In today’s briefing:
- Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical
- Comfortdelgro (CD): The Chinese Is Back
- Millennium Services Group Ltd – Bid Implies an EV/EBITDA Multiple In-Line with Peers
Inabata & Co (8098) – LARGE Equity Secondary Offering by Sumitomo Chemical
- On Friday after the close, Inabata & Co (8098 JP) announced Sumitomo Chemical (4005 JP) would sell down a large stake in a ~$200mm secondary equity offering.
- Mizuho Bank’s Retirement Benefit Trust account sells down too. Sumitomo Chem will keep 10+% and other crossholders remain.
- This is “big” at 80 days of ADV with limited early index demand, but a 10% fall would make this cheap enough to buy vs Peers.
Comfortdelgro (CD): The Chinese Is Back
- The share price has increased by around 20% since mid-last year.
- A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before.
- Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024.
Millennium Services Group Ltd – Bid Implies an EV/EBITDA Multiple In-Line with Peers
- Human services company Millennium Services Group Ltd (ASX:MIL) has entered a Scheme of Arrangement with an entity associated with Softbank Robotics Singapore for the acquisition of 100% of shares at $1.15/share cash.
- Shareholders also have the option to accept a mix of cash and scrip in the new unlisted entity, with certain management committing not less than a total of 30% for this option.
- The bid price represents an 89% premium to the last RaaS update note (October 23) and 360% premium from July 1, 2023.
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