In today’s briefing:
- StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
- Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50
- Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML
StubWorld: LVS To Up Stake In Sands. Melco Back To Square One
- Las Vegas Sands (LVS US) announced it will buy ~1% of Sands China (1928 HK). Melco International Development (200 HK) mean reverts after a roller coaster out/under-performance.
- Preceding my comments on Las Vegas Sands and Melco are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50
- Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April).
- The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
- Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk.
Bangladesh Stock Picks | Quarterly Updates | OLYMPI, SQTT, BPML
- Olympic Industries (OLYMPI BD) sustained and improved profitability despite the revenue drop.
- Square Textiles (SQTT BD) faced challenges in FY23 but now seems to be turning around.
- Bashundhara Paper Mills (BPML BD) saw a weak performance driven by lower profitability due higher interest rates on borrowings.
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