Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Rolex acquisition of Bucherer signals the company's intention to own retail distribution and gain access to what its competitors are doing, with the battleground currently being Europe.</li>
<li>We believe it will take years for Rolex to digest this acquisition before foraying into other markets, but with a similar approach, potentially making <a href="https://www.smartkarma.com/entities/oriental-watch-holdings" target="_blank" data-smartkarma-citation="entities:19950:1" rel="noopener">Oriental Watch (398 HK) </a>a target.  </li>
<li>Trading at 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, the company presents a great investment opportunity. </li>
</ul>


Rolex acquisition of Bucherer signals the company's intention to own retail distribution and gain access to what its competitors are doing, with the battleground currently being Europe.
We believe it will take years for Rolex to digest this acquisition before foraying into other markets, but with a similar approach, potentially making Oriental Watch (398 HK) a target.  
Trading at 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, the company presents a great investment opportunity. 


Oriental Watch: Addressing the Rolex Acquisition of Bucherer

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction</li>
<li>Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn</li>
<li>Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.</li>
</ul>


ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction
Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn
Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.


Wickhams Hill Research | Under-The-Radar Issue 11

<ul>
<li>Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service</li>
<li>Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results</li>
<li>The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased</li>
</ul>


Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service
Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results
The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased


Wickhams Hill Research | Under-The-Radar Issue 7

<ul>
<li>Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable of the 7 stocks added to our list of fallen angels.</li>
<li>Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently commenced repurchases under a 10% buyback mandate.</li>
<li>Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX. They’re a premium women and children's hospital with leading IVF clinics.</li>
</ul>


Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable of the 7 stocks added to our list of fallen angels.
Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently commenced repurchases under a 10% buyback mandate.
Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX. They’re a premium women and children's hospital with leading IVF clinics.


Wickhams Hill Research | Under-The-Radar Issue 1

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular: i) subdued global growth to continue in the next few years ii) rapid technological changes that can give way to new global value chains and production patterns  iii) Political uncertainties with the rising support for protectionism Below is the summary of seven key strategies presented by the Committee:1. Deepen and…

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular: i) subdued global growth to continue in the next few years ii) rapid technological changes that can give way to new global value chains and production patterns  iii) Political uncertainties with the rising support for protectionism  Below is the summary of seven key strategies presented by the Committee:1. Deepen and…

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

Singapore

Cortina Holdings Limited retails and distributes luxury watches in the Asia Pacific region.  The Company also trades, imports, and exports pens, lighters, and clocks.

Second Chance Properties Limited is a wholesaler and retailer of ready-made garments. The Group also retails gold, jewelry and tidbits, and invests in properties.

Challenger Technologies Limited operates superstore retails and small outlet retails. The Company sells information technology products and provides services related to its products. Through its subsidiary, the Company also supplies and installs electronic signage for buildings, business premises and promotional events.

Moneymax Financial Services Ltd. provides financial services through pawnbroking, retailing and trading of pre-owned jewelry and watches. The Company owns and operates stores throughout Singapore.

Duty Free International Ltd. operates a chain of duty-free retail shops. The Company offers offers international travelers a way to save money on a diverse array of merchandise, from high-end jewellery to premium liquor.

Eurosports Global Ltd specializes in the business of distribution of ultra-luxury and luxury automobiles and provision of after-sales services.

Noel Gifts International Limited markets gifts, develops and invests in properties, and operates a franchise program. The Company also sells hampers, flowers, and souvenirs.

Metro Holdings Limited operates department store, develops and invests in properties, as well as undertakes building contract works.  The Company also distributes building and construction materials.

Isetan (Singapore) Limited operates department stores and trades general merchandise with wholesale and retail operations.

FJ Benjamin Holdings Limited imports, exports, licenses, distributes, and retails consumer fashion wear and accessories, household furnishings, timepieces, and eyewear.

AUTOBACS SEVEN CO., LTD. retails automobile related products and services mainly through its franchise stores throughout Japan.  The Company's product lines include tires, wheels, engine oils, batteries, car stereos, and both interior and exterior car accessories.  Autobacs Seven also has some stores in the Asian region, such as Taiwan, as well as Europe and the United States.

AOKI Holdings Inc. operators a store chain specializing in men's suits. The Company also offers maternity and kids clothing.  Aoki International mainly operates in Tokyo metropolitan area and also operates online shopping.

PT Trikomsel Oke Tbk operates in the retail telecommunication business.  The Company operates retail stores in cities throughout Indonesia that offer a wide range of branded cellular phones.

KOHNAN SHOJI CO., LTD. operates a home improvement center chain, located in Osaka, Hyogo, and Kyoto.  The Company sells mainly home improvement products such as lumber, hardware, paint and also household utensils.  Kohnan Shoji also sells auto and leisure products.

GULLIVER INTERNATIONAL CO., LTD. operates a chain of stores which specialize in purchasing used cars.  The Company also operates a retail store chain known as Dolphie Net, via satellite.  Gulliver operates its own stores and also franchise stores nationwide.

Arclands Corporation operates home centers. The Company mainly sells home improvement products, household utensils, car and leisure products, gardening supplies, and other products. Arclands also operates restaurants management, DIY(Do It Yourself) products sales, real estate development, and other businesses.

PT ACE Hardware Indonesia Tbk retails tools, home improvement products, lawn and garden supplies, plumbing, furniture, sporting goods, and pet supplies.

NISHIMATSUYA CHAIN Co., Ltd., a specialty retailer, sells mainly clothes for infants and children, and also women and men.  The Company also sells maternity clothes and new born baby goods.

MarineMax, Inc. retails recreational boats. The Company sells new and used boats, parts and accessories, as well as offers repair services. MarineMax serves customers throughout the United States.

Joyful Honda Co.,Ltd. operates home improvement center business. The company sells products such as hardware, garden, pet products and also household utensil s.

The Hour Glass Limited retails and wholesales watches, jewelry and related products through its subsidiaries. The Company also manufactures watches and invests in properties.

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Hour Glass (HG SP)

Oriental Watch: Addressing the Rolex Acquisition of Bucherer

At 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, Oriental Watch is a great investment opportunity. We summarize our...

Sameer Taneja

Wickhams Hill Research | Under-The-Radar Issue 11

ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 7

Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 1

Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionableof the 7 stocks added to our list of fallen angels.

Lloyd Moffatt

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting...

Valerie Law, CFA

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