Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<h2>Latest News - Option Holders Condition Met<br><br>
</h2><p><a href="https://www.smartkarma.com/entities/389" target="_blank">Conch Cement</a>, the Offeror and <a href="https://www.smartkarma.com/entities/9423" target="_blank">West China Cement</a> are pleased to <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0520/LTN20160520557.pdf" target="_blank">jointly announce</a> that <strong>the Condition has been satisfied</strong> as at the date of this joint announcement.</p><div class="content-remarks"><p><em>Agreement is conditional upon, among other things, West China Cement having obtained signed Letters of <strong>Undertaking from those Optionholders </strong>listed in the Acquisition Agreement who in aggregate hold not less than 80% (after deduction of the number of Share Options held by Mr. Zhang, Mr. Ma and Dr.</em>…</p></div>

Latest News - Option Holders Condition Met  
Conch Cement, the Offeror and West China Cement are pleased to jointly announce that the Condition has been satisfied as at the date of this joint announcement.Agreement is conditional upon, among other things, West China Cement having obtained signed Letters of Undertaking from those Optionholders listed in the Acquisition Agreement who in aggregate hold not less than 80% (after deduction of the number of Share Options held by Mr. Zhang, Mr. Ma and Dr.…

WCC / Conch - Optionholders Undertaking Condition Met

Dalian Wanda Commercial Properties / Event-Driven

<h2>A Look Back<br><br>
</h2><p>The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0330/LTN201603301343.pdf" target="_blank">mooted</a> by Dalian Wanda Group on 31 March 2016. On <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0425/LTN20160425121.PDF" target="_blank">25 April 2016</a>, 3699 went into a <strong>trading halt</strong> pending the publication of an announcement pursuant to The Hong Kong Code on M&amp;A.</p><p>It has been close to a month since 3699 went into a trading halt and close to two months since the announcement of a possible de-listing. The offer from Dalian Wanda Group could be announced any time now, and with that in mind we felt it…</p>

A Look Back  
The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first mooted by Dalian Wanda Group on 31 March 2016. On 25 April 2016, 3699 went into a trading halt pending the publication of an announcement pursuant to The Hong Kong Code on M&amp;A.It has been close to a month since 3699 went into a trading halt and close to two months since the announcement of a possible de-listing. The offer from Dalian Wanda Group could be announced any time now, and with that in mind we felt it…

Dalian Wanda - Preparing for the Inevitable?

<p>It has been <strong>more than five months</strong> since the deal was announced. There are three key conditions that are outstanding:</p><ol>
<li>Optionholders undertakings</li>
<li>Administration of foreign exchange authorities approvals; and</li>
<li>MOFCOM</li>
</ol><h2>Spread Movement</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/007/756/original/SK%20M&amp;A%20-%20West%20China%20Cement%20-%20Anhui%20Conch%20Cement.png?1462248028" class="editor-image img-responsive" data-smartkarma-image-id="7756"></figure><p>West China Cement ("WCC") is trading at ~ 3% gross spread. We estimate a 15-20%  downside on a deal break.</p><p>With the long-stop date (31 May 2016) for Optionholder consent looming, the spread could get volatile in the next few weeks if there isn't any update on the Optionholder…</p>

It has been more than five months since the deal was announced. There are three key conditions that are outstanding:
Optionholders undertakings
Administration of foreign exchange authorities approvals; and
MOFCOM
Spread MovementWest China Cement ("WCC") is trading at ~ 3% gross spread. We estimate a 15-20%  downside on a deal break.With the long-stop date (31 May 2016) for Optionholder consent looming, the spread could get volatile in the next few weeks if there isn't any update on the Optionholder…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">Our fair value estimate is HKD 17 per share, which implies a forward fiscal-year price/earnings of about 15 times, and an enterprise value/EBITDA of roughly 7 times.</li><li class="p1">After about two years of cement pricing declines, a new round of infrastructure spending in highway and railway in western regions, pipeline networks, and sewage treatment has helped awaken cement demand.</li><li class="p1">In the near term, we expect declining energy intensity of China’s GDP growth and excess coal supply to weigh on thermal coal prices. Lower investment in cement supply is also likely to help buoy cement prices.</li></ul><p><em>Analysts: Iris Tan &amp; Chokwai Lee</em></p>

Our fair value estimate is HKD 17 per share, which implies a forward fiscal-year price/earnings of about 15 times, and an enterprise value/EBITDA of roughly 7 times.After about two years of cement pricing declines, a new round of infrastructure spending in highway and railway in western regions, pipeline networks, and sewage treatment has helped awaken cement demand.In the near term, we expect declining energy intensity of China’s GDP growth and excess coal supply to weigh on thermal coal prices. Lower investment in cement supply is also likely to help buoy cement prices.Analysts: Iris Tan &amp; Chokwai Lee

Anhui Conch Cement's 1Q Results In Line; Lower Product Prices Weigh on Margin

<h2>Extension of Long-stop date for Optionholders Consent<br><br>
</h2><p>1 March 2016 - Conch has granted a consent to West China Cement ("WCC") to extend the long stop date for the Optionholders consent from 29th February 2016 to 31st May 2016. (<a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0229/LTN20160229787.pdf" target="_blank">Link to filing</a>)</p><h2>Reason for extension: </h2><blockquote><p>As West China Cement anticipates that it is unable to satisfy <strong>the Condition</strong> on or before 29 February 2016, Conch Cement had granted a consent to West China Cement and Grand Winner on 29 February 2016 to extend the deadline for the…</p></blockquote>

Extension of Long-stop date for Optionholders Consent  
1 March 2016 - Conch has granted a consent to West China Cement ("WCC") to extend the long stop date for the Optionholders consent from 29th February 2016 to 31st May 2016. (Link to filing)Reason for extension: As West China Cement anticipates that it is unable to satisfy the Condition on or before 29 February 2016, Conch Cement had granted a consent to West China Cement and Grand Winner on 29 February 2016 to extend the deadline for the…

WCC / Conch - The Optionholders, Will They Sign the LOUs?

China

West China Cement Limited produces and distributes cement products.

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West China Cement (2233 HK)

WCC / Conch - Optionholders Undertaking Condition Met

Latest News - Option Holders Condition Met Conch Cement, the Offeror and West China Cement are pleased to jointly announce that the Condition has...

Crispin Francis

Dalian Wanda - Preparing for the Inevitable?

A Look Back The de-listing of Dalian Wanda Commercial Properties ("3699 HK") was first mooted by Dalian Wanda Group on 31 March 2016. On 25 April...

Crispin Francis

WCC / Conch - What Are the Options?

It has been more than five months since the deal was announced. There are three key conditions that are outstanding: Optionholders...

Crispin Francis

Anhui Conch Cement's 1Q Results In Line; Lower Product Prices Weigh on Margin

Our fair value estimate is HKD 17 per share, which implies a forward fiscal-year price/earnings of about 15 times, and an enterprise value/EBITDA...

Morningstar, Inc.

WCC / Conch - The Optionholders, Will They Sign the LOUs?

Extension of Long-stop date for Optionholders Consent 1 March 2016 - Conch has granted a consent to West China Cement ("WCC") to extend the long...

Crispin Francis

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