Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Coronado Global Resources Inc / Event-Driven

<ul>
<li>Declining coking coal prices, operational issues, a credit rating downgrade, and Sev.en Global's failed Offer, have resulted in met coal play <a href="https://www.smartkarma.com/entities/coronado-global-resources-inc" target="_blank" data-smartkarma-citation="entities:27473:1" rel="noopener">Coronado (CRN AU)</a>'s shares trading around an all-time low. </li>
<li>Shares popped 14.8% today, and are now up ~48% from its all-time low a month ago.</li>
<li>What gives? Coronado has already confirmed the potential sale of a minority interest in certain assets. But there is speculation a full Offer may be in the wings.</li>
</ul>


Declining coking coal prices, operational issues, a credit rating downgrade, and Sev.en Global's failed Offer, have resulted in met coal play Coronado (CRN AU)'s shares trading around an all-time low. 
Shares popped 14.8% today, and are now up ~48% from its all-time low a month ago.
What gives? Coronado has already confirmed the potential sale of a minority interest in certain assets. But there is speculation a full Offer may be in the wings.


Coronado Global (CRN AU): Partial/Full Sale? Something's Up (As Is The Share Price)

<ul>
<li>Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> not held.</li>
<li>Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.</li>
<li>The IFA agreed and said "Not Fair but Reasonable", with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.</li>
</ul>


Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.
The IFA agreed and said "Not Fair but Reasonable", with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.


Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair

<ul>
<li>The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> not held.</li>
<li>The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas' 1H24 NAV of S$1.19/share.</li>
<li>The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.</li>
</ul>


The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas' 1H24 NAV of S$1.19/share.
The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.


The Widjaja Family's Tilt For Sinarmas Land: This Needs A Bump

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).</li>
<li>The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).</li>
<li>The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. </li>
</ul>



Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances. 


Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Golden Energy and Resources / Equity Bottom-Up

<ul><li>Dividend policy holds firm despite market challenges .</li><li>Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to a reduction in coal prices.</li><li>Despite this, the company maintained its commitment to shareholders by declaring an interim dividend of S$0.002 per share, representing a payout ratio of 11.4%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dividend policy holds firm despite market challenges .Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to a reduction in coal prices.Despite this, the company maintained its commitment to shareholders by declaring an interim dividend of S$0.002 per share, representing a payout ratio of 11.4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Geo Energy Resources Ltd - Navigating Challenges with Strategic Investments

Singapore

Golden Energy and Resources is a Singapore-based energy and resources company primarily engaged in the exploration, mining, and marketing of energy and metallurgical coal, as well as gold. The company also holds various investments in renewable energy projects. It was incorporated in Singapore on December 2, 1995.

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Golden Energy and Resources (GER SP)

Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair

This deserved a bump. But that scenario appears increasingly less likely. If illiquid arbs are your thing, and already in, I'd hit the bid. If not...

David Blennerhassett

The Widjaja Family's Tilt For Sinarmas Land: This Needs A Bump

If illiquid arbs are your thing, I might look to enter (if not already in) around the Offer price. The Widjaja Family have the clout to bump. And...

David Blennerhassett

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

The offer is light but has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required...

Arun George

Geo Energy Resources Ltd - Navigating Challenges with Strategic Investments

Dividend policy holds firm despite market challenges . Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to...

KGI Securities

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Coronado Global (CRN AU): Partial/Full Sale? Something's Up (As Is The Share Price)

At 0.1x P/B, trading around a lifetime low share price, and talk of a possible sale of assets, even if partial, you're hard pressed to be bearish...

David Blennerhassett

Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair

This deserved a bump. But that scenario appears increasingly less likely. If illiquid arbs are your thing, and already in, I'd hit the bid. If not...

David Blennerhassett

The Widjaja Family's Tilt For Sinarmas Land: This Needs A Bump

If illiquid arbs are your thing, I might look to enter (if not already in) around the Offer price. The Widjaja Family have the clout to bump. And...

David Blennerhassett

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

The offer is light but has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required...

Arun George

Geo Energy Resources Ltd - Navigating Challenges with Strategic Investments

Dividend policy holds firm despite market challenges . Geo Energy reported a 14% YoY decline in net profit to US$24.2 mn for 1H24, primarily due to...

KGI Securities