In today’s briefing:
- Hock Seng Lee (HSL MK): Unconditional Offer
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- Arwana Citramulia (ARNA IJ) – Robust earnings growth, but still traded at cheap valuation
Hock Seng Lee (HSL MK): Unconditional Offer
- Hock Seng Lee (HSL MK) has announced an unconditional voluntary take-over offer of RM1.35/share.
- The joint ultimate offerors, led by director Yu Chee Hoe, currently hold 84.2%.
- HSL is already in non-compliance with Bursa’s 25% free float. The Offeror does not intend to main HSL’s listing
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P and Nasdaq dropped sharply again on Thursday as Russia-Ukraine risk-off sentiment hit markets – the indices were down 2.1% and 2.9% respectively. Most sectors were in the red, led by IT, Communication Services and Consumer Discretionary, down over 2.5% each. The US 10Y Treasury yield was down 4bp at 1.99%. European markets were lower with the DAX, CAC and FTSE down 0.7%, 0.3% and 0.9% each. Brazil’s Bovespa closed 1.4% higher. In the Middle East, UAE’s ADX was up 0.1% and Saudi TASI closed 0.2% lower. Asian markets have opened broadly higher with Shanghai, HSI and STI up 0.4%, 0.3% and 0.4% respectively, while Nikkei was down 0.2%. US IG CDS spreads were 2.5bp wider and HY CDS spreads were 10.5bp wider. EU Main CDS spreads were 1.5bp wider and Crossover CDS spreads were 7.7bp wider. Asia ex-Japan CDS spreads were 1.2bp wider.
Arwana Citramulia (ARNA IJ) – Robust earnings growth, but still traded at cheap valuation
Robust earnings growth, but still traded at cheap valuation
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