In today’s briefing:
- True/DTAC: NBTC’s Last Roll Of The Dice?
- Betagro Pre-IPO – Thoughts on Valuation
- DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October
True/DTAC: NBTC’s Last Roll Of The Dice?
- With near-on nine-month having lapsed since True Corp Pcl (TRUE TB) and Total Access Communication (DTAC TB) submitted an amalgamation report, the NBTC may conclude/clarify a sweeping resolution today.
- That resolution, prompted by DTAC and True, is expected to establish the NBTC has no authority to consider approving or rejecting the merger, although remedial measures may be enforced.
- Further rumours abound as I type that the NBTC decision may be delayed another week.
Betagro Pre-IPO – Thoughts on Valuation
- Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO.
- Betagro is an integrated agro-industrial and food business in Thailand.
- In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.
DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October
- The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October.
- The Bangkok Post reported today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it.
- The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.
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