Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul>
<li>mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, received an unsolicited bid for their Singapore and Malaysian cinema business. The offer made would imply a share price of about SGD 16.2cents, +140% from today’s close.</li>
<li>We uncover a massive buyback program underway at Alliance Global Group (AGI PM), Emperador (EMP PM) and Megaworld (MEG PM).</li>
<li>The US$1.5bn IPO of Indonesian online flea market Bukalapak (BUKA IJ) is planned for next week. While another Asia focused SPAC files for US listing.</li>
</ul>


mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, received an unsolicited bid for their Singapore and Malaysian cinema business. The offer made would imply a share price of about SGD 16.2cents, +140% from today’s close.
We uncover a massive buyback program underway at Alliance Global Group (AGI PM), Emperador (EMP PM) and Megaworld (MEG PM).
The US$1.5bn IPO of Indonesian online flea market Bukalapak (BUKA IJ) is planned for next week. While another Asia focused SPAC files for US listing.


Wickhams Hill Research | Under-The-Radar Issue 2

<ul>
<li>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.</li>
<li>Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently commenced repurchases under a 10% buyback mandate.</li>
<li>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.</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

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.

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-05/UnUsUaL-CEO.jpg' alt='UnUsUaL - CEO' />
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 <div class='content-caption'>UnUsUaL - CEO</div>
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When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education. 
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic.  
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams. 
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.” 
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!” 
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region. 
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event.  
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator.  
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted. 
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said. 
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments. 
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added. 
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.” Emerging Mandopop Wave  
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco.  
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted. 
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added.  
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said. 
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.” 
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities.  
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience. 
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh.  Virtual With Live 
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume. 
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts. 
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019.  
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added. 
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted. 
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.” 
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said. 
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.” 
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted. 
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths. 
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.” 
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years.  
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.” 
 

UnUsUaL Ltd

Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.   
The company website is: <a href="http://www.unusual.com.sg/">www.unusual.com.sg</a> 
Click <a href="https://www.sgx.com/securities/equities/1D1">here </a>for the company's StockFacts page. 
For the half year ended 30 September 2020 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/HC30OSZSKT8CWMPJ/639309_UnUsUaL_1HFY2021%20Press%20Release.pdf">here</a>.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    UnUsUaL - CEO


When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education.  
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic.   
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams.  
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.”  
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!”  
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region.  
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event.   
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator.   
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted.  
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said.  
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments.  
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added.  
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.”  Emerging Mandopop Wave   
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco.   
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted.  
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added.   
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said.  
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.”  
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities.   
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience.  
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh.   Virtual With Live  
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume.  
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts.  
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019.   
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added.  
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted.  
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.”  
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said.  
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.”  
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted.  
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths.  
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.”  
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years.   
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.”  
 

UnUsUaL Ltd

Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.    
The company website is: www.unusual.com.sg  
Click here for the company's StockFacts page.  
For the half year ended 30 September 2020 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



UnUsUaL Celebrates Emerging Era in Live Music

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> had been undergoing a strategic review - something long awaited, and perpetually not quite done. The outcome is going to disappoint some (thus my title).Today, <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> made an <a href="https://links.sgx.com/FileOpen/Announcement.ashx?App=Announcement&amp;FileID=665172" target="_blank" rel="noopener">announcement</a> (<a href="https://links.sgx.com/FileOpen/Media%20Release.ashx?App=Announcement&amp;FileID=665173" target="_blank" rel="noopener">media release</a>, <a href="https://links.sgx.com/FileOpen/Analyst%20Briefing.ashx?App=Announcement&amp;FileID=665174" target="_blank" rel="noopener">analyst presentation</a>) that it would undergo a Proposed Restructuring (defined by a Business Restructuring Deed ("BRD")) which would spin off the Media Business into a Media Holdco which would be run as a not-for-profit in the form of a Company Limited by Guarantee (CLG), basically a charity in corporate form (subject to the Companies Act). The quick and dirty of the situation is that SPH is giving away 6.6% of its equity (and 12+% of its market cap) to the ether so that it is no longer carrying the media business around its neck like an albatross. The Media business has seen revenue declines in the traditional print space, and SPH Media ad revenue fell 39% from FY2018 to FY2020. Operating revenue in the past five years has halved, and in FY2020, the SPH Media business posted its first ever loss. H1 2021 has seen the run-rate worsen further. The idea is to give away the business, and assets to help it fund itself, to ring-fence SPH from SPH Media going forward, and to remove the strictures of the Newspaper and Printing Presses Act ("NPPA") which bind SPH today.One can think of it as an owner having to recapitalise a loss-making business before selling it for a dollar. Sometimes something is worth less than nothing. It is not a done deal. There are conditions to complete. But it is worthwhile looking at the before/after to determine the "value" of SPH going forward because while revenue will drop, operating profits should increase on a pro-forma basis, and dropping the NPPA restrictions has the potential to make things quite interesting in the medium-long-term.More below the fold.

Singapore Press Holdings (SPH SP) had been undergoing a strategic review - something long awaited, and perpetually not quite done. The outcome is going to disappoint some (thus my title).Today, Singapore Press Holdings (SPH SP) made an announcement (media release, analyst presentation) that it would undergo a Proposed Restructuring (defined by a Business Restructuring Deed ("BRD")) which would spin off the Media Business into a Media Holdco which would be run as a not-for-profit in the form of a Company Limited by Guarantee (CLG), basically a charity in corporate form (subject to the Companies Act). The quick and dirty of the situation is that SPH is giving away 6.6% of its equity (and 12+% of its market cap) to the ether so that it is no longer carrying the media business around its neck like an albatross. The Media business has seen revenue declines in the traditional print space, and SPH Media ad revenue fell 39% from FY2018 to FY2020. Operating revenue in the past five years has halved, and in FY2020, the SPH Media business posted its first ever loss. H1 2021 has seen the run-rate worsen further. The idea is to give away the business, and assets to help it fund itself, to ring-fence SPH from SPH Media going forward, and to remove the strictures of the Newspaper and Printing Presses Act ("NPPA") which bind SPH today.One can think of it as an owner having to recapitalise a loss-making business before selling it for a dollar. Sometimes something is worth less than nothing. It is not a done deal. There are conditions to complete. But it is worthwhile looking at the before/after to determine the "value" of SPH going forward because while revenue will drop, operating profits should increase on a pro-forma basis, and dropping the NPPA restrictions has the potential to make things quite interesting in the medium-long-term.More below the fold. 

Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You)

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

<ul>
<li>Live entertainment audiences in China and other Asian nations will continue to grow exponentially post virus.</li>
<li>This small cap, diverse entertainment company hits the demo jackpot with music and cinema product among every key vertical: live concerts and events, streaming, digital.</li>
<li>Live attendance at entertainment venues now imprisoned by virus crisis, but that could change fast and this penny stock already has a viable footprint in key segments.</li>
</ul>


Live entertainment audiences in China and other Asian nations will continue to grow exponentially post virus.
This small cap, diverse entertainment company hits the demo jackpot with music and cinema product among every key vertical: live concerts and events, streaming, digital.
Live attendance at entertainment venues now imprisoned by virus crisis, but that could change fast and this penny stock already has a viable footprint in key segments.


MM2 Asia Ltd: A Bet on Pent up Demand in the Post Virus Asia Entertainment Sector

Singapore

mm2 Asia Ltd is a media content provider. The Company produces movies and infotainment programs for television stations, advertisers and online media. mm2 also finances, produces and distributes commercial content.

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mm2 Asia Ltd (MM2 SP)

Wickhams Hill Research | Under-The-Radar Issue 2

mm2 Asia Ltd (MM2 SP), which we flagged in our inaugural issue last week, receivedan unsolicited bid for their Singapore and Malaysian cinema business

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

UnUsUaL Celebrates Emerging Era in Live Music

When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and...

Singapore Exchange Ltd (SGX)

Singapore Press Own Time Own Target Restructuring Lor... (Come I Clap For You)

SPH has announced a business restructuring to divest itself of its loss-making Media Holdings, paying to make it go away. This changes structure -...

Travis Lundy

MM2 Asia Ltd: A Bet on Pent up Demand in the Post Virus Asia Entertainment Sector

Live entertainment audiences in China and other Asian nations will continue to grow exponentially post virus. This small cap, diverse...

Howard J Klein

Price Gauge

52-week Range

Market Cap (USDm)

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