In today’s briefing:
- Astra International (ASII IJ) – Rock Solid
- PAR3/VOW3/Potential Porsche IPO
- Tving: Value Surges by Nearly 6x to 2 Trillion Won in 7 Months – Impact on CJ ENM
- Crompton Greaves
Consumer Electrials - Koshidaka Holdings (2157): Announced Capital and Business Alliance with Advantage Advisors
Astra International (ASII IJ) – Rock Solid
- Astra International (ASII IJ) FY2021 results reflect a rapid recovery in its core auto business plus commodity-related businesses, with +96% YoY net profit growth stripping out Bank Permata (BNLI IJ).
- The auto and related finance businesses should continue to perform well in 2022, with government luxury tax stimulus measures in place plus commodity prices will support United Tractors’ performance.
- Astra International (ASII IJ) remains a top pick for the economic recovery in Indonesia plus the company continues to look for investment opportunities to redeploy funds raised from Permata sales.
PAR3/VOW3/Potential Porsche IPO
- I would value Porsche on 18.9x €5.3 billion 22eEBIT, i.e. €100bn; Ferrari, which has moderately higher EBIT margins (25% vs. 16%), trades on 31.2x EV/22e EBIT (Capital IQ consensus).
- The current discount of VW prefs to ords is 23.2%. A Porsche IPO without major changes on VW share structure, would be positive for the preference shares. Long prefs/short ords.
- An IPO of Porsche would be beneficial for the Porsche SE shares and the current discount to NAV should tighten even more, in my view. Long 1 PAH3 GR/short 0.5136 VOW GR.
Tving: Value Surges by Nearly 6x to 2 Trillion Won in 7 Months – Impact on CJ ENM
- In the past week, it was announced that Tving, a leading local OTT service provider in Korea, received 250 billion won in investment, valuing it at about 2 trillion won.
- Previous to this investment, Tving was last valued at 350 billion won in July 2021. In other words, Tving’s value surged by nearly 6x in the past seven months.
- Our NAV per share of CJ ENM suggests a target price of 185,824 won, representing a 43% upside from current levels.
Crompton Greaves
Consumer Electrials
- Market leader in the domestic fan industry with value market share of 27%.
- The company has enhanced focus on increasing market share in home appliances categories like (air coolers, water heater and kitchen appliances) Robust balance sheet with RoE & RoCE of 34% & 39% (three-year average),.
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Koshidaka Holdings (2157): Announced Capital and Business Alliance with Advantage Advisors
Targeting long-term growth by leveraging external funds and talents
Selecting a financing scheme that is unlikely to weigh on the stock price
Koshidaka HD’s capital raising scheme has a high minimum exercise/conversion price and a high base price (800 yen)
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