, Internet  and e-mail services, and an expanding cellular network.

Vision Inc. provides a variety of telecommunication services, including fixed-line telecom, wireless telecom and wifi services. The company also provides distribution and lease service of office equipments and communications equipments.

PT Link Net Tbk provides internet services. The Company offers high-speed internet connection through fiber optic lines. Link Net caters to retail and corporate customers throughout Indonesia.

FreeBit Co., Ltd. provides Internet connectivity outsourcing services for Internet service providers.  The Company also offers ubiquitous networking environment.  FreeBit provides consulting services for Internet related businesses as well.

Redtone International Berhad is an investment holding company. The Company, through its subsidiaries, offers telecommunications services and solutions and office communication solutions.

PT Bali Towerindo Sentra Tbk operates in the tower leasing industry. The Company leases  antenna space on self-owned multi-tenant Base Transceiver Station towers primarily to mobile cellular operators.

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

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Thaicom Pcl (THCOM TB)

Intouch (INTUCH TB): It's All Happening

Current levels for Intouch are unsustainable and unjustifiable. I like to see this premium reverse before getting involved. The fortunes of...

David Blennerhassett

GULF/INTUCH Merger & ADVANC/THCOM VTO's

GULF and INTUCH are looking to merge with the merger ratio very close to current levels. Shareholders are unlikely to tender into the ADVANC and...

Brian Freitas

Gulf (GULF TB)/Intouch (INTUCH TB) Merger and ADVANC/THCOM VTOs

The vote risk is minimal. With Advanced Info and Thaicom trading above the VTO prices, the swap ratio trade seems the best way to play the merger...

Arun George

GULF-INTUCH Amalgamation

Restructuring is aimed at reducing duplication in the shareholding structure and facilitating growth opportunities in the energy, infrastructure,...

Krungthai XSpring

StubWorld: Intouch "Cheap" As Thaksin Returns

The negative implied stub and NAV discount are arguably close to the long-term averages. Strange things happen in Thailand. And Thaksin's return...

David Blennerhassett

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