Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 18th, the Sirivadhanabhakdi family-backed <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> announced it would <a href="https://links.sgx.com/FileOpen/1.%20SGX_Announcement_Share_Swap.ashx?App=Announcement&amp;FileID=810120" target="_blank" rel="noopener">swap</a> its 28.78% stake in <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a> with THBEV-affiliate TCC Assets.</li>
<li>Under the agreement, TCC will transfer a 41.3% stake in food and beverage play <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a> to THBEV, lifting THBEV's holding to 69.61% from 28.31% currently.</li>
<li>The share swap triggers no Offers for either F&amp;N or FPL. THBEV says it has no plans to privatise F&amp;N  ... at the moment.</li>
</ul>


Back on the 18th, the Sirivadhanabhakdi family-backed Thai Beverage (THBEV SP) announced it would swap its 28.78% stake in Frasers Property Ltd (FPL SP) with THBEV-affiliate TCC Assets.
Under the agreement, TCC will transfer a 41.3% stake in food and beverage play Fraser And Neave (FNN SP) to THBEV, lifting THBEV's holding to 69.61% from 28.31% currently.
The share swap triggers no Offers for either F&amp;N or FPL. THBEV says it has no plans to privatise F&amp;N  ... at the moment.


Charoen Rearranges ThaiBev and TCC's Deckchairs

Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<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>  has proposed a share swap-deal with a promoter company to acquire additional stake in <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">FraserAnd Neave(FNN SP)</a>  in exchange for <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property</a> at negotiated valuations, not market prices.</li>
<li>Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).</li>
<li>If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.</li>
</ul>



Thai Beverage(THBEV SP)  has proposed a share swap-deal with a promoter company to acquire additional stake in FraserAnd Neave(FNN SP)  in exchange for Frasers Property at negotiated valuations, not market prices.
Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).
If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.


Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage</a> will offload its entire stake in <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd</a> to TCC Assets in a share swap for an increased share in <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave</a> streamlining its business focus.</li>
<li>The share swap values <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave</a> on a par with peers which is at a significant premium to the share price but <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave</a> was excessively undervalued.</li>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage</a> deserves to trade on a higher multiple given its pure-play status and a succession of recent restructurings including Serm Suk and Oishi Holdings. </li>
</ul>



Thai Beverage will offload its entire stake in Frasers Property Ltd to TCC Assets in a share swap for an increased share in Fraser And Neave streamlining its business focus.
The share swap values Fraser And Neave on a par with peers which is at a significant premium to the share price but Fraser And Neave was excessively undervalued.

Thai Beverage deserves to trade on a higher multiple given its pure-play status and a succession of recent restructurings including Serm Suk and Oishi Holdings. 


Thai Beverage (THBEV SP) - Increasingly Streamlined SEA F&B Play

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<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 proposed swap deal with promoter company raises several questions for shareholders. Start with the back story about how <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a> joined the group.</li>
<li>Bigger weddings could become a trend in India - Read why we like <a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers(KALYANKJ IN)</a> . Also, household debt in Thailand as % of GDP is highest in ASEAN.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Thai Beverage (THBEV SP)'s proposed swap deal with promoter company raises several questions for shareholders. Start with the back story about how Fraser And Neave (FNN SP) joined the group.
Bigger weddings could become a trend in India - Read why we like Kalyan Jewellers(KALYANKJ IN) . Also, household debt in Thailand as % of GDP is highest in ASEAN.


Consumer Tales & Trends #July 11-20: THBEV SP Swap Deal, Bad Debts in Thailand, AI in Beauty.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEVSP)</a>'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.</li>
<li>
<a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a>  holds a 20.3% stake in <a href="https://www.smartkarma.com/entities/vietnam-dairy-products-jsc" target="_blank" data-smartkarma-citation="entities:19635:1" rel="noopener">Vietnam Dairy(VNM VN</a>), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.</li>
<li>Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.</li>
</ul>



Thai Beverage(THBEVSP)'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.

Fraser And Neave (FNN SP)  holds a 20.3% stake in Vietnam Dairy(VNM VN), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.
Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.


Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

Charoen Rearranges ThaiBev and TCC's Deckchairs

I can see the Sirivadhanabhakdi family taking out F&N down the road. Buy on any significant dips from here if illiquid value names are your bent.

David Blennerhassett

Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Proposed share swap deal with promoter company based on negotiated values not market prices. Acquisition value for F&N seem excessive and...

Devi Subhakesan