In today’s briefing:
- Xingda Int’l (1899 HK): Partial MBO Open For Tendering
- Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery
- Isn’t the Best Catalyst to Facilitate MBOs to Increase Market Metabolism?
- Under Armour: New SlipSpeed Range For Athletes & Other Developments
Xingda Int’l (1899 HK): Partial MBO Open For Tendering
- Back on the 7th December, Xingda International (1899 HK) announced a partial Offer from a consortium comprising management (known as the Five parties) at HK$1.88/share, a 24.5% premium to undisturbed.
- Pre-Conditions were satisfied on the 15 December and the Composite Document was dispatched last night.
- The first close is the 24 February. Payment under the Offer is expected to be the 21 March.
Central Retail Corp Ltd (CRC TB) – Realising a Fashionable Recovery
- Central Retail Corp remains a core holding to play the retail recovery in Thailand and Vietnam, with the tailwind from the recovery in tourism providing an additional boost.
- The company has seen a dramatic recovery in its fashion business along with higher margins plus it is expanding new stores and launching new formats such as Tops CLUB.
- Vietnam provides an additional growth driver through BigC and GO Stores, where it is the omnichannel market leader, with Italy under Rinascente already ahead of pre-COVID sales levels.
Isn’t the Best Catalyst to Facilitate MBOs to Increase Market Metabolism?
- The problem is that many companies have resources but haven’t taken steps to strengthen their profitability, given that multiples have declined due to lower excess earnings than 50 years ago.
- What is required of TSE isn’t to keep failing students in prime market and lower the quality of the market, but to promote metabolism and raise the quality of it.
- The best catalyst is an MBO. Serious management’s consideration of what it should do for shareholders is to enhance profitability by leveraging resources, while the other is an MBO.
Under Armour: New SlipSpeed Range For Athletes & Other Developments
- Under Armour delivered an all- beat in its last result and was able to protected its financial health despite various headwinds.
- Revenue was up in footwear with positive results in every category, led by significant strength in team sports.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
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