Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Shortly after <strong><a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a></strong> revised their Offer to ~S$2.35 and FINAL, Cuscaden has come over the top. This complicates things because of the <strong><a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press (SPH SP)</a></strong>/Keppel Agreement timing.</li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener"><strong>Swire Pacific (19 HK)</strong></a>'s discount to NAV of ~50% is bang in line with its 12-month average, as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific (293 HK)</a> is close to operating cash breakeven.</li>
<li>Blackstone and affiliates are offering shareholders of <strong><a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a></strong> A$12.50/share in cash, a 26.2% premium to last close.</li>
</ul>


Shortly after Keppel (KEP SP) revised their Offer to ~S$2.35 and FINAL, Cuscaden has come over the top. This complicates things because of the Singapore Press (SPH SP)/Keppel Agreement timing.

Swire Pacific (19 HK)'s discount to NAV of ~50% is bang in line with its 12-month average, as Cathay Pacific (293 HK) is close to operating cash breakeven.
Blackstone and affiliates are offering shareholders of Crown Resorts (CWN AU) A$12.50/share in cash, a 26.2% premium to last close.


Last Week in Event SPACE: Singapore Press, Swire, Crown Resorts, Royal Dutch, Toshiba, Hollysys

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

<ul>
<li>The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East Asia plus value added commentary</li>
<li>This week includes insights on <a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" data-smartkarma-citation="entities:5230:1" rel="noopener">Matahari Department Store (LPPF IJ)</a>, <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</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><a href="https://www.smartkarma.com/entities/synergy-grid-development-philippines" target="_blank" data-smartkarma-citation="entities:23221:1" rel="noopener">Synergy Grid &amp; Development Philippines (SGP PM)</a> IPO, and Philippine Banks</li>
<li>There are also insights on Sea's Internet Economy, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press (SPH SP)</a>, <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a>, <a href="https://www.smartkarma.com/entities/cisarua-mountain-dairy-pt-tbk" target="_blank" data-smartkarma-citation="entities:34999:1" rel="noopener">Cisarua Mountain Dairy</a> IPO, <a href="https://www.smartkarma.com/entities/tiki-corp" target="_blank" data-smartkarma-citation="entities:35014:1" rel="noopener">Tiki</a> IPO, <a href="https://www.smartkarma.com/entities/siam-makro-public-co-ltd" target="_blank" data-smartkarma-citation="entities:5577:1" rel="noopener">Siam Makro,</a> and <a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a> </li>
</ul>


The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights from across South East Asia plus value added commentary
This week includes insights on Matahari Department Store (LPPF IJ), XL Axiata (EXCL IJ), Comfortdelgro Corp (CD SP),Synergy Grid &amp; Development Philippines (SGP PM) IPO, and Philippine Banks
There are also insights on Sea's Internet Economy, Singapore Press (SPH SP), Singtel (ST SP), Cisarua Mountain Dairy IPO, Tiki IPO, Siam Makro, and Bank Negara Indonesia (BBNI IJ) 


The Week That Was in ASEAN@Smartkarma - Matahari Dept Store, Cimory IPO, and Philippine Banks

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> announced a net profit of S$954mn in the 1H22 (Mar Y/E), an increase of 105% yoy.</li>
<li>A strong turnaround in associate <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>'s contribution.</li>
<li>Trading at discount to NAV of ~34%, against a one-year average of ~27%.</li>
</ul>



Singtel (ST SP) announced a net profit of S$954mn in the 1H22 (Mar Y/E), an increase of 105% yoy.
A strong turnaround in associate Bharti Airtel (BHARTI IN)'s contribution.
Trading at discount to NAV of ~34%, against a one-year average of ~27%.


SingTel (ST SP): Steep Discount Amid Strong First-Half Results

<p><a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is a head-scratcher.</p>
<div>
<p>Below is a timeline of events that unfolded since April last year, together with my insights:</p>
</div>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 139.871px;">
<h3>Date</h3>
</td>
<td style="width: 606.141px;">
<h3>Data in the Date</h3>
</td>
</tr>
<tr>
<td style="width: 139.871px;">7-Apr-20</td>
<td style="width: 606.141px;">
<div>
<p>Temasek was understood to be selling 135.2m shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg. <br><br><em><a href="https://skr.ma/Y44cD" target="_blank" rel="noopener">Intouch: Temasek Trims Stake; More To Come</a></em></p>
</div>
</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Aug-20</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>’s board of directors <a href="https://www.set.or.th/set/newsdetails.do?newsId=15985721258680&amp;language=en&amp;country=US" target="_blank" rel="noopener">decided</a> to hold no more than a 10% stake in <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>. As of August 21, Gulf holds a 7.99% stake in Intouch.<br><br><em><a href="https://skr.ma/c7MNt" target="_blank" rel="noopener">StubWorld: Gulf's Questionable Stake In Intouch</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">6-Oct-20</td>
<td style="width: 606.141px;">10% was achieved on the <a href="https://www.set.or.th/dat/news/202010/20111444.pdf" target="_blank" rel="noopener">6 October</a>, making Gulf the second-largest shareholder behind <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> (21%). </td>
</tr>
<tr>
<td style="width: 139.871px;">30-Dec-20</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/newsdetails.do?newsId=16092855169460&amp;language=en&amp;country=US" target="_blank" rel="noopener">announced</a> "<em>that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent</em>." As at 30 December, Gulf held <a href="https://www.intouchcompany.com/Download/intuch/INTUCH-Notification%20of%20a%20change%20in%20the%20Company%E2%80%99s%20shareholding%20structure%20made%20by%20a%20major%20shareholder.pdf" target="_blank" rel="noopener">14.39%</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Jan-21</td>
<td style="width: 606.141px;">Gulf holds 15% on <a href="https://www.nationthailand.com/news/30402235" target="_blank" rel="noopener">28 January</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">12-Apr-21</td>
<td style="width: 606.141px;">I (incorrectly) suggested reversing the stub given <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s long-term discount to NAV and the simple ratio (Intouch over <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>) are at all-time extremes.  <br><br><em><a href="https://skr.ma/Vekzg" target="_blank" rel="noopener">StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Apr-21</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/pdfnews.do?newsId=16187886028860&amp;sequence=0" target="_blank" rel="noopener">announced</a> it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl-ca1a971f-2f70-4565-b1fd-dda5b533acd3" target="_blank" data-smartkarma-citation="entities:27653:1" rel="noopener">Advanced Info Service PCL (ADVANC-R TB)</a> at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB</a>.<br><br><em><a href="https://skr.ma/YTbgf" target="_blank" rel="noopener">Intouch Holdings: Gulf's Inexplicable Offer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">1-Jun-21</td>
<td style="width: 606.141px;"> <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> has <a href="https://www.set.or.th/set/newsdetails.do?newsId=16221589634070&amp;language=en&amp;country=US" target="_blank" rel="noopener">reduced</a> the downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.</td>
</tr>
<tr>
<td style="width: 139.871px;">4-Jun-21</td>
<td style="width: 606.141px;">160mn shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> - a 4.99% stake - traded after the close at Bt64.86/share.<br><br><em><a href="https://skr.ma/TpN7Z" target="_blank" rel="noopener">StubWorld: Intouch's Big Share Transfer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">29-Jun-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> starts <a href="https://www.set.or.th/set/pdfnews.do?newsId=16248374186790&amp;sequence=2021071934" target="_blank" rel="noopener">today</a>.  The Offer closes on the 4 August - 25 business days. <br><br><em><a href="https://skr.ma/bBx6r" target="_blank" rel="noopener">StubWorld: Gulf's Curious Offer For Intouch Now Open</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Jul-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153870&amp;sequence=2021078813" target="_blank" rel="noopener">says</a> the Offer from <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> is "appropriate". Equally unsurprising, <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153760&amp;sequence=2021078811" target="_blank" rel="noopener">has</a> the opinion that the shareholders should reject the Tender Offer from Gulf.<br><br><em><a href="https://skr.ma/7DTjP" target="_blank" rel="noopener">StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">5-Aug-21</td>
<td style="width: 606.141px;">The Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl-3e2a0083-1080-4c9c-86c6-10624bce3a2a" target="_blank" data-smartkarma-citation="entities:28056:1" rel="noopener">Intouch Holdings PCL (INTUCH-R TB)</a> has closed with <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> acquiring <a href="https://www.set.or.th/set/pdfnews.do?newsId=16281206078180&amp;sequence=2021084057" target="_blank" rel="noopener">23.32%</a>, taking its stake to 42.25%.<br><br><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> expected (in <em><a href="https://skr.ma/gXuQc" target="_blank" rel="noopener">GULF/INTUCH: Large Tenders Will Result in Big Passive Sell</a></em>) FTSE to lower <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).</td>
</tr>
<tr>
<td style="width: 139.871px;">16-Aug-21</td>
<td style="width: 606.141px;">Just 2,032 shares <a href="https://www.set.or.th/set/pdfnews.do?newsId=16290671598140&amp;sequence=2021091609" target="_blank" rel="noopener">tendered</a> into the downstream Offer for AIS. </td>
</tr>
<tr>
<td colspan="2" style="width: 746.012px;"><em>Source: SET announcements, my insights</em></td>
</tr>
</tbody>
</table>
</div>
<div>
<p>Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.</p>
<p>Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.</p>
<p>The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/440/original/image_83946068721631064197442.png?1631064198" class="editor-image img-responsive" data-smartkarma-image-id="228440"></figure>
</div>
<div style="text-align: left;" class="content-caption">Source: CapIQ</div>
<div>
<p>Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.</p>
<h3>The New News</h3>
<p>According to <a href="https://www.isranews.org/article/isranews-news/102276-gov-thaicom-concession-news.html" target="_blank" rel="noopener">local news</a> and Bloomberg - and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>'s SET <a href="https://www.set.or.th/set/pdfnews.do?newsId=16310581966210&amp;sequence=0" target="_blank" rel="noopener">filing</a> - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. </p>
<p>Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.</p>
<p>It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.</p>
<p>More below the fold. </p>
</div>

Intouch Holdings (INTUCH TB) is a head-scratcher.

Below is a timeline of events that unfolded since April last year, together with my insights:






Date


Data in the Date



7-Apr-20


Temasek was understood to be selling 135.2m shares of Intouch Holdings (INTUCH TB) at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg.   Intouch: Temasek Trims Stake; More To Come




28-Aug-20

Gulf Energy Development Public Company (GULF TB)’s board of directors decided to hold no more than a 10% stake in Intouch Holdings (INTUCH TB). As of August 21, Gulf holds a 7.99% stake in Intouch.  StubWorld: Gulf's Questionable Stake In Intouch



6-Oct-20
10% was achieved on the 6 October, making Gulf the second-largest shareholder behind Singtel (ST SP) (21%). 


30-Dec-20
Gulf announced "that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent." As at 30 December, Gulf held 14.39%.


28-Jan-21
Gulf holds 15% on 28 January.


12-Apr-21
I (incorrectly) suggested reversing the stub given Intouch Holdings (INTUCH TB)'s long-term discount to NAV and the simple ratio (Intouch over Advanced Info Service (ADVANC TB)) are at all-time extremes.    StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s



19-Apr-21
Gulf announced it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for Advanced Info Service PCL (ADVANC-R TB) at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for Thaicom Pcl (THCOM TB.  Intouch Holdings: Gulf's Inexplicable Offer



1-Jun-21
 Gulf Energy Development Public Company (GULF TB) has reduced the downstream offer for Advanced Info Service (ADVANC TB) to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.


4-Jun-21
160mn shares of Intouch Holdings (INTUCH TB) - a 4.99% stake - traded after the close at Bt64.86/share.  StubWorld: Intouch's Big Share Transfer



29-Jun-21

Gulf Energy Development Public Company (GULF TB)'s Tender Offer for Intouch Holdings (INTUCH TB) starts today.  The Offer closes on the 4 August - 25 business days.   StubWorld: Gulf's Curious Offer For Intouch Now Open



19-Jul-21

Intouch Holdings (INTUCH TB)'s IFA says the Offer from Gulf Energy Development Public Company (GULF TB) is "appropriate". Equally unsurprising, Advanced Info Service (ADVANC TB)'s IFA has the opinion that the shareholders should reject the Tender Offer from Gulf.  StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS



5-Aug-21
The Offer for Intouch Holdings PCL (INTUCH-R TB) has closed with Gulf Energy Development Public Company (GULF TB) acquiring 23.32%, taking its stake to 42.25%.  Brian Freitas expected (in GULF/INTUCH: Large Tenders Will Result in Big Passive Sell) FTSE to lower Intouch Holdings (INTUCH TB)'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).


16-Aug-21
Just 2,032 shares tendered into the downstream Offer for AIS. 


Source: SET announcements, my insights





Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.
Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.
The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.


Source: CapIQ

Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.
The New News
According to local news and Bloomberg - and Thaicom Pcl (THCOM TB)'s SET filing - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. 
Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.
It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.
More below the fold. 


Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

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Singtel (ST SP)

Last Week in Event SPACE: Singapore Press, Swire, Crown Resorts, Royal Dutch, Toshiba, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - Matahari Dept Store, Cimory IPO, and Philippine Banks

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

Angus Mackintosh

Last Week in Event SPACE: Softbank, Sydney Airports, SPH, SingTel, Oil Search, Japex/Inpex, Nippo

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

SingTel (ST SP): Steep Discount Amid Strong First-Half Results

Amid improving earnings, the market is assigning S$6.7bn less for the unlisted ops YTD Continue to recommend SongTel either as a deep value play,...

David Blennerhassett

Intouch (INTUCH TB): It's All Happening

Current levels for Intouch are unsustainable and unjustifiable. I like to see this premium reverse before getting involved. The fortunes of...

David Blennerhassett

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