Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

Equity Bottom-Up

<ul><li>Karin Technology Holdings Ltd. (KTH SP) is a Hong Kong-based IT infrastructure and electronic components provider, specializing in the distribution of enterprise solutions across cloud computing, cybersecurity, AI systems, and network architecture.</li><li>The company also supplies semiconductors and consumer electronics through its Components Distribution (CD) and Consumer Electronics Products (CEP) divisions.</li><li>Revenue fell 12.4% YoY to HK$1,929.5m, but net profit attributable to shareholders rose 1.0% to HK$19.2m, supported by margin improvement and disciplined cost controls.</li></ul>

Karin Technology Holdings Ltd. (KTH SP) is a Hong Kong-based IT infrastructure and electronic components provider, specializing in the distribution of enterprise solutions across cloud computing, cybersecurity, AI systems, and network architecture.The company also supplies semiconductors and consumer electronics through its Components Distribution (CD) and Consumer Electronics Products (CEP) divisions.Revenue fell 12.4% YoY to HK$1,929.5m, but net profit attributable to shareholders rose 1.0% to HK$19.2m, supported by margin improvement and disciplined cost controls.

Karin Technology (SGX: K29): Navigating Soft Demand; Profitability & Cash Generation Managed

<ul>
<li>Karin Technology Holdings Limited (SGX: K29) is a premier distributor of IT infrastructure solutions, electronic components, and consumer electronics across Hong Kong and China. The company serves enterprises, public sector organizations, and technology vendors, providing customized solutions to meet evolving digital transformation needs.</li>
<li>Karin operates across three core business segments; IT Infrastructure Solutions &amp; Services (ITS), Components Distribution (CD), and Consumer Electronics Products (CEP), allowing it to leverage opportunities across multiple industries.</li>
<li>Karin’s IT Infrastructure Solutions &amp; Services segment is the company’s fastest-growing division, generating HK$1,634.4 million in FY2024, a 21.1% YoY increase. This growth is fueled by rising demand for enterprise cloud adoption, AI-powered computing infrastructure, and network security solutions.</li>
</ul>


Karin Technology Holdings Limited (SGX: K29) is a premier distributor of IT infrastructure solutions, electronic components, and consumer electronics across Hong Kong and China. The company serves enterprises, public sector organizations, and technology vendors, providing customized solutions to meet evolving digital transformation needs.
Karin operates across three core business segments; IT Infrastructure Solutions &amp; Services (ITS), Components Distribution (CD), and Consumer Electronics Products (CEP), allowing it to leverage opportunities across multiple industries.
Karin’s IT Infrastructure Solutions &amp; Services segment is the company’s fastest-growing division, generating HK$1,634.4 million in FY2024, a 21.1% YoY increase. This growth is fueled by rising demand for enterprise cloud adoption, AI-powered computing infrastructure, and network security solutions.


Karin Technology (KTH SP): Leveraging IT Infrastructure Growth Amid Digital Transformation Trends

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Unsurprisingly, the independent financial advisor (IFA) considers <a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a>'s S$1.93 offer for <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a> to be fair and reasonable. We think that IFA’s valuation approach is sound. </li>
<li>The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. </li>
<li>We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.</li>
</ul>


Unsurprisingly, the independent financial advisor (IFA) considers WT Microelectronics (3036 TT)'s S$1.93 offer for Excelpoint Technology (EXLP SP) to be fair and reasonable. We think that IFA’s valuation approach is sound. 
The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. 
We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.


Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.</li>
<li>The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.</li>
<li>The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.</li>
</ul>



WT Microelectronics (3036 TT) will offer S$1.93 in cash and a final FY2021 dividend (ex-div date: 28 April, payment date: 13 May) of S$0.088 for a total consideration of S$2.018.
The key scheme conditions are shareholder approval and Court approval. The scheme meeting will be held sometime in late June to early July.
The offer price represents a 10-year share price high. At the last close of S$1.96, the gross and annualised spread for a mid-Sep effective date is 3.0% and 7.1%, respectively.


Excelpoint’s Privatisation Offer from WT

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

10 in 10 with Karin Technology - Powering The Future

Hong Kong

Karin Technology Holdings Limited is an investment holding company that distributes electronic components, provides IT infrastructure solutions and services, and distributes consumer electronics products. Its services include cloud solutions, network and security solutions, and data storage management. The company was founded in 1977 and is headquartered in Kwun Tong, Hong Kong.

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Karin Technology (KTH SP)

Karin Technology (SGX: K29): Navigating Soft Demand; Profitability & Cash Generation Managed

Karin Technology Holdings Ltd. (KTH SP) is a Hong Kong-based IT infrastructure and electronic components provider, specializing in the...

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