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, macro and equity bottom-up, from across South East Asia.</li>
<li>Last week's Insights include an update on <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ) </a>as it broadens its product offering and insights on <a href="https://www.smartkarma.com/entities/vinythai-public-co-limited" target="_blank" data-smartkarma-citation="entities:14107:1" rel="noopener">Vinythai Public Co (VNT TB)</a> and <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>.</li>
<li>We also provide updates on the outlook for <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> and <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> as well as on the outlook for Thai Banks and Indonesia cement.</li>
</ul>


The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
Last week's Insights include an update on Bukalapak (BUKA IJ) as it broadens its product offering and insights on Vinythai Public Co (VNT TB) and True Corp Pcl (TRUE TB).
We also provide updates on the outlook for Astra International (ASII IJ) and United Tractors (UNTR IJ) as well as on the outlook for Thai Banks and Indonesia cement.


The Week That Was in ASEAN@Smartkarma - Bukalapak, Astra International, and Thai Banks

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Due to delays in securing regulatory approvals, the delisting Offer for <strong><a href="https://www.smartkarma.com/entities/vinythai-public-co-limited" target="_blank" data-smartkarma-citation="entities:14107:1" rel="noopener">Vinythai Public Co (VNT TB)</a></strong> took a while, but it is now open.</li>
<li>The Tender offer will close on the 25 February 2022 with expected payment on the 1 March 2022.</li>
<li>The Offer Price of Bt39/share is the highest price since 1995. This is done.</li>
</ul>


Due to delays in securing regulatory approvals, the delisting Offer for Vinythai Public Co (VNT TB) took a while, but it is now open.
The Tender offer will close on the 25 February 2022 with expected payment on the 1 March 2022.
The Offer Price of Bt39/share is the highest price since 1995. This is done.


Vinythai (VNT TB)'s Delisting Offer (Finally) Commences


For the month of May, 11 new deals were discussed on Smartkarma with an overall announced deal size of ~US$7.3bn.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.







New Deals


Industry


Size (US$bn)


Type


Premium




Australia




APN Property Group (APD AU) 
Property
0.2
Scheme
50%


APN Prop (APD AU): Dexus' Done Deal



Boral Ltd (BLD AU) 
Construction
4.8
Off-market
Nil


Boral Ltd (BLD AU): Seven's Nil Premium



Japara Healthcare (JHC AU) 
Healthcare
0.2
Scheme
30%


Japara Healthcare (JHC AU): Here Comes The Calvary


 



Hong Kong




Chong Hing Bank (1111 HK) 
Banking
0.2
Scheme
51.2%



Chong Hing Bank (1111 HK): Takeover Talk As Shares Pop
Chong Hing Bank (1111 HK): Yue Xiu's Offer Is Light



 



Japan




Aomori Bank (8342 JP) / Michinoku Bank (8350 JP) 
Bank
0.6
Merger



Aomori Bank &amp; Michinoku Bank Merger - Nothing To Write Home About Yet



EPS Holdings (4282 JP) 
Data/software
0.1
Tender Offer
35.5%


Another Too-Cheap MBO as Founder Takes Out EPS


 Locoguide (4497 JP) / Kufu (4399 JP)

Real estate
0.4
Merger



Locoguide (4497 JP) - Kufu (4399 JP): Merger Is a Done Deal



Maruka Machinery (7594 JP) / Furusato Industries (8087 JP) 
Trading
0.4
Merger



A Complex SmallCap Merger in Japan: Maruka (7594) And Furusato (8087)



Secom Joshinetsu (4342 JP) 
Security
0.3
Tender Offer
66.2%


Secom To Finally Buy Out Affiliate Secom Joshinetsu (4342)








Malaysia




Can-One Bhd (CAN MK) 
Manufacturing
0.1
MTO
15.8%


Can-One (CAN MK)? Yeoh Can Lah!



IHH Healthcare (IHH MK) 
Healthcare
N/A
N/A
N/A


IHH Healthcare (IHH MK): More Medicine For Mitsui?


Source: Smartkarma Insights






The above does not include BetMakers Technology Group (BET AU) lobbing a non-binding offer of A$4bn (A$1bn cash, $3bn scrip into BET) for Tabcorp Ltd (TAH AU)'s wagering and media division, and Apollo's prior tilt - Tabcorp (TAH AU): Apollo Shows Its Hand.

Nor does the table include the rumoured merger between  Angang Steel Co Ltd (H) (347 HK) and Bengang Steel (000761 CH) - Amalgamated Steel: Merging Angang &amp; Bengang As, Bs, and Hs.



The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 




Summary of News in May of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

No May update




Bingo Industries (BIN AU) 

1-May: Capital Group announced it has sold its entire 9.7% stake in Bingo Industries (BIN AU).




Crown Resorts (CWN AU) 

10-May: Crown Resorts: Blackstone &amp; Star Place Their Bets
17-May: Crown Says Blackstone's Bid Is Light. Undecided On Star
20-May: Crown Resorts Ltd: Blackstone Offer Rejected, Star Offer May Still Not Reflect True Forward Value




Galaxy Resources (GXY AU) 

No May update




Link Administration Holdings (LNK AU) 

27-May: Link Group (LNK AU): KKR Opens The Bidding For PEXA
31-May: Link Admin (LNK AU) Goes IPO Route For PEXA Afterall




Mainstream Group Holdings Ltd (MAI AU) 

2-May: Mainstream (MAI AU): More-Than-Double in Less than 2 Months After Apex Bump
6-May: Mainstream (MAI AU): Bidding War Continues as SS&amp;C Overbids for the 4th Time
14-May: Mainstream (MAI AU): +120% in ~2 Months but Bidding War Continues....




McPherson's Ltd (MCP AU) 

No May update




Mortgage Choice (MOC AU) 

26-Mau FIRB gives its approval



Primewest Group Ltd (PWG AU)

14-May: Target's Statement and Bidder's Statements were published. Primewest Group Ltd (PWG AU)'s Board has unanimously recommended shareholders to accept the Offer. 




Think Childcare (TNK AU) 

12-May: Think Childcare (TNK AU) has agreed to extend the Exclusivity Period with Busy Bees to 31st May 2021 (vs. original deadline of 14th May). This is still a non-binding deal with an expected completion date to be in 1Q CY22. 




Vitalharvest Freehold Trust (VTH AU) 

1-May: And so it goes - MAFM bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.26.
7-May: MAFM exercises a call option and acquires 16.2% of Vitalharvest Freehold Trust (VTH AU).
28-May Roc bumps its Offer for Vitalharvest Freehold Trust (VTH AU) to $1.29/share.  And says it will overbid any MAFM counter! 




Vocus Communications (VOC AU) 

10-May: Vocus Comms (VOC AU): MIRA/Aware's Done Deal
19-May: Vocus Comms (VOC AU): MIRA/​Aware’s Scheme Doc Despatched. EGM On 22 June










Hong Kong


Comments (with links to announcements &amp; insights)




Beijing Digital Telecom (6188 HK) 

1-May: Beijing Digital (6188 HK): Offer Now Open. IFA Says Fair
20-May: Beijing Digital Telecom (6188 HK)'s MGO is now unconditional in all respects. 




China Machinery Engineering (1829 HK) 

28-May: China Machinery Engineering (1829 HK): Movement In The Works?




China Traditional Chinese Medicine (570 HK) 

7-May: In its monthly update regarding a potential Offer, China Traditional Chinese Medicine (570 HK) says there is no update.




China Youzan Limited (8083 HK) 

10-May: China Youzan (8083 HK): Reality Check As Shares Rollover




Kerry Logistics Network (636 HK) 

4-May: Kerry Logistics Network (636 HK) will hold an EGM on the 26 May for shareholders to vote on the sale of the Hong Kong and Taiwan warehouse businesses to Kerry Holdings. 
26-May: At its SGM, Kerry Logistics Network (636 HK) shareholders overwhelmingly approved the sale of its Hong Kong, Taiwan warehouse business to Kerry Holdings.




New Century REIT (1275 HK) 

No May update




Rivera Holdings (281 HK) 

No April update




Sichuan Languang Justbon Service Group (2606 HK) 

3-May: Languang Justbon (2606 HK): Offer Now Open - For Up To Four Months










India


Comments (with links to insights)




Mphasis Ltd (MPHL IN) 

4-May: The Detailed Public Statement on Mphasis Ltd (MPHL IN) has been released. The Open Offer is scheduled tentatively to run from 18 June to 1 July, which means it is running Very Tight and the option is worth a bit less than I expected. But that just means there is more gamma. One could get big at the high Rs 1600s area. 




Vedanta Ltd (VEDL IN) 

4-May: Vedanta Now Caught Up With Peers - A Different Skew Ahead










Japan


Comments (with links to announcements &amp; insights)




BeNEXT Group (2154 JP) 
No May update



Cocokara Fine (3098 JP) 
No May update



Fuji Kosan Company (5009 JP) 
17-May:  Fuji Kosan Company (5009 JP) has responded to Aslead Strategic Value Fund's Tender Offer with its initial Target Opinion Statement which is "Opinion Withheld." This is because Fuji Kosan hasn't actually done anything yet - two weeks in. They have sent questions to Aslead, and Aslead has five business days to respond. This is slow-walking it. This tender offer is likely to be extended because of that.



Hitachi Metals (5486 JP) 

5-May: Hitachi Metals - Should I Stay or Should I Go Now?




Honshu Chemical Industry (4115 JP) 

13-May: Honshu Chemical (4115) Shareholders Perhaps One Day From a Wrong Price Takeover
16-May:: Honshu Chemical Shareholders Get the Short End of the Stick As The Board Is Ex-Gourd




Invesco Office J Reit (3298 JP) 

6-May:  Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight
11-May:  Starwood Bumps Terms, Lowers Threshold on Invesco Office
13-May:  Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things
20-May:  Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter
23-May:  Starwood Responds to Invesco Office's White Knight Proposal
24-May: Starwood has extended their Tender Offer on Invesco Office J Reit (3298 JP) from the 24th of May to 15th of June after the close of the 24th. They did not raise the price. This is basically the equivalent of Starwood calling Invesco's bluff. They can extend again if they want but they are going to make Invesco come out. They can change price later if they think it necessary.



Japan Asia (3751 JP)
No May update



Sawada Holdings (8699 JP) 

9-May:  Sawada Selldown Was NOT Done - Shareholder Structure Looks Different Now
23-May: Sawada Is A Different Stock Now
31-May:  Be Careful of Expectations on Sawada (8699)




Toshiba Corp (6502 JP) 

14-May: Toshiba – Shareholder Returns Trump Weak Guidance
17-May: Toshiba Results &amp; Shareholder Return - Possibly Big Impact Buyback Coming











New Zealand


Comments 




Tilt Renewables Ltd (TLT NZ) 

No May update











Singapore


Comments (with links to announcements)




Procurri Corporation (PROC SP) 

3-May: The Partial Offer has not become unconditional in all respects on the Closing Date and has therefore lapsed










Thailand


Comments




Intouch Holdings (INTUCH TB) 

No May update




Vinythai Public Co (VNT TB) 

No May update






Thematic (Sector/Industry)

<div>
<p>This revised guide is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. </p>
</div>
<div>
<p>The initial guide - <em><a href="https://skr.ma/rTzri" target="_blank" rel="noopener">Quiddity Thailand M&amp;A Guide 2019</a></em> - was published in May 2019. Since that time, there have been some new developments/clarifications, many of which relate to voluntary de-listings. This is an update.</p>
</div>
<div>
<p>These insights are designed to be used as a reference. They are not actionable.</p>
</div>


This revised guide is part of a series of M&amp;A guides that our Quiddity* team (see our profiles or the footnote below) are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. 


The initial guide - Quiddity Thailand M&amp;A Guide 2019 - was published in May 2019. Since that time, there have been some new developments/clarifications, many of which relate to voluntary de-listings. This is an update.


These insights are designed to be used as a reference. They are not actionable.


<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><div>
<h3>Macro Insights</h3>
<p>In<a href="https://www.smartkarma.com/insights/indonesia-1q21-economic-momentum-struggles-to-stay-afloat-jokowi-quashes-talk-of-a-3rd-term" target="_blank" rel="noopener"> Indonesia: 1Q21 Economic Momentum Struggles to Stay Afloat; Jokowi Quashes Talk of A 3rd Term</a>, Economist<a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" rel="noopener"> Nicholas Chia</a> discusses Indonesia's economy and political outlook. </p>
</div><h3>Equity Bottom Up</h3><p>In<a href="https://www.smartkarma.com/insights/grab-considering-spac-listing-for-a-us-40bn-valuation" target="_blank" rel="noopener"> Grab - Considering SPAC Listing for a US$40bn Valuation?</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> provides an initial view on<a href="https://www.smartkarma.com/entities/grabtaxi-holdings-pte-ltd" target="_blank" rel="noopener"> Grab (0967655D SP)</a> after it revealed that it is considering SPAC listing in the US.</p><p>In<a href="https://www.smartkarma.com/insights/prodia-widyahusada-prda-ij-diagnosed-as-resilient" target="_blank" rel="noopener"> Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> circles back to<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" rel="noopener"> Prodia Widyahusada (PRDA IJ)</a> after the company released a strong set of FY2020 numbers. </p><p>In <a href="https://www.smartkarma.com/insights/rex-oman-production-gaining-steam-could-it-really-trade-at-1x-2021-pre-tax-profits" target="_blank" data-smartkarma-citation="insights:49019" rel="noopener">Rex: Oman Production Gaining Steam; Could It Really Trade at 1x 2021 Pre-Tax Profits?</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> returns to look at Singapore listed forgotten oil stock <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a>. </p><p>In<a href="https://www.smartkarma.com/insights/btps-potential-profit-surge" target="_blank" rel="noopener"> BTPS – Potential Profit Surge</a>,<a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" rel="noopener"> Daniel Tabbush</a> revisits<a href="https://www.smartkarma.com/entities/bank-tabungan-pensiunan-nasi" target="_blank" rel="noopener"> Bank BTPN Syariah (BTPS IJ)</a> that provides personal loans under Shariya law for women and the bank's FY2020 results. </p><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" data-smartkarma-citation="insights:49344" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share,</a><a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" data-smartkarma-citation="accounts:4" rel="noopener">Sumeet Singh</a> explores this upcoming US$1bn food and beverage IPO in the Philippines. </p><p>In<a href="https://www.smartkarma.com/insights/vinythai-vnt-th-delisting-offer-from-pttgc" target="_blank" rel="noopener"> Vinythai (VNT TH): Delisting Offer From PTTGC</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> circles back to<a href="https://www.smartkarma.com/entities/ptt-global-chemical-pcl" target="_blank" rel="noopener"> PTT Global Chemical (PTTGC TB)</a>'s proposed acquisition of minority shares of<a href="https://www.smartkarma.com/entities/vinythai-public-co-limited" target="_blank" rel="noopener"> Vinythai Public Co (VNT TB)</a> through a delisting tender offer in order to strengthen its ties with the downstream chemicals business. </p><p>In<a href="https://www.smartkarma.com/insights/jardine-strategic-sgm-on-the-12-april" target="_blank" rel="noopener"> Jardine Strategic: SGM On The 12 April</a>,<a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" rel="noopener"> David Blennerhassett</a> reports back on<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" rel="noopener"> Jardine Matheson Holdings (JM SP)</a>'s announcement to acquire 15.11% its does not own in <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" rel="noopener">Jardine Strategic Holdings (JS SP)</a>. </p><p>In<a href="https://www.smartkarma.com/insights/ddmp-reit-ipo-trading-priced-at-the-top-of-the-range-upside-remains-unclear" target="_blank" rel="noopener"> DDMP REIT IPO Trading - Priced at the top of the Range, Upside Remains Unclear</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> discusses<a href="https://www.smartkarma.com/entities/ddmp-reit" target="_blank" rel="noopener"> DDMP REIT (1848316D PM)</a> listing in the Philippines after the company successfully raised around US$275mn. </p><p>In<a href="https://www.smartkarma.com/insights/business-dna-kelvin-koh-of-sisb" target="_blank" rel="noopener"> Business DNA: Kelvin Koh of SISB</a>,<a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" rel="noopener"> Dr. Andrew Stotz, CFA</a> from <a href="https://www.smartkarma.com/companies/a-stotz-investment-research" target="_blank" rel="noopener">A. Stotz Investment Research</a> had an interview with the CEO and Co-founder of<a href="https://www.smartkarma.com/entities/sisb-pcl" target="_blank" rel="noopener"> SISB Public Company Limited (SISB TB)</a> about his journey in building the company.  </p><h3>Sector and Thematic </h3><p>In<a href="https://www.smartkarma.com/insights/the-rise-of-the-chief-sustainability-officer-in-asia" target="_blank" rel="noopener"> The Rise of the Chief Sustainability Officer in Asia</a>, ESG specialist<a href="https://www.smartkarma.com/profiles/kyle-rudden" target="_blank" rel="noopener"> Kyle Rudden</a> discusses the rising trend of hiring Chief Sustainability Officer (CSO) in <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener">Singapore Exchange (SGX SP)</a>, Temasek International, and other Southeast Asian companies. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/thailand-the-baht-bond-bandwagon" target="_blank" rel="noopener"> Thailand: The Baht Bond Bandwagon</a>,<a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" rel="noopener"> Warut Promboon</a> initiates our coverage of the Thai Baht (THB)-denominated corporate bond market.</p><p>In <a href="https://www.smartkarma.com/insights/olam-tear-sheet-lucror-analytics-1b0b9638-b028-47ba-9345-0521c49cdffa" target="_blank" data-smartkarma-citation="insights:49485" rel="noopener">Olam - Tear Sheet</a>, <a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> provides a bird's eye view of this Singapore listed soft commodity player from a credit perspective. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 

Macro Insights
In Indonesia: 1Q21 Economic Momentum Struggles to Stay Afloat; Jokowi Quashes Talk of A 3rd Term, Economist Nicholas Chia discusses Indonesia's economy and political outlook. 
Equity Bottom UpIn Grab - Considering SPAC Listing for a US$40bn Valuation?, CrossASEAN insight provider Angus Mackintosh provides an initial view on Grab (0967655D SP) after it revealed that it is considering SPAC listing in the US.In Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient, CrossASEAN Insight Provider Angus Mackintosh circles back to Prodia Widyahusada (PRDA IJ) after the company released a strong set of FY2020 numbers. In Rex: Oman Production Gaining Steam; Could It Really Trade at 1x 2021 Pre-Tax Profits?, CrossASEAN Insight Provider Nicolas Van Broekhoven returns to look at Singapore listed forgotten oil stock Rex International Holding (REXI SP). In BTPS – Potential Profit Surge, Daniel Tabbush revisits Bank BTPN Syariah (BTPS IJ) that provides personal loans under Shariya law for women and the bank's FY2020 results. In Monde Nissin Pre-IPO - The Positives - High Market Share,Sumeet Singh explores this upcoming US$1bn food and beverage IPO in the Philippines. In Vinythai (VNT TH): Delisting Offer From PTTGC, David Blennerhassett circles back to PTT Global Chemical (PTTGC TB)'s proposed acquisition of minority shares of Vinythai Public Co (VNT TB) through a delisting tender offer in order to strengthen its ties with the downstream chemicals business. In Jardine Strategic: SGM On The 12 April, David Blennerhassett reports back on Jardine Matheson Holdings (JM SP)'s announcement to acquire 15.11% its does not own in Jardine Strategic Holdings (JS SP). In DDMP REIT IPO Trading - Priced at the top of the Range, Upside Remains Unclear, Sumeet Singh discusses DDMP REIT (1848316D PM) listing in the Philippines after the company successfully raised around US$275mn. In Business DNA: Kelvin Koh of SISB, Dr. Andrew Stotz, CFA from A. Stotz Investment Research had an interview with the CEO and Co-founder of SISB Public Company Limited (SISB TB) about his journey in building the company.  Sector and Thematic In The Rise of the Chief Sustainability Officer in Asia, ESG specialist Kyle Rudden discusses the rising trend of hiring Chief Sustainability Officer (CSO) in Singapore Exchange (SGX SP), Temasek International, and other Southeast Asian companies. Credit InsightsIn Thailand: The Baht Bond Bandwagon, Warut Promboon initiates our coverage of the Thai Baht (THB)-denominated corporate bond market.In Olam - Tear Sheet, Leonard Law, CFA provides a bird's eye view of this Singapore listed soft commodity player from a credit perspective. 

The Week That Was in ASEAN@Smartkarma - ShopeePay, Grab Listing, and Philippine IPOs

Thailand

Vinythai Public Company Limited manufactures suspension and emulsion Polyvinyl Chloride (PVC) resin and Sodium Hydroxide (caustic soda) which are supplied to industrial manufacturers of various plastic products including electrical wires, PVC pipes, floor covering, medical gloves, car accessories, and toys.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Vinythai Public Co (VNT TB)

The Week That Was in ASEAN@Smartkarma - Bukalapak, Astra International, and Thai Banks

The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Vinythai (VNT TB)'s Delisting Offer (Finally) Commences

This is done and trading accordingly, with a gross/annualised return of 1.0%/5.6%. Unless terms happen to widen from here, this is largely an avoid...

David Blennerhassett

(Mostly) Asia M&A: May 2021 Roundup

The average premium for the new deals announced (or first discussed) in May was ~41%, with a year-to-date average of ~31% (78 deals).

David Blennerhassett

Quiddity M&A Guide 2021: Thailand

This revised guide is part of a series of M&A guides to aid investors in understanding the rules, parameters, possibilities, and processes when...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - ShopeePay, Grab Listing, and Philippine IPOs

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

Angus Mackintosh

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