APAC IPOs & Placements

Zhen Zhou, Toh

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.

Event-Driven

<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a> (DMPL) owns 87% of <a href="https://www.smartkarma.com/entities/del-monte-philippines-inc" target="_blank" data-smartkarma-citation="entities:26988:1" rel="noopener">Del Monte Philippines (1575316D PM)</a> (DMPI) which is looking to IPO this year. DMPL's Consumer Foods division, Del Monte Foods (DMFL) hasn’t been doing well since DMPL acquired it in 2014. The IPO of DMPI will help to deleverage DMPL which could lead to a much needed catalyst for further re-rating. Despite DMPL’s recent share price rally, there is still potentially still room for further upside subject to DMPI’s final valuation.We looked at DMPI’s IPO in:<ul><li dir="ltr" aria-level="1"><a href="https://www.smartkarma.com/insights/del-monte-philippines-pre-ipo-dominant-market-leader-but-there-are-issues-to-be-clarified" target="_blank" data-smartkarma-citation="insights:52422" rel="noopener">Del Monte Philippines Pre-IPO - Dominant Market Leader But There Are Issues to Be Clarified</a></li></ul>

Del Monte Pacific (DELM SP) (DMPL) owns 87% of Del Monte Philippines (1575316D PM) (DMPI) which is looking to IPO this year. DMPL's Consumer Foods division, Del Monte Foods (DMFL) hasn’t been doing well since DMPL acquired it in 2014. The IPO of DMPI will help to deleverage DMPL which could lead to a much needed catalyst for further re-rating. Despite DMPL’s recent share price rally, there is still potentially still room for further upside subject to DMPI’s final valuation.We looked at DMPI’s IPO in:Del Monte Philippines Pre-IPO - Dominant Market Leader But There Are Issues to Be Clarified

Del Monte Pacific HoldCo Trade - Potential 50% Upside from DMPI IPO

Equity Capital Markets

Del Monte Philippines / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/del-monte-philippines-inc" target="_blank" data-smartkarma-citation="entities:26988:1" rel="noopener">Del Monte Philippines (1575316D PM)</a>  is looking to raise about US$791m in its upcoming Philippines IPO.Del Monte Philippines, Inc (DMPI) is a leading food and beverage producer in the Philippines and internationally. DMP has been in operation in the Philippines for 95 years. It produces, markets, and distributes its products worldwide under brands like Del Monte, S&amp;W, Contadina and it has a dominant market position across a range of products. In this note, we look at the company's products and its respective market share, financial performance, and point out issues that the company needs to address.

Del Monte Philippines (1575316D PM)  is looking to raise about US$791m in its upcoming Philippines IPO.Del Monte Philippines, Inc (DMPI) is a leading food and beverage producer in the Philippines and internationally. DMP has been in operation in the Philippines for 95 years. It produces, markets, and distributes its products worldwide under brands like Del Monte, S&amp;W, Contadina and it has a dominant market position across a range of products. In this note, we look at the company's products and its respective market share, financial performance, and point out issues that the company needs to address.

Del Monte Philippines Pre-IPO - Dominant Market Leader But There Are Issues to Be Clarified

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

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

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a> has been on a tear since we highlighted the opportunity in our insight <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" data-smartkarma-citation="insights:48689" rel="noopener">Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?</a> early March. The stock was trading at 0.24 SGD in early March and just hit 0.32 SGD this morning (+33%).We see two reasons for this outperformance:<ul>
<li>Competitor Monde Nissin will list on PSE shortly after regulatory approval was granted yesterday. Monde Nissin will be the largest ever listing in the Philippines setting up a good benchmark for Del Monte Philippines. </li>
<li>Moody's upgraded Del Monte Foods debt to B3 opening up debt refinancing going forward.</li>
</ul>Del Monte Pacific remains a balance sheet story where the Enterprise Value could be reshuffled in favor of equity holders as debt is lowered and interest costs diminish. Should either the Philippines unit or USA unit succeed in an IPO we think Del Monte Pacific doubles from here. See our previous insight for more details.Next catalyst? We expect broker coverage on Del Monte as investment banks vying for the IPO's of the Philippines and US units will get into action.

Del Monte Pacific (DELM SP) has been on a tear since we highlighted the opportunity in our insight Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside? early March. The stock was trading at 0.24 SGD in early March and just hit 0.32 SGD this morning (+33%).We see two reasons for this outperformance:
Competitor Monde Nissin will list on PSE shortly after regulatory approval was granted yesterday. Monde Nissin will be the largest ever listing in the Philippines setting up a good benchmark for Del Monte Philippines. 
Moody's upgraded Del Monte Foods debt to B3 opening up debt refinancing going forward.
Del Monte Pacific remains a balance sheet story where the Enterprise Value could be reshuffled in favor of equity holders as debt is lowered and interest costs diminish. Should either the Philippines unit or USA unit succeed in an IPO we think Del Monte Pacific doubles from here. See our previous insight for more details.Next catalyst? We expect broker coverage on Del Monte as investment banks vying for the IPO's of the Philippines and US units will get into action. 

Del Monte Pacific: Monde Nissin IPO Approved; Moody's Upgraded Debt Profile = All Positive

<a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051:1" rel="noopener">Del Monte Pacific (DELM SP)</a> is a part of the once sprawling worldwide Del Monte food empire. Over the past couple of decades, that empire was subsequently fragmented into several geographical blocks, creating confusion and investors have lost the forest from the trees.Change is in the air and multiple IPO's could unlock substantial value over the coming 12-18 months. Del Monte's core business has benefited from CFH (Cook-From-Home) as lockdowns and home-office arrangements have people dine-in rather than dine-out. DELM is also a food-inflation play as it will be easier for Del Monte to pass on price increases to their customers in a rising price environment.Below we will explain in detail why DELM has the potential to be radically transformed and how a multi-bagger return could be on the table. DELM currently has no analyst coverage. Just as we saw with <a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745:1" rel="noopener">Straits Trading (STRTR SP)</a> it only takes one broker (who is interested in IPO fees) to highlight the opportunity to investors to put some spice under DELM's valuation. Another analogy would be <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a> and the listing of its Chinese subsidiary <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdin-a" target="_blank" data-smartkarma-citation="entities:29184:1" rel="noopener">Yihai Kerry Arawana Holdin-A (YKIVCZ CH)</a>.Risks to the story are a reversal in CFH, continued large debt burden, and execution issues.

Del Monte Pacific (DELM SP) is a part of the once sprawling worldwide Del Monte food empire. Over the past couple of decades, that empire was subsequently fragmented into several geographical blocks, creating confusion and investors have lost the forest from the trees.Change is in the air and multiple IPO's could unlock substantial value over the coming 12-18 months. Del Monte's core business has benefited from CFH (Cook-From-Home) as lockdowns and home-office arrangements have people dine-in rather than dine-out. DELM is also a food-inflation play as it will be easier for Del Monte to pass on price increases to their customers in a rising price environment.Below we will explain in detail why DELM has the potential to be radically transformed and how a multi-bagger return could be on the table. DELM currently has no analyst coverage. Just as we saw with Straits Trading (STRTR SP) it only takes one broker (who is interested in IPO fees) to highlight the opportunity to investors to put some spice under DELM's valuation. Another analogy would be Wilmar International (WIL SP) and the listing of its Chinese subsidiary Yihai Kerry Arawana Holdin-A (YKIVCZ CH).Risks to the story are a reversal in CFH, continued large debt burden, and execution issues.

Del Monte Pacific (DELM SP): Cook-From-Home and Multiple Subsidiary IPO's to Unlock Large Upside?

We ask the questions that need to be asked, Hong Bao Media Holdings Pte Ltd

Mark Laudi • Investor Central

We ask the questions that need to be asked

Hong Bao Media Holdings Pte Ltd

The centrepiece of any conversation about Del Monte would be its huge debt. By buying over its namesake in the United States in 2014 and taking on a lot of debt in the process, Del Monte is playing a high stakes game. And with each passing quarter its investors and lenders are waiting to see whether it can pull it off.Del Monte's net debt increased to US$2 bln as of the end of October 2015, and it has been paying about US$22 mln-US$24 mln per quarter this year in interest.The company needs to integrate the new US business and start generating steady cash and profit to pay off its debts. But in the meantime it is still borrowing money and selling rights and shares on the two exchanges it is listed in.How will it reduce its interest expense?

The centrepiece of any conversation about Del Monte would be its huge debt. By buying over its namesake in the United States in 2014 and taking on a lot of debt in the process, Del Monte is playing a high stakes game. And with each passing quarter its investors and lenders are waiting to see whether it can pull it off.Del Monte's net debt increased to US$2 bln as of the end of October 2015, and it has been paying about US$22 mln-US$24 mln per quarter this year in interest.The company needs to integrate the new US business and start generating steady cash and profit to pay off its debts. But in the meantime it is still borrowing money and selling rights and shares on the two exchanges it is listed in.How will it reduce its interest expense?

Del Monte Pacific Limited: Can It Bear the Weight of Interest Costs?

Singapore

Del Monte Pacific is a global branded food and beverage company that manufactures, processes, markets, and distributes a diverse range of products including packaged fruits, vegetables, tomato-based items, sauces, condiments, juices, and fresh and frozen pineapples. The company operates under brands such as Del Monte, S&W, Contadina, and College Inn. It was incorporated in 1999 and is headquartered in Road Town, British Virgin Islands.

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Del Monte Pacific (DELM SP)

Del Monte Pacific HoldCo Trade - Potential 50% Upside from DMPI IPO

Del Monte Pacific (DELM SP) (DMPL) owns 87% of Del Monte Philippines (1575316D PM) (DMPI) which is looking to IPO this year.

Zhen Zhou, Toh

Del Monte Philippines Pre-IPO - Dominant Market Leader But There Are Issues to Be Clarified

Del Monte Philippines (1575316D PM) is looking to raise about US$791m in its upcoming Philippines IPO. DMPI is a leading food and beverage...

Zhen Zhou, Toh

Del Monte Pacific: Monde Nissin IPO Approved; Moody's Upgraded Debt Profile = All Positive

Del Monte Pacific has appreciated by 33% over the past 45 days as competitor Monde Nissin is listing on the PSE and Moody's upgraded Del Monte's...

Nicolas Van Broekhoven