Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.</li>
<li>Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.</li>
<li>We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.</li>
</ul>


Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.
Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.
We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.


Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. </li>
<li>The move has made <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a> a growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). </li>
<li>The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.</li>
</ul>



The Keepers Holdings (KEEPR PM) set a new precedent of paying out 50% of its earnings. If sustained, the yield for FY22e/FY23e will be 6.6%/8.4%. 
The move has made The Keepers Holdings (KEEPR PM) a growth/dividend yield stock with mid-teens profit growth and a forward yield &gt;6% (~10% cash as % of mkt cap). 
The catalyst for the company will arise from its strong Q4 2022 earnings. The management has already indicated the growth trajectory is similar to the prior quarters.


Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club (PGOLD PM)</a> is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. </li>
<li>The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. </li>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club</a> booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. </li>
</ul>



Puregold Price Club (PGOLD PM) is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. 
The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. 

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. 


Puregold Price Club (PGOLD PM) - Members Bring Benefits

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

99 Speed Mart Retail Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.</li>
<li>99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. </li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.
99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. 
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


99 Speedmart Holdings IPO Trading - Poised for a Steady Listing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.</li>
<li>99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. </li>
<li>In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.</li>
</ul>



99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$530m in its Malaysia IPO. The IPO will be a mix of primary and secondary shares.
99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. 
In our previous notes, we looked at the firm’s past performance. In this note, we undertake a peer comparison and discuss our thoughts on valuation.


99 Speedmart Holdings IPO - Digestible Valuation

Philippines

Cosco Capital, Inc. operates as a retail holding company. The Company owns a diverse portfolio of real estate holdings that includes retail outlets, pharmacy chains, restaurants, wine and liquor distribution businesses, and unibanks. Cosco Capital focuses on the retail, real estate, liquor distribution and oil and mineral exploration industries in the Philippines.

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Cosco Capital (COSCO PM)

Asian Dividend Gems: Cosco Capital

Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.

Douglas Kim

Keeper's 50% Payout Ratio Makes The Yield Better and The Investment Exciting

The increase in payout to 50% makes Keepers Holdings a mouth-watering 6x PE FY23, with a dividend yield of 6.6% FY23 and 10% of the market cap in...

Sameer Taneja

Puregold Price Club (PGOLD PM) - Members Bring Benefits

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for...

Angus Mackintosh

99 Speedmart Holdings IPO Trading - Poised for a Steady Listing

99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.

Clarence Chu

99 Speedmart Holdings IPO - Digestible Valuation

99 Speed Mart Retail Holdings (99SPD MK) is looking to raise US$530m in its Malaysia IPO. In this note, we undertake a peer comparison and discuss...

Clarence Chu

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