Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/13490" target="_blank" data-smartkarma-citation="entities:13490:1">Mulpha International (MIT MK)</a> is trading at 0.21x P/B. It's 22.7% stake in <a href="https://www.smartkarma.com/entities/9390" target="_blank" data-smartkarma-citation="entities:9390:1">Aveo Group (AOG AU)</a> (itself trading at 0.6x P/B, a three and half year low) is worth 133% of Mulpha's market cap. Aveo just announced a <a href="https://www.asx.com.au/asxpdf/20180824/pdf/43xnyydl8kpkf6.pdf" target="_blank">strategic review</a> after receiving various proposal from investors. 
Aveo trades at a steep discount to peers, due to the presence of Mulpha's large stake restricting institutional ownership; the fact Mulpha and Aveo share the same chairman, intimating connected transactions; the ongoing class action; or a combination of all three. 
Corporate activity has also recently slowed. The last entitlement (rights) offer was conducted in 2013; while the last major <a href="https://www.asx.com.au/asxpdf/20160818/pdf/439dny78n9pfp2.pdf" target="_blank">institutional placement</a> occurred in August 2016. And given the prevailing P/B, the quantum of the recent buyback falls short of the strong management commitment shown in August last year.
Aveo is a company that would be better served being privatised by Mulpha.
Further afield, Mulpha should also be privatised by the controlling Lee family. 
Aveo trades around US$2mn/day. Mulpha is smaller - US$135mn mkt cap &amp; liquidity of US$0.3k - if that doesn't float your boat, look away now.

Mulpha International (MIT MK) is trading at 0.21x P/B. It's 22.7% stake in Aveo Group (AOG AU) (itself trading at 0.6x P/B, a three and half year low) is worth 133% of Mulpha's market cap. Aveo just announced a strategic review after receiving various proposal from investors. 
Aveo trades at a steep discount to peers, due to the presence of Mulpha's large stake restricting institutional ownership; the fact Mulpha and Aveo share the same chairman, intimating connected transactions; the ongoing class action; or a combination of all three. 
Corporate activity has also recently slowed. The last entitlement (rights) offer was conducted in 2013; while the last major institutional placement occurred in August 2016. And given the prevailing P/B, the quantum of the recent buyback falls short of the strong management commitment shown in August last year.
Aveo is a company that would be better served being privatised by Mulpha.
Further afield, Mulpha should also be privatised by the controlling Lee family. 
Aveo trades around US$2mn/day. Mulpha is smaller - US$135mn mkt cap &amp; liquidity of US$0.3k - if that doesn't float your boat, look away now.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul>
<li>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</li>
<li>
Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Malaysia

Malaysia Smelting Corporation Berhad smelts tin concentrates and tin bearing materials as well as produces refined tin metal and by-products.  The Company, through its subsidiaries, also provides authorized warehouse for tin metal.

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Malaysia Smelting Corp (SMELT MK)

A Case for Privatising Aveo

Mulpha International (MIT MK) is trading at 0.21x P/B. It's 22.7% stake in Aveo Group (AOG AU) (itself trading at 0.6x P/B, a three and half year...

David Blennerhassett

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

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52-week Range

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