Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around US$153m, at last close.</li>
<li>We have covered the background of the rights and expected shortfall in our earlier note, <a href="https://www.smartkarma.com/insights/air-new-zealand-rights-and-possible-shortfall-delayed-boarding-but-its-priced-to-fly" target="_blank" data-smartkarma-citation="insights:67651" rel="noopener">Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly</a>.</li>
<li>In this note, we talk about the recent updates and shortfall pricing.</li>
</ul>


Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around US$153m, at last close.
We have covered the background of the rights and expected shortfall in our earlier note, Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly.
In this note, we talk about the recent updates and shortfall pricing.


Air New Zealand Shortfall - Not a Great Take-Up Probably Because of the Large Retail Holding

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Thematic (Sector/Industry)

<ul>
<li>There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. </li>
<li>Companies covered are <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> , <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> , <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, and retail REITs in Singapore. </li>
<li>There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. </li>
</ul>


There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. 
Companies covered are SATS (SATS SP) , Singapore Airlines (SIA SP) , Comfortdelgro Corp (CD SP), and retail REITs in Singapore. 
There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. 


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.

Equity Bottom-Up

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For the 5 trading sessions that spanned Mar 25 to 31, the Straits Times Index (STI) gained 0.3 per cent, while the FTSE China A50 Index dipped 0.1 per cent, the Hang Seng Index slipped 0.1 per cent and the FTSE Bursa Malaysia KLCI fell 0.6 per cent. 
Overall, institutions were net sellers over the 5 sessions with S$143 million of net outflow. DBS Group Holdings, UOB, Mapletree Commercial Trust, Keppel Corporation and Wilmar International led the net institutional outflows for the 5 sessions through to Mar 31. 
Meanwhile, Singapore Airlines, City Developments, SATS, SIA Engineering Company and Mapletree North Asia Commercial Trust received the highest net institutional inflows for the 5 sessions.  
For Q1 2022, Singapore stocks received S$1.12 billion of net institutional inflows, with Singapore Telecommunications,  OCBC,  UOB, Mapletree North Asia Commercial Trust and Wilmar International drawing the most net institutional inflows. Share buybacks 
There were 18 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$11.9 million, down from S$15.7 million for the preceding week. 
OCBC, Raffles Medical Group and Hong Fok Corporation led the buyback consideration tally. OCBC paid an average price of S$12.40 per share, while Raffles Medical Group paid S$1.17 per share. 
For Q1 2022, Keppel led the buyback consideration tally for primary-listed stocks buying back 27.3 million shares, with a consideration of S$164.2 million, at an average price of S$6.02 per share. 
On Jan 27, Keppel announced the establishment of a S$500 million share buyback programme, pursuant to the share purchase mandate granted by its shareholders at the company's previous AGM. The company noted that shares repurchased will be held as treasury shares which will be used in part for the annual vesting of employee share plans, but also as possible currency for future merger and acquisition (M&amp;A) activities. 
For the quarter, OCBC bought back 3.5 million shares at an average price of S$12.05, while Raffles Medical Group bought back 13.2 million shares at an average price of S$1.18 per share. Director and substantial shareholder transactions 
The 5 trading sessions saw almost 100 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks. 
This included 14 company director acquisitions with 3 disposals filed, while substantial shareholders reported 11 acquisitions and 3 disposals. HRnetGroup 
On Mar 25, Simco acquired 4,204,300 shares of HRnetGroup HRnetGroup : CHZ 0% for a consideration of S$3,254,969, at 77.4 Singapore cents per share. This increased Simco's direct interest in HRnetGroup from 77.61 per cent to 78.03 per cent, while increasing the deemed interests of founding chairman Peter Sim, executive director and chief executive officer of Recruit Express JS Sim, and executive director and chief legal officer Adeline Sim. 
Peter Sim founded the company in 1992 and has more than 40 years of expertise in social work, human resource management, and talent acquisition. 
HRnetGroup has since grown its business to over 900 consultants spread across 13 Asian cities. 
On Feb 25, HRnetGroup reported that its FY21 (ended Dec 31) revenue increased 36.4 per cent from FY20, with net profit growing 41.1 per cent to S$70.3 million. This was another record-breaking year in revenue for the company with the S$590.5 million revenue in FY21, following S$433.0 million revenue in FY20 and S$423.1 million revenue in FY19. 
The company added that revenue continues to be generated from diverse sources across multiple sectors and specialisations and it is not dependent on any single sector, with its top 10 clients contributing 26.6 per cent to its FY21 revenue. 
In FY21, the company facilitated 7,794 permanent job placements while placing 54,448 unique contractor headcounts for the year. 
On Dec 30, 2021, the board of directors of HRnetGroup announced that Adeline Sim had been appointed by the Minister for Education to the boards of SkillsFuture Singapore and of the Lifelong Learning Institute. 
Effective Jan 1, Wallace Gao Yong was appointed as an independent director of HRnetGroup. He is based in Beijing and is the chairman at Beijing Career International, the first HR service enterprise that was listed on China's A-share market. Olam Group 
On Mar 28, Olam Group Olam Intl : O32 0% independent non-executive director Nihal Kaviratne acquired 133,100 shares of the company at an average price of S$1.79 per share. With a consideration of S$237,985, this increased his direct interest in Olam Group to 0.1 per cent. 
Kaviratne was previously the chairman and CEO for the Unilever Group across Asia, Europe and Latin America. His career with the Unilever Group spanned 40 years which also covered senior level management positions in sales, marketing, brand and strategic planning and development. 
Olam Group has now completed the first 3 of 4 steps of its transformational re-organisation plan to re-organise its diverse business portfolio into 3 distinct operating groups - Olam Food Ingredients, Olam Agri and Olam. Olam Food Ingredients intends to seek a primary listing in London, and a concurrent secondary listing in Singapore. 
On Mar 25, Olam Group announced that in the light of current market conditions, and as a result of the ongoing conflict in Ukraine, it did not expect the IPO of Olam Food Ingredients to take place during Q2 2022, as was previously planned. Amos Group 
Between Mar 28 and 29, Amos Group executive chairman Kyle Shaw acquired 465,000 shares of the company at an average price of 17.2 cents per share. With a consideration of S$80,081, this increased his deemed interest in the company from 80.51 per cent to 80.77 per cent. 
Shaw is the founder and managing partner of ShawKwei &amp; Partners, an international private equity fund manager investing in mid-market industrial and service businesses across Asia, the United States, and Europe. 
The Amos Group serves multinational customers in the marine and energy industries across a network of facilities spanning Asia, the Middle East, and Europe. The group supplies customers with technical services and supply solutions across 4 of the most vibrant oil and gas production zones on earth and through 4 of the world's busiest ports - Singapore, Shanghai, Hong Kong and Busan. The group is expected to report its FY22 (ended Mar 31) results at the end of May. Tai Sin Electric 
On Mar 23, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 115,300 shares of the company at an average price of 39.0 cents per share. With a consideration of S$44,967, this took his total interest in Tai Sin Electric from 17.35 per cent to 17.38 per cent. 
Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997. Challenger Technologies 
Between Mar 23 and 29, Digileap Capital acquired 50,400 shares of Challenger Technologies Challenger : 573 0% at 58.0 cents per share. This took the deemed interest of non-executive non-independent director Tan Keng Soon in the Singapore-focused multi-brand IT retailer from 15.03 per cent to 15.04 per cent. Tan is the co-founder and manager partner of Dymon Asia Capital and was recently appointed to the board of Challenger Technologies, on Nov 29, 2021. Tye Soon 
On Mar 29, Tye Soon managing director David Chong Tek Yew acquired 55,000 shares of the company for a consideration of S$21,900 at an average price of 39.8 cents per share. This followed on from Wong Huay Shien, the Chong's spouse, also acquiring 30,200 shares of Tye Soon on Mar 30 at 39.5 cents per share. 
The 3 transactions took Chong's total interest in the independent automotive parts distributor from 3.25 per cent to 3.35 per cent. 
Joining as group general manager/executive director in 1998, Chong was appointed deputy managing director in 2002, before being appointed managing director in February 2014. 
On Feb 23, Tye Soon reported that profit after tax totalled S$4.5 million for its FY21 (ended Dec 31), up from S$1.3 million in FY20. 
Partnering its principals mostly from Europe, Japan and Korea, the group has one of the largest portfolios of top-tier global brands of automotive parts. LHT Holdings 
On Mar 25, LHT Holdings managing director, Yap Mui Kee, acquired 52,100 shares of the company for a consideration of S$36,991. At 71.0 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.79 per cent to 14.89 per cent. 
This followed her acquisitions of 17,700 shares at 70.0 cents per share on Mar 18 and 24,600 shares of at 69.1 cents per share on Mar 7.

Yap has over 35 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets. Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/green-shoots-for-retail-and-hospitality-s-reits-amid-new-pandemic-phase"> </a><a href="https://www.businesstimes.com.sg/companies-markets/hrnetgroups-largest-shareholder-raises-stake-1">read </a>the original version.
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    Share buyback


For the 5 trading sessions that spanned Mar 25 to 31, the Straits Times Index (STI) gained 0.3 per cent, while the FTSE China A50 Index dipped 0.1 per cent, the Hang Seng Index slipped 0.1 per cent and the FTSE Bursa Malaysia KLCI fell 0.6 per cent.  
Overall, institutions were net sellers over the 5 sessions with S$143 million of net outflow. DBS Group Holdings, UOB, Mapletree Commercial Trust, Keppel Corporation and Wilmar International led the net institutional outflows for the 5 sessions through to Mar 31.  
Meanwhile, Singapore Airlines, City Developments, SATS, SIA Engineering Company and Mapletree North Asia Commercial Trust received the highest net institutional inflows for the 5 sessions.   
For Q1 2022, Singapore stocks received S$1.12 billion of net institutional inflows, with Singapore Telecommunications,  OCBC,  UOB, Mapletree North Asia Commercial Trust and Wilmar International drawing the most net institutional inflows.  Share buybacks  
There were 18 primary-listed stocks conducting share buybacks over the 5 sessions with a total consideration of S$11.9 million, down from S$15.7 million for the preceding week.  
OCBC, Raffles Medical Group and Hong Fok Corporation led the buyback consideration tally. OCBC paid an average price of S$12.40 per share, while Raffles Medical Group paid S$1.17 per share.  
For Q1 2022, Keppel led the buyback consideration tally for primary-listed stocks buying back 27.3 million shares, with a consideration of S$164.2 million, at an average price of S$6.02 per share.  
On Jan 27, Keppel announced the establishment of a S$500 million share buyback programme, pursuant to the share purchase mandate granted by its shareholders at the company's previous AGM. The company noted that shares repurchased will be held as treasury shares which will be used in part for the annual vesting of employee share plans, but also as possible currency for future merger and acquisition (M&amp;A) activities.  
For the quarter, OCBC bought back 3.5 million shares at an average price of S$12.05, while Raffles Medical Group bought back 13.2 million shares at an average price of S$1.18 per share.  Director and substantial shareholder transactions  
The 5 trading sessions saw almost 100 changes to director interests and substantial shareholdings filed for 40 primary-listed stocks.  
This included 14 company director acquisitions with 3 disposals filed, while substantial shareholders reported 11 acquisitions and 3 disposals.  HRnetGroup  
On Mar 25, Simco acquired 4,204,300 shares of HRnetGroup HRnetGroup : CHZ 0% for a consideration of S$3,254,969, at 77.4 Singapore cents per share. This increased Simco's direct interest in HRnetGroup from 77.61 per cent to 78.03 per cent, while increasing the deemed interests of founding chairman Peter Sim, executive director and chief executive officer of Recruit Express JS Sim, and executive director and chief legal officer Adeline Sim.  
Peter Sim founded the company in 1992 and has more than 40 years of expertise in social work, human resource management, and talent acquisition.  
HRnetGroup has since grown its business to over 900 consultants spread across 13 Asian cities.  
On Feb 25, HRnetGroup reported that its FY21 (ended Dec 31) revenue increased 36.4 per cent from FY20, with net profit growing 41.1 per cent to S$70.3 million. This was another record-breaking year in revenue for the company with the S$590.5 million revenue in FY21, following S$433.0 million revenue in FY20 and S$423.1 million revenue in FY19.  
The company added that revenue continues to be generated from diverse sources across multiple sectors and specialisations and it is not dependent on any single sector, with its top 10 clients contributing 26.6 per cent to its FY21 revenue.  
In FY21, the company facilitated 7,794 permanent job placements while placing 54,448 unique contractor headcounts for the year.  
On Dec 30, 2021, the board of directors of HRnetGroup announced that Adeline Sim had been appointed by the Minister for Education to the boards of SkillsFuture Singapore and of the Lifelong Learning Institute.  
Effective Jan 1, Wallace Gao Yong was appointed as an independent director of HRnetGroup. He is based in Beijing and is the chairman at Beijing Career International, the first HR service enterprise that was listed on China's A-share market.  Olam Group  
On Mar 28, Olam Group Olam Intl : O32 0% independent non-executive director Nihal Kaviratne acquired 133,100 shares of the company at an average price of S$1.79 per share. With a consideration of S$237,985, this increased his direct interest in Olam Group to 0.1 per cent.  
Kaviratne was previously the chairman and CEO for the Unilever Group across Asia, Europe and Latin America. His career with the Unilever Group spanned 40 years which also covered senior level management positions in sales, marketing, brand and strategic planning and development.  
Olam Group has now completed the first 3 of 4 steps of its transformational re-organisation plan to re-organise its diverse business portfolio into 3 distinct operating groups - Olam Food Ingredients, Olam Agri and Olam. Olam Food Ingredients intends to seek a primary listing in London, and a concurrent secondary listing in Singapore.  
On Mar 25, Olam Group announced that in the light of current market conditions, and as a result of the ongoing conflict in Ukraine, it did not expect the IPO of Olam Food Ingredients to take place during Q2 2022, as was previously planned.  Amos Group  
Between Mar 28 and 29, Amos Group executive chairman Kyle Shaw acquired 465,000 shares of the company at an average price of 17.2 cents per share. With a consideration of S$80,081, this increased his deemed interest in the company from 80.51 per cent to 80.77 per cent.  
Shaw is the founder and managing partner of ShawKwei &amp; Partners, an international private equity fund manager investing in mid-market industrial and service businesses across Asia, the United States, and Europe.  
The Amos Group serves multinational customers in the marine and energy industries across a network of facilities spanning Asia, the Middle East, and Europe. The group supplies customers with technical services and supply solutions across 4 of the most vibrant oil and gas production zones on earth and through 4 of the world's busiest ports - Singapore, Shanghai, Hong Kong and Busan. The group is expected to report its FY22 (ended Mar 31) results at the end of May.  Tai Sin Electric  
On Mar 23, Tai Sin Electric executive director and CEO Bernard Lim Boon Hock acquired 115,300 shares of the company at an average price of 39.0 cents per share. With a consideration of S$44,967, this took his total interest in Tai Sin Electric from 17.35 per cent to 17.38 per cent.  
Lim has gradually increased his total interest in Tai Sin Electric from 14.82 per cent at the end of 2019 and he has been an executive director of the company since September 1997.  Challenger Technologies  
Between Mar 23 and 29, Digileap Capital acquired 50,400 shares of Challenger Technologies Challenger : 573 0% at 58.0 cents per share. This took the deemed interest of non-executive non-independent director Tan Keng Soon in the Singapore-focused multi-brand IT retailer from 15.03 per cent to 15.04 per cent. Tan is the co-founder and manager partner of Dymon Asia Capital and was recently appointed to the board of Challenger Technologies, on Nov 29, 2021.  Tye Soon  
On Mar 29, Tye Soon managing director David Chong Tek Yew acquired 55,000 shares of the company for a consideration of S$21,900 at an average price of 39.8 cents per share. This followed on from Wong Huay Shien, the Chong's spouse, also acquiring 30,200 shares of Tye Soon on Mar 30 at 39.5 cents per share.  
The 3 transactions took Chong's total interest in the independent automotive parts distributor from 3.25 per cent to 3.35 per cent.  
Joining as group general manager/executive director in 1998, Chong was appointed deputy managing director in 2002, before being appointed managing director in February 2014.  
On Feb 23, Tye Soon reported that profit after tax totalled S$4.5 million for its FY21 (ended Dec 31), up from S$1.3 million in FY20.  
Partnering its principals mostly from Europe, Japan and Korea, the group has one of the largest portfolios of top-tier global brands of automotive parts.  LHT Holdings  
On Mar 25, LHT Holdings managing director, Yap Mui Kee, acquired 52,100 shares of the company for a consideration of S$36,991. At 71.0 cents per share, this took her total interest in the manufacturer of high-quality wooden pallets, boxes, and crates from 14.79 per cent to 14.89 per cent.  
This followed her acquisitions of 17,700 shares at 70.0 cents per share on Mar 18 and 24,600 shares of at 69.1 cents per share on Mar 7.

Yap has over 35 years of experience in sales and marketing and plays a key role in exploring opportunities in new markets.  Inside Insights is a weekly column on The Business Times, read the original version.



HRnetGroup's largest shareholder raises stake

<ul>
<li>Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.</li>
<li>The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.
The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly

<ul>
<li>The latest announcement by the SG Multi-Task Force to further relax COVID-19 restrictions is a major positive catalyst.</li>
<li>Its hybrid taxi accounted for more than 50% of its entire fleet as of end-December 2020. It remains on track to replace all diesel taxis with hybrid models by 2023.</li>
<li>Investors will be paying a discounted valuation for the cash flow if they own <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> compared to its peers which trades at a much higher EV/EBITDA.</li>
</ul>


The latest announcement by the SG Multi-Task Force to further relax COVID-19 restrictions is a major positive catalyst.
Its hybrid taxi accounted for more than 50% of its entire fleet as of end-December 2020. It remains on track to replace all diesel taxis with hybrid models by 2023.
Investors will be paying a discounted valuation for the cash flow if they own Comfortdelgro Corp (CD SP) compared to its peers which trades at a much higher EV/EBITDA.


Comfortdelgro (CD): Restriction Easing, Green And Low EV/EBITDA.

Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

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Singapore Airlines (SIA SP)

Air New Zealand Shortfall - Not a Great Take-Up Probably Because of the Large Retail Holding

Air New Zealand (AIR) was aiming to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. It has now launched a shortfall of around...

Sumeet Singh

Singapore Travel: Back to Live!

The reopening in Singapore is real and nearer to the pre-COVID-19 condition or back to normalcy. Tourism-related names such as SATS, SIA,...

Henry Soediarko

HRnetGroup's largest shareholder raises stake

For the 5 trading sessions that spanned Mar 25 to 31, the Straits Times Index (STI) gained 0.3 per cent, while the FTSE China...

Singapore Exchange Ltd (SGX)

Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly

Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. In this note, we will run the deal through our...

Sumeet Singh

Comfortdelgro (CD): Restriction Easing, Green And Low EV/EBITDA.

On track to becoming greener as it just bought100 BYD, and its hybrid taxi is 50% of the total. Restriction of easing will benefit Comfortdelgro...

Henry Soediarko

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