Industrials: Toshiba Corp, Neles Oyj, Meta Health Limited and more

• A Nikkei article overnight displays the first buds of “spring” around Toshiba management’s tilt towards trying to get shareholders what they want after the Separation Plan failed at the EGM.
• The article doesn’t say much, but it is a sign the Toshiba Board are not “lying flat.”
• However it doesn’t mean a deal is coming much less anywhere near doable. This is a long road. But it encourages more proactive portfolio resconstruction. 

• Consideration: 0.3277 VALMT FH x 1 NELES FH plus a €2/share before the merger (record date 24 March). Upon announcement: 11.9x EV/Fwd EBITDA, 19.3x Fwd P/E.
• All conditions have been cleared and approvals obtained. Completion is expected to take place on 1 April. Valmet seems to be the big winner in this merger.
• Gross spread is currently -0.4%, so I would recommend monitoring the spread in case it turns positive.

For our next Corporate Webinar with Meta Health Limited (MCOM SP), we are glad to welcome Dr. Vas Metupalle, Chief Medical Officer and Dr. Bernard Ng, Executive Director at 5Digital, Meta Health’s fully-owned healthcare platform company.

In the upcoming Webinar, Dr Vas and Dr Bernard will share a short company presentation, after which they will engage in a fireside chat with Smartkarma Analyst, Sameer Taneja. A live Q&A session will follow.

The Corporate Webinar will be hosted on Tuesday, 5 April 2022, 17:00 SGT.

Meta Health was previously known as Metal Component Engineering and was founded in 1987 in Singapore. With consistent focus on quality and engineering innovation, the company has expanded its customer base by serving MNC, EMS, and SME globally. Meta Health recently diversified into the healthcare technology and services industry with investment into GainHealth Pte. Ltd., a direct-to-consumer and high-growth omni-channel health and wellness platform. The Company is vertically integrated with licensed clinics with pharmacy, online self-branded ecommerce portals, and product placements on regional ecommerce portals.

Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.