Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/fraser-neave-holdings-bhd" target="_blank" data-smartkarma-citation="entities:7742:1" rel="noopener">Fraser &amp; Neave Holdings (FNH MK)</a> </strong>is proposing to privatise 27.66%-held <strong><a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a></strong> at RM1.50/share by way of a Scheme. </li>
<li>The Offer price is a 26.1% premium to last close. Leverage Success, the largest shareholder with 40.65% stake has given an irrevocable undertaking to vote for the Scheme. </li>
<li>The board of Cocoaland has until the 17 June to respond.</li>
</ul>



Fraser &amp; Neave Holdings (FNH MK) is proposing to privatise 27.66%-held Cocoaland Holdings (COLA MK) at RM1.50/share by way of a Scheme. 
The Offer price is a 26.1% premium to last close. Leverage Success, the largest shareholder with 40.65% stake has given an irrevocable undertaking to vote for the Scheme. 
The board of Cocoaland has until the 17 June to respond.


Cocoaland (COLA MK): F&N Scheme At RM1.50/Share

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> raised around US$239m in its Malaysia IPO. </li>
<li>In our view, the firm’s stronger margins and better growth potential warrants a premium to its other domestic peers.</li>
<li>In this note, we will talk about the updates since then and the trading dynamics.</li>
</ul>



Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO. 
In our view, the firm’s stronger margins and better growth potential warrants a premium to its other domestic peers.
In this note, we will talk about the updates since then and the trading dynamics.


Farm Fresh IPO Trading - Solid Subscription, Should Come in at a Premium to Domestic Peers

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/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/farm-fresh-ipo-initiation-bet-the-farm" target="_blank" data-smartkarma-citation="insights:66352" rel="noopener">Farm Fresh IPO Initiation: Bet the Farm</a>, we stated that the IPO is worth a closer look on a fundamental basis. The offer period is from 28 February-10 March.  </li>
<li>30 cornerstone investors will take up c.80% of the institutional offering tranche. Our valuation analysis suggests that the IPO price is attractive. </li>
</ul>



Farm Fresh Berhad (FF MY) is a leading vertically integrated dairy player in Malaysia. It has launched an IPO to raise $239 million.
In Farm Fresh IPO Initiation: Bet the Farm, we stated that the IPO is worth a closer look on a fundamental basis. The offer period is from 28 February-10 March.  
30 cornerstone investors will take up c.80% of the institutional offering tranche. Our valuation analysis suggests that the IPO price is attractive. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$239m in its Malaysia IPO.</li>
<li>While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. </li>
<li>In this note, we will look at peers, assumptions, and share our thoughts on valuation.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO.
While not exactly the cheapest per se, including Nestle Malaysia, were the firm to trade towards its domestic peer’s simple average, there is an upside potential of 26%-33.3%. 
In this note, we will look at peers, assumptions, and share our thoughts on valuation.


Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

Fraser & Neave Holdings / Equity Bottom-Up

<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Fraser & Neave Holdings Berhad is an investment holding company which provides management services.  The Company, through its subsidiaries, manufactures and sells glass containers, soft drinks, and dairy products.  Fraser & Neave also operates in property development and investment.

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Fraser & Neave Holdings (FNH MK)

Farm Fresh IPO Trading - Solid Subscription, Should Come in at a Premium to Domestic Peers

Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO. In our view, the firm’s stronger margins and better growth potential warrants...

Clarence Chu

Farm Fresh IPO: Valuation Insights

The IPO price is attractive for a market-leading business. The offer period is from 28 February to 10 March. The listing is on 22 March.

Arun George

Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO. In this note, we will look at peers, assumptions, and share our thoughts...

Clarence Chu

Resilient Delivery Amid Covid-19

Buy Fraser & Neave Holdings Bhd: Resilient Delivery Amid Covid-19. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

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Cocoaland (COLA MK): F&N Scheme At RM1.50/Share

This appears done - play the spread here. Assuming payment mid October, I would pay up to ~RM1.42/share or a gross/annualised spread at 5.6%/16%....

David Blennerhassett

Farm Fresh IPO Trading - Solid Subscription, Should Come in at a Premium to Domestic Peers

Farm Fresh Berhad (FF MY) raised around US$239m in its Malaysia IPO. In our view, the firm’s stronger margins and better growth potential warrants...

Clarence Chu

Farm Fresh IPO: Valuation Insights

The IPO price is attractive for a market-leading business. The offer period is from 28 February to 10 March. The listing is on 22 March.

Arun George

Farm Fresh IPO - Not the Cheapest but Could Be Worth the Price

Farm Fresh Berhad (FF MY) is looking to raise US$239m in its Malaysia IPO. In this note, we will look at peers, assumptions, and share our thoughts...

Clarence Chu

Resilient Delivery Amid Covid-19

Buy Fraser & Neave Holdings Bhd: Resilient Delivery Amid Covid-19. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd