Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Uni President Enterprises and President Chain Store Corp (an affiliate of Uni-President Group) have agreed to acquire a controlling 60% stake ownership of Carrefour Taiwan from Carrefour SA (CA FP).</li>
<li>We believe the acquisition of the additional 49.5% stake in Carrefour Taiwan is likely to have a positive impact on Uni President Enterprises (1216 TT).</li>
<li>Uni President Enterprises is trading at P/S multiple of 0.77x so the acquisition multiple of 0.6x would be slightly lower than Uni President Enterprises' current valuation multiple. </li>
</ul>


Uni President Enterprises and President Chain Store Corp (an affiliate of Uni-President Group) have agreed to acquire a controlling 60% stake ownership of Carrefour Taiwan from Carrefour SA (CA FP).
We believe the acquisition of the additional 49.5% stake in Carrefour Taiwan is likely to have a positive impact on Uni President Enterprises (1216 TT).
Uni President Enterprises is trading at P/S multiple of 0.77x so the acquisition multiple of 0.6x would be slightly lower than Uni President Enterprises' current valuation multiple. 


Uni President Enterprises: Positive Catalyst from Additional Stake Purchase of Carrefour Taiwan

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Costco Wholesale / Equity Capital Markets

<ul><li>Costco delivered a strong set of results in the previous quarter with a particularly solid performance from categories like candy, sundries, tires, toys, jewelry, kiosks, home furnishings, apparel, bakery, and deli.</li><li>The company’s membership fee income was $984 million, or 91% of sales, compared to $901 million, or 03% last year.</li><li>Furthermore, they had 64.4 million paid households and 116.6 million cardholders at the end of Q3, up over 6% from a year ago.</li></ul>

Costco delivered a strong set of results in the previous quarter with a particularly solid performance from categories like candy, sundries, tires, toys, jewelry, kiosks, home furnishings, apparel, bakery, and deli.The company’s membership fee income was $984 million, or 91% of sales, compared to $901 million, or 03% last year.Furthermore, they had 64.4 million paid households and 116.6 million cardholders at the end of Q3, up over 6% from a year ago.

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/brambles-ltd" target="_blank" data-smartkarma-citation="entities:693:1" rel="noopener">Brambles Ltd (BXB AU)</a> responded to press speculation by stating it had preliminary discussions with CVC Capital on a privatisation proposal. The shares rose 11.2% to close at A$11.60.</li>
<li>The AFR’s rumour of “<em>a bid valuing Brambles at more than $20 billion, including debt</em>” would imply an offer price around A$11.50, a 10% premium to the undisturbed price.</li>
<li>As the Australian takeover premium ranges from 20% to 40%, we think that a bid of around A$13 per share (25% takeover premium) will be necessary for due diligence access.</li>
</ul>



Brambles Ltd (BXB AU) responded to press speculation by stating it had preliminary discussions with CVC Capital on a privatisation proposal. The shares rose 11.2% to close at A$11.60.
The AFR’s rumour of “a bid valuing Brambles at more than $20 billion, including debt” would imply an offer price around A$11.50, a 10% premium to the undisturbed price.
As the Australian takeover premium ranges from 20% to 40%, we think that a bid of around A$13 per share (25% takeover premium) will be necessary for due diligence access.


<ul><li>Costco has delivered an outstanding result with a rise in net sales over the year.</li><li>Interestingly, Costco has an increased penetration of executive members who renew at a rate higher than non-executive members.</li><li>Despite the increasing and ongoing inflationary pressures, the company has maintained gross margins well on account of price increases.</li></ul>

Costco has delivered an outstanding result with a rise in net sales over the year.Interestingly, Costco has an increased penetration of executive members who renew at a rate higher than non-executive members.Despite the increasing and ongoing inflationary pressures, the company has maintained gross margins well on account of price increases.

Costco Wholesale Corp.: Financial & Price Forecasts

<ul><li>Costco has been on a roll as the company had an outstanding month of September with net sales of $19.5 billion for the 5-week period ended October 3, 2021, up 15.8% year over year.</li><li>This comes after a strong fourth quarter of fiscal 2021 where Costco reported an increase in net sales of 17.5% to $61.44 billion.</li><li>It is looking to battle inflation by increasing some of the product pricing and should also increase membership pricing in 2022.</li></ul>

Costco has been on a roll as the company had an outstanding month of September with net sales of $19.5 billion for the 5-week period ended October 3, 2021, up 15.8% year over year.This comes after a strong fourth quarter of fiscal 2021 where Costco reported an increase in net sales of 17.5% to $61.44 billion.It is looking to battle inflation by increasing some of the product pricing and should also increase membership pricing in 2022.

Costco Wholesale Corporation - Investment Thesis

United States

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

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Costco Wholesale (COST US)

Uni President Enterprises: Positive Catalyst from Additional Stake Purchase of Carrefour Taiwan

We believe the acquisition of the additional 49.5% stake in Carrefour Taiwan is likely to have a positive impact on Uni President Enterprises (1216...

Douglas Kim

Costco Wholesale Corp: Business Model

Costco delivered a strong set of results in the previous quarter with a particularly solid performance from categories like candy, sundries,...

Baptista Research

CVC to Lob an Offer for Brambles?

Shares closed 11.2% higher at A$11.60. As the Australian takeover premium ranges from 20% to 40%, a bid of around A$13 per share (25% takeover...

Arun George

Costco Wholesale Corp.: Financial & Price Forecasts

Costco has delivered an outstanding result with a rise in net sales over the year. Interestingly, Costco has an increased penetration of executive...

Baptista Research

Costco Wholesale Corporation - Investment Thesis

Costco has been on a roll as the company had an outstanding month of September with net sales of $19.5 billion for the 5-week period ended October...

Baptista Research

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