Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a></strong>'s shareholders approved <strong><a href="https://www.smartkarma.com/entities/advanced-info-service-pcl-ca1a971f-2f70-4565-b1fd-dda5b533acd3" target="_blank" data-smartkarma-citation="entities:27653:1" rel="noopener">Advanced Info Service (ADVANC TB)</a></strong> acquiring its subsidiary Triple T Broadband, and to buy 19% of <strong><a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband (JASIF TB)</a></strong>.</li>
<li>The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.</li>
<li>Separately, the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener"><strong>DTAC</strong></a> / <strong><a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True</a></strong> merger looks set to become a reality as it, ironically, does <em>not</em> require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.</li>
</ul>



Jasmine International PCL (JAS TB)'s shareholders approved Advanced Info Service (ADVANC TB) acquiring its subsidiary Triple T Broadband, and to buy 19% of Jasmine Broadband (JASIF TB).
The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS' current market cap is Bt574bn.
Separately, the DTAC / True merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.


Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

<p><a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is a head-scratcher.</p>
<div>
<p>Below is a timeline of events that unfolded since April last year, together with my insights:</p>
</div>
<div>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 139.871px;">
<h3>Date</h3>
</td>
<td style="width: 606.141px;">
<h3>Data in the Date</h3>
</td>
</tr>
<tr>
<td style="width: 139.871px;">7-Apr-20</td>
<td style="width: 606.141px;">
<div>
<p>Temasek was understood to be selling 135.2m shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg. <br><br><em><a href="https://skr.ma/Y44cD" target="_blank" rel="noopener">Intouch: Temasek Trims Stake; More To Come</a></em></p>
</div>
</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Aug-20</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>’s board of directors <a href="https://www.set.or.th/set/newsdetails.do?newsId=15985721258680&amp;language=en&amp;country=US" target="_blank" rel="noopener">decided</a> to hold no more than a 10% stake in <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>. As of August 21, Gulf holds a 7.99% stake in Intouch.<br><br><em><a href="https://skr.ma/c7MNt" target="_blank" rel="noopener">StubWorld: Gulf's Questionable Stake In Intouch</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">6-Oct-20</td>
<td style="width: 606.141px;">10% was achieved on the <a href="https://www.set.or.th/dat/news/202010/20111444.pdf" target="_blank" rel="noopener">6 October</a>, making Gulf the second-largest shareholder behind <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> (21%). </td>
</tr>
<tr>
<td style="width: 139.871px;">30-Dec-20</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/newsdetails.do?newsId=16092855169460&amp;language=en&amp;country=US" target="_blank" rel="noopener">announced</a> "<em>that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent</em>." As at 30 December, Gulf held <a href="https://www.intouchcompany.com/Download/intuch/INTUCH-Notification%20of%20a%20change%20in%20the%20Company%E2%80%99s%20shareholding%20structure%20made%20by%20a%20major%20shareholder.pdf" target="_blank" rel="noopener">14.39%</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">28-Jan-21</td>
<td style="width: 606.141px;">Gulf holds 15% on <a href="https://www.nationthailand.com/news/30402235" target="_blank" rel="noopener">28 January</a>.</td>
</tr>
<tr>
<td style="width: 139.871px;">12-Apr-21</td>
<td style="width: 606.141px;">I (incorrectly) suggested reversing the stub given <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s long-term discount to NAV and the simple ratio (Intouch over <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>) are at all-time extremes.  <br><br><em><a href="https://skr.ma/Vekzg" target="_blank" rel="noopener">StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Apr-21</td>
<td style="width: 606.141px;">Gulf <a href="https://www.set.or.th/set/pdfnews.do?newsId=16187886028860&amp;sequence=0" target="_blank" rel="noopener">announced</a> it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl-ca1a971f-2f70-4565-b1fd-dda5b533acd3" target="_blank" data-smartkarma-citation="entities:27653:1" rel="noopener">Advanced Info Service PCL (ADVANC-R TB)</a> at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB</a>.<br><br><em><a href="https://skr.ma/YTbgf" target="_blank" rel="noopener">Intouch Holdings: Gulf's Inexplicable Offer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">1-Jun-21</td>
<td style="width: 606.141px;"> <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> has <a href="https://www.set.or.th/set/newsdetails.do?newsId=16221589634070&amp;language=en&amp;country=US" target="_blank" rel="noopener">reduced</a> the downstream offer for <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.</td>
</tr>
<tr>
<td style="width: 139.871px;">4-Jun-21</td>
<td style="width: 606.141px;">160mn shares of <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> - a 4.99% stake - traded after the close at Bt64.86/share.<br><br><em><a href="https://skr.ma/TpN7Z" target="_blank" rel="noopener">StubWorld: Intouch's Big Share Transfer</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">29-Jun-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> starts <a href="https://www.set.or.th/set/pdfnews.do?newsId=16248374186790&amp;sequence=2021071934" target="_blank" rel="noopener">today</a>.  The Offer closes on the 4 August - 25 business days. <br><br><em><a href="https://skr.ma/bBx6r" target="_blank" rel="noopener">StubWorld: Gulf's Curious Offer For Intouch Now Open</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">19-Jul-21</td>
<td style="width: 606.141px;">
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153870&amp;sequence=2021078813" target="_blank" rel="noopener">says</a> the Offer from <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> is "appropriate". Equally unsurprising, <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153760&amp;sequence=2021078811" target="_blank" rel="noopener">has</a> the opinion that the shareholders should reject the Tender Offer from Gulf.<br><br><em><a href="https://skr.ma/7DTjP" target="_blank" rel="noopener">StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS</a></em>
</td>
</tr>
<tr>
<td style="width: 139.871px;">5-Aug-21</td>
<td style="width: 606.141px;">The Offer for <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl-3e2a0083-1080-4c9c-86c6-10624bce3a2a" target="_blank" data-smartkarma-citation="entities:28056:1" rel="noopener">Intouch Holdings PCL (INTUCH-R TB)</a> has closed with <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> acquiring <a href="https://www.set.or.th/set/pdfnews.do?newsId=16281206078180&amp;sequence=2021084057" target="_blank" rel="noopener">23.32%</a>, taking its stake to 42.25%.<br><br><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> expected (in <em><a href="https://skr.ma/gXuQc" target="_blank" rel="noopener">GULF/INTUCH: Large Tenders Will Result in Big Passive Sell</a></em>) FTSE to lower <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).</td>
</tr>
<tr>
<td style="width: 139.871px;">16-Aug-21</td>
<td style="width: 606.141px;">Just 2,032 shares <a href="https://www.set.or.th/set/pdfnews.do?newsId=16290671598140&amp;sequence=2021091609" target="_blank" rel="noopener">tendered</a> into the downstream Offer for AIS. </td>
</tr>
<tr>
<td colspan="2" style="width: 746.012px;"><em>Source: SET announcements, my insights</em></td>
</tr>
</tbody>
</table>
</div>
<div>
<p>Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.</p>
<p>Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.</p>
<p>The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/440/original/image_83946068721631064197442.png?1631064198" class="editor-image img-responsive" data-smartkarma-image-id="228440"></figure>
</div>
<div style="text-align: left;" class="content-caption">Source: CapIQ</div>
<div>
<p>Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.</p>
<h3>The New News</h3>
<p>According to <a href="https://www.isranews.org/article/isranews-news/102276-gov-thaicom-concession-news.html" target="_blank" rel="noopener">local news</a> and Bloomberg - and <a href="https://www.smartkarma.com/entities/thaicom-pcl" target="_blank" data-smartkarma-citation="entities:18019:1" rel="noopener">Thaicom Pcl (THCOM TB)</a>'s SET <a href="https://www.set.or.th/set/pdfnews.do?newsId=16310581966210&amp;sequence=0" target="_blank" rel="noopener">filing</a> - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. </p>
<p>Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.</p>
<p>It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.</p>
<p>More below the fold. </p>
</div>

Intouch Holdings (INTUCH TB) is a head-scratcher.

Below is a timeline of events that unfolded since April last year, together with my insights:






Date


Data in the Date



7-Apr-20


Temasek was understood to be selling 135.2m shares of Intouch Holdings (INTUCH TB) at between Bt45.12-Bt46.3/share, or a discount of 2% to 4.5% to the prior closing price. The news was initially sourced from Bloomberg.   Intouch: Temasek Trims Stake; More To Come




28-Aug-20

Gulf Energy Development Public Company (GULF TB)’s board of directors decided to hold no more than a 10% stake in Intouch Holdings (INTUCH TB). As of August 21, Gulf holds a 7.99% stake in Intouch.  StubWorld: Gulf's Questionable Stake In Intouch



6-Oct-20
10% was achieved on the 6 October, making Gulf the second-largest shareholder behind Singtel (ST SP) (21%). 


30-Dec-20
Gulf announced "that the Board of Directors’ of the Company on October 6, 2020, November 30, 2020 and December 29, 2020 has resolved to approve the Company’s additional investment in the ordinary shares in INTUCH in aggregate of up to 5.00 per cent." As at 30 December, Gulf held 14.39%.


28-Jan-21
Gulf holds 15% on 28 January.


12-Apr-21
I (incorrectly) suggested reversing the stub given Intouch Holdings (INTUCH TB)'s long-term discount to NAV and the simple ratio (Intouch over Advanced Info Service (ADVANC TB)) are at all-time extremes.    StubWorld: Reverse Intouch's Stub; (Potentially) Set Up PICC (1339 HK)'s



19-Apr-21
Gulf announced it intends to make a Voluntary Tender Offer (VTO) for shares not held in Intouch at Bt65/share. If it gets to 50%, it will make a downstream offer for Advanced Info Service PCL (ADVANC-R TB) at Bt122.86/share. The VTO is conditional, amongst other things, on a waiver NOT to make a  downstream offer for Thaicom Pcl (THCOM TB.  Intouch Holdings: Gulf's Inexplicable Offer



1-Jun-21
 Gulf Energy Development Public Company (GULF TB) has reduced the downstream offer for Advanced Info Service (ADVANC TB) to Bt120.93/share from Bt122.86/share. It appears the new number is based on the latest financial figures, up to 31 March.


4-Jun-21
160mn shares of Intouch Holdings (INTUCH TB) - a 4.99% stake - traded after the close at Bt64.86/share.  StubWorld: Intouch's Big Share Transfer



29-Jun-21

Gulf Energy Development Public Company (GULF TB)'s Tender Offer for Intouch Holdings (INTUCH TB) starts today.  The Offer closes on the 4 August - 25 business days.   StubWorld: Gulf's Curious Offer For Intouch Now Open



19-Jul-21

Intouch Holdings (INTUCH TB)'s IFA says the Offer from Gulf Energy Development Public Company (GULF TB) is "appropriate". Equally unsurprising, Advanced Info Service (ADVANC TB)'s IFA has the opinion that the shareholders should reject the Tender Offer from Gulf.  StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS



5-Aug-21
The Offer for Intouch Holdings PCL (INTUCH-R TB) has closed with Gulf Energy Development Public Company (GULF TB) acquiring 23.32%, taking its stake to 42.25%.  Brian Freitas expected (in GULF/INTUCH: Large Tenders Will Result in Big Passive Sell) FTSE to lower Intouch Holdings (INTUCH TB)'s investability weight to 36.75% and MSCI to lower the FIF to 40%. Together, passive funds will need to sell around 84.45m shares (US$161m; 14.5 days of ADV).


16-Aug-21
Just 2,032 shares tendered into the downstream Offer for AIS. 


Source: SET announcements, my insights





Back in early June, I recommend avoiding Intouch, but not shorting it, or short tender the stock into Gulf's Offer.
Extraordinary - or perhaps given the unprecedented events - the NAV discount went from 9.7% at the close of the Offer, to a 16.8% premium as of yesterday.
The implied stub and the simple ratio (Intouch/AIS) have never been at such extreme levels.


Source: CapIQ

Sarath Ratanavadi’s Gulf Energy failed to achieve majority ownership in Intouch. There is nothing, to the best of my knowledge, keeping Gulf from buying more shares in the market (not exceeding Bt65/share), although if Gulf's stake clears 50% of shares out, then it would be obligated to make an MTO.
The New News
According to local news and Bloomberg - and Thaicom Pcl (THCOM TB)'s SET filing - Thailand's cabinet has made an order for Intouch to lift its take to at least 51% in Thaicom, from 41.13% currently. 
Thaicom's shares jumped 15% on the news yesterday. Intouch gained ~3%.
It's not a lot of money for Intouch, but it's a good opportunity to provide some background on its stake in Thaicom, and potential trade ideas for Intouch.
More below the fold. 


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<p>THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.</p>

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized. We see the potential for improving prospects on business continuity, but this is already priced in, as evidenced by its share price trading at 2021E PBV of 1x and EV/EBITDA of 12x (+2 S.D.). We thus leave our Sell rating unchanged.

<div>
<p>This week in StubWorld ...</p>
</div>
<div>
<div class="content-highlight">
<p>Not surprisingly, <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153870&amp;sequence=2021078813" target="_blank" rel="noopener">says</a> the Offer from <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a> is "<em>appropriate</em>". Equally unsurprising, <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>'s IFA <a href="https://www.set.or.th/set/pdfnews.do?newsId=16266518153760&amp;sequence=2021078811" target="_blank" rel="noopener">has</a> the opinion that the shareholders should reject the Tender Offer from Gulf.</p>
</div>
</div>
<div>
<p>Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div>
<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>
<div>
<p>As always, more below the fold.</p>
</div>


This week in StubWorld ...



Not surprisingly, Intouch Holdings (INTUCH TB)'s IFA says the Offer from Gulf Energy Development Public Company (GULF TB) is "appropriate". Equally unsurprising, Advanced Info Service (ADVANC TB)'s IFA has the opinion that the shareholders should reject the Tender Offer from Gulf.



Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


As always, more below the fold.


StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS

<div>
<p>This week in StubWorld ...</p>
</div>
<div>
<div>
<div class="content-highlight">
<p>With <a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> trading at terms to <a href="https://www.smartkarma.com/entities/gulf-energy-development-public-company-limited" target="_blank" data-smartkarma-citation="entities:26038:1" rel="noopener">Gulf Energy Development Public Company (GULF TB)</a>'s Offer...</p>
<p><em><strong>...What's the play here?</strong></em></p>
</div>
</div>
</div>
<div>
<p>Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
<div>
<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>


This week in StubWorld ...




With Intouch Holdings (INTUCH TB) trading at terms to Gulf Energy Development Public Company (GULF TB)'s Offer...
...What's the play here?




Preceding my comments on Intouch are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


StubWorld: Gulf's Curious Offer For Intouch Now Open

Thailand

Thaicom PCL operates satellite communication business. The Company operates and provides satellite transponder services. Thaicom also provides Internet, satellite uplink/downlink, and telephone network services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Thaicom Pcl (THCOM TB)

Intouch: AIS' Expanding Broadband And Expected Mobile Duopoly

I'd still be shorting Intouch here and buying Advanced Info. I believe a more reasonable discount to NAV target is >20%.

David Blennerhassett

Intouch (INTUCH TB): It's All Happening

Current levels for Intouch are unsustainable and unjustifiable. I like to see this premium reverse before getting involved. The fortunes of...

David Blennerhassett

Earnings Review: Thaicom Plc.

THCOM marked a wider loss in the core operation in 2Q21 on higher legal fees, although the margin for the satellite business stabilized.

Krungthai XSpring

StubWorld: IFAs Say "Yea" For Intouch, "Nay" For AIS

I would still avoid Intouch here, but I would not short it, or short tender the stock. Best to wait until the close of the Offer to get a clearer...

David Blennerhassett

StubWorld: Gulf's Curious Offer For Intouch Now Open

I would avoid Intouch here, but I would not short it. I think we have to wait until the close of the Offer to get a better idea of what Gulf's next...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)