In today’s briefing:
- 51job’s Egregious Offer: Dissentient Shareholders Commence Court Proceedings
- Arwana Citramulia (ARNA IJ) – Polished Porcelain Performance
- Keepers Holdings: 4.5x PE (Ex-Cash), Cash 50% of Mkt Cap, Structural Double Digit Growth
- FedEx Corporation: Partnership With Boxed, Business Strategy & Key Drivers, inancial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
51job’s Egregious Offer: Dissentient Shareholders Commence Court Proceedings
- Back on 1 March, 51 Job Inc Adr (JOBS US) entered into a revised merger agreement at US$61.00/share, down 22.8% from the initial terms.
- This merger was approved at an EGM on the 27 April and became effective on the 6 May.
- Court proceedings have commenced for dissenters, accounting for a staggering 30.9% of shares out. It’s not just “fair value” under the microscope; but the legality of the downward revision.
Arwana Citramulia (ARNA IJ) – Polished Porcelain Performance
- Arwana Citramulia‘s latest 1H2022 numbers unline its prowess in navigating a difficult operating environment with growing production volumes and better margins as it continues to improve its product mix.
- An ongoing shift to its higher-end products through line conversion to Digi Uno plus additional capacity for its ARNA porcelain tiles will underpin growth and pricing this year and next.
- Arwana Citramulia continues to expand its distribution through Catur Sentosa and now through MITRA10, which now sells ARNA tiles. Valuations are attractive and analyst forecasts look shy of the mark.
Keepers Holdings: 4.5x PE (Ex-Cash), Cash 50% of Mkt Cap, Structural Double Digit Growth
- The Keepers Holdings, Inc. (KEEPR PM), the largest imported spirit distributor in the Philippines with >70% marketshare, now trades at 9.1x/7.6x FY22/FY23e with a 15-20% CAGR revenue/profit growth profile.
- The company has almost 50% of its market capitalization in cash, and we believe it is at the cusp of making an acquisition, making it more integrated.
- We believe for the Q2 2022 results ( released before the 15th of August ), the company will continue to show a growth profit trajectory of >20% and execute well.
FedEx Corporation: Partnership With Boxed, Business Strategy & Key Drivers, inancial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- FedEx ended the 2022 fiscal year with its highest-ever revenue of $93.5 billion and adjusted operating income of $6.9 billion, both up 11% year over year, in the face of an increasingly difficult global backdrop.
- After a successful turnaround effort, the company has been enjoying the fruits of a successful long-term strategy.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
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