Vriddhi Consulting

Punit Khanna

Independent Insight Provider

Equity Bottom-Up

DKSH Holdings Malaysia / Equity Bottom-Up

<ul>
<li>DKSH announced a good set of 2nd quarter results. Revenue up 11% &amp; PAT up 35%</li>
<li>The 2nd quarter is a seasonally low quarter for the company as the festive season happens in the first quarter</li>
<li>A healthcare business that has a higher margin than the consumer business showed better growth than the consumer business, leading to improvement in the margins</li>
</ul>
        <div class="content-highlight">
        <h2>Raising Money for Persons with Disabilities in Singapore</h2>
        <p><strong><em>For your kind consideration</em></strong></p>
        <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
        <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
        <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
        </div>
        


DKSH announced a good set of 2nd quarter results. Revenue up 11% &amp; PAT up 35%
The 2nd quarter is a seasonally low quarter for the company as the festive season happens in the first quarter
A healthcare business that has a higher margin than the consumer business showed better growth than the consumer business, leading to improvement in the margins

        
        Raising Money for Persons with Disabilities in Singapore
        For your kind consideration
        This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
        All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
        To contribute, please visit this URL. 
        
        

DKSH Malaysia: Good Set of 2nd Quarter Numbers with Attractive Valuations

<ul>
<li>The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction</li>
<li>The capital reduction price is set at at MYR 6.15 </li>
<li>We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this  offer. </li>
</ul>
<div class="content-highlight">
<h2>Raising Money for Persons with Disabilities in Singapore</h2>
<p><strong><em>For your kind consideration</em></strong></p>
<p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
<p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
<p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> </p>
</div>


The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
The capital reduction price is set at at MYR 6.15 
We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this  offer. 


Raising Money for Persons with Disabilities in Singapore
For your kind consideration
This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
To contribute, please visit this URL. 


DKSH Malaysia ( Selective Capital Reduction)

<ul>
<li>It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia</li>
<li>The company has double digit ROE and trades below Book Value per Share</li>
<li>Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks</li>
</ul>


It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia
The company has double digit ROE and trades below Book Value per Share
Trades at significantly lower  valuations to its parent and  other Malaysian consumer stocks


DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

<ul>
<li>Revenue increased by 6% for the 1st quarter y.on.y basis</li>
<li>Gp Margins were flat but PAT was lower due to FX effect and higher provision of receivables. </li>
<li>Both Healthcare and Consumer Business did well while Fothers : Famous Amos Cookie Retail were weak. </li>
</ul>
    <div class="content-highlight">
    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
    <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
    <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-special-needs-persons-in-singapore" target="_blank" rel="noopener">please visit this URL.</a> </p>
    </div>
    


Revenue increased by 6% for the 1st quarter y.on.y basis
Gp Margins were flat but PAT was lower due to FX effect and higher provision of receivables. 
Both Healthcare and Consumer Business did well while Fothers : Famous Amos Cookie Retail were weak. 

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

DKSH Malaysia (1st Quarter Results ): In Line

<ul>
<li>As expected the privatisation bid by DKSH parent has failed.</li>
<li>87% of the minority investors voted against the capital reduction scheme</li>
<li>We think a correction in the stock price will make the stock very attractive</li>
</ul>
    <div class="content-highlight">
    <h2>Raising Money for Persons with Disabilities in Singapore</h2>
    <p><strong><em>For your kind consideration</em></strong></p>
    <p><em>This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.</em></p>
    <p><em>All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.</em></p>
    <p data-start="635" data-end="669">To contribute, <a href="https://www.giving.sg/donate/campaign/raising-money-for-person-with-disabilities-empowering-visions-shaping-future" target="_blank" rel="noopener">please visit this URL.</a> </p>
    </div>
    


As expected the privatisation bid by DKSH parent has failed.
87% of the minority investors voted against the capital reduction scheme
We think a correction in the stock price will make the stock very attractive

    
    Raising Money for Persons with Disabilities in Singapore
    For your kind consideration
    This report has been prepared by Vriddhi Consulting, founded by Punit and Debjani Khanna. A portion of the research was contributed by Shubham Khanna, an individual on the autism spectrum.  We are grateful to Smartkarma for providing a platform to share this research and amplify its impact.
    All proceeds from the publication of this report will be donated to support people with disabilities in Singapore. If you find this report valuable, we invite you to support our campaign, “Raising Money for Persons with Disabilities in Singapore.” Every contribution directly benefits the Goh Chok Tong Enable Fund and qualifies for a 250% tax deduction for Singapore tax residents.
    To contribute, please visit this URL. 
    
    

DKSH Malaysia: Selective Capital Reduction Scheme Has Failed

Malaysia

DKSH Holdings Malaysia Berhad is principally an investment holding company. The principal activity of the Group is the provisioning of Market Expansion Services, which range from marketing, to sales force management, distribution and logistics, invoicing and credit management, inventory and returned goods management, and other services.

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DKSH Holdings Malaysia (DKSH MK)

DKSH Malaysia: Good Set of 2nd Quarter Numbers with Attractive Valuations

Stable free cash flow generating business with consistent ROE, earnings growth available at low single-digit PE and below book

Punit Khanna

DKSH Malaysia ( Selective Capital Reduction)

Parent requests DKSH Malaysia for capital reduction at MYR 6.15/share, but we believe it's undervalued and minority shareholders may not accept.

Punit Khanna

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

DKSH Malaysia (1st Quarter Results ): In Line

DKSH Malaysia: One of the steady compounders that trades below Book Value, generating mid-teen ROE and offering compelling Risk- Reward..

Punit Khanna

DKSH Malaysia: Selective Capital Reduction Scheme Has Failed

DKSH parent's privatisation bid fails as 87% of minority investors reject capital reduction scheme; stock price correction could make it attractive.

Punit Khanna

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DKSH Malaysia: Good Set of 2nd Quarter Numbers with Attractive Valuations

Stable free cash flow generating business with consistent ROE, earnings growth available at low single-digit PE and below book

Punit Khanna

DKSH Malaysia ( Selective Capital Reduction)

​Parent requests DKSH Malaysia for capital reduction at MYR 6.15/share, but we believe it's undervalued and minority shareholders may not accept.

Punit Khanna

DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations

​Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

Punit Khanna

DKSH Malaysia (1st Quarter Results ): In Line

DKSH Malaysia: One of the steady compounders that trades below Book Value, generating mid-teen ROE and offering compelling Risk- Reward..

Punit Khanna

DKSH Malaysia: Selective Capital Reduction Scheme Has Failed

​DKSH parent's privatisation bid fails as 87% of minority investors reject capital reduction scheme; stock price correction could make it attractive.

Punit Khanna

Parent requests DKSH Malaysia for capital reduction at MYR 6.15/share, but we believe it's undervalued and minority shareholders may not accept.

Article highlights a Malaysian company with stable cash flow, strong ROE, and attractive valuations compared to its peers and parent company.

DKSH parent's privatisation bid fails as 87% of minority investors reject capital reduction scheme; stock price correction could make it attractive.