Category

Daily Briefs

Apr 14
0

Daily Brief Utilities: Genex Power Ltd and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown
  • Genex (GNX AU) & J-Power (Finally) Firm Terms

Genex Power (GNX AU): J-Power’s Binding Proposal as Skip’s Intentions Remain Unknown

By Arun George

  • Genex Power Ltd (GNX AU) has entered a transaction implementation deed with Electric Power Development C (9513 JP) for a scheme (A$0.275) and an off-market takeover offer (A$0.270). 
  • Skip could vote against the scheme due to the low 10% premium to its 2022 offer and Genex’s operational capacity rising by 2.7x by the end of 2024.
  • The likely scenario is that J-POWER succeeds with its takeover offer. At the last close, the gross spread of the scheme and takeover offer was 3.8% and 1.9%, respectively.   

Genex (GNX AU) & J-Power (Finally) Firm Terms

By David Blennerhassett

  • On the 4 March, Genex Power (GNX AU) announced an A$0.275/share NBIO from Electric Power (9513 JP) (J-Power), by way of a Scheme, in tandem with an off-market A$0.27/share Offer.
  • Due diligence was afforded. Exclusivity was extended twice, before a firm offer was inked at the same terms on the 12th April.  The Scheme meeting is expected mid-July; implementation late-July.
  • And Scott Farquhar’s Skip Enterprises, which holds 19.9% in Genex, and who had previously pitched a A$0.25/share NBIO in 2022? No word. And no irrevocable. 

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Apr 14
0

Daily Brief Consumer: Golden Throat Holdings, Lawson Inc, L’Occitane, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Asian Dividend Gems: Golden Throat Holdings
  • (Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson
  • Weekly Deals Digest (14 Apr) – L’Occitane, CGN New Energy, Azure, Genex, C&F Logistics, Riso Kyoiku
  • Isn’t It Not Strong Enough to Raise ROE by Higher Profit Margin Due to Escape from Deflation?

Asian Dividend Gems: Golden Throat Holdings

By Douglas Kim

  • Golden Throat Holdings is a gem. It has excellent fundamentals including an eye-catching dividend yield (17.9% in 2023) and a blistering DPS growth (10x from 2020 to 2023). 
  • It also benefits from a compelling long-term theme (relieving sore throats caused by worsening air quality/smog/fine dust problems along with recurrent regular cold/flu symptoms among millions of people in China). 
  • Golden Throat Holdings is one of the leading throat lozenges manufacturers in China. Its net margin averaged 24% from 2019 to 2023.

(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

By David Blennerhassett

Weekly Deals Digest (14 Apr) – L’Occitane, CGN New Energy, Azure, Genex, C&F Logistics, Riso Kyoiku

By Arun George

Isn’t It Not Strong Enough to Raise ROE by Higher Profit Margin Due to Escape from Deflation?

By Aki Matsumoto

  • Since 2020, there has been a divergence between P/B and TOPIX movements, complicating matters for listed companies that have been asked to raise their P/Bs.
  • Expectations are high for a rise in ROE, which has a certain correlation with nominal GDP, which is also increasingly correlated with TOPIX, as deflation exits.
  • If price pass-through fails, escaping deflation may not lead directly to higher profit margins. If profit margin increase is insufficient, reducing cash on hand is essential to increase ROE.

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Apr 14
0

Top 10 Highlights from the APAC PE, VC and Startup Ecosystem this Week – 14 Apr 2024

By | Private Markets, Smartkarma Newswire

Top ten highlights from the APAC PE, VC, and startup ecosystem this week:

  1. Swiss investment manager SUSI Partners reopens Asia Energy Transition Fund, invests in Alba Renewables.
  2. PE investors diversifying to regions like India, Japan amid China jitters.
  3. Temasek Holdings opens office in Paris to expand presence in Europe, Middle East, and Africa.
  4. BP Ventures actively scouting for Asian investment opportunities.
  5. 9Basil Group acquires AlteriQ Global, enters private credit market.
  6. VC fund Synapses launches $125 million investment vehicle for climate and healthtech sectors.
  7. Quantonation Ventures hits €70-million first close for Fund II.
  8. Global supermarket chains collaborate to launch $125-million VC fund for retail innovation.
  9. AI-focused VC firm Alpha Intelligence Capital closes $150 million fund.
  10. Mumbai-based Filter Capital closes $100 million debut fund.

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