Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Corporate Webinar we are glad to welcome <a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd" target="_blank" data-smartkarma-citation="entities:5051" rel="noopener">Del Monte Pacific (DELM SP)</a> Chief Corporate Officer Ignacio (Iggy) Sison and Investor Relations Manager Jennifer Luy.</p>
<p>In the upcoming webinar, Jennifer and Iggy will share a short company presentation, after which they will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a>. A live Q&amp;A session will follow.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 15 March 2022, 17:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84649603353" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Dual-listed on the SGX and the Philippine Stock Exchange, Del Monte Pacific Limited is a global branded F&amp;B company that offers premium quality, healthy products. These include packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices, and frozen pineapple under various brands - it also sells fresh pineapples under the S&amp;W brand.</p>
<p>It is proud of its heritage brands - Del Monte, S&amp;W, Contadina, and College Inn – some of which originated in the USA more than 100 years ago. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, South America, the Philippines, Indian subcontinent, and Myanmar, while it owns S&amp;W globally except for Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.</p>
<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Corporate Webinar we are glad to welcome Del Monte Pacific (DELM SP) Chief Corporate Officer Ignacio (Iggy) Sison and Investor Relations Manager Jennifer Luy.
In the upcoming webinar, Jennifer and Iggy will share a short company presentation, after which they will engage in a fireside chat with Smartkarma Insight Provider, Nicolas Van Broekhoven. A live Q&amp;A session will follow.
The Corporate Webinar will be hosted on Tuesday, 15 March 2022, 17:00 SGT.

Register for the Webinar here

Dual-listed on the SGX and the Philippine Stock Exchange, Del Monte Pacific Limited is a global branded F&amp;B company that offers premium quality, healthy products. These include packaged fruit, vegetable and tomato, sauces, condiments, pasta, broth, stock, juices, and frozen pineapple under various brands - it also sells fresh pineapples under the S&amp;W brand.
It is proud of its heritage brands - Del Monte, S&amp;W, Contadina, and College Inn – some of which originated in the USA more than 100 years ago. The Group has exclusive rights to use the Del Monte trademarks for packaged products in the United States, South America, the Philippines, Indian subcontinent, and Myanmar, while it owns S&amp;W globally except for Australia and New Zealand. The Group owns the Contadina and College Inn trademarks in various countries.
Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Del Monte: Transformation of a Heritage Food Company

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

Thematic (Sector/Industry)

<ul>
<li>2021's vintage of my 5 High Convictions Ideas did extremely well</li>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> was up 543%, <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a> was up 80%, <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> was up almost 74% and Shougang Fushan just under 40%.</li>
<li>The underperformer award goes to HK restaurant operator <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group Ltd (8371 HK)</a> as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.</li>
</ul>


2021's vintage of my 5 High Convictions Ideas did extremely well

PC Partner (1263 HK) was up 543%, Rex International Holding (REXI SP) was up 80%, Straits Trading (STRTR SP) was up almost 74% and Shougang Fushan just under 40%.
The underperformer award goes to HK restaurant operator Taste Gourmet Group Ltd (8371 HK) as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.


Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

<p><a href="https://www.smartkarma.com/entities/olam-international-ltd" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam International (OLAM SP)</a> has been a poor stock price performer on the SGX ever since it was attacked by short-seller Muddy Waters in 2012. Olam was essentially rescued by Temasek while peer Noble went bust. The 10-year stock chart says it all. Olam recently closed at 1.76 SGD, far below its peak of 2.64 SGD last reached in February 2012!</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/233/967/original/image_58873528221633585900666.png?1633585903" class="editor-image img-responsive" data-smartkarma-image-id="233967"></figure><p>Fast forward almost ten years and Olam is set to go into a period of <strong>heightened corporate activity</strong> to get Temasek (53% shareholder) its required exit. As well-telegraphed<strong> OFI (Olam Food Ingredients)</strong> will list on the LSE in 1H22. The <strong>OGA (Olam Global Agri)</strong> business could get a listing in the US by late 2022 or early 2023.</p><p><strong>Both listings could unlock significant value for Temasek and Olam minorities. We expect full-on press coverage, analyst, and corporate banking awareness of the OFI deal come 1H22. Olam is a small company in a global context but at 6.7 billion SGD (18 billion SGD Enterprise Value) it is a big deal for the SGX.</strong></p><p><strong>Back-of-the-envelope calculations and comments to <em>Reuters</em> and<em> The Times</em> make us conclude that Olam could be worth well over 3 SGD/share depending on the eventual OFI valuation and debt assigned to the unit. In a blue-sky scenario, we even get a valuation as high as 4 SGD. That is 70% to 124% upside from Olam's last traded price on SGX. In this scenario, we assign 0 value to OGA which is unrealistic. Major wild card: what % of Olam's 15 billion SGD debt gets assigned to OFI.</strong></p><p>Given Temasek's ($400 billion AUM and Singapore's key SWF) importance to global investment banks, we are betting that the players involved will pull out all stops to make OFI's listing a success. Minority investors looking to ride the coattails of <em>"the great Temasek unlock</em>" would be wise to position themselves in Olam stock during 4Q21. The downside is protected by a 4% dividend yield which should be safe in case capital markets make an IPO impossible in 1H22.</p>

Olam International (OLAM SP) has been a poor stock price performer on the SGX ever since it was attacked by short-seller Muddy Waters in 2012. Olam was essentially rescued by Temasek while peer Noble went bust. The 10-year stock chart says it all. Olam recently closed at 1.76 SGD, far below its peak of 2.64 SGD last reached in February 2012!Fast forward almost ten years and Olam is set to go into a period of heightened corporate activity to get Temasek (53% shareholder) its required exit. As well-telegraphed OFI (Olam Food Ingredients) will list on the LSE in 1H22. The OGA (Olam Global Agri) business could get a listing in the US by late 2022 or early 2023.Both listings could unlock significant value for Temasek and Olam minorities. We expect full-on press coverage, analyst, and corporate banking awareness of the OFI deal come 1H22. Olam is a small company in a global context but at 6.7 billion SGD (18 billion SGD Enterprise Value) it is a big deal for the SGX.Back-of-the-envelope calculations and comments to Reuters and The Times make us conclude that Olam could be worth well over 3 SGD/share depending on the eventual OFI valuation and debt assigned to the unit. In a blue-sky scenario, we even get a valuation as high as 4 SGD. That is 70% to 124% upside from Olam's last traded price on SGX. In this scenario, we assign 0 value to OGA which is unrealistic. Major wild card: what % of Olam's 15 billion SGD debt gets assigned to OFI.Given Temasek's ($400 billion AUM and Singapore's key SWF) importance to global investment banks, we are betting that the players involved will pull out all stops to make OFI's listing a success. Minority investors looking to ride the coattails of "the great Temasek unlock" would be wise to position themselves in Olam stock during 4Q21. The downside is protected by a 4% dividend yield which should be safe in case capital markets make an IPO impossible in 1H22.

Olam: Lots of Corporate Activity in '22/'23 to Unlock Significant Value for Temasek and Minorities

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.</li>
<li>Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares</li>
<li>We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.</li>
</ul>


The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.
Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares
We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.


Wickhams Hill Research | Under-The-Radar Issue 3

Rex International Holding / Equity Bottom-Up

<p>For our next Webinar, we have the pleasure of welcoming Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a>, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.</p><div><div><h3>The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.</h3></div></div><div><div>
<div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86724910057" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>
<p>Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.</p>
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For our next Webinar, we have the pleasure of welcoming Insight Provider Nicolas Van Broekhoven, who will talk to us about some of his favourite Singapore-based small- and mid-cap investment ideas and his view on them going forward.The webinar will be hosted on Wednesday, 11 August 2021, 17:00 SGT/HKT.
Register for the Webinar here
Nicolas Van Broekhoven is a generalist investor with a preference for small and mid-cap companies and special situations. He grew up in Europe, went to university in the US, and lives in Singapore, which has given him a broad scope on the world and investing in general.


Smartkarma Webinar | Singapore Investment Ideas

Singapore

Del Monte Pacific Limited produces and markets packaged vegetable and fruit, beverage and culinary products. The Group has the exclusive right to use the Del Monte brand for packaged products in the USA, South America, Philippines, the Indian subcontinent and Myanmar, and the S&W brand for both packaged and fresh products globally except Australia and New Zealand.

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Del Monte Pacific (DELM SP)

Smartkarma Corporate Webinar | Del Monte: Transformation of a Heritage Food Company

On 15 March, 5pm SGT, join our Corporate webinar with Del Monte Pacific's Ignacio Sison and Jennifer Luy, speaking with Nicolas Van Broekhoven...

Smartkarma Research

Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

2021's vintage of 5 High Conviction Ideas did extremely well led by star performer Pc Partner. Our new selection for 2022 will hopefully have some...

Nicolas Van Broekhoven

Olam: Lots of Corporate Activity in '22/'23 to Unlock Significant Value for Temasek and Minorities

Olam is set to see a significant increase in corporate activity in 1H22. Investors would be wise to position in the stock before the newsflow hits...

Nicolas Van Broekhoven

Wickhams Hill Research | Under-The-Radar Issue 3

The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high.

Lloyd Moffatt

Smartkarma Webinar | Singapore Investment Ideas

Join us on 11 August, 5pm SGT, when we talk to Nicolas Van Broekhoven about some of his favourite Singapore-based small- and mid-cap investment...

Smartkarma Research

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