Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<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

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

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Since the launch of Netflix, StarHub's Pay TV business has been suffering from the loss of subscribers. Steven Clontz, the Chairman of StarHub, said it himself in the FY2016 Annual Report,<blockquote>In the Pay TV business, OTT players are also making headway in video entertainment, which is impacting traditional cable TV providers. In addition, the industry faces growing threats from non-sanctioned TV boxes and websites streaming the latest blockbuster movies and popular TV shows.</blockquote>Last Thursday, StarHub launched its d'Lite PayTV package allowing subscribers to buy a package of programs without having to pay for a basic tier of shows.<a href="https://www.smartkarma.com/profiles/1534" target="_blank" data-smartkarma-citation="accounts:1534">Darren</a> and I took a walk around Sim Lim Square to understand the retail prices of Android TV boxes, the demand for it, how they operated and how they have been impacting StarHub's Pay TV business.To our surprise, we found out that these TV boxes have been more advanced than ever and would make StarHub's new TV offering seem like a futile attempt to shore up its declining subscriber base.

Since the launch of Netflix, StarHub's Pay TV business has been suffering from the loss of subscribers. Steven Clontz, the Chairman of StarHub, said it himself in the FY2016 Annual Report,In the Pay TV business, OTT players are also making headway in video entertainment, which is impacting traditional cable TV providers. In addition, the industry faces growing threats from non-sanctioned TV boxes and websites streaming the latest blockbuster movies and popular TV shows.Last Thursday, StarHub launched its d'Lite PayTV package allowing subscribers to buy a package of programs without having to pay for a basic tier of shows.Darren and I took a walk around Sim Lim Square to understand the retail prices of Android TV boxes, the demand for it, how they operated and how they have been impacting StarHub's Pay TV business.To our surprise, we found out that these TV boxes have been more advanced than ever and would make StarHub's new TV offering seem like a futile attempt to shore up its declining subscriber base.

Channel Checks - Poor Read Across M1, but PayTV Is the Silent Killer for StarHub

Singapore

mm2 Asia is a Singapore-headquartered entertainment and content company. It produces and distributes film, television, and online content, operates cinemas, and promotes events and concerts across Asia and the United States. The company was founded in 2008.

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

mm2 Asia (MM2 SP)

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

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

Channel Checks - Poor Read Across M1, but PayTV Is the Silent Killer for StarHub

Since the launch of Netflix, StarHub's Pay TV business has been suffering from the loss of subscribers. Steven Clontz, the Chairman of StarHub,...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)