In today’s briefing:
- HMM-Like Dilution Event: Korean Air Is Nearly Done, But Asiana Airlines Gearing Up
- Comfortdelgro (CD): When to Take Off?
HMM-Like Dilution Event: Korean Air Is Nearly Done, But Asiana Airlines Gearing Up
- The KAL event is almost over. But we still have Asiana Airlines. The KDB’s Asiana CB conversion should also be considered a foregone conclusion.
- Applying the case of KAL, the KDB will likely file conversion when 30 days have elapsed since receiving the repayment notice. For this, the prevailing local consensus is June 10.
- Conversion filing on July 8 and listing on July 29 with the 15-day delay rule applied is a likely scenario. Hence, our entry point should be from July 4.
Comfortdelgro (CD): When to Take Off?
- The number of visitors arriving in Singapore went up by almost 8x YoY and rail and bus ridership already hit 78% of the pre-pandemic level.
- Won a bid to provide public transport in Darwin, Australia for the next 6 years, transporting approximately 5.7 million passengers annually (similar to Singapore’s population).
- As COE > SGD 100,000, the incentive to own a car in Singapore is even less and is a positive for public transport operators like Comfortdelgro Corp (CD SP) .
Before it’s here, it’s on Smartkarma
