External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>StarHub’s 1Q23 results were broadly in line.</li><li>We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong 26% y-o-y pick-up in 1Q23 earnings, which were bolstered in part by seasonally stronger EBITDA margins.</li><li>StarHub (SGX:CC3)'s 1Q23 core earnings (adjusted for one-off opex in the preceding quarter) jumped 26% y-o-y (+45.3% q-o-q) on seasonally stronger EBITDA margin and a 11% y-o-y lift in service revenue – slightly ahead of the full-year guidance.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

StarHub’s 1Q23 results were broadly in line.We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong 26% y-o-y pick-up in 1Q23 earnings, which were bolstered in part by seasonally stronger EBITDA margins.StarHub (SGX:CC3)'s 1Q23 core earnings (adjusted for one-off opex in the preceding quarter) jumped 26% y-o-y (+45.3% q-o-q) on seasonally stronger EBITDA margin and a 11% y-o-y lift in service revenue – slightly ahead of the full-year guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

StarHub - Harvesting Early DARE+ Outcomes

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Thematic (Sector/Industry)

<ul>
<li>The 2022 vintage of "5 High Conviction Ideas" had the weakest performance since 2017, with only China Shineway posting a positive return</li>
<li>Olam, Rex and Starhub all declined approximately 16% in FY22</li>
<li>Our 2023 vintage will hopefully perform better with 4 out of 5 favorites in the commodity space</li>
</ul>


The 2022 vintage of "5 High Conviction Ideas" had the weakest performance since 2017, with only China Shineway posting a positive return
Olam, Rex and Starhub all declined approximately 16% in FY22
Our 2023 vintage will hopefully perform better with 4 out of 5 favorites in the commodity space


Overview of My Winners and Losers in 2022...And 5 High Conviction Ideas Going into 2023

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

Total Access Communication / Event-Driven

<ul>
<li>The Administrative Court has dismissed the Thai Consumers Council petition to impose an injunction on the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>
<a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a> and CP Group are currently seeking clarification on certain NBTC conditions such as tariff adjustments and MVNOs network capacity. </li>
<li>Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of 10.221x is attractive. Timing and tweaks to the exchange ratio are risks.</li>
</ul>


The Administrative Court has dismissed the Thai Consumers Council petition to impose an injunction on the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.

Telenor ASA (TEL NO) and CP Group are currently seeking clarification on certain NBTC conditions such as tariff adjustments and MVNOs network capacity. 
Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of 10.221x is attractive. Timing and tweaks to the exchange ratio are risks.


DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

<ul>
<li>Telenor and CP Group will proceed with the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger but without the VTO due to missing the VTO conditions precedent deadline.</li>
<li>The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC's harsh conditions.</li>
<li>Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. </li>
</ul>


Telenor and CP Group will proceed with the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger but without the VTO due to missing the VTO conditions precedent deadline.
The likely real reason for the VTO cancellation was the realisation that the VTO prices were too generous, particularly in the context of the NBTC's harsh conditions.
Completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and potential tweaks to the exchange ratio are risks. 


DTAC/True Merger to Proceed but Without the VTOs

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.</li>
<li>There were a few placements this week, notable ones being <a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> and <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a>.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.
There were a few placements this week, notable ones being Mitsubishi Estate Logistics (3481 JP) and Zee Entertainment Enterprises (Z IN).


ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

Singapore

NetLink NBN Trust designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.

Digilife Technologies Limited Limited offers mobile telecommunication solutions. The Company provides a portfolio of voice, data and computing services along with VoIP technology. S 121 Ltd supports access from mobile devices through either mobile broadband (3G/4G) or WiFi.

Polaris Limited provides a wide range of telecommunications services. The Company's services services range from prepaid communication services to wholesale voice traffic.

Edition Ltd offers software and content for cellular telephones.  The Company offers software that allows for customized ring tones, personal voice mailbox, mobile karaoke, and other services.

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.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

OKINAWA CELLULAR TELEPHONE COMPANY provides cellular and car phone services in Okinawa Prefecture.  The Company also sells cellular phones and accessories.

Orange Belgium offers mobile telephone services in Belgium through a GSM network, as well as fixed-line services for international calls. The Company offers services such as pre-paid calling cards, text messaging, mobile office access for business customers, and games.

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

PT Sarana Menara Nusantara Tbk, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel.  The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

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StarHub Ltd (STH SP)

StarHub - Harvesting Early DARE+ Outcomes

We expect operating expenses and capex related to the DARE+ transformation programme to ramp up in subsequent quarters, notwithstanding the strong...

RHB Invest

Overview of My Winners and Losers in 2022...And 5 High Conviction Ideas Going into 2023

Our FY22 vintage of High Conviction Ideas had its weakest performance since FY17. We hope for better returns for our commodity-focused FY23 selection.

Nicolas Van Broekhoven

DTAC/True Merger: The Court Dismisses the Consumer Council’s Petition

The Court ruling removes an impediment to the merger. Completion is targeted for 1Q23. The current share price ratio of 9.072x vs exchange ratio of...

Arun George

DTAC/True Merger to Proceed but Without the VTOs

Merger completion is targeted for 1Q23. The current share price ratio of 8.750x vs the exchange ratio of 10.221x is attractive. Timing and...

Arun George

ECM Weekly (23rd Oct 2022) - Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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