Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Global branded food and beverage outfit <strong><a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a></strong> recently announced group sales grew by 3% to US$68mn in the 3Q23 (April Y/E).</li>
<li>However net profit declined by 62% to US$9.8mn due to lower operating results and increased interest expense from higher cost bank loans.</li>
<li>Del Monte's net debt, net gearing, and net debt/EBITDA were S$2.2bn, 582.5%, and 6.1x, compared to S$1.45bn, 211%, and 4.2x a year ago. </li>
</ul>


Global branded food and beverage outfit Del Monte Pacific (DELM SP) recently announced group sales grew by 3% to US$68mn in the 3Q23 (April Y/E).
However net profit declined by 62% to US$9.8mn due to lower operating results and increased interest expense from higher cost bank loans.
Del Monte's net debt, net gearing, and net debt/EBITDA were S$2.2bn, 582.5%, and 6.1x, compared to S$1.45bn, 211%, and 4.2x a year ago. 


Del Monte Pacific: Interest Costs Weigh On Financials

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.

Equity Capital Markets

Chongqing Hongjiu Fruit   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chongqing-hongjiu-fruit" target="_blank" data-smartkarma-citation="entities:36023:1" rel="noopener">Chongqing Hongjiu Fruit (CHF HK)</a>, a multi-brand fruit company in China, is pre-marketing an HKEX IPO to raise US$200-300 million.</li>
<li>The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. The rising but tiny market share suggests a lack of sustainable competitive advantage.</li>
<li>Hongjiu Fruit aims to be the first HKEx-listed fruit distributor. Investors can likely avoid a bitter aftertaste by remaining on the sidelines.</li>
</ul>



Chongqing Hongjiu Fruit (CHF HK), a multi-brand fruit company in China, is pre-marketing an HKEX IPO to raise US$200-300 million.
The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. The rising but tiny market share suggests a lack of sustainable competitive advantage.
Hongjiu Fruit aims to be the first HKEx-listed fruit distributor. Investors can likely avoid a bitter aftertaste by remaining on the sidelines.


Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar we are glad to welcome <a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051" rel="noopener">Del Monte Pacific (DELM SP)</a> Chief Corporate Officer Ignacio (Iggy) Sison and Investor Relations Manager Jennifer Luy.</p>
<p>In the upcoming webinar, Jennifer and Iggy will share a short company presentation, after which they will engage in a fireside chat with Smartkarma 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>. A live Q&amp;A session will follow.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 15 March 2022, 17:00 SGT.</h3>
<div class="content-highlight">
<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84649603353" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
</div>
<p>Dual-listed on the SGX and the Philippine Stock Exchange, Del Monte Pacific Limited is a global branded F&amp;B company that offers premium quality, healthy products. These include packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices, and frozen pineapple under various brands - it also sells fresh pineapples under the S&amp;W brand.</p>
<p>It is proud of its heritage brands - Del Monte, S&amp;W, Contadina, and College Inn – some of which originated in the USA more than 100 years ago. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, South America, the Philippines, Indian subcontinent, and Myanmar, while it owns S&amp;W globally except for Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.</p>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Corporate Webinar we are glad to welcome Del Monte Pacific (DELM SP) Chief Corporate Officer Ignacio (Iggy) Sison and Investor Relations Manager Jennifer Luy.
In the upcoming webinar, Jennifer and Iggy will share a short company presentation, after which they will engage in a fireside chat with Smartkarma Insight Provider, Nicolas Van Broekhoven. A live Q&amp;A session will follow.
The Corporate Webinar will be hosted on Tuesday, 15 March 2022, 17:00 SGT.

Register for the Webinar here

Dual-listed on the SGX and the Philippine Stock Exchange, Del Monte Pacific Limited is a global branded F&amp;B company that offers premium quality, healthy products. These include packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices, and frozen pineapple under various brands - it also sells fresh pineapples under the S&amp;W brand.
It is proud of its heritage brands - Del Monte, S&amp;W, Contadina, and College Inn – some of which originated in the USA more than 100 years ago. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, South America, the Philippines, Indian subcontinent, and Myanmar, while it owns S&amp;W globally except for Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Del Monte: Transformation of a Heritage Food Company

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.</li>
<li>Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares</li>
<li>We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.</li>
</ul>


The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.
Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares
We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.


Wickhams Hill Research | Under-The-Radar Issue 3

Rex International Holding / Equity Bottom-Up

<p>For our next Webinar, we have the pleasure of welcoming 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>, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.</p><div><div><h3>The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.</h3></div></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86724910057" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.</p>
</div></div>

For our next Webinar, we have the pleasure of welcoming Insight Provider Nicolas Van Broekhoven, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.
Register for the Webinar here
Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.


Smartkarma Webinar | Singapore Investment Ideas

United States

Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous fruit, melons, and other fresh produce and non-produce items.  The Company grows, distributes, transports, and markets its products worldwide.

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Fresh Del Monte Produce (FDP US)

Del Monte Pacific: Interest Costs Weigh On Financials

This is not the company to recommend in the midst of the current macroeconomic backdrop. One wonders if the company needs to tap the market for...

David Blennerhassett

Hongjiu Fruit IPO: A Bitter Fruit

The fundamentals are uninspiring as it is delivering profitable growth with a heavy cash burn. Investors can likely avoid a bitter aftertaste by...

Arun George

Smartkarma Corporate Webinar | Del Monte: Transformation of a Heritage Food Company

On 15 March, 5pm SGT, join our Corporate webinar with Del Monte Pacific's Ignacio Sison and Jennifer Luy, speaking with Nicolas Van Broekhoven...

Smartkarma Research

Wickhams Hill Research | Under-The-Radar Issue 3

The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high.

Lloyd Moffatt

Smartkarma Webinar | Singapore Investment Ideas

Join us on 11 August, 5pm SGT, when we talk to Nicolas Van Broekhoven about some of his favourite Singapore-based small- and mid-cap investment...

Smartkarma Research

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