Category

Thailand

Apr 26
0

Daily Brief Thailand: CPF Global Food Solution and more

By | Daily Briefs, Thailand

In today’s briefing:

  • CPF Global Food Solution Pre-IPO – The Positives – One of the Largest Players in the Industry
  • CPF Global Food Solution Pre-IPO – The Negatives – Muted Growth Prospects

CPF Global Food Solution Pre-IPO – The Positives – One of the Largest Players in the Industry

By Ethan Aw

  • CPF Global Food Solution (2247162D TB) is looking to raise around US$1bn in its upcoming Thailand IPO. 
  • CPF Global Food Solution (CPFGS) is a subsidiary of CP Foods Group, offering food products and services to food operators and consumers locally and internationally. 
  • In this note, we talk about the positive aspects of the deal.

CPF Global Food Solution Pre-IPO – The Negatives – Muted Growth Prospects

By Ethan Aw

  • CPF Global Food Solution (2247162D TB) is looking to raise around US$1bn in its upcoming Thailand IPO. 
  • CPF Global Food Solution (CPFGS) is a subsidiary of CP Foods Group, offering food products and services to food operators and consumers locally and internationally.
  • In this note, we talk about the not-so-positive aspects of the deal.

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Apr 19
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Oishi Group: IFA Backs ThaiBev’s Offer

Oishi Group: IFA Backs ThaiBev’s Offer

By David Blennerhassett

  • On the 10th March, Thai Beverage (THBEV SP) proposed taking 79.66%-held Oishi Group PCL (OISHI TB) private, at an Offer price of THB 59/share, a 26.9% premium to last close. 
  • This Delisting Offer requires a shareholder vote which will take place on the 3<May. Payment may occur mid-to-late August. 
  • In its report yesterday, the IFA reckons “that the shareholders should approve of the voluntary delisting“.

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Apr 18
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

Oishi Group (OISHI TB): IFA Recommends the THB59.00 Delisting Offer

By Arun George

  • The Oishi Group PCL (OISHI TB) IFA opines that shareholders approve Thai Beverage (THBEV SP)’s delisting tender offer of THB59.00 per share at the EGM on 3 May.
  • The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and <10% rejection by total outstanding shares.
  • The offer is attractive to the IFA’s fair value of THB53.48-56.42 per share. At last close and the end-July completion, the gross and annualised spread is 2.2% and 8.1%, respectively.

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Apr 01
0

Daily Brief Thailand: Delta Electronics Thai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

Delta Taiwan Vs. Thailand Monitor: Valuation Divergence Hits a New Extreme

By Vincent Fernando, CFA

  • The valuation divergence between Delta Electronics Thai (DELTA TB) and its parent Delta Electronics (2308 TT) has hit a new extreme.
  • Delta Thailand surged 9.3% Thursday on no news, even prompting the Thailand Stock Exchange to query the company.
  • Delta Taiwan’s stake in Delta Thailand is now worth more than all of Delta Taiwan. The valuation divergence would seem unsustainable, however when things revert is uncertain.

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Mar 31
0

Daily Brief Thailand: Roojai and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Thai Insurtech Firm Roojai Bags US$42M in Fresh Funding

Thai Insurtech Firm Roojai Bags US$42M in Fresh Funding

By e27

  • Thai insurtech company Roojai has secured US$42 million in new financing round, as per multiple news reports.
  • HDI International, a subsidiary of Germany’s Talanx Group, led the round that also saw participation from existing investor IFC.
  • About US$32 million will be invested via direct injection and the remaining amount through a secondary share transaction.

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Mar 29
0

Daily Brief Thailand: Thai Life Insurance and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Quiddity Leaderboard for SET50 Jun 23 Review: TLI ADD & JMART DEL Likely; BJC Is a Question Mark

Quiddity Leaderboard for SET50 Jun 23 Review: TLI ADD & JMART DEL Likely; BJC Is a Question Mark

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential ADDs/DELs for the SET50 index rebalance in June 2023.
  • Based on the latest available data, I expect 2 ADDs/DELs but there are couple of names close to the border and final rankings could change with changes in share prices.
  • The three-month reference period used for the June 2023 rebalance will end on 31st May 2022.

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Mar 17
0

Daily Brief Thailand: Berli Jucker and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Berli Jucker (BJC TB) – A Retail and Packaging Fuelled Growth Story

Berli Jucker (BJC TB) – A Retail and Packaging Fuelled Growth Story

By Angus Mackintosh

  • Berli Jucker (BJC TB) released a strong set of 4Q2022 numbers reflecting the benefit of increasing tourism numbers in Thailand significantly positively impacting 25 of its stores. 
  • The company strategically reduced its B2B business, whilst growing its Don Chai stores quite aggressively. Berli Jucker plans to increase its store numbers further in 2023.
  • Berli Jucker‘s packaging supply chain business will see new aluminium can capacity this year in Thailand and should see a 2H2023 growth pick-up. Overall a more positive outlook for 2023.

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Mar 13
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • ThaiBev To Take Oishi Group Private

ThaiBev To Take Oishi Group Private

By David Blennerhassett

  • Thai Beverage (THBEV SP) is proposing to take 79.66%-held Oishi Group PCL (OISHI TB) private by a voluntary Delisting Offer. 
  • The Offer price is THB 59/share, a 26.9% premium to last close. 
  • This Delisting Offer requires a shareholder vote. Payment may occur sometime in August. 

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Mar 12
0

Daily Brief Thailand: Oishi Group PCL and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Oishi Group (OISHI TB): ThaiBev’s Delisting Tender Offer at THB59.00

Oishi Group (OISHI TB): ThaiBev’s Delisting Tender Offer at THB59.00

By Arun George

  • Oishi Group PCL (OISHI TB) has disclosed a delisting tender offer from Thai Beverage (THBEV SP) at THB59.00 per share, a 26.9% premium to the undisturbed price (10 March).
  • The offer is conditional on Oishi shareholder approval which requires 75% approval by total outstanding shares and <10% rejection by total outstanding shares. ThaiBev can vote at the EGM.
  • The offer price is reasonable and timing is the key risk. The delisting EGM will be held on 3 May. The offer must be open for 45 business days.

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Mar 02
0

Daily Brief Thailand: Srisawad Power 1979 and more

By | Daily Briefs, Thailand

In today’s briefing:

  • SET50 Index Rebalance: SAWAD Added; Buying at the Close Today

SET50 Index Rebalance: SAWAD Added; Buying at the Close Today

By Brian Freitas

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