Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International (JAS TB)</a>  is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in  <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband Internet Infrastructure Fund (JASIF TB)</a>.</li>
<li>With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.</li>
<li>This sounds like a situation worth a second look. So I look.</li>
</ul>



Jasmine International (JAS TB)  is in the home straight to sell its 99.8% interest in Triple T Broadband (TTTBB), and 19% stake in  Jasmine Broadband Internet Infrastructure Fund (JASIF TB).
With Bt 32.4bn in proceeds coming through the door, JAS would have net cash of ~Bt 24.8bn against a current market cap of ~Bt 24bn.
This sounds like a situation worth a second look. So I look.


Soon-To-Be Cashed-Up Jasmine After Broadband Sale

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a>'s shareholders approved <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 (ADVANC TB)</a> acquiring its subsidiary Triple T Broadband, and to buy 19% of <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband (JASIF TB)</a>.</li>
<li>The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.</li>
<li>Separately, the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">DTAC</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True</a> merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.</li>
</ul>



Jasmine International PCL (JAS TB)'s shareholders approved Advanced Info Service (ADVANC TB) acquiring its subsidiary Triple T Broadband, and to buy 19% of Jasmine Broadband (JASIF TB).
The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.
Separately, the DTAC / True merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.


Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

3BB Internet Infrastructure Fund / Equity Bottom-Up

<ul>
<li>Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.</li>
<li>2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.</li>
<li>Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.</li>
</ul>


Maintain HOLD rating with TP of Bt8.80 derived from DCF(WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn(Flat YoY, Flat QoQ)due to the flat revenue based on the contract with TTTBB.
2Q22 core profit remains flat in-line with our expectation   2Q22 net profit was Bt1.4b (-32% YoY, -13% QoQ) due to asset revaluation losses.
Excluding unrealized losses from asset revaluation of Bt800m,2Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.


<ul>
<li>Silchester's effort to raise awareness in <a href="https://www.smartkarma.com/entities/chugoku-bank-ltd" target="_blank" data-smartkarma-citation="entities:11177:1" rel="noopener">Chugoku Bank (8382 JP)</a> failed. Still, if you had a basket of regional bank longs and shorts, Chugoku would be in the short basket. </li>
<li>Dye &amp; Durham reloads a higher Offer after <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>'s rejection. This probably still needs a (small) bump in terms to get up. </li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>is trading at a significant discount to its SOTP. A part of its Fintech segment (Rakuten Bank) could be worth ~50% of total market cap.</li>
</ul>


Silchester's effort to raise awareness in Chugoku Bank (8382 JP) failed. Still, if you had a basket of regional bank longs and shorts, Chugoku would be in the short basket. 
Dye &amp; Durham reloads a higher Offer after Link Administration (LNK AU)'s rejection. This probably still needs a (small) bump in terms to get up. 

Rakuten Inc (4755 JP)is trading at a significant discount to its SOTP. A part of its Fintech segment (Rakuten Bank) could be worth ~50% of total market cap.


Last Week in Event SPACE: Chugoku Bank, Link Admin, Rakuten, Tassal, Pipedo

<ul>
<li>There are 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deal this week: <a href="https://www.smartkarma.com/entities/pipedo-hd-inc" target="_blank" data-smartkarma-citation="entities:26982:1" rel="noopener">Pipedo HD Inc (3919 JP)</a>'s MBO</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>,<a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a><a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a>, and <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>.</li>
</ul>


There are 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal this week: Pipedo HD Inc (3919 JP)'s MBO
Key updates took place for: Link Administration (LNK AU), Tassal (TGR AU),Giordano (709 HK)Hwa Hong (HWAH SP), SPH REIT (SPHREIT SP), and Mapletree Commercial Trust (MCT SP).


Asia-Pac Weekly Risk Arb Wrap: Pipedo, Link Administration, Tassal, Giordano, Hwa Hong, SPH REIT

Thailand

3BB Internet Infrastructure Fund operates as a closed-end infrastructure fund. The Company invests primarily in the telecommunication network infrastructure projects. 3BB Internet Infrastructure Fund serves clients in Thailand.

3BB Internet Infrastructure Fund (3BBIF TB)

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3BB Internet Infrastructure Fund (3BBIF TB)

Soon-To-Be Cashed-Up Jasmine After Broadband Sale

The more you dig into JAS, the less likely this is a great investment. JAS is selling its core assets, and deploying the proceeds into business...

David Blennerhassett

Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

I'd still be shorting Intouch here and buying Advanced Info. I believe a more reasonable discount to NAV target is >20%.

David Blennerhassett

JASIF : 2Q22 Core Profit Remains Flat

Maintain HOLD rating with TP of Bt8.80 derived from DCF (WACC=8.02%, g=0%). JASIF’s 2Q22 core profit was Bt2.2bn (Flat YoY, Flat QoQ) due to the...

Pi Securities PCL, Thailand

Last Week in Event SPACE: Chugoku Bank, Link Admin, Rakuten, Tassal, Pipedo

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Pipedo, Link Administration, Tassal, Giordano, Hwa Hong, SPH REIT

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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