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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a>’s shareholders overwhelmingly approved <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>’s delisting tender offer of THB59.00 per share. The approval was expected as ThaiBev was allowed to vote.</li>
<li>The offer is attractive compared to historical share prices, multiples and the IFA’s fair value of THB53.48-56.42 per share. </li>
<li>The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%, respectively.</li>
</ul>



Oishi Group PCL (OISHI TB)’s shareholders overwhelmingly approved Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share. The approval was expected as ThaiBev was allowed to vote.
The offer is attractive compared to historical share prices, multiples and the IFA’s fair value of THB53.48-56.42 per share. 
The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%, respectively.


Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<div><div><div><ul><li>The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.</li><li>Its two-year earnings (2022-24E) are expected to achieve a 25% CAGR.</li><li>While M is likely to face higher costs, the negative impact may be partially offset by economies of scale, keeping the stock appealing.</li></ul></div></div></div>

The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.Its two-year earnings (2022-24E) are expected to achieve a 25% CAGR.While M is likely to face higher costs, the negative impact may be partially offset by economies of scale, keeping the stock appealing.

Mk Restaurant Group -Two-Year Earnings to Achieve a 25% CAGR

<ul>
<li>The <a href="https://www.smartkarma.com/entities/oishi-group-pcl" target="_blank" data-smartkarma-citation="entities:17370:1" rel="noopener">Oishi Group PCL (OISHI TB)</a> IFA opines that shareholders approve <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>’s delisting tender offer of THB59.00 per share at the EGM on 3 May.</li>
<li>The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and &lt;10% rejection by total outstanding shares.</li>
<li>The offer is attractive to the IFA’s fair value of THB53.48-56.42 per share. At last close and the end-July completion, the gross and annualised spread is 2.2% and 8.1%, respectively.</li>
</ul>


The Oishi Group PCL (OISHI TB) IFA opines that shareholders approve Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share at the EGM on 3 May.
The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and &lt;10% rejection by total outstanding shares.
The offer is attractive to the IFA’s fair value of THB53.48-56.42 per share. At last close and the end-July completion, the gross and annualised spread is 2.2% and 8.1%, respectively.


Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Six stocks remain, and eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Six stocks remain, and eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

Thailand

MK Restaurants Group PCL operates restaurants. The Company supplies traditional Thai food.

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MK Restaurants Group (M TB)

Oishi Group (OISHI TB): Shareholders Approve the THB59.00 Delisting Offer

The delisting now requires SET approval. At the last close and for an end of July completion, the gross and annualised spread is 2.2% and 9.4%,...

Arun George

Mk Restaurant Group -Two-Year Earnings to Achieve a 25% CAGR

The return of tourist arrivals alongside the strong branding of the firm’s restaurant chains makes M attractive in the food and beverage sector.

Krungthai XSpring

Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

The THB59.00 offer is attractive. The IFA’s fair value is THB53.48-56.42 per share. At the last close and the end-July completion, the annualised...

Arun George

The Stocks to Own in ASEAN – Vol. 41

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 39

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Nine stocks remain, five new join...

A. Stotz Investment Research

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