In today’s briefing:
- Hong Kong CEO & Director Dealings – 26th July 2022
- MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess
- AKR Results (AKRA IJ) – Fuelled by Smelters and Industry
Hong Kong CEO & Director Dealings – 26th July 2022
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
- These insights also flags those companies where shares have been pledged, both recently and ongoing.
MACA’s Recommended $1.025 Per Share Takeover Offer from Thiess
- MACA Ltd (MLD AU) has recommended a A$1.025 per share offer from Thiess. The offer price represents a 28.1% premium to the unaffected price of A$0.80 (on 25 July).
- The offer is conditional on a 90% minimum acceptance condition and regulatory approvals (FIRB and ACCC). The target statement will be released in late August.
- We think that the offer is reasonable in the context of historical share prices and multiples. At the last close, the gross spread is 3.5%.
AKR Results (AKRA IJ) – Fuelled by Smelters and Industry
- AKR Corporindo (AKRA IJ) 1H2022 results were impressive, with sales up +107% YoY and profit by +74% YoY driven by strong demand for both petroleum products and chemicals.
- Land sales for its JIIPE industrial estate were slow at 3.5 hectares in 1H2022 but expect FY2022 sales to hit over 40 hectares, with a 37-hectare plot due in 3Q2022.
- AKR Corporindo (AKRA IJ) gives high-quality exposure to Indonesia’s economy across its major sectors and especially to the rapid growth in smelters which require chemicals in abundance.
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