In today’s briefing:
- Halcyon Agri (HACL SP): Offer Document Out, Offer Closes 24 March
- Weekly Deals Digest (26 Feb) – Sembcorp Marine, Jiangnan, Origin Energy, Nitro, Boustead, Fujitec
- Halcyon Agri: Offer Doc Out. No New News Otherwise
- Sembcorp Marine Buy Target/Support
Halcyon Agri (HACL SP): Offer Document Out, Offer Closes 24 March
- China Hainan Rubber Industry (601118 CH) has despatched the offer document relating to its Halcyon Agri (HACL SP) MGO at US$0.315 or S$0.413 per share. The offer closes on 24 March.
- The MGO has a 50%+ minimum acceptance condition which requires around 40% of minorities’ acceptance rate (47% excluding the Gondobintoro Family).
- We think that this is achievable as the offer is attractive. At the last close and for an early-April payment, the gross and annualised spread is 0.7% and 7.3%, respectively.
Weekly Deals Digest (26 Feb) – Sembcorp Marine, Jiangnan, Origin Energy, Nitro, Boustead, Fujitec
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Pertamina Geothermal Energy (PGEO IJ) has a flat debut and Star Entertainment Group (SGR AU) aims to raise A$800 million to fix its balance sheet.
- Event-Driven developments – Sembcorp Marine (SMM SP), Halcyon Agri (HACL SP), Fujitec Co Ltd (6406 JP), Jiangnan (1366 HK), Techtronic Industries (669 HK), Origin Energy (ORG AU), Nitro, Pushpay.
Halcyon Agri: Offer Doc Out. No New News Otherwise
- The Offer Document for China Hainan Rubber Industry (601118 CH)‘s mandatory Offer for Halcyon Agri (HACL SP) has been dispatched.
- Hainan Rubber holds 36% and needs 14% out of 34.8% available – or ~40% to tender. The first close is the 24 March.
- There is no IFA opinion in the Offer Doc. This will be present in the Circular which is expected to be sent out by the 10th March, at the latest.
Sembcorp Marine Buy Target/Support
- Sembcorp Marine shows interesting bull support at 0.12 where price and trendline meet but does face global cycle headwinds in March. Sell near term above 14.
- MACD trendline support under pressure and a must hold level for the bull case. An MACD would spell trouble for price.
- Current weakness if viewed as a pullback after the May to June bull triangle breakout. 11 is the key pivot level to hold.
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