External broker reports(aggregated public sources), MIDF Amanah Investment Bank Bhd

MIDF Amanah Investment Bank Bhd

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>FY23 core PATANCI beat expectations  Better dividend, yet below expected</li><li>Lower input costs lifted 4QFY23 earnings Stronger bottom line in FY23 mainly boosted by robust sales and lower costs</li><li>Raised FY24-25F earnings forecast and introduced FY26F Maintain BUY with a revised TP of RM0.99 (from RM0.98)</li></ul><p><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></p>

FY23 core PATANCI beat expectations  Better dividend, yet below expectedLower input costs lifted 4QFY23 earnings Stronger bottom line in FY23 mainly boosted by robust sales and lower costsRaised FY24-25F earnings forecast and introduced FY26F Maintain BUY with a revised TP of RM0.99 (from RM0.98)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.

Hup Seng Industries Berhad - Reduced Input Costs; Improved Margin

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On 3rd June, <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 (FNH MK)</a></strong> announced it sought to take <strong><a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland (COLA MK)</a></strong> private by way of a Scheme at RM1.50/share, a 26.1% premium to last close.</li>
<li>Board support was received on the 15 June. The Explanatory Statement is now out with a Court Meeting to vote on the Scheme to be held on the 18th August. </li>
<li>Management-Backed Leverage Success, the largest shareholder with 40.65%, has given an irrevocable to vote for the Scheme. This is done with payment late-October. The IFA says fair and reasonable. </li>
</ul>


On 3rd June, Fraser &amp; Neave (FNH MK) announced it sought to take Cocoaland (COLA MK) private by way of a Scheme at RM1.50/share, a 26.1% premium to last close.
Board support was received on the 15 June. The Explanatory Statement is now out with a Court Meeting to vote on the Scheme to be held on the 18th August. 
Management-Backed Leverage Success, the largest shareholder with 40.65%, has given an irrevocable to vote for the Scheme. This is done with payment late-October. The IFA says fair and reasonable. 


Cocoaland (COLA MK): Explanatory Statement Out. 18th August Court Meeting

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>The independent advisor considers <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>'s RM1.50 offer for <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> fair as it falls within its valuation range of RM1.21-1.66 per share.</li>
<li>The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. </li>
<li>We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.</li>
</ul>


The independent advisor considers Fraser &amp; Neave Holdings (FNH MK)'s RM1.50 offer for Cocoaland Holdings (COLA MK) fair as it falls within its valuation range of RM1.21-1.66 per share.
The key conditions are the headcount test and &lt;10% rejection from all disinterested shareholders. The shareholder with a blocking stake has provided an irrevocable. 
We continue to think that offer is attractive. At the last close and for the end of October payment date, the gross and annualised spread is 1.4% and 4.8%, respectively.


Cocoaland’s Court Meeting on 18 August, IA’s Opinion

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

TA Securities Holdings Bhd

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HKCC Raised Concerns over Biscuit Consumption

<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.

Aggravated by Elevated Raw Material Price

Malaysia

Hup Seng Industries Bhd is an investment holding company. Through its subsidiaries, the Company manufactures, sells, and distributes biscuits, confectioneries, and other foodstuffs.

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Hup Seng Industries (HSI MK)

Hup Seng Industries Berhad - Reduced Input Costs; Improved Margin

tronger bottom line in FY23 mainly boosted by robust sales and lower costs. Raised FY24-25F earnings forecast and introduced FY26F . Maintain BUY...

MIDF Amanah Investment Bank Bhd

Cocoaland (COLA MK): Explanatory Statement Out. 18th August Court Meeting

Assuming payment late-October, this is trading tight at a gross/annualised spread of 1.4%/4.9%. And it's not a super liquid arb. I'd look elsewhere...

David Blennerhassett

Cocoaland’s Court Meeting on 18 August, IA’s Opinion

The IA considers the RM1.50 offer fair and reasonable. At last close and for an end of October payment date, the gross and annualised spread is...

Arun George

HKCC Raised Concerns over Biscuit Consumption

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TA Securities Holdings Bhd

Aggravated by Elevated Raw Material Price

Sell Hup Seng Industries Berhad: Aggravated by Elevated Raw Material Price. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

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