Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In response to media feedback calling out the low-balled Offer, the Ong family bumped the Offer Price for <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a> by 9.7% to S$0.68/share and declared terms final.</li>
<li>At 0.43x P/RNAV, and with the bulk of the assets related to investment/development property, the price was still wrong,  </li>
<li>The Circular is now out. The IFA considered terms to be not fair and not reasonable. The same opinion as in the 2021 Offer.</li>
</ul>


In response to media feedback calling out the low-balled Offer, the Ong family bumped the Offer Price for Lian Beng (LBG SP) by 9.7% to S$0.68/share and declared terms final.
At 0.43x P/RNAV, and with the bulk of the assets related to investment/development property, the price was still wrong,  
The Circular is now out. The IFA considered terms to be not fair and not reasonable. The same opinion as in the 2021 Offer.


Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair

Equity Bottom-Up

<ul>
<li>Following an <a href="https://www.straitstimes.com/business/companies-markets/wing-tai-an-under-appreciated-property-play-ripe-for-privatisation" target="_blank" rel="noopener">Staits Times article</a> this week - or perhaps just a coincidence - property play <a href="https://www.smartkarma.com/entities/wing-tai-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19015:1" rel="noopener">Wing Tai Holdings (WINGT SP)</a> popped 8%. </li>
<li>Yesterday's close of S$1.47/share, compares to its book value of S$4.24 (as at 31 Dec 2023). Cash on hand is S$684mn against borrowings of ~S$770mn.</li>
<li>And the Cheng family has been buying up shares, almost every day since last September. That stake is currently 61.45%. Another <a href="https://www.smartkarma.com/entities/wing-tai-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:11882:1" rel="noopener">Wing Tai Malaysia (WING MK)</a> privatisation in the making?</li>
</ul>


Following an Staits Times article this week - or perhaps just a coincidence - property play Wing Tai Holdings (WINGT SP) popped 8%. 
Yesterday's close of S$1.47/share, compares to its book value of S$4.24 (as at 31 Dec 2023). Cash on hand is S$684mn against borrowings of ~S$770mn.
And the Cheng family has been buying up shares, almost every day since last September. That stake is currently 61.45%. Another Wing Tai Malaysia (WING MK) privatisation in the making?


<ul>
<li>Back in December 2022, agri-food play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a> spun-off its 62.5% stake in <a href="https://www.smartkarma.com/entities/austasia-group-ltd" target="_blank" data-smartkarma-citation="entities:36655:1" rel="noopener">AustAsia Group (2425 HK)</a>, as discussed in <a href="https://skr.ma/qAzLD" target="_blank" rel="noopener">Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution</a> 
</li>
<li>Last Friday, Bloomberg reported its key shareholder, Renaldo Santosa and his family, who collectively control ~75.5%, are considering taking Japfa private.</li>
<li>The family <a href="https://links.sgx.com/FileOpen/20240311%20Japfa%20Ltd%20Holding%20announcement.ashx?App=Announcement&amp;FileID=791556" target="_blank" rel="noopener">acknowledges</a> it has been approached by various financiers, investment banks, but nothing definitive has emerged. Still, Japfa is worth a revisit.</li>
</ul>


Back in December 2022, agri-food play Japfa Ltd (JAP SP) spun-off its 62.5% stake in AustAsia Group (2425 HK), as discussed in Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution 

Last Friday, Bloomberg reported its key shareholder, Renaldo Santosa and his family, who collectively control ~75.5%, are considering taking Japfa private.
The family acknowledges it has been approached by various financiers, investment banks, but nothing definitive has emerged. Still, Japfa is worth a revisit.


Japfa (JAP SP): Impressive Gain. But No Firm Offer

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amara-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2692:1" rel="noopener">Amara Holdings (AMA SP)</a> has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price. </li>
<li>On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer. </li>
<li>The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.</li>
</ul>



Amara Holdings (AMA SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price. 
On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer. 
The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.


Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

<ul>
<li>For the month of June, 13 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new deals announced (or first discussed) in June was 42%.</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of June, 13 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$9bn.
The average premium for the new deals announced (or first discussed) in June was 42%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, June 2023:  DDH1, Dali Foods, NWS Holdings, JSR Corp, Lutronic, Chindata

Singapore

Lian Beng Group Limited provides building construction and civil engineering services for both the private and public sectors. The Group also sells, leases, and maintains construction machinery and equipment, and develops and invests in properties.

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Lian Beng (LBG SP)

Lian Beng: Circ Out. IFA (Rightfully) Says Not Fair

This deal is unconditional. If already in for the arb, sell in the market. If this were to dip below terms, get involved. Otherwise, this is an avoid.

David Blennerhassett

Wing Tai Holdings: Privatisation Chatter

The Chengs may be content to chip away at minorities. Or are setting themselves up to make an Offer for WTH. In any event, WTH is inexpensive....

David Blennerhassett

Japfa (JAP SP): Impressive Gain. But No Firm Offer

Quite an impressive share price gain without anything substantive to hang your hat on. I would not chase it here. I'd only get involved if there...

David Blennerhassett

Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

The offer price is final. The offer is attractive and marginally below the ten-year high. At the last close, the gross spread was 30.4%.

Arun George

(Mostly) Asia M&A, June 2023: DDH1, Dali Foods, NWS Holdings, JSR Corp, Lutronic, Chindata

For the month of June, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$9bn. The average premium for the new deals...

David Blennerhassett

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