Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<div>
<p>This week in StubWorld ...</p>
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<p>Following the <a href="https://links.sgx.com/FileOpen/THBEV_Potential_Spin_Off_Listing_of_BeerCo.ashx?App=Announcement&amp;FileID=647386" target="_blank" rel="noopener">no-objection notice</a> from the SGX on the <a href="https://links.sgx.com/FileOpen/THBEV_Potential_Spin_Off_Listing_of_BeerCo.ashx?App=Announcement&amp;FileID=647386" target="_blank" rel="noopener">4 February</a> concerning its BeerCo IPO, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> announced that the SGX has <a href="https://links.sgx.com/FileOpen/TB_Annoucement_Conditional_ETL_for_BeerCo.ashx?App=Announcement&amp;FileID=654525" target="_blank" rel="noopener">issued</a> its conditional eligibility-to-list letter for the potential listing.  </p>
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<p>Preceding my comments on ThaiBev 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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This week in StubWorld ...




Following the no-objection notice from the SGX on the 4 February concerning its BeerCo IPO, Thai Beverage (THBEV SP) announced that the SGX has issued its conditional eligibility-to-list letter for the potential listing.  




Preceding my comments on ThaiBev 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.


StubWorld: ThaiBev’s BeerCo Spin-Off One Step Closer

Event-Driven

Jardine Strategic Holdings / Event-Driven


For the month of March, 16 new deals were discussed on Smartkarma with an overall announced deal size of ~US$21bn.


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.





New Deals


Industry


Size (US$bn)


Type


Premium




Australia




Crown Resorts (CWN AU) 
Casino
6.3
Non-binding Scheme
36.8%


Crown Resorts (CWN AU): Blackstone Rolls the Dice



McPherson's Ltd (MCP AU) 
Cosmetics
0.1
On-Market
6.9%


McPherson (MCP AU): Unconditional On-Market Offer



Mainstream Group Holdings Ltd (MAI AU) 
Admin provider
0.2
Scheme
8.6%


Mainstream Group (MAI AU): Go-Shop Provision Makes It Interesting



Mortgage Choice (MOC AU) 
Mortgage broker
0.2
Scheme
66%



Mortgage Choice (MOC AU): REA's Scheme Offer









Hong Kong




China Youzan Limited (8083 HK) 
e-Commerce
4.3
Scheme
(30.2%)


China Youzan (8083 HK): Proposal Towards Relisting Youzan Tech








Japan




Funai Electric (6839 JP) 
Electronics
0.2
Tender Offer
25.2%


Funai Electric (6839 JP): Tender Offer Price Seems Light



IGNIS Ltd (3689 JP) 
Software
0.2
Tender Offer
52.12%


IGNIS (3689) MBO +63% Is Probably Too Light



Shoko Co Ltd (8090 JP) 
Trading co
0.1
Tender Offer
10.6%



Shoko (8090 JP) Tender Offer - Showa Denko Sells Too Cheap. Looks Bumpity Shoko (8090 JP) TOB:  Still Looks Bumpity




Takeei Corp (2151 JP)/ Rever Holdings Corp (5690 JP)

Staffing cos
0.5
Merger



Takeei (2151 JP) - Rever (5690 JP) Merger: TOPIX Event to Be Triggered








New Zealand




Tilt Renewables Ltd (TLT NZ) 
Energy
2.1
Scheme
99%


Tilt Renewables: Mercury/PowAr's Big Blow








Singapore




Global Cord Blood (CO US) 
Cord Blood
0.2
Pre-con proposal
65.4%


Global Cord Blood: Haitong Raids The Bank



Jardine Strategic Holdings (JS SP) 
Conglomerate
5.5
Amalgamation
20.2%



Jardine Matheson: Collapsing The Circularity
Jardine Strategic: What's Yours Is Mine
Jardine Strategic: SGM On The 12 April




Procurri Corporation (PROC SP) 
IT Hardware
0.1
Partial
32.7%


Procurri Corporation (PROC SP): Partial Tender Offers Scant Opportunity. Read more: https://skr.ma/FTYAh








Singapore Reinsurance (SRE SP) 
Reinsurance
0.2
Vol. Offer
17.8%


Singapore Reinsurance (SRE SP): Tender Offer Trading Tight








Thailand




Vinythai Public Co (VNT TB) 
Chemicals
0.3
Delisting Offer
57.8%


Vinythai (VNT TH): Delisting Offer From PTTGC








Philippines




2GO Group Inc (2GO PM) 
Logistics
0.2
MTO
30.49%


2GO Group (2GO PH): SMIC's MGO






Source: Smartkarma Insights





The average premium for the new deals announced (or first discussed) in March was ~33%, with a year-to-date average of ~32% (58 deals). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 



Summary of News in March of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

No March Update




Asaleo Care Ltd (AHY AU) 

No March Update




Bingo Industries (BIN AU) 

No March Update




Coca Cola Amatil (CCL AU) 

12-Mar: The Scheme booklet for Coca Cola Amatil (CCL AU) has been registered with ASIC. The Scheme Meeting will be held on the 16 April. 




Think Childcare (TNK AU) 

4-Mar: Think Childcare (TNK AU): Trading Through Terms. Should You Fold Now?




Vitalharvest Freehold Trust (VTH AU) 

11-Mar: Vitalharvest (VTH AU): Macquarie Ups Its Offer
18-Mar:Vitalharvest (VTH AU): Roc Blinks, And Bumps




Vocus Communications (VOC AU) 

10-Mar: Vocus Comms (VOC AU): MIRA/Aware's Done Deal




WPP AUNZ (WPP AU) 

18-Mar: WPP AUNZ (WPP AU)'s Scheme booklet registered with the ASIC. Scheme Meeting to be held on the 21 April. 










Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Digital Telecom (6188 HK) 

No March update




Beijing Jingneng Clean Energy (579 HK) 

1-Mar: Beijing Jingneng (579 HK): And That's a Fail




China Logistics Property Holdings (1589 HK) 

No March update




China Machinery Engineering (1829 HK) 

3-Mar: PRC approval, a pre-condition, to the Offer remains outstanding in a monthly update from China Machinery Engineering (1829 HK).




HKC Holdings (190 HK) 

No March update. Despatch of Scheme Doc pushed out to 30 April 




I.T Ltd (999 HK) 

22-Mar: I.T. (999 HK): Scheme Meeting 16 April. IFA Says Fair




Kerry Logistics Network (636 HK) 

18-Mar: Kerry Properties (683 HK) said it would: "declare a special dividend to distribute approximately 25% to 30% of such net proceeds" from the sake of shares in Kerry Logistics Network (636 HK).




New Century REIT (1275 HK) 

18-Mar: Circular despatched. EGM on the 12 April




Polytec Asset Holdings (208 HK) 

No March update. Polytec Asset Holdings (208 HK)extended the despatch of the Scheme Doc to 16 April.




Rivera Holdings (281 HK) 

No March update. Scheme Doc pushed way out to 7 June 




Sichuan Languang Justbon Service Group (2606 HK) 

11-Mar: There are some subtle changes to the MOU terms announced by Sichuan Languang Justbon Service Group (2606 HK) last night.  
Share to be acquired include 115,090,200 H shares AND 750,000 domestic shares or 65.04% of shares out, up from 64.62% in the initial announcement.  
 The price per H shares will be RMB42.8546/share , up from RMB42.1105.
23-Mar: Languang Justbon (2606 HK): Be Wary Of Chasing The Delisting Bump




China Traditional Chinese Medicine (570 HK) 

1-Mar: An update to say there is no update.




Zhejiang New Century Hotel Management Group (1158 HK) 

No March update




Zhuhai Holdings Investment (908 HK) 

No March update. The despatch of the Scheme Doc for Zhuhai Holdings Investment (908 HK) has been pushed back to the 21 April.










India


Comments (with links to insights)




Engineers India (ENGR IN) 

No March update




INEOS Styrolution India Limited (INEOS IN) 

No March update




National Aluminium (NACL IN) 

No March update




Vedanta Ltd (VEDL IN) 

13-Mar: Vedanta (VEDL) Awaits Open Offer Revision. Now Less Event-y More Commodity-y
17-Mar: Vedanta (VEDL) Open Offer Raised in Price and Size!










Japan


Comments (with links to announcements &amp; insights)




Being Co Ltd (4734 JP) 
25-Mar: The Tender Offer for Being Co Ltd (4734 JP) was successful. The bidder now has 88+%.



BeNEXT Group (2154 JP) 
25-Mar: BeNEXT - Yumeshin Merger: FTSE Upweight Is a Positive Surprise




Cocokara Fine (3098 JP) 
10-Mar: Matsukiyo-Cocokara Situation Gets Its Activist Noise Started 1-Mar:MatsuKiyoCocokara Merger and Implied Forward Forecasts which followed MatsukiyoCocokara &amp; Co - The Merger




Dynac Holdings Corporation (2675 JP) 
No March update



Honshu Chemical Industry (4115 JP) 

No March update




Japan Asia (3751 JP) 

1-Mar: Japan Asia Group (3751) : Defense Against Hostile TOB Is Bad News
18-Mar: Murakami-San Launches New JAG (3751) Tender Offer




Maeda Road Construction Co (1883 JP) 

13-Mar: Maeda Corp (1824 JP) has bought 21.8113mm shares of Maeda Road Construction Co (1883 JP).The pro-ration is 60.2913754%




N Field Co Ltd (6077 JP) 

No March update




Sakai Ovex (3408 JP) 

8-Mar: Savai Ovex MBO - A Very Weak Bump
28-Mar: Sakai Ovex Tender Offer Fails But The Stock Gains an Activist




Sanken Electric (6707 JP) 

9-Mar: Effissimo, Sanken, and Allegro - Thinking About the Future
25-Mar: Effissimo Capital Management held 24.05mm shares prior to launching its tender offer and it appears it managed to buy 24.04mm shares in the Tender Offer. That gets them to 19.93%, up from 9.97%. 




Tokyo Rope Mfg (5981 JP) 

9-Mar: After all was said and done, the Tender Offer was completed, with Nippon Steel Corporation (5401 JP) getting to 19.9% after buying 1.625mm shares at JPY 1500/share. Pro-ration was quite high at 75.86%. 




Tsukui Corp (2398 JP) 

25-Mar: The Tsukui Corp (2398 JP) Tender Offer/MBO was completed successfully. The minimum hurdle was 29.316mm shares. The actual shares received in the Tender was 45.719mm or 64.07% of shares out. This will get squeezed out in the EGM as the non-tendering parties join with MBK and they have close to 90% together.




Unimat Retirement Community (9707 JP) 

26-Mar: the Unimat Retirement Community (9707 JP) Tender Offer was successful. The bidder got to 80.53%. An EGM will follow along with a squeezeout/delisting. The cowbell has not been very loud.










New Zealand


Comments (with links announcements)




Infratil Ltd (IFT NZ) 

No March update











Philippines


Comments (with links announcements)




Lopez Holdings (LPZ PM) 

19-Mar: The Tender Offer for Lopez Holdings (LPZ PM) closed on the 8 March. The accepted Tender Offer Shares were intended to be crossed through the PSE eight business days after the close of the Tender Offer Period or on 18 March. That has now taken place. The public float now stands at 29.32%. 











Singapore


Comments (with links to announcements &amp; insights)




CEI Limited (CEI SP) 

19-Mar: Offer declared unconditonal




GL Ltd (GLL SP) 

1-Mar: SIAS Questions GL Limited's Offer: More Bark Than Bite 15-Mar:  GL Limited: Guoco Bumps &amp; Declares Offer Unconditional 18-Mar: Guoco Group Ltd (53 HK) gets &gt;90% and will now move to compulsory acquire shares in GL Ltd (GLL SP).




Penguin International (PBS SP) 

24-Mar: Penguin International (PBS SP): Offer Extended, No Bump, Time to Unwind
26-Mar: 75% threshold surpassed: As at 6.00 p.m. (Singapore time) on 25 March 2021, the Offeror has gained control of 167,789,621 shares, representing approximately 76.21% of the total number of shares in the Company. 




Soilbuild Business Space REIT (SBREIT SP) 

11-Mar: Phew - that was close. 89.32% voted FOR but the headcount scrapped in at 56.56%.  Last day of trading in Soilbuild Business Space REIT (SBREIT SP) was the 26 March.










Taiwan


Comments (with links to announcements &amp; insights)




Jih Sun Financial (5820 TT) 

20-Mar: Jih Sun Financial Deal Down To The Wire
23-Mar: Jih Sun Tender Offer Successful - Now the Squeezeout






ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/singapore-when-will-mas-normalise-policy" target="_blank" rel="noopener"> Singapore: When Will MAS Normalise Policy?</a>, Economist<a href="https://www.smartkarma.com/profiles/nigel-chiang" target="_blank" rel="noopener"> Nigel Chiang</a> discusses Singapore's economic outlook. He remains relatively sanguine over the external outlook in the near-term, despite the less vibrant trade print from February. </p><p>In<a href="https://www.smartkarma.com/insights/the-philippines-sharp-uptick-in-caseloads-imperils-incipient-recovery" target="_blank" rel="noopener"> The Philippines: Sharp Uptick in Caseloads Imperils Incipient Recovery</a>, <a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" data-smartkarma-citation="accounts:1567" rel="noopener">Nicholas Chia</a> discusses the Philippines economic outlook as the country records even higher COVID-19 cases. </p><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/bfi-finance-indonesia-bfin-ij-more-than-a-prudent-restart" target="_blank" rel="noopener"> BFI Finance Indonesia (BFIN IJ) - More than A Prudent Restart</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> returns to look at<a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" rel="noopener"> BFI Finance Indonesia (BFIN IJ)</a> post the company's 4Q2020 and FY2020 results and a call with management.</p><p><a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener"></a>In<a href="https://www.smartkarma.com/insights/berli-jucker-bjc-tb-primed-for-rebound" target="_blank" rel="noopener"> Berli Jucker (BJC TB) - Primed for Rebound</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)</a> post a conversation with the management and after its recent results.</p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-well-rounded-industrial-recovery-play" target="_blank" data-smartkarma-citation="insights:49681" rel="noopener">AKR Corporindo (AKRA IJ) - Well-Rounded Industrial Recovery Play</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's leading private distributor of chemicals and fuel and industrial estate operator <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" data-smartkarma-citation="entities:13338:1" rel="noopener">AKR Corporindo (AKRA IJ)</a>, after its results and a call with management. </p><p>In<a href="https://www.smartkarma.com/insights/erajaya-eraa-lack-of-short-term-catalyst-but-march-on-long-term" target="_blank" rel="noopener"> Erajaya (ERAA): Lack of Short Term Catalyst but March on Long Term</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> discusses how<a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" rel="noopener"> Erajaya Swasembada (ERAA IJ)</a> benefits from the strict enforcement of the new compulsory IMEI registration in Indonesia. </p><p>In<a href="https://www.smartkarma.com/insights/capitaland-restructuring-clim-should-have-been-a-pure-fee-business" target="_blank" rel="noopener"> CapitaLand Restructuring - CLIM Should Have Been a Pure Fee Business</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> returns to look at<a href="https://www.smartkarma.com/entities/capitaland-ltd" target="_blank" rel="noopener"> Capitaland (CAPL SP)</a> after it announced a strategic restructuring of CAPL and listing of CapitaLand Investment Management. Having looked at the company in a prior life as a Singapore Real Estate Analyst, he shares his thoughts on the likely impact of the deal.</p><p>In<a href="https://www.smartkarma.com/insights/vietnam-transformational-profit" target="_blank" rel="noopener"> Vietnam – Transformational Profit</a>,<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> provides an initial view on<a href="https://www.smartkarma.com/entities/vietnam-maritime-commercial-joint-stock-bank" target="_blank" rel="noopener"> Vietnam Maritime Commercial Joint Stock Bank (MSB VN)</a>, which he sees as a stand-out bank in Vietnam.</p><p>In<a href="https://www.smartkarma.com/insights/singapore-reinsurance-sre-sp-tender-offer-trading-tight" target="_blank" rel="noopener"> Singapore Reinsurance (SRE SP): Tender Offer Trading Tight</a>,<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" rel="noopener"> Janaghan Jeyakumar, CFA</a> reports back on the  <a href="https://links.sgx.com/FileOpen/Sunrise%20-%20Offer%20Announcement_19%20March%202021.ashx?App=Announcement&amp;FileID=652694" target="_blank" rel="noopener">Tender Offer</a> that Fairfax Asia Limited launched for <a href="https://www.smartkarma.com/entities/singapore-reinsurance-corp" target="_blank" rel="noopener">Singapore Reinsurance (SRE SP)</a> valuing the company at a market cap of around S$210mn (~US$156mn).</p><p>In<a href="https://www.smartkarma.com/insights/sappe-better-performance-in-both-domestic-and-international" target="_blank" rel="noopener"> SAPPE: Better Performance in Both Domestic and International</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> attended the analyst meeting of<a href="https://www.smartkarma.com/entities/sappe-pcl" target="_blank" rel="noopener"> Sappe Pcl (SAPPE TB)</a> and came out with a positive tone, both from new product launch plans and the hemp products that show future potential.</p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/tunas-baru-event-flash-marketing-usd-400-mn-5nc2-notes-lucror-analytics" target="_blank" rel="noopener"> Tunas Baru - Event Flash - Marketing USD 400 Mn 5NC2 Notes - Lucror Analytics</a>, credit analyst<a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" rel="noopener"> Leonard Law, CFA</a> provides a view of the latest bond issue by<a href="https://www.smartkarma.com/entities/tunas-baru-lampung-tbk-pt" target="_blank" rel="noopener"> Tunas Baru Lampung (TBLA IJ)</a>. </p><h3>Corporate Webinar</h3><div><p><strong>For our next Corporate Webinar</strong>, we are glad to be joined by the<strong> Management and IR team of <a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt/overview" target="_blank" rel="noopener">Adi Sarana Armada (ASSA IJ)</a>.</strong> The speakers are:</p></div><div><ul style="list-style-type: disc;">
<li>Mr. Prodjo Sunarjanto (CEO)</li>
<li>Mr. Hindra Tanujaya (CFO)</li>
<li>Mr. Suyanto Tjoeng (Director)</li>
<li>Mr. Jany Candra (Director)</li>
</ul></div><div><p>The team will share a short company presentation and have<strong> a fireside chat</strong> with <strong>Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>,</strong> followed by a live Q&amp;A session.</p></div><p>The Corporate Webinar will be hosted on Tuesday, 30 March 2021, 17:00 SGT / 16:00 JKT.</p><div><div><p><strong><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85856918352" target="_blank" rel="noopener">Register for the Webinar here</a></strong></p></div></div>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Macro InsightsIn Singapore: When Will MAS Normalise Policy?, Economist Nigel Chiang discusses Singapore's economic outlook. He remains relatively sanguine over the external outlook in the near-term, despite the less vibrant trade print from February. In The Philippines: Sharp Uptick in Caseloads Imperils Incipient Recovery, Nicholas Chia discusses the Philippines economic outlook as the country records even higher COVID-19 cases. Equity Bottom UpIn BFI Finance Indonesia (BFIN IJ) - More than A Prudent Restart, CrossASEAN Insight Provider Angus Mackintosh returns to look at BFI Finance Indonesia (BFIN IJ) post the company's 4Q2020 and FY2020 results and a call with management.In Berli Jucker (BJC TB) - Primed for Rebound, CrossASEAN insight provider Angus Mackintosh circles back to Berli Jucker (BJC TB) post a conversation with the management and after its recent results.In AKR Corporindo (AKRA IJ) - Well-Rounded Industrial Recovery Play, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading private distributor of chemicals and fuel and industrial estate operator AKR Corporindo (AKRA IJ), after its results and a call with management. In Erajaya (ERAA): Lack of Short Term Catalyst but March on Long Term, CrossASEAN insight provider Henry Soediarko discusses how Erajaya Swasembada (ERAA IJ) benefits from the strict enforcement of the new compulsory IMEI registration in Indonesia. In CapitaLand Restructuring - CLIM Should Have Been a Pure Fee Business, Sumeet Singh returns to look at Capitaland (CAPL SP) after it announced a strategic restructuring of CAPL and listing of CapitaLand Investment Management. Having looked at the company in a prior life as a Singapore Real Estate Analyst, he shares his thoughts on the likely impact of the deal.In Vietnam – Transformational Profit, Daniel Tabbush provides an initial view on Vietnam Maritime Commercial Joint Stock Bank (MSB VN), which he sees as a stand-out bank in Vietnam.In Singapore Reinsurance (SRE SP): Tender Offer Trading Tight, Janaghan Jeyakumar, CFA reports back on the  Tender Offer that Fairfax Asia Limited launched for Singapore Reinsurance (SRE SP) valuing the company at a market cap of around S$210mn (~US$156mn).In SAPPE: Better Performance in Both Domestic and International, Country Group attended the analyst meeting of Sappe Pcl (SAPPE TB) and came out with a positive tone, both from new product launch plans and the hemp products that show future potential.Credit InsightsIn Tunas Baru - Event Flash - Marketing USD 400 Mn 5NC2 Notes - Lucror Analytics, credit analyst Leonard Law, CFA provides a view of the latest bond issue by Tunas Baru Lampung (TBLA IJ). Corporate WebinarFor our next Corporate Webinar, we are glad to be joined by the Management and IR team of Adi Sarana Armada (ASSA IJ). The speakers are:
Mr. Prodjo Sunarjanto (CEO)
Mr. Hindra Tanujaya (CFO)
Mr. Suyanto Tjoeng (Director)
Mr. Jany Candra (Director)
The team will share a short company presentation and have a fireside chat with Smartkarma Insight Provider, Angus Mackintosh, followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 30 March 2021, 17:00 SGT / 16:00 JKT.Register for the Webinar here

The Week That Was in ASEAN@Smartkarma - Thai Consumers, Indonesian Multifinance, and Digital Moves

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
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<h3>Macro Insights</h3>
<p>In<a href="https://www.smartkarma.com/insights/indonesia-1q21-economic-momentum-struggles-to-stay-afloat-jokowi-quashes-talk-of-a-3rd-term" target="_blank" rel="noopener"> Indonesia: 1Q21 Economic Momentum Struggles to Stay Afloat; Jokowi Quashes Talk of A 3rd Term</a>, Economist<a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" rel="noopener"> Nicholas Chia</a> discusses Indonesia's economy and political outlook. </p>
</div><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/grab-considering-spac-listing-for-a-us-40bn-valuation" target="_blank" rel="noopener"> Grab - Considering SPAC Listing for a US$40bn Valuation?</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> provides an initial view on<a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" rel="noopener"> Grab (0967655D SP)</a> after it revealed that it is considering SPAC listing in the US.</p><p>In<a href="https://www.smartkarma.com/insights/prodia-widyahusada-prda-ij-diagnosed-as-resilient" target="_blank" rel="noopener"> Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> circles back to<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" rel="noopener"> Prodia Widyahusada (PRDA IJ)</a> after the company released a strong set of FY2020 numbers. </p><p>In <a href="https://www.smartkarma.com/insights/rex-oman-production-gaining-steam-could-it-really-trade-at-1x-2021-pre-tax-profits" target="_blank" data-smartkarma-citation="insights:49019" rel="noopener">Rex: Oman Production Gaining Steam; Could It Really Trade at 1x 2021 Pre-Tax Profits?</a>, CrossASEAN 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> returns to look at Singapore listed forgotten oil stock <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a>. </p><p>In<a href="https://www.smartkarma.com/insights/btps-potential-profit-surge" target="_blank" rel="noopener"> BTPS – Potential Profit Surge</a>,<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> revisits<a href="https://www.smartkarma.com/entities/bank-tabungan-pensiunan-nasi" target="_blank" rel="noopener"> Bank BTPN Syariah (BTPS IJ)</a> that provides personal loans under Shariya law for women and the bank's FY2020 results. </p><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" data-smartkarma-citation="insights:49344" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> explores this upcoming US$1bn food and beverage IPO in the Philippines. </p><p>In<a href="https://www.smartkarma.com/insights/vinythai-vnt-th-delisting-offer-from-pttgc" target="_blank" rel="noopener"> Vinythai (VNT TH): Delisting Offer From PTTGC</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> circles back to<a href="https://www.smartkarma.com/entities/ptt-global-chemical-pcl" target="_blank" rel="noopener"> PTT Global Chemical (PTTGC TB)</a>'s proposed acquisition of minority shares of<a href="https://www.smartkarma.com/entities/vinythai-public-co-limited" target="_blank" rel="noopener"> Vinythai Public Co (VNT TB)</a> through a delisting tender offer in order to strengthen its ties with the downstream chemicals business. </p><p>In<a href="https://www.smartkarma.com/insights/jardine-strategic-sgm-on-the-12-april" target="_blank" rel="noopener"> Jardine Strategic: SGM On The 12 April</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> reports back on<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" rel="noopener"> Jardine Matheson Holdings (JM SP)</a>'s announcement to acquire 15.11% its does not own in <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" rel="noopener">Jardine Strategic Holdings (JS SP)</a>. </p><p>In<a href="https://www.smartkarma.com/insights/ddmp-reit-ipo-trading-priced-at-the-top-of-the-range-upside-remains-unclear" target="_blank" rel="noopener"> DDMP REIT IPO Trading - Priced at the top of the Range, Upside Remains Unclear</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> discusses<a href="https://www.smartkarma.com/entities/ddmp-reit" target="_blank" rel="noopener"> DDMP REIT (1848316D PM)</a> listing in the Philippines after the company successfully raised around US$275mn. </p><p>In<a href="https://www.smartkarma.com/insights/business-dna-kelvin-koh-of-sisb" target="_blank" rel="noopener"> Business DNA: Kelvin Koh of SISB</a>,<a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" rel="noopener"> Dr. Andrew Stotz, CFA</a> from <a href="https://www.smartkarma.com/companies/a-stotz-investment-research" target="_blank" rel="noopener">A. Stotz Investment Research</a> had an interview with the CEO and Co-founder of<a href="https://www.smartkarma.com/entities/sisb-pcl" target="_blank" rel="noopener"> SISB Public Company Limited (SISB TB)</a> about his journey in building the company.  </p><h3>Sector and Thematic </h3><p>In<a href="https://www.smartkarma.com/insights/the-rise-of-the-chief-sustainability-officer-in-asia" target="_blank" rel="noopener"> The Rise of the Chief Sustainability Officer in Asia</a>, ESG specialist<a href="https://www.smartkarma.com/profiles/kyle-rudden" target="_blank" rel="noopener"> Kyle Rudden</a> discusses the rising trend of hiring Chief Sustainability Officer (CSO) in <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener">Singapore Exchange (SGX SP)</a>, Temasek International, and other Southeast Asian companies. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/thailand-the-baht-bond-bandwagon" target="_blank" rel="noopener"> Thailand: The Baht Bond Bandwagon</a>,<a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" rel="noopener"> Warut Promboon</a> initiates our coverage of the Thai Baht (THB)-denominated corporate bond market.</p><p>In <a href="https://www.smartkarma.com/insights/olam-tear-sheet-lucror-analytics-1b0b9638-b028-47ba-9345-0521c49cdffa" target="_blank" data-smartkarma-citation="insights:49485" rel="noopener">Olam - Tear Sheet</a>, <a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> provides a bird's eye view of this Singapore listed soft commodity player from a credit perspective. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 

Macro Insights
In Indonesia: 1Q21 Economic Momentum Struggles to Stay Afloat; Jokowi Quashes Talk of A 3rd Term, Economist Nicholas Chia discusses Indonesia's economy and political outlook. 
Equity Bottom UpIn Grab - Considering SPAC Listing for a US$40bn Valuation?, CrossASEAN insight provider Angus Mackintosh provides an initial view on Grab (0967655D SP) after it revealed that it is considering SPAC listing in the US.In Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient, CrossASEAN Insight Provider Angus Mackintosh circles back to Prodia Widyahusada (PRDA IJ) after the company released a strong set of FY2020 numbers. In Rex: Oman Production Gaining Steam; Could It Really Trade at 1x 2021 Pre-Tax Profits?, CrossASEAN Insight Provider Nicolas Van Broekhoven returns to look at Singapore listed forgotten oil stock Rex International Holding (REXI SP). In BTPS – Potential Profit Surge, Daniel Tabbush revisits Bank BTPN Syariah (BTPS IJ) that provides personal loans under Shariya law for women and the bank's FY2020 results. In Monde Nissin Pre-IPO - The Positives - High Market Share,Sumeet Singh explores this upcoming US$1bn food and beverage IPO in the Philippines. In Vinythai (VNT TH): Delisting Offer From PTTGC, David Blennerhassett circles back to PTT Global Chemical (PTTGC TB)'s proposed acquisition of minority shares of Vinythai Public Co (VNT TB) through a delisting tender offer in order to strengthen its ties with the downstream chemicals business. In Jardine Strategic: SGM On The 12 April, David Blennerhassett reports back on Jardine Matheson Holdings (JM SP)'s announcement to acquire 15.11% its does not own in Jardine Strategic Holdings (JS SP). In DDMP REIT IPO Trading - Priced at the top of the Range, Upside Remains Unclear, Sumeet Singh discusses DDMP REIT (1848316D PM) listing in the Philippines after the company successfully raised around US$275mn. In Business DNA: Kelvin Koh of SISB, Dr. Andrew Stotz, CFA from A. Stotz Investment Research had an interview with the CEO and Co-founder of SISB Public Company Limited (SISB TB) about his journey in building the company.  Sector and Thematic In The Rise of the Chief Sustainability Officer in Asia, ESG specialist Kyle Rudden discusses the rising trend of hiring Chief Sustainability Officer (CSO) in Singapore Exchange (SGX SP), Temasek International, and other Southeast Asian companies. Credit InsightsIn Thailand: The Baht Bond Bandwagon, Warut Promboon initiates our coverage of the Thai Baht (THB)-denominated corporate bond market.In Olam - Tear Sheet, Leonard Law, CFA provides a bird's eye view of this Singapore listed soft commodity player from a credit perspective. 

The Week That Was in ASEAN@Smartkarma - ShopeePay, Grab Listing, and Philippine IPOs

<p>Following <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>'s surprise <a href="https://links.sgx.com/FileOpen/JMH%20J.ashx?App=Announcement&amp;FileID=651169" target="_blank" rel="noopener">announcement</a> on the 8 March to acquire the 15.11% in <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a> it does not own, Strategic has now released its <a href="https://data.fca.org.uk/artefacts/NSM/Portal/NI-000021381/NI-000021381.pdf" target="_blank" rel="noopener">circular</a> to shareholders.</p>
<p>The special general meeting (SGM) will be held on the 12 April at 8AM - in Bermuda. </p>
<p>There is no independent financial advisor casting an opinion on the fairness of the Offer consideration. The circular simply echoes that the Strategic's transaction committee unanimously recommends that independent Strategic shareholders vote in favour of the Amalgamation resolution at the SGM.</p>
<p>Dissenters' rights are discussed in detail, for those shareholders who are not satisfied they are being offered a fair value. </p>
<p>Some granularity on the shareholder structure of Matheson, as it pertains to the Keswick family, is provided, but it is not comprehensive.</p>
<p>This is a done deal. Cheques are expected to be despatched on the 28 April.</p>
<p>More below the fold. </p>

Following Jardine Matheson Holdings (JM SP)'s surprise announcement on the 8 March to acquire the 15.11% in Jardine Strategic Holdings (JS SP) it does not own, Strategic has now released its circular to shareholders.
The special general meeting (SGM) will be held on the 12 April at 8AM - in Bermuda. 
There is no independent financial advisor casting an opinion on the fairness of the Offer consideration. The circular simply echoes that the Strategic's transaction committee unanimously recommends that independent Strategic shareholders vote in favour of the Amalgamation resolution at the SGM.
Dissenters' rights are discussed in detail, for those shareholders who are not satisfied they are being offered a fair value. 
Some granularity on the shareholder structure of Matheson, as it pertains to the Keswick family, is provided, but it is not comprehensive.
This is a done deal. Cheques are expected to be despatched on the 28 April.
More below the fold. 

Singapore

Jardine Strategic Holdings Limited is a holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage.  The Company, through its subsidiaries, operates auto distribution, food and retailing, property investment, property development, and hotel operations.

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Jardine Strategic Holdings (JS SP)

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The Week That Was in ASEAN@Smartkarma - Thai Consumers, Indonesian Multifinance, and Digital Moves

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

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The Week That Was in ASEAN@Smartkarma - ShopeePay, Grab Listing, and Philippine IPOs

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