Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Following a Partial Offer for <a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> in July, and <a href="https://www.smartkarma.com/entities/hanwha-galleria-corp" target="_blank" data-smartkarma-citation="entities:39998:1" rel="noopener">Hanwha Galleria (452260 KS)</a>'s yesterday, the Hanwha Group has now made an <a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=818566" target="_blank" rel="noopener">Offer</a> for <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna-Mac (DMHL SP)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a>, collectively holding 25.36%, have made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance hurdle.   </li>
<li>Terms are not final for the offshore oil-and-gas contractor. Optically, that's probably prudent. The Offer also requires Singapore's competition watchdog signing off. </li>
</ul>


Following a Partial Offer for Hanwha Corporation (000880 KS) in July, and Hanwha Galleria (452260 KS)'s yesterday, the Hanwha Group has now made an Offer for Dyna-Mac (DMHL SP).

Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, have made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance hurdle.   
Terms are not final for the offshore oil-and-gas contractor. Optically, that's probably prudent. The Offer also requires Singapore's competition watchdog signing off. 


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/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a> disclosed a voluntary conditional offer from <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> at S$0.60, a 21.2% premium to the undisturbed price.</li>
<li>The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. </li>
<li>The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). </li>
</ul>



Dyna Mac Holdings (DMHL SP) disclosed a voluntary conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.60, a 21.2% premium to the undisturbed price.
The offer is conditional on regulatory approval (Competition and Consumer Commission of Singapore) and a 50% minimum acceptance condition. 
The offer is reasonable compared to peer multiples. However, it may face resistance as it is below the recent high of S$0.615 and Dyna-Mac's improving outlook (S$681 million order book). 


Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim shares how he overhauled the company’s business practices to bring it back from the brink and achieve remarkable growth.</li><li>When Lim Ah Cheng, also known as AC Lim, became offshore oil and gas contractor Dyna-Mac’s chief executive officer in 2020, the firm was in crisis.</li></ul>

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim shares how he overhauled the company’s business practices to bring it back from the brink and achieve remarkable growth.When Lim Ah Cheng, also known as AC Lim, became offshore oil and gas contractor Dyna-Mac’s chief executive officer in 2020, the firm was in crisis.

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’

<ul><li>More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July.</li><li>Multi-Chem, SATS, Singtel, Civmec, Kim Heng, Accrelist, Great Eastern, Dyna-Mac, Venture, Azeus and Hock Lian Seng saw the most acceleration in net institutional inflow in July compared to 1H24 inflow, while averaging 12% price gains for the month.</li><li>The 63 stocks among the 300 most traded stocks this year that built upon their first-half gains in July are tabled below.</li></ul>

More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July.Multi-Chem, SATS, Singtel, Civmec, Kim Heng, Accrelist, Great Eastern, Dyna-Mac, Venture, Azeus and Hock Lian Seng saw the most acceleration in net institutional inflow in July compared to 1H24 inflow, while averaging 12% price gains for the month.The 63 stocks among the 300 most traded stocks this year that built upon their first-half gains in July are tabled below.

60+ Singapore Stocks that Added to 1H24 Gains in July

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The core business continues to perform well  with a growing  order backlog</li>
<li>Due to the company's historical issues it has hugely underperformed its smaller peers</li>
<li>The disconnect from the oil price provides  asymmetric upside once the overhang clears</li>
</ul>


The core business continues to perform well  with a growing  order backlog
Due to the company's historical issues it has hugely underperformed its smaller peers
The disconnect from the oil price provides  asymmetric upside once the overhang clears


Seatrium – Overhang Remains but Huge Option Value

Singapore

Dyna-Mac Holdings Ltd. offers engineering, procurement and construction services to the offshore oil and natural gas, marine construction and other industries.  The Company builds topside modules for floating production storage and offloading, semi-submersibles, manifolds, buoys, process piping, and tanks for petrochemical and pharmaceutical plants.

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Dyna Mac Holdings (DMHL SP)

Hanwha Group Makes A Move On Dyna-Mac

Nope - the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong, was NOT sounded out ahead of Hanwha's Offer. The estate, according to...

David Blennerhassett

Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

The Lim Estate’s statement notes that Dyna-Mac “is definitely worth more than SGD 0.60 per share. The Estate is not opposed to proposed offers for...

Arun George

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim...

Singapore Exchange Ltd (SGX)

60+ Singapore Stocks that Added to 1H24 Gains in July

More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July. Multi-Chem, SATS, Singtel, Civmec, Kim Heng,...

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Hanwha Group Makes A Move On Dyna-Mac

Nope - the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong, was NOT sounded out ahead of Hanwha's Offer. The estate, according to...

David Blennerhassett

Dyna-Mac (DMHL SP): Hanwha’s Voluntary Conditional Offer

The Lim Estate’s statement notes that Dyna-Mac “is definitely worth more than SGD 0.60 per share. The Estate is not opposed to proposed offers for...

Arun George

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’

kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim...

Singapore Exchange Ltd (SGX)

60+ Singapore Stocks that Added to 1H24 Gains in July

More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July. Multi-Chem, SATS, Singtel, Civmec, Kim Heng,...

Singapore Exchange Ltd (SGX)

Seatrium – Overhang Remains but Huge Option Value

​Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.

Rikki Malik

Despite historical issues, the company's core business is strong with a growing order backlog, offering potential upside once overhang clears.