Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

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<li>Cosco Capital (COSCO PM) has confirmed the spin-off listing of liquor distribution business later this month.</li>
<li>An ongoing buyback at Robinsons Retail Holdings (RRHI PM) has coincided with the passing of a new regulation to implement 12% VAT on online purchases, that may stem or reverse the retailer’s long-time decline.</li>
<li>A tactical situation has presented itself as First Gen (FGEN PM) becomes a crowded short ahead of index exclusion</li>
</ul>


Cosco Capital (COSCO PM) has confirmed the spin-off listing of liquor distribution business later this month.
An ongoing buyback at Robinsons Retail Holdings (RRHI PM) has coincided with the passing of a new regulation to implement 12% VAT on online purchases, that may stem or reverse the retailer’s long-time decline.
A tactical situation has presented itself as First Gen (FGEN PM) becomes a crowded short ahead of index exclusion


Wickhams Hill Research | Under-The-Radar Issue 9

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" data-smartkarma-citation="entities:23188:1" rel="noopener">AC Energy Corp (ACEN PM)</a> is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines.</p><p>In this note, we will take a brief look at recent changes at ACEN, valuation from FTI Consulting compared to the placement price range, and share our thoughts on the deal. </p>

AC Energy Corp (ACEN PM) is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines.In this note, we will take a brief look at recent changes at ACEN, valuation from FTI Consulting compared to the placement price range, and share our thoughts on the deal. 

AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Japan Post, JD.com, Toyota, NTT, Jardines, Indices/Exec. Orders, Tianneng

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<p>On December 1, the Board of <a href="https://www.smartkarma.com/entities/lopez-holdings-corp" target="_blank" data-smartkarma-citation="entities:23066:1" rel="noopener">Lopez Holdings (LPZ PM)</a> announced 51.04%-held <a href="https://www.smartkarma.com/entities/first-philippine-holdings-corp" target="_blank" data-smartkarma-citation="entities:23027:1" rel="noopener">First Philippine Holdings (FPH PM)</a>'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.</p>
<p>In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.</p>
<p>The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.</p>
<p>The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.</p>
<p>Yet the Offer price looks light and opportunistic, having traded through terms in late February. </p>
<p>More below the fold.</p>
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On December 1, the Board of Lopez Holdings (LPZ PM) announced 51.04%-held First Philippine Holdings (FPH PM)'s tender offer to acquire a minimum of 20% and a maximum of 45.56% of shares out in LPZ, at a price of P3.85/share, a 25% premium to last close. The Lopez family, currently owning 54.44% of shares out in LPZ, will not participate in the Offer.
In addition, LPZ's board authorised the filing of a petition for voluntary delisting of the company.
The Tender Offer is expected to commence on the 22 January 2021 and remain open until 19 February, with an expected payment on the 8 Mar 2021.
The IFA has given a fairness opinion with a convenient range of P2.34 to P3.92/share.
Yet the Offer price looks light and opportunistic, having traded through terms in late February. 
More below the fold.







Lopez Holdings (LPZ PM): Reverse Voluntary Delisting

Last Week In Event SPACE: Keisei/Oriental Ld, Nat'l Storage, Sembcorp, Leyou, Accordia Golf, Samba

Philippines

First Gen Corporation is the holding company for the power generation and energy related businesses of the Lopez Group.  The Company's primary focus is on power generation.

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First Gen (FGEN PM)

Wickhams Hill Research | Under-The-Radar Issue 9

Cosco Capital (COSCO PM) has confirmed the spin-off listing of liquor distribution business later this month. An ongoing buyback at Robinsons...

Lloyd Moffatt

AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle

AC Energy Corp (ACEN PM) is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines. n this note, we will take a brief look...

Zhen Zhou, Toh

Last Week in Event SPACE: Japan Post, JD.com, Toyota, NTT, Jardines, Indices/Exec. Orders, Tianneng

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

Lopez Holdings (LPZ PM): Reverse Voluntary Delisting

There is a possibility the minimum tender offer threshold is not met. This Offer appears to be being done far too cheaply. Plus this is not a very...

David Blennerhassett

Last Week In Event SPACE: Keisei/Oriental Ld, Nat'l Storage, Sembcorp, Leyou, Accordia Golf, Samba

Last Week in Event SPACE ... With Tokyo Disneyland opening this past Wednesday, Keisei Electric Railway Co (9009 JP) was coming up "expensive"....

David Blennerhassett

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