In today’s briefing:
- Jardine Matheson (JM SP): Trading “Cheap”
- Silverlake Axis (SILV SP): Goh’s Hybrid Offer
Jardine Matheson (JM SP): Trading “Cheap”
- I see Jardine Matheson Holdings (JM SP)‘s discount to NAV and implied stub at 12-month lows.
- Recent interim results were okay. Stripping out DFI Retail Group Holdings (DFI SP)‘s outperformance, the remainder of the Jardine stable delivered weaker numbers.
- Further afield, the implied stub is marginally below the long-term average since the Jardine Strategic Holdings (JS SP) circularity was collapsed in April 2021.
Silverlake Axis (SILV SP): Goh’s Hybrid Offer
- Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
- The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.
- The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years.
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