Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

<ul>
<li>There is, or perhaps, was, imbedded value via the cross-holding. However, <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Soul Patts (SOL AU)</a> &amp; <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks (BKW AU)</a>'s combined market cap has increased 18% or A$3.1bn since announcing their merger.</li>
<li>
<a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.</li>
<li>For a company that has consistently spilled red ink at the stub level, there is no justification why <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> would/should trade at a NAV premium.</li>
</ul>


There is, or perhaps, was, imbedded value via the cross-holding. However, Soul Patts (SOL AU) &amp; Brickworks (BKW AU)'s combined market cap has increased 18% or A$3.1bn since announcing their merger.

Furukawa Battery (6937 JP) is a VERY low-priced MBO-like transaction. The pricing process is unacceptable. It is a take-under. It is BAD process. But it'll get done.
For a company that has consistently spilled red ink at the stub level, there is no justification why PCCW Ltd (8 HK) would/should trade at a NAV premium.


Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

Indofood Sukses Makmur Tbk P / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indofood-sukses-makmur-tbk-p" target="_blank" data-smartkarma-citation="entities:1053:1" rel="noopener">Indofood Sukses Makmur Tbk P (INDF IJ)</a>'s simple ratio (INDF/<a href="https://www.smartkarma.com/entities/indofood-cbp-sukses-makmur-tbk" target="_blank" data-smartkarma-citation="entities:17651:1" rel="noopener">Indofood CBP Sukses (ICBP IJ)</a>) is at a seven-year-plus high, and the implied stub a three-year high. </li>
<li>Preceding my comments on the Indofood and <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Indofood Sukses Makmur Tbk P (INDF IJ)'s simple ratio (INDF/Indofood CBP Sukses (ICBP IJ)) is at a seven-year-plus high, and the implied stub a three-year high. 
Preceding my comments on the Indofood and First Pacific Co (142 HK) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.</li><li>This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.</li><li>The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CCI slipped to 117.5 in May-25 (vs 121.7 in Apr-25), marking the lowest point since Oct-22.This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of living.The Current Economic Index declined to 106.0 (vs 113.7 in Apr-25) and Consumer Expectation Index dropped to 129.0 in May-25 (vs 129.8 in Apr-25), with income expectation slipping to 135.4 and business activity index falling to 127.8. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.</li><li>We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.</li><li>Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect govt’s economic stimulus and stronger IDR to support purchasing power and Consumer companies’ earnings in 2H25.We foresee a decent +6.4%/+5.2% rev/core net profit growth in FY25F, supported by ongoing cost efficiencies to help limit EBIT margin decline.Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

<ul><li>In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.</li><li>Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. </li><li>JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.Banks’ soft earnings may drive further trimming in the sector; catalysts for Metals remain, but positioning is already high in ANTM and INCO. JCI remains attractive versus EM peers on growth outlook and valuation; our picks for 2Q-3Q25 are: BBCA, ICBP, ISAT, and CTRA.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Jun25 Positioning: What to Add if Investors Trim Banks?

Indonesia

PT Indofood CBP Sukses Makmur Tbk provides a wide range of food products. The Company is a total food solutions company with operations in all stages of food manufacturing from the production of raw materials and their processing through to consumer products on the retailer's shelf.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Indofood CBP Sukses (ICBP IJ)

Last Week In Event SPACE: Soul Patts/Brickworks, Furukawa Battery, PCCW, TPG Telecom

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Indofood (INDF IJ) Trading Rich To Indofood CBP Sukses (ICBP IJ)

Tricky trade. I'd unwind any stub here purely on optics. The pushback is the stub ops are outperforming. I'd be inclined to go outright long near...

David Blennerhassett

Consumer Sector Waiting for a Clearer Sign: Between Caution and Catalyst

This continued downtrend suggests that households remain wary of economic uncertainties, particularly with muted wage growth and rising cost of...

MNC Sekuritas

Consumer: A Laggard Sector with Potential Catalysts to Support Growth; Resuming Coverage with OW

Resuming our coverage with an Overweight rating given the resilient sector’s growth outlook. Our top pick is ICBP (Buy, TP Rp14,000).

BRI Danareksa Research

Equity Strategy: Jun25 Positioning: What to Add if Investors Trim Banks?

In May25, domestic funds added positions in Metals, Auto and Retailers while trimming Tech, Consumers, and Petrochemicals.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)