External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

Indofood Sukses Makmur Tbk P / Equity Bottom-Up

<p>Regaining optimism from better macro conditions</p><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>

Regaining optimism from better macro conditionsContent 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.

Indofood Sukses Makmur (INDF IJ) - Regaining optimism from better macro conditions

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

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<p>This week in StubWorld ...</p>
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<p>Decent 2021 interims and continual buybacks have not curbed <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a>'s recent underperformance, with the market assigning US$300mn <em>less</em> for the stub ops than before.</p>
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<p>Preceding my comments on First Pac are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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This week in StubWorld ...



Decent 2021 interims and continual buybacks have not curbed First Pacific Co (142 HK)'s recent underperformance, with the market assigning US$300mn less for the stub ops than before.



Preceding my comments on First Pac are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


StubWorld: First Pac (142 HK)'s Correction After Year-Long Contraction

<p>Reiterating our positive view</p><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>

Reiterating our positive viewContent 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.

Indofood Sukses Makmur (INDF IJ) - Reiterating our positive view

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<p>In StubWorld this week ...</p>
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<p><a href="https://www.smartkarma.com/entities/indofood-sukses-makmur-tbk-p" target="_blank" data-smartkarma-citation="entities:1053:1" rel="noopener"></a>Beleaguered <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande Real Estate Group (3333 HK)</a>'s shares bounced after the company <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0810/2021081001009.pdf" target="_blank" rel="noopener">said</a> it is in talks to sell stakes in two of its units. But optimism over improved capital management appears naive. </p>
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<p>Preceding my comments on Evergrande are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
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<p>As always, more below the fold.</p>
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In StubWorld this week ...




Beleaguered Evergrande Real Estate Group (3333 HK)'s shares bounced after the company said it is in talks to sell stakes in two of its units. But optimism over improved capital management appears naive. 




Preceding my comments on Evergrande are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


As always, more below the fold.


Indonesia

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

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Indofood Sukses Makmur Tbk P (INDF IJ)

Indofood Sukses Makmur (INDF IJ) - Regaining optimism from better macro conditions

Regaining optimism from better macro conditionsContent is external broker report sourced from online content aggregator through publicly available...

Mirae Asset Securities

Last Week in Event SPACE: Sembcorp Marine, AusNet, Shinsei Bank, MMC Corp

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

StubWorld: First Pac (142 HK)'s Correction After Year-Long Contraction

in the short term, absent a major catalyst, I'd like to see the share price settle a bit. Longer-term, this appears a decent entry point, with a...

David Blennerhassett

Indofood Sukses Makmur (INDF IJ) - Reiterating our positive view

Reiterating our positive viewContent is external broker report sourced from online content aggregator through publicly available sources and is...

Mirae Asset Securities

StubWorld: What To Do With Evergrande?

Evergrande Auto is not worth what its market cap suggests to an independent third party; and Property Services may or may not be worth what people...

David Blennerhassett

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