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.

Event-Driven

Mapletree North Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>’s EGM, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.</li>
<li>The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. </li>
<li>For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. </li>
</ul>



Mapletree Commercial Trust (MCT SP)’s EGM, Mapletree North Asia Commercial Trust (MAGIC SP)/MNACT’s EGM and trust scheme meeting will take place on 23 May. The effective date is 8 August.
The IFA considers the scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
For a 17 August payment, the gross and annualised spread of the cash-only consideration (including permitted clean-up DPU) is 1.6% and 5.6%, respectively. 


MNACT's Scheme Meeting on 23 May, IFA Opinion

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lendlease Global Commercial REIT / Equity Capital Markets

<ul>
<li>Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.</li>
<li>The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Lendlease Global REIT Placement - Very Well Flagged but Still Quite a Large One to Digest

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> announced their prospective merger on Friday. </li>
<li>The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. </li>
<li>And it means a lot of flow. Lots and lots of flow. </li>
</ul>



Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) announced their prospective merger on Friday. 
The merger ratio provides an uplift to already strong recent relative performance for MAGIC holders, and strong pro-forma NAV and DPU accretion for MCT holders. 
And it means a lot of flow. Lots and lots of flow. 


On Friday 9 September, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> shareholders voted to approve the Media Business Spinoff and the Proposed Restructuring which will allow SPH to spin off the various media assets and some supporting assets it has heretofore controlled into a new non-profit Company Limited by Guarantee.The idea is that the "lifting" of the restrictions of the Newspaper Printing and Presses Act (“NPPA”) would then provide SPH "with greater financial flexibility to tailor its capital and shareholding structure to unlock and maximise value for all shareholders."As discussed first in <a href="https://www.smartkarma.com/insights/singapore-press-own-time-own-target-restructuring-lor-come-i-clap-for-you" target="_blank" data-smartkarma-citation="insights:51141" rel="noopener">Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You)</a>, the upside did not seem huge. A few months later SPH decided that the rest of the business would be taken over by <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> in return for a basket of cash, units of <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a> and units in <a href="https://www.smartkarma.com/entities/keppel-reit" target="_blank" data-smartkarma-citation="entities:192:1" rel="noopener">Keppel REIT (KREIT SP)</a>. This was discussed in <a href="https://www.smartkarma.com/insights/alamak-sph-restructuring-restructured-as-keppel-bo-jios-sph-holders" target="_blank" data-smartkarma-citation="insights:55370" rel="noopener">Alamak! SPH Restructuring Restructured as Keppel Bo Jios SPH Holders</a>, and at that, the upside did not seem huge. The price jumped from a div-adjusted S$1.88/share before the Keppel news to S$1.92/unit to close some of the gap. The remaining spread is now quite small at a bit less than 10cts on a forward div-adjusted basis, or about 5%.<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/229/249/original/Screenshot+2021-09-11+at+2.04.22+PM.png?1631340279" class="editor-image img-responsive" data-smartkarma-image-id="229249"></figure></section>From the day before the Keppel announcement until now, the value of the non-cash portion of the Consideration (i.e. the 0.596 units of KREIT and the 0.782 units of SPH REIT) have fallen 2.55% in value while the value of an equal weighted Peer Basket of REITs has fallen 2.45%. That tells you that despite the first-day drop in the value of SPH REIT and Keppel REIT resulting from market participants' expectation that hedging pressure on those two REITs would cause them to underperform the market, the underperformance has been minimal. I expect the high cost of borrow and relative illiquidity of S-REITs has limited the appeal of the arb to arbitrageurs.Now we wait for the EGM to approve the distribution of SPH REIT units and the Scheme Meeting to dispose of the SPH business in return for KREIT units and cash. That should happen in the October/November timeframe.In the meantime, we check progress of the arb, and what the value of the Consideration is compared to a comparable Peer Basket.

On Friday 9 September, Singapore Press Holdings (SPH SP) shareholders voted to approve the Media Business Spinoff and the Proposed Restructuring which will allow SPH to spin off the various media assets and some supporting assets it has heretofore controlled into a new non-profit Company Limited by Guarantee.The idea is that the "lifting" of the restrictions of the Newspaper Printing and Presses Act (“NPPA”) would then provide SPH "with greater financial flexibility to tailor its capital and shareholding structure to unlock and maximise value for all shareholders."As discussed first in Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You), the upside did not seem huge. A few months later SPH decided that the rest of the business would be taken over by Keppel Corp (KEP SP) in return for a basket of cash, units of SPH REIT (SPHREIT SP) and units in Keppel REIT (KREIT SP). This was discussed in Alamak! SPH Restructuring Restructured as Keppel Bo Jios SPH Holders, and at that, the upside did not seem huge. The price jumped from a div-adjusted S$1.88/share before the Keppel news to S$1.92/unit to close some of the gap. The remaining spread is now quite small at a bit less than 10cts on a forward div-adjusted basis, or about 5%.From the day before the Keppel announcement until now, the value of the non-cash portion of the Consideration (i.e. the 0.596 units of KREIT and the 0.782 units of SPH REIT) have fallen 2.55% in value while the value of an equal weighted Peer Basket of REITs has fallen 2.45%. That tells you that despite the first-day drop in the value of SPH REIT and Keppel REIT resulting from market participants' expectation that hedging pressure on those two REITs would cause them to underperform the market, the underperformance has been minimal. I expect the high cost of borrow and relative illiquidity of S-REITs has limited the appeal of the arb to arbitrageurs.Now we wait for the EGM to approve the distribution of SPH REIT units and the Scheme Meeting to dispose of the SPH business in return for KREIT units and cash. That should happen in the October/November timeframe.In the meantime, we check progress of the arb, and what the value of the Consideration is compared to a comparable Peer Basket.

SPH Shareholders Approve Spinoff - There's Still a Spread To Earn

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
</div>In a Flash Webinar this morning Insight Providers <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a>, <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, and <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a>discussed the recently announced acquisition of <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a> by <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>.  A <a href="https://smartkarma.zoom.us/rec/share/0KJT6RH2FxSWazNXNm3ARBsw_ixk1jC-bpom27wLC5aPELP2IPl4uV6wHfkybbQ2.1A_2cUdxfRuaVgnG" target="_blank" rel="noopener">recording</a> of the webinar is now available (Passcode: <a href="mailto:g4pQ@5p%" target="_blank" rel="noopener">g4pQ@5p%</a>).<h3>Equity Bottom Up</h3>In<a href="https://www.smartkarma.com/insights/sea-ltd-se-us-metamorphosis-in-motion" target="_blank" rel="noopener"> Sea Ltd (SE US) - Metamorphosis in Motion</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> after a solid set of 4Q2020 and FY2020 results.<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/semen-indonesia-smgr-ij-catch-the-infrastructure-wave" target="_blank" data-smartkarma-citation="insights:48718" rel="noopener">Semen Indonesia (SMGR IJ) - Catch the Infrastructure Wave?</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to Indonesia's largest cement company post a call with company management. In<a href="https://www.smartkarma.com/insights/del-monte-pacific-delm-sp-cook-from-home-and-multiple-subsidiary-ipo-s-to-unlock-large-upside" target="_blank" rel="noopener"> Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?</a>,<a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" rel="noopener"> Nicolas Van Broekhoven</a> provides an initial view on<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" rel="noopener"> Del Monte Pacific (DELM SP)</a> and why it has the potential to be radically transformed and how a multi-bagger return could be on the table. In <a href="https://www.smartkarma.com/insights/jardine-matheson-collapsing-the-circularity" target="_blank" data-smartkarma-citation="insights:48911" rel="noopener">Jardine Matheson: Collapsing The Circularity</a>, <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> takes a close look at this seminary event, with <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> taking over <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a> in what is already a done deal.In <a href="https://www.smartkarma.com/insights/jm-sp-js-sp-acquisition-and-index-implications" target="_blank" data-smartkarma-citation="insights:48906" rel="noopener">JM SP/JS SP: Acquisition and Index Implications</a>, Index specialist <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> asseses the index implications of this recent transaction. <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> announced that it would be simplifying the parent company structure of the group resulting in a single holding company with a conventional ownership structure. In<a href="https://www.smartkarma.com/insights/msci-singapore-sea-index-inclusion-nears" target="_blank" rel="noopener"> MSCI Singapore: SEA Index Inclusion Nears</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> revisits<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> which he sees as having a 27.95% weighting in the simulated <a href="https://www.smartkarma.com/entities/msci-singapore-free-index" target="_blank" rel="noopener">MSCI Singapore Free Index (SIMSCI INDEX)</a>. Passive buying from MSCI trackers will be just over 20m shares (US$5bn; 5 days of ADV). In<a href="https://www.smartkarma.com/insights/ddmp-reit-ipo-would-go-in-towards-the-low-end" target="_blank" rel="noopener"> DDMP REIT IPO - Would Go in Towards the Low-End</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> discusses the valuation of<a href="https://www.smartkarma.com/entities/ddmp-reit" target="_blank" rel="noopener"> DDMP REIT (1848316D PM),</a> a subsidiary of <a href="https://www.smartkarma.com/entities/doubledragon-properties-corp" target="_blank" data-smartkarma-citation="entities:23011:1" rel="noopener">Doubledragon Properties (DD PM)</a> that aims to raise up to US$275m in its Philippines REIT listing. In<a href="https://www.smartkarma.com/insights/set50-index-rebalance-preview-potentially-three-changes-move-to-free-float-weighting" target="_blank" rel="noopener"> SET50 Index Rebalance Preview: Potentially Three Changes &amp; Move to Free Float Weighting</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> sees three possible inclusions and exclusions at the upcoming June index review using the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> methodology. In<a href="https://www.smartkarma.com/insights/sea-limited-4q-results-angling-to-be-the-next-tencent" target="_blank" rel="noopener"> Sea Limited 4Q Results: Angling to Be the Next Tencent?</a>,<a href="https://www.smartkarma.com/profiles/rickin-thakrar" target="_blank" rel="noopener"> Rickin Thakrar</a> reports back on<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a>'s 4Q20 results and estimates a strong growth in 2021.  <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> reported 4Q20 results on Tuesday before the US market open.In<a href="https://www.smartkarma.com/insights/sea-ltd-trendline-make-or-break-point" target="_blank" rel="noopener"> SEA Ltd Trendline Make or BreakPoint</a>,<a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" rel="noopener"> Thomas Schroeder</a> returns to look at<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a> that exhibits some worrying signals. In<a href="https://www.smartkarma.com/insights/sea-ltd-unlikely-to-halve-losses-amidst-e-commerce-and-fintech-growth" target="_blank" rel="noopener"> Sea Ltd: Unlikely to Halve Losses Amidst E-Commerce and Fintech Growth</a>,<a href="https://www.smartkarma.com/profiles/oshadhi-kumarasiri" target="_blank" rel="noopener"> Oshadhi Kumarasiri</a> takes a look at<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener"> Sea Ltd (SE US)</a>'s 4Q2020 number and expected the company’s losses could expand in 2021.In<a href="https://www.smartkarma.com/insights/jwd-new-projects-await-in-1q21" target="_blank" rel="noopener"> JWD: New Projects Await in 1Q21</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a positive outlook on<a href="https://www.smartkarma.com/entities/jwd-infologistics" target="_blank" rel="noopener"> JWD Infologistics (JWD TB)</a> earnings in 1Q21, driven by a recovery in automotive, new capacity in 1Q21, and growth in barge management.In<a href="https://www.smartkarma.com/insights/crc-4q20-earnings-grew-qoq-and-better-performance-outlook-in-2021e" target="_blank" rel="noopener"> CRC: 4Q20 Earnings Grew QoQ and Better Performance Outlook in 2021E</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintain the BUY rating for<a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" rel="noopener"> Central Retail Corp Ltd (CRC TB)</a> after its 2020 results were released, with 4Q2020 revealing a QoQ recovery in Thailand and Vietnam.In<a href="https://www.smartkarma.com/insights/bem-phases-of-recovery-and-growth-are-around-the-corner" target="_blank" rel="noopener"> BEM: Phases of Recovery and Growth Are Around the Corner</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> circle back to <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" rel="noopener">Bangkok Expressway and Metro (BEM TB),</a> where they expect tollway and MRT traffic to recover in 3Q2021, after the partial lockdown in January. In<a href="https://www.smartkarma.com/insights/tkn-weak-sales-hit-4q20-performance" target="_blank" rel="noopener"> TKN: Weak Sales Hit 4Q20 Performance</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> return to look at<a href="https://www.smartkarma.com/entities/taokaenoi-food-marketing-p" target="_blank" rel="noopener"> Taokaenoi Food &amp; Marketing (TKN TB)</a> and maintain a BUY rating after its 4Q2020 results. In<a href="https://www.smartkarma.com/insights/asian-solid-outlook-in-2021-as-pet-food-continuously-grows" target="_blank" rel="noopener"> ASIAN: Solid Outlook in 2021 as Pet Food Continuously Grows</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> reprotrt back from the<a href="https://www.smartkarma.com/entities/asian-sea-corp-pcl" target="_blank" rel="noopener"> Asian Seafoods Coldstorage (ASIAN TB)</a> analyst meeting. The meeting revealed a positive tone, as they expect the pet and frozen food demand to continue to grow as a result of capacity expansion in 3Q20 and solid demand.In<a href="https://www.smartkarma.com/insights/com7-growing-along-with-apple" target="_blank" rel="noopener"> COM7: Growing Along with Apple</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> returns to look at<a href="https://www.smartkarma.com/entities/com7-pcl" target="_blank" rel="noopener"> Com7 PCL (COM7 TB)</a> and expects its sales and earnings in 1Q2021 to grow boosted by iPhone 12 series sales. In<a href="https://www.smartkarma.com/insights/dohome-solid-growth-outpacing-peers" target="_blank" rel="noopener"> DOHOME: Solid Growth Outpacing Peers</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a HOLD rating for<a href="https://www.smartkarma.com/entities/dohome-pcl" target="_blank" rel="noopener"> Dohome PCL (DOHOME TB)</a> after the company released its 4Q2020 results and plans to expand five large-size stores per year in 2022-2025. In<a href="https://www.smartkarma.com/insights/mint-expect-continuing-loss-in-1q21" target="_blank" rel="noopener"> MINT: Expect Continuing Loss in 1Q21</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> expect a weak recovery for<a href="https://www.smartkarma.com/entities/minor-international-pcl" target="_blank" rel="noopener"> Minor International</a> to the end of 1H21,  until the vaccine rollout takes hold in a good many countries.In<a href="https://www.smartkarma.com/insights/ichi-first-mover-in-hemp-related-products" target="_blank" rel="noopener"> ICHI: First Mover in Hemp-Related Products</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a>'s analyst meeting with<a href="https://www.smartkarma.com/entities/ichitan-group-pcl" target="_blank" rel="noopener"> Ichitan Group (ICHI TB)</a> came out with a positive tone as the company is looking to expand to hemp-related products in April 2021.In<a href="https://www.smartkarma.com/insights/rs-stream-of-new-products-launch-in-2021" target="_blank" rel="noopener"> RS: Stream of New Products Launch in 2021</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintain a HOLD rating for<a href="https://www.smartkarma.com/entities/rs-pcl" target="_blank" rel="noopener"> RS PCL (RS TB)</a> as in 2021E, the company will still focus on the commerce business and will expand the product lines along with introducing new product categories, which would be mainly distributed via new sale channels.In<a href="https://www.smartkarma.com/insights/planb-maintain-positive-outlook-towards-earnings-recovery-in-2021" target="_blank" rel="noopener"> PLANB: Maintain Positive Outlook Towards Earnings Recovery in 2021</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a positive outlook towards<a href="https://www.smartkarma.com/entities/plan-b-media-pcl" target="_blank" rel="noopener"> Plan B Media (PLANB TB)</a> as they forecast the company’s revenue media to recover in 2021.In<a href="https://www.smartkarma.com/insights/wha-land-presales-target-seems-quite-challenging" target="_blank" rel="noopener"> WHA: Land Presales Target Seems Quite Challenging</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> attended <a href="https://www.smartkarma.com/entities/wha-corp-pcl" target="_blank" rel="noopener">WHA Corp Pcl (WHA TB)</a> analyst briefing which came out with a slightly positive tone. In<a href="https://www.smartkarma.com/insights/ilm-back-to-growing-phase" target="_blank" rel="noopener"> ILM: Back to Growing Phase</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains the BUY rating for<a href="https://www.smartkarma.com/entities/index-livingmall-pcl" target="_blank" rel="noopener"> Index Livingmall PCL (ILM TB)</a> after the recent analyst meeting came out with a positive tone. In<a href="https://www.smartkarma.com/insights/egco-target-16-capacity-expansion-in-2021" target="_blank" rel="noopener"> EGCO: Target 16% Capacity Expansion in 2021</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> returns to look at<a href="https://www.smartkarma.com/entities/electricity-generating-pcl" target="_blank" rel="noopener"> Electricity Generating (EGCO TB)</a> after the release of its 4Q2020 results and some positive guidance on capacity expansion. It is also trading at a significant discount (-2std) to historical mean from a PBV basis.<h2>Sector and Thematic </h2>In<a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-thailand-vol-32" target="_blank" rel="noopener"> The Stocks to Own in Thailand – Vol. 32</a>,<a href="https://www.smartkarma.com/companies/a-stotz-investment-research" target="_blank" rel="noopener"> A. Stotz Investment Research</a> highlights 14 interesting stocks to own in Thailand. <h2>Credit Insights</h2>In<a href="https://www.smartkarma.com/insights/japfa-comfeed-earnings-flash-fy-2020-results-lucror-analytics" target="_blank" rel="noopener"> Japfa Comfeed - Earnings Flash - FY 2020 Results - Lucror Analytics</a>, credit specialist<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> provides a credit view on<a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" rel="noopener"> Japfa Comfeed Indonesia (JPFA IJ)</a> post its FY 2020 results , which were worse than expected.  In<a href="https://www.smartkarma.com/insights/chandra-asri-earnings-flash-fy-2020-results-lucror-analytics" target="_blank" rel="noopener"> Chandra Asri - Earnings Flash - FY 2020 Results - Lucror Analytics</a>, credit specialist<a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" rel="noopener"> Leonard Law, CFA</a> takes a look at<a href="https://www.smartkarma.com/entities/chandra-asri-petrochemical" target="_blank" rel="noopener"> Chandra Asri Petrochemical (TPIA IJ)</a>'s FY 2020 results.


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
In a Flash Webinar this morning Insight Providers Angus Mackintosh, Brian Freitas, and David Blennerhassettdiscussed the recently announced acquisition of Jardine Strategic Holdings (JS SP) by Jardine Matheson Holdings (JM SP).  A recording of the webinar is now available (Passcode: g4pQ@5p%).Equity Bottom UpIn Sea Ltd (SE US) - Metamorphosis in Motion, CrossASEAN insight provider Angus Mackintosh revisits Sea Ltd (SE US) after a solid set of 4Q2020 and FY2020 results.In Semen Indonesia (SMGR IJ) - Catch the Infrastructure Wave?, CrossASEAN Insight Provider Angus Mackintosh circles back to Indonesia's largest cement company post a call with company management. In Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?, Nicolas Van Broekhoven provides an initial view on Del Monte Pacific (DELM SP) and why it has the potential to be radically transformed and how a multi-bagger return could be on the table. In Jardine Matheson: Collapsing The Circularity, David Blennerhassett takes a close look at this seminary event, with Jardine Matheson Holdings (JM SP) taking over Jardine Strategic Holdings (JS SP) in what is already a done deal.In JM SP/JS SP: Acquisition and Index Implications, Index specialist Brian Freitas asseses the index implications of this recent transaction. Jardine Matheson Holdings (JM SP) announced that it would be simplifying the parent company structure of the group resulting in a single holding company with a conventional ownership structure. In MSCI Singapore: SEA Index Inclusion Nears, Brian Freitas revisits Sea Ltd (SE US) which he sees as having a 27.95% weighting in the simulated MSCI Singapore Free Index (SIMSCI INDEX). Passive buying from MSCI trackers will be just over 20m shares (US$5bn; 5 days of ADV). In DDMP REIT IPO - Would Go in Towards the Low-End, Sumeet Singh discusses the valuation of DDMP REIT (1848316D PM), a subsidiary of Doubledragon Properties (DD PM) that aims to raise up to US$275m in its Philippines REIT listing. In SET50 Index Rebalance Preview: Potentially Three Changes &amp; Move to Free Float Weighting, Brian Freitas sees three possible inclusions and exclusions at the upcoming June index review using the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) methodology. In Sea Limited 4Q Results: Angling to Be the Next Tencent?, Rickin Thakrar reports back on Sea Ltd (SE US)'s 4Q20 results and estimates a strong growth in 2021.  Sea Ltd (SE US) reported 4Q20 results on Tuesday before the US market open.In SEA Ltd Trendline Make or BreakPoint, Thomas Schroeder returns to look at Sea Ltd (SE US) that exhibits some worrying signals. In Sea Ltd: Unlikely to Halve Losses Amidst E-Commerce and Fintech Growth, Oshadhi Kumarasiri takes a look at Sea Ltd (SE US)'s 4Q2020 number and expected the company’s losses could expand in 2021.In JWD: New Projects Await in 1Q21, Country Group maintains a positive outlook on JWD Infologistics (JWD TB) earnings in 1Q21, driven by a recovery in automotive, new capacity in 1Q21, and growth in barge management.In CRC: 4Q20 Earnings Grew QoQ and Better Performance Outlook in 2021E, Country Group maintain the BUY rating for Central Retail Corp Ltd (CRC TB) after its 2020 results were released, with 4Q2020 revealing a QoQ recovery in Thailand and Vietnam.In BEM: Phases of Recovery and Growth Are Around the Corner, Country Group circle back to Bangkok Expressway and Metro (BEM TB), where they expect tollway and MRT traffic to recover in 3Q2021, after the partial lockdown in January. In TKN: Weak Sales Hit 4Q20 Performance, Country Group return to look at Taokaenoi Food &amp; Marketing (TKN TB) and maintain a BUY rating after its 4Q2020 results. In ASIAN: Solid Outlook in 2021 as Pet Food Continuously Grows, Country Group reprotrt back from the Asian Seafoods Coldstorage (ASIAN TB) analyst meeting. The meeting revealed a positive tone, as they expect the pet and frozen food demand to continue to grow as a result of capacity expansion in 3Q20 and solid demand.In COM7: Growing Along with Apple, Country Group returns to look at Com7 PCL (COM7 TB) and expects its sales and earnings in 1Q2021 to grow boosted by iPhone 12 series sales. In DOHOME: Solid Growth Outpacing Peers, Country Group maintains a HOLD rating for Dohome PCL (DOHOME TB) after the company released its 4Q2020 results and plans to expand five large-size stores per year in 2022-2025. In MINT: Expect Continuing Loss in 1Q21, Country Group expect a weak recovery for Minor International to the end of 1H21,  until the vaccine rollout takes hold in a good many countries.In ICHI: First Mover in Hemp-Related Products, Country Group's analyst meeting with Ichitan Group (ICHI TB) came out with a positive tone as the company is looking to expand to hemp-related products in April 2021.In RS: Stream of New Products Launch in 2021, Country Group maintain a HOLD rating for RS PCL (RS TB) as in 2021E, the company will still focus on the commerce business and will expand the product lines along with introducing new product categories, which would be mainly distributed via new sale channels.In PLANB: Maintain Positive Outlook Towards Earnings Recovery in 2021, Country Group maintains a positive outlook towards Plan B Media (PLANB TB) as they forecast the company’s revenue media to recover in 2021.In WHA: Land Presales Target Seems Quite Challenging, Country Group attended WHA Corp Pcl (WHA TB) analyst briefing which came out with a slightly positive tone. In ILM: Back to Growing Phase, Country Group maintains the BUY rating for Index Livingmall PCL (ILM TB) after the recent analyst meeting came out with a positive tone. In EGCO: Target 16% Capacity Expansion in 2021, Country Group returns to look at Electricity Generating (EGCO TB) after the release of its 4Q2020 results and some positive guidance on capacity expansion. It is also trading at a significant discount (-2std) to historical mean from a PBV basis.Sector and Thematic In The Stocks to Own in Thailand – Vol. 32, A. Stotz Investment Research highlights 14 interesting stocks to own in Thailand. Credit InsightsIn Japfa Comfeed - Earnings Flash - FY 2020 Results - Lucror Analytics, credit specialist Trung Nguyen provides a credit view on Japfa Comfeed Indonesia (JPFA IJ) post its FY 2020 results , which were worse than expected.  In Chandra Asri - Earnings Flash - FY 2020 Results - Lucror Analytics, credit specialist Leonard Law, CFA takes a look at Chandra Asri Petrochemical (TPIA IJ)'s FY 2020 results. 

The Week That Was in ASEAN@Smartkarma - Sea Ltd, Jardine Matheson, and Indonesian Cement

Singapore

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

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