Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

MMC Port Holdings Berhad / Equity Bottom-Up

<ul>
<li>Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.</li>
<li>Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.</li>
<li>IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing</li>
</ul>


Largest Malaysian IPO in over a decade – MMC Port seeks to raise ~RM8.5bn (~US$2bn) at ~RM30bn valuation via an Offer-for-Sale; no new capital raised.
Strong catalysts but yield/mix risks – Tariff hikes (+30% by 2027) and Gemini alliance (Maersk–Hapag) boost near-term throughput, but high transshipment share (73%) pressures yields.
IPO Structure: Offer-for-Sale of up to 30%; no new proceeds for the company, making capital allocation and leverage management important post-listing


MMC Port Holdings – IPO Overview and Investment Considerations

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

MMC Port Holdings Berhad / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mmc-port-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45442:1" rel="noopener">MMC Port Holdings Berhad (2436494D MK) </a>is looking to raise up to US$2bn in its upcoming Malaysian IPO.</li>
<li>It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
In this note, we talk about the not-so-positive aspects of the deal.


MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Khazanah is looking to raise up to US$300m via selling 1.5% of <a href="https://www.smartkarma.com/entities/tenaga-nasional-bhd" target="_blank" data-smartkarma-citation="entities:195:1" rel="noopener">Tenaga Nasional (TNB MK)</a>.</li>
<li>Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK).
Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>'s delisting Offer via a selective capital reduction (SCR) from controlling shareholder and chairman Tan Sri Surin Upatkoon appears to be in the home straight.</li>
<li>The completion of the Offer has been delayed as ISM Sdn Bhd, MPHB's minority partner in six JVs, invokes various legal options in an ongoing dispute.</li>
<li>The High Court has now fixed 6 January 2025 as the hearing date for the SCR petition. Assuming that is granted, payment is likely mid-Feb.  </li>
</ul>



MPHB Capital (MPHB MK)'s delisting Offer via a selective capital reduction (SCR) from controlling shareholder and chairman Tan Sri Surin Upatkoon appears to be in the home straight.
The completion of the Offer has been delayed as ISM Sdn Bhd, MPHB's minority partner in six JVs, invokes various legal options in an ongoing dispute.
The High Court has now fixed 6 January 2025 as the hearing date for the SCR petition. Assuming that is granted, payment is likely mid-Feb.  


MPHB Capital (MPHB MK)'s Offer: Almost There As ISM Exhausts Options

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Khazanah Nasional, the EPF,  the Abu Dhabi Investment Authority, and Global Infrastructure Partners, are offering to buy all shares not already owned in <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a> at RM11.00/share.</li>
<li>The pre-conditional voluntary Offer price is a 5.77% premium to last close; but a life-time high. The Offeror consortium collectively holds 41.22% of shares out.</li>
<li>The pre-cons include regulatory approvals (in Malaysia, Turkey, Saudi Arabia, and Egypt). The Offer is subject to a 90% acceptance condition; which may be reduced. </li>
</ul>


Khazanah Nasional, the EPF,  the Abu Dhabi Investment Authority, and Global Infrastructure Partners, are offering to buy all shares not already owned in Malaysia Airports Holdings (MAHB MK) at RM11.00/share.
The pre-conditional voluntary Offer price is a 5.77% premium to last close; but a life-time high. The Offeror consortium collectively holds 41.22% of shares out.
The pre-cons include regulatory approvals (in Malaysia, Turkey, Saudi Arabia, and Egypt). The Offer is subject to a 90% acceptance condition; which may be reduced. 


Business On The Fly: Malaysia Airports (MAHB MK)'s RM11.00/Share Offer

Malaysia

MMC Corporation Berhad is an investment holding company. The Company, through its subsidiaries and associated company, operates a container port, provides power generation, distributes natural gas, and provides engineering and construction services.

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MMC Corp Bhd (MMC MK)

MMC Port Holdings – IPO Overview and Investment Considerations

Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...

Rahul Jain

MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK). In this note, we talk about the deal dynamics.

Sumeet Singh

MPHB Capital (MPHB MK)'s Offer: Almost There As ISM Exhausts Options

This looks done. A 2.4% spread looks about right given the legal dispute, in which it appears all avenues of appeal have been exhausted; and the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

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MMC Port Holdings – IPO Overview and Investment Considerations

​Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...

Rahul Jain

MMC Ports Pre-IPO - The Negatives - Monetization Event for Promoters

MMC Ports is looking to raise up to US$2bn in its upcoming Malaysian IPO. It is principally involved in port operations in Malaysia. In this note,...

Nicholas Tan

Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK). In this note, we talk about the deal dynamics.

Sumeet Singh

MPHB Capital (MPHB MK)'s Offer: Almost There As ISM Exhausts Options

This looks done. A 2.4% spread looks about right given the legal dispute, in which it appears all avenues of appeal have been exhausted; and the...

David Blennerhassett

Business On The Fly: Malaysia Airports (MAHB MK)'s RM11.00/Share Offer

Trading at a 8% gross spread to terms. With the Offeror consortium having the flexibility to reduce the acceptance condition; or bump terms, I'd be...

David Blennerhassett

Largest Malaysian IPO in a decade as MMC Port seeks to raise $2bn at $6.9bn valuation through Offer-for-Sale, facing yield/mix risks with high...