Singapore

For our next Corporate Webinar we are glad to welcome Del Monte Pacific (DELM SP) Chief Corporate Officer Ignacio (Iggy) Sison and Investor Relations Manager Jennifer Luy.

In the upcoming webinar, Jennifer and Iggy will share a short company presentation, after which they will engage in a fireside chat with Smartkarma Insight Provider, Nicolas Van Broekhoven. A live Q&A session will follow.

The Corporate Webinar will be hosted on Tuesday, 15 March 2022, 17:00 SGT.

Dual-listed on the SGX and the Philippine Stock Exchange, Del Monte Pacific Limited is a global branded F&B company that offers premium quality, healthy products. These include packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices, and frozen pineapple under various brands – it also sells fresh pineapples under the S&W brand.

It is proud of its heritage brands – Del Monte, S&W, Contadina, and College Inn – some of which originated in the USA more than 100 years ago. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, South America, the Philippines, Indian subcontinent, and Myanmar, while it owns S&W globally except for Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.

Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

• There are currently 43 – mostly firm – transactions currently being discussed and analysed on Smartkarma.
• Two new deals this week: Far Eastone Telecomm (4904 TT) merging with Asia Pacific Telecom (3682 TT); Zip Co Ltd (Z1P AU) merging with Sezzle Inc (SZL AU).
• Key updates took place for: Singapore Press Holdings (SPH SP), Virtus Health (VRT AU), Crown Resorts (CWN AU), Total Access Communication (DTAC TB) / True Corp (TRUE TB) 

• Sea Ltd (SE US) results were in line but given a slow down in gaming and bearish guidance partly with India ban on FreeFire, the stock was sold off aggressively.
• Strong performance from e-commerce and digital financial services was ignored, with improving take rates in core markets and comments on impending profitability overlooked, with hardly a mention in press commentary. 
• The risk for Sea Ltd (SE US) is squarely on the upside with valuations now looking attractive, trading at a discount to MercadoLibre (MELI US) despite its broader footprint.

• Grab (GRAB US) reported 4Q2021 results yesterday (before market). IFRS revenue decreased 44.29% YoY to $122m (vs consensus $219m) compared to $219m in the same quarter a year ago.
• Adjusted EBITDA (loss) for the quarter was -$305m (vs consensus -$206m) compared to -$102m a year ago as the company heavily spent on incentives to attract and retain drivers.
• Grab’s shares have lost almost 40.0% during intra-day trading as its growth story did not bode well with the investors.

• Sea Ltd (SE US)’s outperformance ended abruptly yesterday following the 4Q21 earnings release with the share price giving away 2/3rd of the gains made during the last five days.
• The company’s share price rallied around 30% in the last week of February, alongside rallying markets following a steep correction leading up to the Ukraine crisis.
• With the fundamentals continuing to deteriorate and interest rates expected to continue trending upwards, we expect Sea to continue its downtrend until its valuation multiples reach the pre-pandemic low level.

• Carousell is a Singapore based platform serving the C2C and B2C marketplace for purchase and resale of second hand goods. 
• In its latest funding round in Sept 2021, the company raised US$100m at a valuation of US$1.1bn. As per Crunchbase, Carousell has raised just over US$280m since inception.
• Carousell is expected to list in the US via a SPAC Merger with L Catterton Asia Acquisition. 

For our next Corporate Webinar we are glad to welcome Geo Energy Resources (GERL SP) CEO and Executive Director, Kum Hon Tung.

In the upcoming webinar, Kum Hon will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Insight Provider, Nicolas Van Broekhoven. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Tuesday, 8 March 2022, 17:00 SGT.

Geo Energy Group is a coal mining group, established in 2008, with offices in Singapore and Indonesia and production operations in Kalimantan, Indonesia. The group has transitioned from being primarily a coal mining services provider to a coal producer that subcontracts its coal mining operation.

Geo Energy has been listed on Singapore Stock Exchange’s main board (Stock Code: RE4) since 2012 and is part of the Singapore FTSE index.

• The Cuscaden Scheme Composite Document is out. Finally. No points for the own time own target completion to the own time own target restructuring.
• With the electronic despatch and an approximate timetable, last traded price gives 7.7% annualised agak agak. 
• At S$2.33, shareholders can lepak this to the close pretty easily. 

• Grab (GRAB US) is currently trading at US$5.80 per share, more than 50.0% below its IPO price of US$13.06 per share.
• The company’s mobility business was severely impacted due to the pandemic and has not yet recovered to pre-pandemic levels. Grab is reporting 4Q2021E results on Thursday (03rd March).
• As most of the countries in the SEA region opens up economies with Omicron-related fears fading, we expect gradual recovery in mobility business which should help re-rate Grab’s shares upwards.

• Under the revised scheme consideration, each ARA LOGOS (ALLT SP) unitholder will receive S$0.097 in cash and 1.7729 new ESR-REIT (EREIT SP) units at an issue price of S$0.4924.
• The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
• We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. 

• AEM (AEM SP) released record 2H21 results which indicate Intel Corp (INTC US) ramp continues as expected. Management expects more of the same in FY22.
• Intel Corp (INTC US) has a variety of issues but it will spend massive amounts of cash to keep up with rivals. AEM (AEM SP) remains a major beneficiary.
• Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.

• SIAS posed questions to both Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) (a.k.a. “MNACT”) about how the ratio was decided and deal appropriateness.
• SIAS also asked about whether the deal was absolutely necessary and whether MCT would change its mandate. 
• MCT and MNACT responded with lengthy explanations, some of which didn’t answer the questions. That’s what we get til the end-March Circular. And that’s OK. The trade is the same.

• LHN announced the acquisition of freehold property at 298 River Valley Road with land area of 205.4sqm for S$9.1m including GST
• Acquisition will be funded through its current cash balances as well as debt
• LHN intends to operate the property as a co-living space, expanding its COLIWOO portfolio of co-living keys from its current c.870 rooms.