In today’s briefing:
- Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value
- India Channel Insight | What Is the EV Scene in India?
- [Blue Lotus E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce
- In Addition to Efforts by Individual Companies Values Endorsing Gender Inequality Must Be Removed
Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value
- Thai Beverage(THBEVSP)‘s proposed swap deal involves acquiring a 41.3% stake in F&N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.
- Fraser And Neave (FNN SP) holds a 20.3% stake in Vietnam Dairy(VNM VN), Vietnam’s leading dairy player, which is now trading at nearly a 40% discount to the investment value.
- Understanding TCC Assets’ ownership history of F&N may help clarify the deal’s valuation rationale.
India Channel Insight | What Is the EV Scene in India?
- We spoke with multiple channels covering 3Ws, 2Ws, and 4Ws to understand the current dynamics of the Electric Vehicle (EV) scene in India.
- Adoption of E-3 and E-4 Wheelers is hindered by high prices, range issues, inadequate charging infrastructure, and platform stability concerns.
- E-2 Wheelers show resilience with stable sales led by aggressive pricing from Ola Electric (1700674D IN).
[Blue Lotus E-Commerce Sector Update]: Tax Reform a Light at the End of the Tunnel for Ecommerce
- Early 6/18 pulled June sales into May, leading to disappointing June NBS data. Combined, online retail grew 5.1% yoy in May/June, and 6.4% yoy in 2Q24.
- PDD remained the top shelf-ecommerce platform with GMV growing ~20%, followed by Taobao/Tmall (TTG) at ~6-7%, and JD and VIPS at ~2-3% yoy.
- We expect JD and BABA to report slight earnings beats and guide upbeat on continued profitability improvement in 2H24.
In Addition to Efforts by Individual Companies Values Endorsing Gender Inequality Must Be Removed
- High ratio of female non-regular workers and low ratio of women in management positions are factors behind the gender wage gap. Government expects to correct the gap in individual companies.
- Companies should improve making it easier for employees returning jobs after temporary leave for childcare/childbirth, and treating them in the same position they were before leaving after temporary leave.
- In order for women to have access to higher education and for women to work without leaving the workforce temporarily, the values that endorse gender inequality must be removed.
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