In today’s briefing:
- Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst
- Merger Arb Mondays (25 Sep) – ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare
- Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – September 2023
- Quiddity Mainland Connect NORTHBOUND Flows (Week to 22Sep23) : BYD, Midea, Bk of Jiangsu, & Amperex
- Golden Agri-Resources (GGR SP): Could Outperform Peers
- Pointerra Ltd – FY24 Outlook Improving
Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst
- Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
- There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
- A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.
Merger Arb Mondays (25 Sep) – ENM, Poly Culture, Eoflow, Origin Energy, Symbio, Costa, InvoCare
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads – 111 Inc (YI US), Eoflow (294090 KS), Symbio Holdings (SYM AU), Mason Group Holdings (273 HK), JSR Corp (4185 JP), DDH1 (DDH AU), ENM Holdings (128 HK).
- Lowest spreads – Toyo Construction (1890 JP), Healius (HLS AU), Yaizu Suisankagaku Industry (2812 JP), Allkem Ltd (AKE AU), Pact Group Holdings (PGH AU), Pacific Current (PAC AU).
Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – September 2023
- We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
- Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and The Keepers Holdings (KEEPR PM).
- We add UMP Healthcare (722 HK) to our list of small/mid-cap names we track. The company has just recently declared its full-year results.
Quiddity Mainland Connect NORTHBOUND Flows (Week to 22Sep23) : BYD, Midea, Bk of Jiangsu, & Amperex
- This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
- The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
- We like the nifty interactive tables and charts and welcome feedback. This week saw small net buying for the first week in seven.
Golden Agri-Resources (GGR SP): Could Outperform Peers
- Golden Agri Resources (GGR SP) has traded lower over the last year and trades cheaper than some of its peers.
- Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.
- Potential passive buying could result in Golden Agri Resources (GGR SP) outperforming peers in the near term.
Pointerra Ltd – FY24 Outlook Improving
- Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using and sharing massive 3D point clouds and datasets.
- Pointerra3D is a proprietary digital twin SaaS platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
- The company has reported FY23 revenue of $8.3m, a decline of 22% on the previous corresponding period (pcp) and an underlying EBITDA loss of $4.68m (which includes non-recurring project services costs of $2.19m), against an underlying EBITDA loss of $0.02m a year ago.
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