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

Equity Bottom-Up

<ul>
<li>Rolex acquisition of Bucherer signals the company's intention to own retail distribution and gain access to what its competitors are doing, with the battleground currently being Europe.</li>
<li>We believe it will take years for Rolex to digest this acquisition before foraying into other markets, but with a similar approach, potentially making <a href="https://www.smartkarma.com/entities/oriental-watch-holdings" target="_blank" data-smartkarma-citation="entities:19950:1" rel="noopener">Oriental Watch (398 HK) </a>a target.  </li>
<li>Trading at 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, the company presents a great investment opportunity. </li>
</ul>


Rolex acquisition of Bucherer signals the company's intention to own retail distribution and gain access to what its competitors are doing, with the battleground currently being Europe.
We believe it will take years for Rolex to digest this acquisition before foraying into other markets, but with a similar approach, potentially making Oriental Watch (398 HK) a target.  
Trading at 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, the company presents a great investment opportunity. 


Oriental Watch: Addressing the Rolex Acquisition of Bucherer

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction</li>
<li>Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn</li>
<li>Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.</li>
</ul>


ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential value to be unlocked by the transaction
Dayamitra Telekomunikasi (Mitratel) is being spun out of Telkomsel (TLKM IJ) and targeting to raise US$ 1.76bn, with an implied market cap at listing of around US$5.2bn
Coincidentally, RHB has published an excellent report on Bali Towerindo (BALI IJ) which we think is the best positioned independent operator in the space due to their unique monetisation strategy and asset footprint.


Wickhams Hill Research | Under-The-Radar Issue 11

<ul>
<li>Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service</li>
<li>Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results</li>
<li>The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased</li>
</ul>


Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service
Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results
The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased


Wickhams Hill Research | Under-The-Radar Issue 7

<ul>
<li>Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable<br>of the 7 stocks added to our list of fallen angels.</li>
<li>Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently<br>commenced repurchases under a 10% buyback mandate.</li>
<li>Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX.<br>They’re a premium women and children's hospital with leading IVF clinics.</li>
</ul>


Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable of the 7 stocks added to our list of fallen angels.
Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently commenced repurchases under a 10% buyback mandate.
Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX. They’re a premium women and children's hospital with leading IVF clinics.


Wickhams Hill Research | Under-The-Radar Issue 1

Singapore

The Hour Glass is a Singapore-based luxury watch retail group that also deals in jewelry and luxury properties. It operates over 70 boutiques across Asia-Pacific, serving as an official retailer for prestigious watch brands like Rolex, Patek Philippe, and Omega. The company was founded in Singapore in 1979.

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The Hour Glass (HG SP)

Oriental Watch: Addressing the Rolex Acquisition of Bucherer

At 6.9x PE with 50% of the market cap in cash and a ~15% dividend yield, Oriental Watch is a great investment opportunity. We summarize our...

Sameer Taneja

Wickhams Hill Research | Under-The-Radar Issue 11

ComfortDelGro (CD SP) announced further details surrounding the IPO of their Australian subsidiary, leading us to change our view on the potential...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 7

Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 1

Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionableof the 7 stocks added to our list of fallen angels.

Lloyd Moffatt

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