Daily Brief Industrials: Mma Offshore, AP Moeller – Maersk A/S, Bizlink Holding, S.F. Holding, Ocean Wilsons Holdings and more

• Marine and subsea services provider MMA Offshore (MRM AU) has entered into a Scheme with Singapore’s Cyan Renewables. 
• Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. 
• MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. 

• Mma Offshore (MRM AU) has entered a scheme implementation deed with Seraya Partners at A$2.60 per share, a 10.6% premium to the undisturbed price (22 March).
• While the offer is attractive compared to historical prices, it is light compared to peer and historical multiples. Some shareholders are supportive, while others are not. 
• The shares are trading at terms that suggest an expectation for a bump to get the vote up or a competing bidder. The offer has not been declared final.

• Strong uptick in price momentum in February reflects booming spot market
• February container throughput growth in key regions also firm, up 7.4% Y/Y
• We suggest Short Evergreen vs Long Maersk (or ZIM) pair trade idea

• In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the June 2024 index rebal event.
• I do not see any changes for the T50 index but there could be at least four changes for the T100 index based on current data.
• If prices fluctuate significantly between now and the base date, there could be more changes.

• Headline February numbers look pretty good — but they’re misleading
• On a combined basis, January-February data show ASPs still under pressure
• Recent results from ZTO and J&T Global have been unimpressive, in our view

Ocean Wilsons Holdings’ (OCN’s) FY23 results highlight a robust performance from the Brazilian subsidiary Wilson Sons, as well as growth from the investment portfolio. Our forecasts are under review following the announcement but, prior to this, we valued OCN at 2,564p/share, which implies it is currently trading at a 48% discount. Given the strong trading and optimistic outlook, risks appear to be to the upside.