Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul class="ul1"><li class="li1">Indonesia has been strong as investors have been more willing to invest in riskier assets throughout 2016.</li></ul><ul class="ul1"><li class="li1">Tax amnesty program being successful is part of the reason for the enthusiasm. Good for the currency and for government spending/infrastructure.</li></ul><ul class="ul1"><li class="li1">We believe that investor attitudes towards China are set to change in the coming months and that will be very positive for SE Asian markets.</li></ul><ul class="ul1"><li class="li1">
A period of relative uncertainty in Thailand and volatile politics in Philippines makes Indonesia one of the…</li></ul>

Indonesia has been strong as investors have been more willing to invest in riskier assets throughout 2016.Tax amnesty program being successful is part of the reason for the enthusiasm. Good for the currency and for government spending/infrastructure.We believe that investor attitudes towards China are set to change in the coming months and that will be very positive for SE Asian markets.
A period of relative uncertainty in Thailand and volatile politics in Philippines makes Indonesia one of the…

The Verdict on Investing in Indonesia - Riedel CNBC Interview

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

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

Research Reinvented

Event-Driven

China Minzhong Food Corporation / Event-Driven

On 27 September 2016, <a href="https://www.smartkarma.com/entities/173" target="_blank" data-smartkarma-citation="entities:173:1">First Pacific Co (142 HK)</a> announced that the Special General Meeting ("SGM") for the sale of <a href="https://www.smartkarma.com/entities/9877" target="_blank" data-smartkarma-citation="entities:9877:1">China Minzhong Food Corporation (MINZ SP; MINZ)</a> will take place on Wednesday, 19 October 2016 at 10:30 a.m (<a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0927/LTN20160927235.pdf" target="_blank">link</a> to company filing).First Pacific has also released the circular with respect to the upcoming SGM <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0927/LTN20160927217.pdf" target="_blank">here</a>. As part of the pre-conditions for MINZ's takeover by Anthoni Salim, the independent shareholders of First Pacific and <a href="https://www.smartkarma.com/entities/1053" target="_blank" data-smartkarma-citation="entities:1053:1">PT Indofood Sukses Makmur (INDF IJ; INDF)</a> will need…

On 27 September 2016, First Pacific Co (142 HK) announced that the Special General Meeting ("SGM") for the sale of China Minzhong Food Corporation (MINZ SP; MINZ) will take place on Wednesday, 19 October 2016 at 10:30 a.m (link to company filing).First Pacific has also released the circular with respect to the upcoming SGM here. As part of the pre-conditions for MINZ's takeover by Anthoni Salim, the independent shareholders of First Pacific and PT Indofood Sukses Makmur (INDF IJ; INDF) will need…

China Minzhong Food: Circular to Independent Shareholders; Will Pre-Conditions Be Met?

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

<ul><li>Strong cash levels, low correlation with Western stock markets, and relatively strong analyst recommendation relative to its sector</li><li>ICBP has around 70% of market share in the instant noodle segment in Indonesia and its effective pricing strategy brought sales of this business up 8% YoY in 1H16</li><li>Its aim to grow further its market share of 25% in the dairy industry  was bolstered by sales of dairy business growing 18% YoY in 1H16</li><li>The stock trades above ASEAN Consumer Staples at 16CE* 6.4x PB but offers double the sector ROE and is net cash</li><li>Risks: Higher commodity prices and IDR depreciation increase costs</li></ul>* Consensus Estimates

Strong cash levels, low correlation with Western stock markets, and relatively strong analyst recommendation relative to its sectorICBP has around 70% of market share in the instant noodle segment in Indonesia and its effective pricing strategy brought sales of this business up 8% YoY in 1H16Its aim to grow further its market share of 25% in the dairy industry  was bolstered by sales of dairy business growing 18% YoY in 1H16The stock trades above ASEAN Consumer Staples at 16CE* 6.4x PB but offers double the sector ROE and is net cashRisks: Higher commodity prices and IDR depreciation increase costs* Consensus Estimates

ICBP: Indonesian Food Sultan Milks Cash from Dairy Foray

Award-winning Financial Journalist

Ashish Saxena

After negotiating for more than 20 months, <a href="https://www.smartkarma.com/entities/9877" target="_blank" data-smartkarma-citation="entities:9877:1">China Minzhong Food Corporation Limited</a>'s management is teaming up with Anthoni Salim to launch a pre-conditional voluntary offer to take the company private.At S$1.20/share, the offer values the company at S$786.5 mln which is lower than its net assets of S$1.07 bln (RMB 5.3 bln) on June 30. However, the offer has not been declared final yet.Already, <a href="https://www.smartkarma.com/profiles/11" target="_blank" data-smartkarma-citation="accounts:11">Crispin Francis</a> has covered the transaction in great detail in his latest insight <a href="https://www.smartkarma.com/insights/china-minzhong-food-will-this-takeout-happen" target="_blank" data-smartkarma-citation="insights:5717">China Minzhong Food - Will This Takeout Happen?</a>.In this insight, you will read about how the latest offer is not what was originally discussed about. You'll also read about the dealings in China Minzhong's shares by its insiders even as a deal was being worked out.But before that, here's a brief background on the offeror:

After negotiating for more than 20 months, China Minzhong Food Corporation Limited's management is teaming up with Anthoni Salim to launch a pre-conditional voluntary offer to take the company private.At S$1.20/share, the offer values the company at S$786.5 mln which is lower than its net assets of S$1.07 bln (RMB 5.3 bln) on June 30. However, the offer has not been declared final yet.Already, Crispin Francis has covered the transaction in great detail in his latest insight China Minzhong Food - Will This Takeout Happen?.In this insight, you will read about how the latest offer is not what was originally discussed about. You'll also read about the dealings in China Minzhong's shares by its insiders even as a deal was being worked out.But before that, here's a brief background on the offeror:

China Minzhong Food: Did Insiders Sell Shares Even as the Market Was Waiting for an Offer?

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due to a short seller report. Indofood received 88.99% acceptances, just 1.01% shy of the 90% level which would have led to a compulsory acquisition; Indofood then stated that they intended to maintain the listing status of China Minzhong Food.Fast-forward three years, China Minzhong Food is launching a pre-conditional voluntary offer at SGD 1.20. The pre-conditions are to receive First Pacific and Indofood independent shareholders approval during the general meeting.Marvellous Glory Holdings, the acquirer, is an SPV and they have 87.79% of irrevocables and they only need another 2.21% to reach compulsory acquisition. They intend to compulsorily acquire all shares of China Minzhong and delist from the SGX. More details below...

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due to a short seller report. Indofood received 88.99% acceptances, just 1.01% shy of the 90% level which would have led to a compulsory acquisition; Indofood then stated that they intended to maintain the listing status of China Minzhong Food.Fast-forward three years, China Minzhong Food is launching a pre-conditional voluntary offer at SGD 1.20. The pre-conditions are to receive First Pacific and Indofood independent shareholders approval during the general meeting.Marvellous Glory Holdings, the acquirer, is an SPV and they have 87.79% of irrevocables and they only need another 2.21% to reach compulsory acquisition. They intend to compulsorily acquire all shares of China Minzhong and delist from the SGX. More details below...

China Minzhong Food - Will This Takeout Happen?

Indonesia

PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles, wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.

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Indofood Sukses Makmur Tbk P (INDF IJ)

The Verdict on Investing in Indonesia - Riedel CNBC Interview

Indonesia has been strong as investors have been more willing to invest in riskier assets throughout 2016.Tax amnesty program being successful is...

David Riedel

China Minzhong Food: Circular to Independent Shareholders; Will Pre-Conditions Be Met?

On 27 September 2016, First Pacific Co (142 HK) announced that the Special General Meeting ("SGM") for the sale of China Minzhong Food Corporation...

Crispin Francis

ICBP: Indonesian Food Sultan Milks Cash from Dairy Foray

Strong cash levels, low correlation with Western stock markets, and relatively strong analyst recommendation relative to its sector ICBP has...

A. Stotz Investment Research

China Minzhong Food: Did Insiders Sell Shares Even as the Market Was Waiting for an Offer?

After negotiating for more than 20 months, China Minzhong Food Corporation Limited's management is teaming up with Anthoni Salim to launch a...

Ashish Saxena

China Minzhong Food - Will This Takeout Happen?

In September 2013, Indofood launched a mandatory conditional offer for China Minzhong Food at SGD 1.12 after China Minzhong Food share fell 48% due...

Crispin Francis

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