CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>As rains turn the bane of Thailand, Vietnam exports get a fillip</li><li>China export volume too goes up but value doesn’t match</li><li>Vietnam readying its rubber sector to meet emerging needs</li></ul>

As rains turn the bane of Thailand, Vietnam exports get a fillipChina export volume too goes up but value doesn’t matchVietnam readying its rubber sector to meet emerging needs

Vietnam Exports In Full Swing, But Returns Fail To Keep Pace

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/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>’s S$0.413 per share MGO from <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a> has met the 50%+ minimum acceptance condition.</li>
<li>The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.</li>
<li>The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. </li>
</ul>



Halcyon Agri (HACL SP)’s S$0.413 per share MGO from China Hainan Rubber Industry (601118 CH) has met the 50%+ minimum acceptance condition.
The closing date is extended from 24 March to 10 April. The payment settlement is within seven business days of receipt of a valid acceptance.
The offeror currently represents 50.003% of outstanding shares. At the last close, the gross and annualised spread for a 10 April payment is 2.0% and 41.8%, respectively. 


Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

<ul>
<li>The IFA opines that <a href="https://www.smartkarma.com/entities/china-hainan-rubber-industry-group" target="_blank" data-smartkarma-citation="entities:10551:1" rel="noopener">China Hainan Rubber Industry (601118 CH)</a>'s MGO at S$0.413 per share is fair and reasonable. The <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a> Board recommends accepting the offer.</li>
<li>Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.</li>
<li>The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.</li>
</ul>


The IFA opines that China Hainan Rubber Industry (601118 CH)'s MGO at S$0.413 per share is fair and reasonable. The Halcyon Agri (HACL SP) Board recommends accepting the offer.
Since the offer opened on 24 February, there have been no acceptances. Perhaps minorities held off until the full-year results and the IFA report. Board recommendation should drive acceptance.
The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate (47% excluding the Gondobintoro Family). This remains achievable. At the last close, the gross spread is 2.0%.


Halcyon Agri (HACL SP): Board Recommends Conditional MGO

External broker reports(aggregated public sources), Rong Viet Securities

Rong Viet Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area. Despite the project is still waiting for final approval, we are optimistic about its absorption due to a 40% pre-sold rate. Nam Tan Uyen 3 Industrial Park will be the growth driver in the next five years when coming into operation. Unceasingly large FDI inflows and the relocation of factories across the regions have been creating a solid lease demand in…

Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area. Despite the project is still waiting for final approval, we are optimistic about its absorption due to a 40% pre-sold rate. Nam Tan Uyen 3 Industrial Park will be the growth driver in the next five years when coming into operation. Unceasingly large FDI inflows and the relocation of factories across the regions have been creating a solid lease demand in…

NTC - Flourishing Rental Activity and Attractive Cash Dividend

Institutional Sales at Bao Viet Securities, BAOVIET Securities

Dylan Waller

Institutional Sales at Bao Viet Securities

The 1st Established Securities House in Vietnam

BAOVIET Securities

Bao Viet Securities Joint Stock Company (BVSC) is one of the leading and most prestigious securities companies in Vietnam, providing professional financial and investment services for domestic and foreign individuals and institutions, investment funds and banks. BVSC is a member of Bao Viet Holdings, the leading financial &amp; insurance conglomerate under the control of Vietnam’s MOF. During its 13 years of development, as the first securities company in the Vietnamese stock market, BVSC has continuously increased its financial capacity, strengthened its operations and developed a modern information technology system in order to improve the quality of service and become a leading brokerage company in Vietnam. BVSC has received a number of awards and recognitions from foreign and local prestigious institutions. In advisory activities, with highly experienced experts who were educated at foreign and local prestigious universities, BVSC was honored to receive the “Outstanding M&amp;A Advisory Firm” Award in 2011 and 2012, granted by the Securities Investment newspaper and the Ministry of Planning and Investment. BVSC was also recently named Best Equity House and Best Brokerage House in Vietnam in 2016 by Global Banking; Finance Review. Mergers and acquisitions (M&A) deals under BVSC consultancy were also selected as the most typical deals in the market. BVSC has also upheld its position among the top 10 securities companies by brokerage market share on the HSX and HNX. Notably, BVSC is among the three biggest bond brokerage houses in the market.

Thematic (Sector/Industry)

Insight Overview Overall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still project that growth will only reach 6.3-6.5%, below the target of 6.7%.  This growth may be supported by increased credit growth, and further easing measures from the SBV during H2 2017 (supported by the recovery of CPI during Q2 2017).  Some noteworthy events from this month include the launch of a derivatives market on August the 10th, and resolutions…

Insight Overview  Overall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still project that growth will only reach 6.3-6.5%, below the target of 6.7%.  This growth may be supported by increased credit growth, and further easing measures from the SBV during H2 2017 (supported by the recovery of CPI during Q2 2017).  Some noteworthy events from this month include the launch of a derivatives market on August the 10th, and resolutions…

Vietnam Market Updates: Where the Rubber Meets the Road

Vietnam

Phuoc Hoa Rubber JSC operates a rubber tree plantation, where it also processes and trades rubber wood harvested. The Company manufactures basic rubber products, such as latex and Standard Vietnamese Rubber (SVR) products.

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Phuoc Hoa Rubber Jsc (PHR VN)

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Halcyon Agri (HACL SP): Hainan Rubber’s Offer Is Declared Unconditional

The offer (S$0.413 per share) is unconditional and closes on 10 April. Payment is within seven business days of receipt of a valid acceptance. At...

Arun George

Halcyon Agri (HACL SP): Board Recommends Conditional MGO

The 50%+ minimum acceptance condition requires around 40% of minorities acceptance rate. This remains achievable. At the last close, the gross...

Arun George

NTC - Flourishing Rental Activity and Attractive Cash Dividend

Having the two existing industrial parks being fully occupied, NTC is preparing to exploit Nam Tan Uyen 3 IP with 255 ha of commercial area....

Rong Viet Securities

Vietnam Market Updates: Where the Rubber Meets the Road

Insight OverviewOverall, we are optimistic about some measures that the government is taking to reach its GDP growth target, although we still...

BAOVIET Securities

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