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

<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>
<h3>Equity Bottom-Up Insights</h3>
<p>In Indonesia<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-a-plethora-of-good-news" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News</a>,  Cross-ASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> reports back a call with<a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ)</a> revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. </p>
<p>In<a href="https://www.smartkarma.com/insights/bank-mandiri-persero-bmri-ij-the-unsung-hero-of-syariah" target="_blank" rel="noopener"> Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah?</a> , Cross-ASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. </p>
<p>In<a href="https://www.smartkarma.com/insights/metrodata-electronic-mtdl-ij-a-rare-value-play-on-indonesia-s-digitalization" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> highlights why<a href="https://www.smartkarma.com/entities/metrodata-electronic-pt" target="_blank" rel="noopener"> Metrodata Electronic (MTDL IJ)</a> looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. </p>
<p>In<a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-enabling-and-converging-in-indonesia" target="_blank" rel="noopener"> XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" rel="noopener"> XL Axiata (EXCL IJ),</a> one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with <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> last week, which revealed a positive long-term picture, despite some near term competitive headwinds. </p>
<p>In <a href="https://www.smartkarma.com/insights/sunpower-read-across-from-buyout-of-zheneng-jinjiang-fair-value-remains-at-1-sgd-63-upside" target="_blank" data-smartkarma-citation="insights:44133" rel="noopener">Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside),</a> CrossASEAN Insight Provider 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> revisits <a href="https://www.smartkarma.com/entities/sunpower-group-ltd" target="_blank" data-smartkarma-citation="entities:18395:1" rel="noopener">Sunpower Group (SPWG SP)</a> post a Smartakarma webinar with the company. </p>
<p>In Thailand<a href="https://www.smartkarma.com/insights/ipo-radar-nforce-secure-new-player-in-thai-cyber-security" target="_blank" rel="noopener"> IPO Radar: NForce Secure, New Player in Thai Cyber Security</a>, Thai Specialist<a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" rel="noopener"> Athaporn Arayasantiparb, CFA</a> takes a look at NForce Secure, New Player in Thai Cyber Security.  </p>
<p>In <a href="https://www.smartkarma.com/insights/wilmar-is-a-buy-after-yka-s-listing" target="_blank" data-smartkarma-citation="insights:44228" rel="noopener">Wilmar Is A Buy After YKA’s Listing,</a><a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> revisits <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> following the successful listing of <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH).</a></p>
<p>In Singapore<a href="https://www.smartkarma.com/insights/sgx-sgx-sp-market-under-rates-its-growth-potential" target="_blank" rel="noopener"> SGX (SGX SP): Market Under-Rates Its Growth Potential</a>,<a href="https://www.smartkarma.com/profiles/victor-galliano" target="_blank" rel="noopener"> Victor Galliano</a> discusses why he feels<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" rel="noopener"> SGX (SGX SP)</a> is undervalued. </p>
<p>In <a href="https://www.smartkarma.com/insights/business-dna-suksan-yasasin-of-chayo-group" target="_blank" data-smartkarma-citation="insights:44242" rel="noopener">Business DNA: Suksan Yasasin of Chayo Group,</a><a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" data-smartkarma-citation="accounts:756" rel="noopener">Dr. Andrew Stotz, CFA</a> conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. </p>
<p>In <a href="https://www.smartkarma.com/insights/ori-expect-flat-3q20-earnings-but-strong-recovery-in-4q20" target="_blank" data-smartkarma-citation="insights:44163" rel="noopener">ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit <a href="https://www.smartkarma.com/entities/origin-property-pcl" target="_blank" data-smartkarma-citation="entities:26762:1" rel="noopener">Origin Property (ORI TB)</a> ahead of the company's earnings. </p>
<p>In <a href="https://www.smartkarma.com/insights/com7-upgrade-super-cycle-for-iphone-users" target="_blank" data-smartkarma-citation="insights:44208" rel="noopener">COM7: Upgrade Super Cycle for iPhone Users,</a> <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. </p>
<h3>Sector and Thematic Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/snippets-45-lobster-alliance-cp-all-goes-to-laos" target="_blank" data-smartkarma-citation="insights:42866" rel="noopener">Snippets #45: Lobster Alliance, CP All Goes to Laos,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> highlights five developments over the past week that may impact Thai equities.</p>
<p>In <a href="https://www.smartkarma.com/insights/sti-index-rebalance-kdcreit-included-flt-misses-out" target="_blank" data-smartkarma-citation="insights:44178" rel="noopener">STI Index Rebalance: KDCREIT Included, FLT Misses Out,</a> <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> comments on the recent FTSE STI Index rebalance.  </p>
<p>In<a href="https://www.smartkarma.com/insights/msci-nov20-index-rebalance-preview-asean-em-edition" target="_blank" rel="noopener"> MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> looks at the upcoming MSCI ASEAN EM scheduled rebalancing. </p>
<h3>Credit Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/kasikornbank-s-inaugural-at1-underweight-on-franchise-challenges-and-valuation" target="_blank" data-smartkarma-citation="insights:44176" rel="noopener">Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation,</a> credit specialist <a href="https://www.smartkarma.com/profiles/hank-calenti-cfa" target="_blank" data-smartkarma-citation="accounts:5194" rel="noopener">Hank Calenti, CFA</a> comments on <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank PCL (KBANK TB)</a>'s inaugural AT1 bond. He suggests to Underweight <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" data-smartkarma-citation="entities:293:1" rel="noopener">Kasikornbank's (KBANK)</a> inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. </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.  

Equity Bottom-Up Insights
In Indonesia Bank Mandiri Persero (BMRI IJ) - A Plethora of Good News,  Cross-ASEAN insight provider Angus Mackintosh reports back a call with Bank Mandiri Persero (BMRI IJ) revealed a relatively positive message on a number of fronts, which came as a rare positive surprise. 
In Bank Mandiri Persero (BMRI IJ) - The Unsung Hero of Syariah? , Cross-ASEAN Insight provider Angus Mackintosh sees potential positive catalysts in the merger of three State-owned Syariah banks. He believes that Mandiri Syariah,  given it has the largest Syariah business and generating an ROE in excess of 15%, will take the lead in the merged entity. 
In Metrodata Electronic (MTDL IJ) - A Rare Value Play on Indonesia's Digitalization, Angus Mackintosh highlights why Metrodata Electronic (MTDL IJ) looks undervalued, as it benefits not only from offline companies continuing to digitalize processes and infrastructure but also from the rise in e-commerce, digital payments, fintech, and gaming. 
In XL Axiata (EXCL IJ) - Enabling and Converging in Indonesia, Angus Mackintosh revisits XL Axiata (EXCL IJ), one of the key enablers of the Indonesian digital economy, with around 90% of revenues coming from data and 75% of its subscriber base on 4G. Smartkarma hosted a Webinar with XL Axiata (EXCL IJ) last week, which revealed a positive long-term picture, despite some near term competitive headwinds. 
In Sunpower: Read Across from Buyout of Zheneng JinJiang; Fair Value Remains at 1 SGD (63% Upside), CrossASEAN Insight Provider provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP) post a Smartakarma webinar with the company. 
In Thailand IPO Radar: NForce Secure, New Player in Thai Cyber Security, Thai Specialist Athaporn Arayasantiparb, CFA takes a look at NForce Secure, New Player in Thai Cyber Security.  
In Wilmar Is A Buy After YKA’s Listing,David Blennerhassett revisits Wilmar International (WIL SP) following the successful listing of Yihai Kerry Arawana Holdings Co Ltd (YKA CH).
In Singapore SGX (SGX SP): Market Under-Rates Its Growth Potential, Victor Galliano discusses why he feels SGX (SGX SP) is undervalued. 
In Business DNA: Suksan Yasasin of Chayo Group,Dr. Andrew Stotz, CFA conducts an interview with Suksan Yasasin, the CEO of Chayo Group. Business DNA is a chance to dig into the essential makeup of business leaders and their organizations. The focus is not on the short term but rather on understanding the driving forces of a business. 
In ORI: Expect Flat 3Q20 Earnings but Strong Recovery in 4Q20, our friends at Country Group revisit Origin Property (ORI TB) ahead of the company's earnings. 
In COM7: Upgrade Super Cycle for iPhone Users, Country Group revisits this electronics distributor in light of the announcement of the launch of the new iPhone 12. 
Sector and Thematic Insights
In Snippets #45: Lobster Alliance, CP All Goes to Laos, our Thai guru Athaporn Arayasantiparb, CFA highlights five developments over the past week that may impact Thai equities.
In STI Index Rebalance: KDCREIT Included, FLT Misses Out, Brian Freitas comments on the recent FTSE STI Index rebalance.  
In MSCI Nov20 Index Rebalance Preview - ASEAN EM Edition, Brian Freitas looks at the upcoming MSCI ASEAN EM scheduled rebalancing. 
Credit Insights
In Kasikornbank’s Inaugural AT1 – Underweight on Franchise Challenges and Valuation, credit specialist Hank Calenti, CFA comments on Kasikornbank PCL (KBANK TB)'s inaugural AT1 bond. He suggests to Underweight Kasikornbank's (KBANK) inaugural Additional Tier 1 (AT1) bond on franchise challenges and valuation. 

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>Yesterday, <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a>'s <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH)</a> (YKA) commenced trading on the Shenzhen Stock Exchange (ChiNext Board). Priced at RMB25.70/share, shares closed at RMB56/share. Shares are currently changing hands at RMB49.  That backs out a trailing PER of ~59x.</p>
<p>And Wilmar's reaction yesterday? Down 6.4% in what appears to be a "sell the news" trade.</p>
<p>I see Wilmar's discount to NAV at 55%. Shares haven't retested near-term highs since <a href="https://www.smartkarma.com/entities/archer-daniels-midland-co" target="_blank" data-smartkarma-citation="entities:14746:1" rel="noopener">Archer Daniels Midland Co (ADM US)</a>'s placement in August. But since that placement, uncertainty over YKA's IPO has been removed. Wilmar is cheap here.</p>
<p>As always, more below the fold.</p>
</div>
<hr>
<div>
<p><em>For some background history on YKA's IPO, please refer to past insights below:</em></p>
</div>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 124.782px;">
<h3>Date </h3>
</td>
<td style="width: 578.75px;">
<h3>Insight</h3>
</td>
</tr>
<tr>
<td style="width: 124.782px;">17-Sep-20</td>
<td style="width: 578.75px;"><a href="https://skr.ma/U4wbi" target="_blank" rel="noopener">Wilmar: China Ops IPO One Step Closer</a></td>
</tr>
<tr>
<td style="width: 124.782px;">29-Sep-20</td>
<td style="width: 578.75px;"><a href="https://skr.ma/xBrVA" target="_blank" rel="noopener">Wilmar: YKA's Pricing &amp; Cheap Rump Stake</a></td>
</tr>
</tbody>
</table>
</div>
<div></div>
<div>
<p></p>
</div>


Yesterday, Wilmar International (WIL SP)'s Yihai Kerry Arawana Holdings Co Ltd (YKA CH) (YKA) commenced trading on the Shenzhen Stock Exchange (ChiNext Board). Priced at RMB25.70/share, shares closed at RMB56/share. Shares are currently changing hands at RMB49.  That backs out a trailing PER of ~59x.
And Wilmar's reaction yesterday? Down 6.4% in what appears to be a "sell the news" trade.
I see Wilmar's discount to NAV at 55%. Shares haven't retested near-term highs since Archer Daniels Midland Co (ADM US)'s placement in August. But since that placement, uncertainty over YKA's IPO has been removed. Wilmar is cheap here.
As always, more below the fold.



For some background history on YKA's IPO, please refer to past insights below:






Date 


Insight



17-Sep-20
Wilmar: China Ops IPO One Step Closer


29-Sep-20
Wilmar: YKA's Pricing &amp; Cheap Rump Stake









Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Yihai Kerry Arawana Holdin-A / Equity Capital Markets

<ul>
<li>Months after the initial announcement, 99.99%-owned subsidiary of Singapore’s <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a>, <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdings Co Ltd (YKA CH)</a>, filed for an IPO to list on the Shenzhen Stock Exchange's ChiNext Board. The company expects to raise RMB 13.78bn ($1.95bn) through selling up to 542m new shares (10% post-IPO shares of Yihai Kerry). </li>
<li>Yihai Kerry is one of China’s largest processors and distributors of agricultural and consumer products. The company has around 29,000 employees, more than 70 production bases and over 100 production enterprises in China.</li>
<li>The company is mainly involved in industries such as oil seed crushing, edible oil refining, speciality fats, oleochemicals, processing of corn, wheat and soybean, sustainable multi-stage processing of rice, food and beverage, and grain and oil technology R&amp;D.</li>
<li>Its products include edible oil, rice, flour, fine dried noodles, rice noodles, soy milk, special grains and oils, food raw and supplementary materials, oleochemicals and sells them under famous brand names such as "Arawana", "Olivoila", "Orchid", "Wonder Farm", "Neptune", "Fengyuan", "Golden Delicious", "Reyland", and "Jiejin 100".</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/482/original/image_16851375721594009413975.png?1594009414" class="editor-image img-responsive" data-smartkarma-image-id="144482"></figure><div class="content-caption"><em>Source: Company Disclosures</em></div><ul><li>According to Nielsen, Yihai Kerry is ranked No. 1 in China's packed edible oil, rice, and flour markets.</li></ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/144/485/original/image_97256687431594009644097.png?1594009645" class="editor-image img-responsive" data-smartkarma-image-id="144485"></figure><div class="content-caption"><em>Source: Company Disclosures</em></div><ul><li>The company is also ranks high in the feed raw materials and oil and fat technology industry. In addition, Yihai Kerry is actively developing new products, and has made great progress in the field of noodles, condiments, cosmetics, and other sub-products.</li></ul><p><strong>Use of IPO Proceeds</strong></p><table class="table table-striped"><tbody>
<tr>
<td style="width: 56.3%;"><p><strong>Project Category</strong></p></td>
<td style="width: 43.7%;"><p style="text-align: right;"><strong>Use of Proceeds (In RMB bn)</strong></p></td>
</tr>
<tr>
<td style="width: 56.3%;"><p>Comprehensive Projects -Kitchen Food</p></td>
<td style="width: 43.7%;"><p style="text-align: right;">5.91</p></td>
</tr>
<tr>
<td style="width: 56.3%;"><p>Edible Oil Projects - Kitchen Food</p></td>
<td style="width: 43.7%;"><p style="text-align: right;">3.78</p></td>
</tr>
<tr>
<td style="width: 56.3%;"><p>Flour Projects - Kitchen Food</p></td>
<td style="width: 43.7%;"><p style="text-align: right;">1.96</p></td>
</tr>
<tr>
<td style="width: 56.3%;"><p>Other items - Kitchen Food</p></td>
<td style="width: 43.7%;"><p style="text-align: right;">2.22</p></td>
</tr>
</tbody></table><div class="content-caption">
<strong> </strong><em>Source: Company Disclosures</em>
</div>


Months after the initial announcement, 99.99%-owned subsidiary of Singapore’s Wilmar International (WIL SP), Yihai Kerry Arawana Holdings Co Ltd (YKA CH), filed for an IPO to list on the Shenzhen Stock Exchange's ChiNext Board. The company expects to raise RMB 13.78bn ($1.95bn) through selling up to 542m new shares (10% post-IPO shares of Yihai Kerry). 
Yihai Kerry is one of China’s largest processors and distributors of agricultural and consumer products. The company has around 29,000 employees, more than 70 production bases and over 100 production enterprises in China.
The company is mainly involved in industries such as oil seed crushing, edible oil refining, speciality fats, oleochemicals, processing of corn, wheat and soybean, sustainable multi-stage processing of rice, food and beverage, and grain and oil technology R&amp;D.
Its products include edible oil, rice, flour, fine dried noodles, rice noodles, soy milk, special grains and oils, food raw and supplementary materials, oleochemicals and sells them under famous brand names such as "Arawana", "Olivoila", "Orchid", "Wonder Farm", "Neptune", "Fengyuan", "Golden Delicious", "Reyland", and "Jiejin 100".
Source: Company DisclosuresAccording to Nielsen, Yihai Kerry is ranked No. 1 in China's packed edible oil, rice, and flour markets.Source: Company DisclosuresThe company is also ranks high in the feed raw materials and oil and fat technology industry. In addition, Yihai Kerry is actively developing new products, and has made great progress in the field of noodles, condiments, cosmetics, and other sub-products.Use of IPO Proceeds

Project Category
Use of Proceeds (In RMB bn)


Comprehensive Projects -Kitchen Food
5.91


Edible Oil Projects - Kitchen Food
3.78


Flour Projects - Kitchen Food
1.96


Other items - Kitchen Food
2.22


 Source: Company Disclosures


Yihai Kerry IPO: Shifting Consumer Purchasing Patterns Make Yihai Kerry An Enticing Long-Term Play

China

Yihai Kerry Arawana Holdings Co., Ltd wholesales and distributes food products. The Company provides kitchen foods, feed raw materials, oil technology products, and other products. Yihai Kerry Arawana Holdings also operates investment businesses.

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

Yihai Kerry Arawana Holdin-A (YKIVCZ CH)

The NEW Week that Was in ASEAN@Smartkarma - Syariah Banking, XL Axiata, and Telkom's Tower Spinoff

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

Wilmar Is A Buy After YKA’s Listing

YKA shares jump 118% on its ChiNext debut - yet Wilmar sheds 6.4%. At a 55% discount to NAV, Wilmar is a buy with a view to retesting the pre-ADM...

David Blennerhassett

Yihai Kerry IPO: Shifting Consumer Purchasing Patterns Make Yihai Kerry An Enticing Long-Term Play

Months after the initial announcement, 99.99%-owned subsidiary of Singapore’s Wilmar International (WIL SP), Yihai Kerry Arawana Holdings Co Ltd...

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)