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

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<p>The finding of the COVID-19 vaccine is not a risk to the company's expanding EBITDA margin (from 35% to between 45-50%) as the demand for COVID-19 specific testing and medical service will continue for a few years longer. The Ministry of Health capped the price but it is still at a premium compared to the non-COVID-19 service rate. </p>
<p>Trading at a 15% PER premium to the domestic peers, the company is valued at a 39% EV/EBITDA discount to the regional peers (thus it is still favorable to ASEAN investors) despite being the most profitable and pristine balance sheet. BUY.</p>

The finding of the COVID-19 vaccine is not a risk to the company's expanding EBITDA margin (from 35% to between 45-50%) as the demand for COVID-19 specific testing and medical service will continue for a few years longer. The Ministry of Health capped the price but it is still at a premium compared to the non-COVID-19 service rate. 
Trading at a 15% PER premium to the domestic peers, the company is valued at a 39% EV/EBITDA discount to the regional peers (thus it is still favorable to ASEAN investors) despite being the most profitable and pristine balance sheet. BUY.

Mitra Keluarga (MIKA): Margin Expansion from COVID-19

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a></p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/thai-macro-watch-august-the-new-tech-wars-chinese-flood" target="_blank" data-smartkarma-citation="insights:42012" rel="noopener">Thai Macro Watch (August): The New Tech Wars, Chinese Flood</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> five global events and their impact on Thai equities.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/ace-hardware-indonesia-aces-ij-building-a-road-to-recovery" target="_blank" data-smartkarma-citation="insights:42520" rel="noopener">Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading retailers after a call with management.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-the-landed-logistics-player" target="_blank" data-smartkarma-citation="insights:42569" rel="noopener">AKR Corporindo (AKRA IJ) - The Landed Logistics Player,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. </p><p>In <a href="https://www.smartkarma.com/insights/sats-from-serving-22-5m-pax-in-1q20-to-serving-200k-pax-in-1q21-houston-we-have-a-problem" target="_blank" data-smartkarma-citation="insights:42488" rel="noopener">SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem.</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits Singapore airport maintenance leader post its recent numbers. </p><p>In <a href="https://www.smartkarma.com/insights/permata-bank-mandatory-takeover-launched-finally" target="_blank" data-smartkarma-citation="insights:42577" rel="noopener">Permata Bank Mandatory Takeover Launched. Finally.</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits the <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata (BNLI IJ)</a> deal as it enters its final stage.</p><p>In <a href="https://www.smartkarma.com/insights/sprime-good-point-of-entry-singha-connection-could-add-further-upside" target="_blank" data-smartkarma-citation="insights:42589" rel="noopener">SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/aimirt-good-growth-outlook-but-already-priced-in" target="_blank" data-smartkarma-citation="insights:42639" rel="noopener">AIMIRT: Good Growth Outlook, but Already Priced In</a> initiates coverage on <a href="https://www.smartkarma.com/entities/aim-industrial-growth-freehold-and-leasehold-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:29180:1" rel="noopener">AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB)</a> with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-cost-savings-and-government-stimulus-to-drive-profit" target="_blank" data-smartkarma-citation="insights:42628" rel="noopener">TEAMG: Cost-Savings and Government Stimulus to Drive Profit,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/team-consulting-engineering-and-management-public-company-limited" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering and Management (TEAMG TB)</a> and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/sisb-good-entry-point-for-investment-in-private-schools" target="_blank" data-smartkarma-citation="insights:42632" rel="noopener">SISB: Good Entry Point for Investment in Private Schools,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.</p><p>In <a href="https://www.smartkarma.com/insights/sflex-staying-behind-key-players-in-the-market" target="_blank" data-smartkarma-citation="insights:42679" rel="noopener">SFLEX: Staying Behind Key Players in the Market,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/starflex-pcl" target="_blank" data-smartkarma-citation="entities:29172:1" rel="noopener">Starflex PCL (SFLEX TB)</a> with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/boffice-asset-expansion-motivates-the-upside" target="_blank" data-smartkarma-citation="insights:42678" rel="noopener">BOFFICE: Asset Expansion Motivates the Upside,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/bhiraj-office-leasehold-reit" target="_blank" data-smartkarma-citation="entities:29173:1" rel="noopener">Bhiraj Office Leasehold REIT (BOFFICE TB)</a> with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. </p><p>In <a href="https://www.smartkarma.com/insights/all-valuation-remains-undemanding-expect-further-upside" target="_blank" data-smartkarma-citation="insights:42635" rel="noopener">ALL: Valuation Remains Undemanding, Expect Further Upside</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> revisits <a href="https://www.smartkarma.com/entities/all-inspire-development-pcl" target="_blank" data-smartkarma-citation="entities:29177:1" rel="noopener">All Inspire Development PCL (ALL TB),</a> where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. </p><p>In <a href="https://www.smartkarma.com/insights/m-rapid-sssg-recovery-with-potential-growth-from-seafood-restaurant" target="_blank" data-smartkarma-citation="insights:42578" rel="noopener">M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/mk-restaurants-group-pcl" target="_blank" data-smartkarma-citation="entities:17689:1" rel="noopener">MK Restaurants Group (M TB)</a> after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.</p><p>In <a href="https://www.smartkarma.com/insights/egco-positive-2h20-earnings-outlook-from-better-overseas-performance" target="_blank" data-smartkarma-citation="insights:42634" rel="noopener">EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" data-smartkarma-citation="entities:6149:1" rel="noopener">Electricity Generating (EGCO TB)</a> after the company's positive analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/wice-expect-earnings-to-continue-growing-yoy-in-2h20" target="_blank" data-smartkarma-citation="insights:42537" rel="noopener">WICE: Expect Earnings to Continue Growing YoY in 2H20,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/wice-logistics-pcl" target="_blank" data-smartkarma-citation="entities:26172:1" rel="noopener">Wice Logistics (WICE TB)</a> after going to the company's analyst briefing. </p><p>In <a href="https://www.smartkarma.com/insights/hana-covid-19-impact-has-passed" target="_blank" data-smartkarma-citation="insights:42575" rel="noopener">HANA: Covid-19 Impact Has Passed,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits one of Thailand's leading electronics manufacturing services companies. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/indonesia-banks-most-to-recover" target="_blank" data-smartkarma-citation="insights:42493" rel="noopener">Indonesia Banks – Most To Recover?,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zooms in on the potential recovery to come for Indonesian Banks. </p><div><div><div id="ember9100"><div><section><div id="ember9112"><div><p>In <a href="https://www.smartkarma.com/insights/asia-banks-oversized-dividends" target="_blank" data-smartkarma-citation="insights:42535" rel="noopener">Asia Banks – Oversized Dividends,</a><a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> zeros in on dividend payments for Asian banks during the pandemic period. </p></div></div></section></div></div></div></div><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-pondering-pricing-on-a-promised-new-issue" target="_blank" data-smartkarma-citation="insights:42524" rel="noopener">Bank Rakyat Indonesia: Pondering Pricing on a Promised New Issue</a><a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> takes a look at the proposed US$1bn bond issue from <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> and finds it appealing. <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia Persero (BBRI IJ)</a> could price a potential five-year senior unsecured </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma
Macro InsightsIn Thai Macro Watch (August): The New Tech Wars, Chinese Flood, our Thai guru Athaporn Arayasantiparb, CFA five global events and their impact on Thai equities.Equity Bottom-Up InsightsIn Ace Hardware Indonesia (ACES IJ) - Building A Road to Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading retailers after a call with management.In AKR Corporindo (AKRA IJ) - The Landed Logistics Player,Angus Mackintosh revisits this Indonesian chemical and fuel distributor with an increasing contribution coming from its JIIPE industrial estate. In SATS: From Serving 22.5M Pax in 1Q20 -&gt; To Serving 200K Pax in 1Q21. Houston We Have a Problem. CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Singapore airport maintenance leader post its recent numbers. In Permata Bank Mandatory Takeover Launched. Finally.Travis Lundy revisits the Bank Permata (BNLI IJ) deal as it enters its final stage.In SPRIME: Good Point of Entry, Singha Connection Could Add Further Upside,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price. In AIMIRT: Good Growth Outlook, but Already Priced In initiates coverage on AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT TB) with a HOLD recommendation based on a target price of Bt14.30, implying an upside of 6% from the current share price. In TEAMG: Cost-Savings and Government Stimulus to Drive Profit,Dr Andrew Stotz, CFA revisits TEAM Consulting Engineering and Management (TEAMG TB) and maintains a BUY recommendation on the company as he increases the target price to Bt2.81 from Bt2.42, implying an upside of 17% from the current share price. In SISB: Good Entry Point for Investment in Private Schools,Dr Andrew Stotz, CFA initiates coverage on SPRIME with a BUY recommendation based on a target price of Bt11.20, implying an upside of 21% from the current share price.In SFLEX: Staying Behind Key Players in the Market,Dr Andrew Stotz, CFA initiates coverage on Starflex PCL (SFLEX TB) with a SELL recommendation based on a target price of Bt8.90, implying a downside of 28% from the current price. In BOFFICE: Asset Expansion Motivates the Upside,Dr Andrew Stotz, CFA initiates coverage on Bhiraj Office Leasehold REIT (BOFFICE TB) with a BUY recommendation based on a target price of Bt14.10, implying an upside of 18% from the current share price. In ALL: Valuation Remains Undemanding, Expect Further Upside, Dr Andrew Stotz, CFA revisits All Inspire Development PCL (ALL TB), where he has a Buy recommendation based on a target price of Bt4.39, implying an upside of 31% from the current price. In M: Rapid SSSG Recovery with Potential Growth from Seafood Restaurant, our friends at Country Group circle back to MK Restaurants Group (M TB) after attending the recent analyst briefing, where they came away more positive with signs of an SSSG recovery post lockdown easing.In EGCO: Positive 2H20 Earnings Outlook from Better Overseas Performance,Country Group revisit Electricity Generating (EGCO TB) after the company's positive analyst briefing. In WICE: Expect Earnings to Continue Growing YoY in 2H20,Country Group circle back to Wice Logistics (WICE TB) after going to the company's analyst briefing. In HANA: Covid-19 Impact Has Passed,Country Group revisits one of Thailand's leading electronics manufacturing services companies. Sector and Thematic InsightsIn Indonesia Banks – Most To Recover?, banking specialist Daniel Tabbush zooms in on the potential recovery to come for Indonesian Banks. In Asia Banks – Oversized Dividends,Daniel Tabbush zeros in on dividend payments for Asian banks during the pandemic period. Credit InsightsIn Bank Rakyat Indonesia: Pondering Pricing on a Promised New IssueHank Calenti, CFA takes a look at the proposed US$1bn bond issue from Bank Rakyat Indonesia Persero (BBRI IJ) and finds it appealing. Bank Rakyat Indonesia Persero (BBRI IJ) could price a potential five-year senior unsecured 

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

<div class="content-highlight">
<p>This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma.</a></p>
</div><h2>Macro Insights</h2><p>In <a href="https://www.smartkarma.com/insights/a-real-electoral-contest-in-singapore-albeit-limited-by-lack-of-physical-campaigning" target="_blank" data-smartkarma-citation="insights:40706" rel="noopener">A Real Electoral Contest in Singapore, Albeit Limited by Lack of Physical Campaigning,</a> CrossASEAN Chief economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> zeros in on the prospects for the upcoming Singapore election, where he sees the PAP coming out on top but with major challenges ahead.  </p><p>In <a href="https://www.smartkarma.com/insights/the-race-to-the-bottom-growth-pessimism-increasing-but-still-too-optimistic" target="_blank" data-smartkarma-citation="insights:40647" rel="noopener">The Race to the Bottom: Growth Pessimism Increasing but Still Too Optimistic,</a><a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr Jim Walker</a> addresses what he sees as an overt optimistic view of the world and its eventual recovery from multilateral agencies. </p><h2>Equity Botton-Up Insights</h2><p>In <a href="https://www.smartkarma.com/insights/bangkok-dusit-medical-bdms-tb-well-placed-to-treat-the-recovery" target="_blank" data-smartkarma-citation="insights:40689" rel="noopener">Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the Recovery,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits this leading Thai hospital stock as a pandemic recovery play. </p><p>In <a href="https://www.smartkarma.com/insights/matahari-department-store-lppf-ij-opportunity-knocks" target="_blank" data-smartkarma-citation="insights:40855" rel="noopener">Matahari Department Store (LPPF IJ) - Opportunity Knocks?,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest department store operator post a call with the company. </p><p>In <a href="https://www.smartkarma.com/insights/sri-trang-gloves-ipo-trading-riding-on-covid-19-second-wave" target="_blank" data-smartkarma-citation="insights:40843" rel="noopener">Sri Trang Gloves IPO Trading - Riding on COVID-19 Second Wave,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> revisits the IPO of <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-public-company-limited" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves (STGT TB)</a> in Thailand. </p><p>In <a href="https://www.smartkarma.com/insights/sgx-bolt-on-transaction" target="_blank" data-smartkarma-citation="insights:40816" rel="noopener">SGX – Bolt-On Transaction,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> zeros in on the most recent acquisition by <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">SGX (SGX SP)</a> and sees only marginal impact. </p><p>In <a href="https://www.smartkarma.com/insights/accordia-golf-trust-buyout-a-gimme-but" target="_blank" data-smartkarma-citation="insights:40778" rel="noopener">Accordia Golf Trust Buyout... A Gimme But...</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> takes a look at this lingering buyout situation.  </p><p>In <a href="https://www.smartkarma.com/insights/major-accordia-golf-trust-shareholder-has-issues-with-price-process" target="_blank" data-smartkarma-citation="insights:40960" rel="noopener">Major Accordia Golf Trust Shareholder Has Issues With Price &amp; Process,</a><a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> revisits this buyout situation after some telling comments from its major shareholder. </p><p>In <a href="https://www.smartkarma.com/insights/teamg-government-stimulus-should-support-sales-growth" target="_blank" data-smartkarma-citation="insights:40909" rel="noopener">TEAMG: Government Stimulus Should Support Sales Growth,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr Andrew Stotz, CFA</a> initiates coverage on <a href="https://www.smartkarma.com/entities/team-consulting-engineering" target="_blank" data-smartkarma-citation="entities:29175:1" rel="noopener">TEAM Consulting Engineering &amp; (TEAMG TB)</a> with a BUY recommendation based on a target price of Bt2.42, implying an upside of 20% from the current share price. </p><p>In<a href="https://www.smartkarma.com/insights/tasco-healthy-demand-from-domestic-projects" target="_blank" data-smartkarma-citation="insights:40823" rel="noopener"> TASCO: Healthy Demand from Domestic Projects,</a> out friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits <a href="https://www.smartkarma.com/entities/tipco-asphalt-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:5336:1" rel="noopener">Tipco Asphalt (TASCO TB)</a> after attending the company's analyst briefing, where the company expressed a positive tone.  </p><h2>Sector and Thematic Insights</h2><p>In <a href="https://www.smartkarma.com/insights/osotspa-indorama-strong-operations-amidst-pandemic" target="_blank" data-smartkarma-citation="insights:38510" rel="noopener">Osotspa, Indorama: Strong Operations Amidst Pandemic,</a> our Thai guru writes up two recent company visits to consumer products giant <a href="https://www.smartkarma.com/entities/osotspa-public-company-limited" target="_blank" data-smartkarma-citation="entities:27004:1" rel="noopener">Osotspa Public Company Limited (OSP TB),</a> manufacturer of top-selling energy drink M-150 and liquid Vitamin C C-Vitt and petrochemicals giant <a href="https://www.smartkarma.com/entities/indorama-synthetics-tbk-pt" target="_blank" data-smartkarma-citation="entities:14801:1" rel="noopener">Indorama Synthetics (INDR IJ)</a>, both of which he sees as resilient pandemic recovery plays. </p><h2>Credit Insights</h2><p>In <a href="https://www.smartkarma.com/insights/laos-pdr-twin-deficit-dilemma" target="_blank" data-smartkarma-citation="insights:40916" rel="noopener">LAOS PDR: Twin Deficit Dilemma</a><a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> initiates coverage of <a href="https://www.smartkarma.com/entities/laos-sovereign-credit" target="_blank" data-smartkarma-citation="entities:29165:1" rel="noopener">Laos Sovereign Credit (LAOS GOVT)</a> (Laos) as a high-yield sovereign credit.</p><p>In <a href="https://www.smartkarma.com/insights/agung-podomoro-land-tear-sheet-lucror-analytics-1c280801-cb38-4f92-9c94-6effca262a5d" target="_blank" data-smartkarma-citation="insights:40845" rel="noopener">Agung Podomoro Land - Tear Sheet,</a><a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" data-smartkarma-citation="accounts:7108" rel="noopener">Trung Nguyen</a> takes a birds-eye view of this Indonesian property developer from a credit perspective. </p>


This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn A Real Electoral Contest in Singapore, Albeit Limited by Lack of Physical Campaigning, CrossASEAN Chief economist Prasenjit K. Basu zeros in on the prospects for the upcoming Singapore election, where he sees the PAP coming out on top but with major challenges ahead.  In The Race to the Bottom: Growth Pessimism Increasing but Still Too Optimistic,Dr Jim Walker addresses what he sees as an overt optimistic view of the world and its eventual recovery from multilateral agencies. Equity Botton-Up InsightsIn Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the Recovery, CrossASEAN Insight Provider Angus Mackintosh revisits this leading Thai hospital stock as a pandemic recovery play. In Matahari Department Store (LPPF IJ) - Opportunity Knocks?, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's largest department store operator post a call with the company. In Sri Trang Gloves IPO Trading - Riding on COVID-19 Second Wave,Sumeet Singh revisits the IPO of Sri Trang Gloves (STGT TB) in Thailand. In SGX – Bolt-On Transaction,Thomas J. Monaco zeros in on the most recent acquisition by SGX (SGX SP) and sees only marginal impact. In Accordia Golf Trust Buyout... A Gimme But...Travis Lundy takes a look at this lingering buyout situation.  In Major Accordia Golf Trust Shareholder Has Issues With Price &amp; Process,Travis Lundy revisits this buyout situation after some telling comments from its major shareholder. In TEAMG: Government Stimulus Should Support Sales Growth,Dr Andrew Stotz, CFA initiates coverage on TEAM Consulting Engineering &amp; (TEAMG TB) with a BUY recommendation based on a target price of Bt2.42, implying an upside of 20% from the current share price. In TASCO: Healthy Demand from Domestic Projects, out friends at Country Group revisits Tipco Asphalt (TASCO TB) after attending the company's analyst briefing, where the company expressed a positive tone.  Sector and Thematic InsightsIn Osotspa, Indorama: Strong Operations Amidst Pandemic, our Thai guru writes up two recent company visits to consumer products giant Osotspa Public Company Limited (OSP TB), manufacturer of top-selling energy drink M-150 and liquid Vitamin C C-Vitt and petrochemicals giant Indorama Synthetics (INDR IJ), both of which he sees as resilient pandemic recovery plays. Credit InsightsIn LAOS PDR: Twin Deficit DilemmaWarut Promboon initiates coverage of Laos Sovereign Credit (LAOS GOVT) (Laos) as a high-yield sovereign credit.In Agung Podomoro Land - Tear Sheet,Trung Nguyen takes a birds-eye view of this Indonesian property developer from a credit perspective. 

The Week that Was in ASEAN@Smartkarma - Singapore's Election, Thai Hospitals, and Rubber Gloves

Bangkok Dusit Medical Services / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/bangkok-dusit-med-service" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> has scrapped its plan to take over <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> and has no plans to do so in the future according to the Founder Prasert Prasarttong-osoth. We see this as the removal of an overhang. </p>
<p>This move always looked dubious and opportunistic and already had objections from <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> minority shareholders. This should be seen as the removal of an unwelcome diversion, which allows <a href="https://www.smartkarma.com/entities/bangkok-dusit-med-service" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> to focus on its core business, especially as we come out of COVID-19 restrictions.</p>
<p><a href="https://www.smartkarma.com/entities/bangkok-dusit-med-service" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> looks better positioned in a post-COVID-19 world given it has less exposure to medical tourism than <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a>, where the recovery may be protracted. There is more likely to be a near -term pick-up in Thai patients numbers, given that patients can only hold off on treatments for so long. </p>
<p>The company has undergone a series of cost containment measures in 2Q2020, as well as reducing its Capex considerable for this year, which will provide some offset to the impact of the pandemic. </p>
<p>Valuations look quite reasonable with the company trading on 18.3x FY21E EV/EBITDA versus its 5-year average of 22.5x. </p>

Bangkok Dusit Medical Services (BDMS TB) has scrapped its plan to take over Bumrungrad Hospital Pub Co (BH TB) and has no plans to do so in the future according to the Founder Prasert Prasarttong-osoth. We see this as the removal of an overhang. 
This move always looked dubious and opportunistic and already had objections from Bumrungrad Hospital Pub Co (BH TB) minority shareholders. This should be seen as the removal of an unwelcome diversion, which allows Bangkok Dusit Medical Services (BDMS TB) to focus on its core business, especially as we come out of COVID-19 restrictions.
Bangkok Dusit Medical Services (BDMS TB) looks better positioned in a post-COVID-19 world given it has less exposure to medical tourism than Bumrungrad Hospital Pub Co (BH TB), where the recovery may be protracted. There is more likely to be a near -term pick-up in Thai patients numbers, given that patients can only hold off on treatments for so long. 
The company has undergone a series of cost containment measures in 2Q2020, as well as reducing its Capex considerable for this year, which will provide some offset to the impact of the pandemic. 
Valuations look quite reasonable with the company trading on 18.3x FY21E EV/EBITDA versus its 5-year average of 22.5x. 

Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the Recovery

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven


For the month of June, 20 new deals were discussed on Smartkarma with an overall announced deal size of ~US$12bn.


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.






New Deals


Industry


Size (US$bn)


Type


Premium




Australia



Cardinal Resources (CDV AU) 
Mining
0.2
Off-market
75%


Shandong's Competing Offer For Cardinal


Cassini Resources (CZI AU) 
Mining
0.1
Scheme
31%


Uniti/OptiComm: High-Fibre Diet


Cromwell Property (CMW AU) 
Property
0.5
Partial
3.4%


Cromwell/ARA: A Festering Relationship


Onevue Holdings (OVH AU) 
Software
0.1
Scheme
66.7%


OneVue-Iress: Australian Deal Trading Wide






Infigen Energy (IFN AU) 
Energy
0.6
Off-market
45.8%



Infigen Energy Deal - Interesting Optionality
Infigen Gets Iberdrola As Overbidder.
Infigen's White Knight on a Charger







OptiComm Ltd (OPC AU) 
Fibre network
0.4
Scheme
3.6%


Uniti/OptiComm: High-Fibre Diet



 




China



Kingswood Enterprise  (600255 CH) 
Copper Alloy
0.1
Partial
13%


Kingswood Enterprise (600255 CH): Partial Offer. Read more: https://skr.ma/NdWia




 




Hong Kong



Golden Meditech Holdings (801 HK) 
Hospitals
0.1
Scheme
42%


Golden Meditech (801 HK): Prescription Renewal 


Huadian Fuxin Energy Corp (816 HK) 
Clean Energy
1.0
Merger by Absorption
65.6%


Huadian Fuxin (816 HK) Becomes The Latest Clean Energy Takeover Play


Jinmao Hotel &amp; Jinmao (China) (6139 HK) 
Hotels
0.4
Scheme
30.4%


Jinmao Hotel (6139 HK): Priced To Check Out


Skyworth Group Limited (751 HK) 
Electronics
0.2
Partial
32%


Skyworth (751 HK)'s Partial Buyback.



 




India



Adani Power Ltd (ADANI IN) 
Energy
0.4
Delisting
N/A


Adani Power - The Next Delisting/Exit Offer?


Hexaware Technologies (HEXW IN) 
Info tech
0.5
Delisting
N/A



Hexaware Delisting Proposal - This Could Go Higher Hexaware:  Dips and Doodles in the Delisting Proposal Process



 


Japan


LIXIL VIVA (3564 JP) 
Houseware
0.5
Tender Offer
0.5%


Lixil Viva (3564 JP) Takeout Tender Offer



Singapore



Accordia Golf Trust (AGT SP) 
Golf courses
0.4
Asset sale/divestment
20%


Accordia Golf Trust Buyout... A Gimme But.... 


Perennial Real Estate Holdings (PREH SP) 
Real estate
1.1
Conditional Offer
37.7%


Perennial Takeover - Disappointing Precedents Suggest "Fair" Even if Not Really



 




US



China Distance Education (ADR) (DL US) 
Online Education
0.2
Non-binding
25.8%


China Distance Education (DL US): Takeover Proposal by the Founders



 




Europe



Masmovil Ibercom (MAS SM) 
Telco
3.3
Tender Offer
20.1%


Masmovil: Target Shareholders Looking for a Bump






Mediawan (MDW FP) 
Media
0.4
Tender Offer
42%


Mediawan Tender Offer: Trading Close to Terms


NetEnt AB (NETB SS) 
Casino
2.0
Public takeover
43%


NetEnt-Evolution: Are People Betting on an Overbid?





Source: Smartkarma Insights


Because Indian delisting offers are what they are, Adani and Hexaware have no offer premium. They will be reverse book builds. Adani “price” of INR 33.82 is the floor price. It is a legal minimum which must be declared. It is not the price of the offer and nobody expects it there.  The average premium for the new deals announced in June was ~33% and the YTD average premium for all deals discussed on Smartkarma is 32%.  The average for all deals discussed on Smartkarma in 2019 (145 deals all-in) was 31.5%.



The charts below provide some colour of deals YTD discussed on Smartkarma.







Brief Summary of News in June of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in June, I've included a link, in bold, to that insight in italics.)






Australia


Comments (with links to announcements &amp; insights)




Village Roadshow (VRL AU) 

16 June: VRL has extended its exclusivity with BGH to the 30 June:




Zenith Energy Ltd/AU (ZEN AU) 

29 June: Apex had joined PEP/Elemental's proposed Scheme.  Zenith Energy: PEP Cuts In OPTrust and ICG








China


Comments 




Northeast Pharmaceutical A (000597 CH) 

No June update




Gree Real Estate Co Ltd A (600185 CH) 
No June update









Hong Kong


Comments (with links to announcements &amp; insights)




Allied Properties (H.K.) (56 HK) 

18 June: The Scheme Doc is now out, with the Court Meeting set for the 15 July, an indicative effective date of the 28 August, and payment on the 8 September. The IFA has opined the Offer is fair &amp; reasonable.  Allied Props (56 HK)'s Scheme Document Despatched




CGN New Energy Holdings (1811 HK) 
29 June: An update to say there is no update.



Clear Media Ltd (100 HK) 

15 June: This unconditional Offer was extended until the 29 June. 29 June: The Offer was extended until the 13 July.




Elec &amp; Eltek International Co (1151 HK) 

16 June: In its monthly announcement in compliance with the Takeovers Code, Haier said the Offeror continues to explore a privatisation proposal.:




Hopefluent Group (733 HK) 

17 June. Offer closed.




Leyou Technologies (1089 HK) 

18 June: Leyou has announced the "Potential Buyer" has commenced due diligence and "are in the course of discussing possible deal structures in respect of the New Possible Share Disposal":




Li &amp; Fung Ltd (494 HK) 

12 June. Deal approved. Shares have ceased trading
Done Deal As Li &amp; Fung's Offer Gets Up




Wheelock (20 HK) 
16 June: The Scheme is approved. Timetable remains unchanged. Wharf and WREIC shares despatched on the 22 Jul, and first day of trading on the 23 Jul. Cheques to be despatched on the 3 August. 
Wheelock’s Scheme Approved




Yixin Group Ltd (2858 HK) 
12 June: Bitauto announced it has entered into a definitive Merger Agreement with Tencent and Hammer at the previously-announced Offer price of US$16/ADS.   Bitauto (BITA US): Done Deal. Keep An Eye on Yixin's MGO





 




India


Comments (with links to announcements &amp; insights)




Sequent Scientific (SEQ IN) 

19 June: According to SEBI's weekly update on "PROCESSING STATUS OF DRAFT OFFER DOCUMENTS" (as on 12th June 2020), SEBI has sought clarification from the Merchant Banker (Nomura) regarding Carlyle's Partial Tender Offer (PTO) for Sequent Scientific (SEQ IN). The PTO price is INR86.00. Sequent Scientific's shares are currently trading at around INR88.25. 




Vedanta Ltd (VEDL IN) 

4 June: Failed Exit Offers in India: Lessons for VEDL, ADANI, and HEXW? 22 June: Vedanta Delisting Offer: Opportunities and Timing
25 June: Vedanta Buyout Loan = HUGE Hindustan Zinc Div But May Change Vedanta RBB Timing
25 June: Shareholders approved the Vedanta Ltd (VEDL IN) delisting offer process. It was 85/15 for those who voted amongst institutional investors and 75/25 for in terms of non-insto public.  26 June: VED has said that it is in the process of arranging financing for the delisting and expects the financing to be completed in the 'coming weeks', at which point Vedanta Ltd (VEDL IN) will apply to the stock exchanges for approval to proceed with the delisting process.












Indonesia


Comments (with links to insights)




Bank Permata (BNLI IJ) 

No June update.... Waiting..... Waiting.... Waiting....











Japan


Comments (with links to announcements &amp; insights)




ARRK CORPORATION (7873 JP) 
Shareholder approval to delist on 26 June, Delisting 30 July



Cocokara Fine (3098 JP) 
No June update



DSB Co Ltd (8692 JP) 
Tender Offer successful, early exit. Delisting 29 July



Excel Co Ltd (7591 JP) 
No June update



Japan U Pica (7891 JP) 
No June update



Keihin Corp (7251 JP) 
No June update



Maxvalu Kyushu (3171 JP) / Aeon Kyushu (2653 JP)

No June update



Nichii Gakkan Co (9792 JP) 

12 June: An Activist Appears in Nichii Gakkan (9792): Good!
19 June:Thinking Through Nichii Gakkan Tender Strategy
22 June: BCJ-44 (the Bain entity which will include the family) conducting the Tender Offer MBO on Nichii Gakkan Co (9792 JP)announced that it would extend the Tender Offer deadline from 22 June to 9 July. 




Sanyo Chemical Ind (4471 JP) /  Nippon Shokubai (4114 JP) 
No June update



Showa Corp (7274 JP) 
No June update



Sony Financial Holdings (8729 JP) 
No June update









Malaysia


Comments (with links to announcements)




TA Global Bhd (TAGB MK) 
3 June: Tthe SC has declined TA Enterprise (the Offeror)'s application to withdraw:









New Zealand


Comments (with links to announcements and insights)




Augusta Capital (AUG NZ) 

15 June: Centuria Capital Takeover of Augusta Capital - Take Two




Metlifecare Ltd (MET NZ) 

8 June: A shareholders meeting to vote on the litigation will be held on the 10 July.
Metlifecare: Preparing For A Protracted Legal Stoush










Philippines


Comments (with links)




First Gen (FGEN PM) 
24 June: KKR's Tender Offer closed at noon. KKR acquired 11.9% Pro-ration is 100%.











Singapore


Comments (with links to insights)




Capitaland Commercial Trust (CCT SP) 
No June update



Keppel Corp Ltd (KEP SP) 

21 June: Keppel Corp - Stretched Vs Proxy Baskets And Now With New Risk











Taiwan


Comments 




Alpha Networks (3380 TT) 
11 June: Taiwan Fair Trade Commission has asked for public submissions in their review of the Qisda deal for Alpha. Submission deadline is the 16th.  23 June: Qisda Corp (2352 TT) announced that the deal for Alpha was extended to 23 July 2020 3:30pm. Still waiting on word whether the Tender Offer will be lowered by TWD 0.44 to account for the dividend which is expected but for which there is no record date.



Boardtek Electronics (5349 TT) 
No June update









Thailand


Comments (with links)




Bumrungrad Hospital Pub Co (BH TB) 
June 24: Bangkok Dusit Medical Services (BDMS TB) has scrapped its plan to take over Bumrungrad Hospital Pub Co (BH TB) and has no plans to do so in the future according to the Founder. 



Golden Land Property (GOLD TB) 

4 June: Tender Offer doc out for  GOLD. The offer period is from 5 June to 8 August (45 biz days). Settlement is the 14 August.










Middle East


Comments (with links to announcements &amp; insights)




DP World (DPW DU) 

4 June: DP World - Ticking Down To The Last Trade
17 June: And the trade is done. DP World (DPW DU) Scheme was sanctioned.  Now you wait for your money. 











Europe


Comments (with links to announcements and insights)




Godewind Immobilien AG (GWD GR) 

No June update 




Ingenico Group Sa (ING FP) 

No June update




Unione Di Banche Italiane (UBI IM) 

No June update 







Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

Vibhavadi Medical Center Public Company Limited owns and operates the Vibhavadi Hospital. Located in Bangkok, the Hospital provides full range of medical services.

Thonburi Healthcare Group Public Company Limited offers health care services. The Hospital provides medical treatment, diagnosis, and surgeries, as well as supply of medical equipment, residential care services, and development of software for hospital management. Thonburi Healthcare Group serves customers worldwide.

Praram 9 Hospital PCL operates as a hospital. The Hospital provides medical services that includes, check-ups, diagnoses, skin care, rehabilitation, X-ray, and surgeries, as well as treatment of joint diseases, kidney, high blood pressure, cancer, diabetes, neurology, vertigo, and headache. Praram 9 Hospital serves patients in Thailand.

Thai Nakarin Hospital PCL operates the Thai Nakarin Hospital. The hospital provides 24-hour inpatient and outpatient services.

Mahachai Hospital Public Company Limited owns and operates Mahachai Hospital. Located in Samut Sakorn, a province adjacent to Bangkok, the Hospital has 180 inpatient beds and 17 diagnostic rooms for 880 outpatients daily.

Chiang Mai Ram Medical Business PLC operates hospital's in Thailand.

Srivichai Vejvivat PCL operates a hospital that provides specialty health care services in Thailand.

Rajthanee Hospital Public Company Limited provides general medical and surgical hospital services.

Shanghai Pharmaceuticals Holding Co., Ltd. manufactures, retails, and wholesales a variety of pharmaceuticals including biopharmaceuticals, chemical and Chinese traditional medicines, and healthcare products. The Company also invests in new medicine development and provides related services.

Shanghai Pharmaceuticals Holding (2607 HK)

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

LHC Group Inc. provides post-acute healthcare services primarily to Medicare beneficiaries in rural markets in the southern United States. The company provides home-based services through home nursing agencies and hospices and facility-based services through long-term acute care hospitals and  outpatient rehabilitation clinics.

RadNet, Inc. owns and operates outpatient diagnostic imaging centers.  The Company's centers are located throughout California.

HealthEquity, Inc. provides technology-enabled services platforms that allow consumers to make healthcare saving and spending decisions. Consumers can access their tax-advantaged healthcare savings, compare treatment options and pricing, evaluate and pay healthcare bills, receive personalized benefit and clinical information, and earn wellness incentives.

Acadia Healthcare Co Ltd operates a network of behavioral health centers. The Company provides psychiatric and chemical dependency services, inpatient psychiatric hospitals, residential treatment centers, outpatient clinics, and therapeutic school based programs across the United States.

Select Medical Holdings Corporation is an operator of specialty hospitals and outpatient rehabilitation clinics. The Company provides medical rehabilitation services on a contract basis at nursing homes, hospitals, assisted living and senior care centers, schools and work sites.

Option Care Health, Inc. provides infusion and home care management solutions. The Company offers products, services, and condition-specific clinical management programs for gastrointestinal abnormalities, infectious diseases, cancer, organ and blood cell transplants, bleeding disorders, and heart failures. Option Care Health serves patients in the United States.

CorVel Corporation provides managed care services in the workers' compensation, accident and health, and auto insurance markets across the United States.  The Company provides services to employers, government entities, insurance companies, and third party administrators.  CorVel provides a network of preferred providers, as well as case management, bill review, and other services.

Celesio AG wholesales and retails pharmaceuticals to customers in Europe.  The Company wholesales pharmaceuticals, operates retail pharmacies, and provides logistics and transportation services for pharmaceuticals at local, national and European level.

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

Mitra Keluarga (MIKA): Margin Expansion from COVID-19

The finding of the COVID

Henry Soediarko

The Week that Was in ASEAN@Smartkarma - Ace Hardwear, Thai Macro, and Indonesian Banks

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Singapore's Election, Thai Hospitals, and Rubber Gloves

This past week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

Bangkok Dusit Medical (BDMS TB) - Well-Placed to Treat the Recovery

Bangkok Dusit Medical Services (BDMS TB) has scrapped its plan to take over Bumrungrad Hospital Pub Co (BH TB) and has no plans to do so in the...

Angus Mackintosh

(Mostly) Asia M&A: June 2020 Roundup

For the month of June, 20 new deals were discussed on Smartkarma with an overall announced deal size of ~US$12bn. Clicking on the company name...

David Blennerhassett

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