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/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> results were better than Softbank Corp's and KDDI's. The good "drift trade" may still be to be long NTT vs a basket of KDDI and Softbank Corp. </li>
<li>The <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality (FHT SP)</a> Scheme failed.  The non-vocal minority simply didn't show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.</li>
<li>In a surprise move, <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>- or <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> - has joined the six incumbents in bidding for new casino licences in Macau.</li>
</ul>



NTT (9432 JP) results were better than Softbank Corp's and KDDI's. The good "drift trade" may still be to be long NTT vs a basket of KDDI and Softbank Corp. 
The Frasers Hospitality (FHT SP) Scheme failed.  The non-vocal minority simply didn't show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.
In a surprise move, Genting Bhd (GENT MK)- or Genting Malaysia (GENM MK) - has joined the six incumbents in bidding for new casino licences in Macau.


Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> is bookbuilding a US$692m KRX IPO</li>
<li>Event-Driven developments -<a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK) and Onewo Space-Tech (ONEWO HK) will launch US$1.0bn and US$0.8bn HKEx IPOs this week, respectively. WCP (WCP KS) is bookbuilding a US$692m KRX IPO
Event-Driven developments -Link Administration (LNK AU), Ramsay Health Care (RHC AU), Giordano International (709 HK), Xiamen International Port H (3378 HK), Frasers Hospitality Trust (FHT SP), 21Vianet Group (VNET US)



Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia (MHAL SP)</a> received a delisting proposal from Tamaris Infrastructure (a 72.84% shareholder) at S$0.092 per share, a 41.5% premium to the undisturbed price (8 September).</li>
<li>The key condition is shareholder approval. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.</li>
<li>The offer price is attractive. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.</li>
</ul>



Moya Holdings Asia (MHAL SP) received a delisting proposal from Tamaris Infrastructure (a 72.84% shareholder) at S$0.092 per share, a 41.5% premium to the undisturbed price (8 September).
The key condition is shareholder approval. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.
The offer price is attractive. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.


<ul>
<li>Indonesian water treatment play <a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia (MHAL SP)</a> has announced an Exit Offer from Tamaris Infrastructure, an Anthoni Salim-controlled entity.</li>
<li>The Offer price is S$0.092/share, a 41.5% premium to last close. The Offer price will not be increased.</li>
<li>The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.</li>
</ul>


Indonesian water treatment play Moya Holdings Asia (MHAL SP) has announced an Exit Offer from Tamaris Infrastructure, an Anthoni Salim-controlled entity.
The Offer price is S$0.092/share, a 41.5% premium to last close. The Offer price will not be increased.
The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.


Moya Holdings: Anthoni Salim's Exit Offer

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

On 26/4/19 I attended the <a href="https://www.smartkarma.com/entities/2293" target="_blank" data-smartkarma-citation="entities:2293:1">Moya Holdings Asia (MHAL SP)</a> AGM in Singapore. The AGM was attended by at least 60 shareholders who queried management on a variety of topics. The company remains highly optimistic about its future potential and continues to focus on water treatment assets across Indonesia. One new area of attention is potential projects in renewable energy which might require more CAPEX going forward.
Management expects FY19 results to improve versus FY18, which is contrary to consensus estimates which see a 13.4% drop in NPAT. Moya does not pay a dividend but should see continued earnings enhancement going forward. The stock is trading far below its estimated replacement value of 1.2B SGD and below the entry cost (0.103/share SGD) of Gateway (PE Fund from Dubai).

On 26/4/19 I attended the Moya Holdings Asia (MHAL SP) AGM in Singapore. The AGM was attended by at least 60 shareholders who queried management on a variety of topics. The company remains highly optimistic about its future potential and continues to focus on water treatment assets across Indonesia. One new area of attention is potential projects in renewable energy which might require more CAPEX going forward.
Management expects FY19 results to improve versus FY18, which is contrary to consensus estimates which see a 13.4% drop in NPAT. Moya does not pay a dividend but should see continued earnings enhancement going forward. The stock is trading far below its estimated replacement value of 1.2B SGD and below the entry cost (0.103/share SGD) of Gateway (PE Fund from Dubai).

AGM Moya: Indonesian Water Story on Track to Grow in FY19; Trading at 1/3rd of Replacement Cost

Singapore

Moya Holdings Asia Limited is an investment holding company that develops, operates, and maintains water treatment facilities and distribution networks. The company provides total water solutions, including clean water supply and technical advisory services, primarily to municipalities and governments in Indonesia. Headquartered in Singapore, the company was founded in 1986.

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Moya Asia (MHAL SP)

Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Weekly Deals Digest (18 Sep) - Leapmotor, Onewo, WCP, Link, Ramsay, Giordano, VNET, FHT, Moya

Last week, notable developments occurred in Event-Driven (Giordano, Xiamen, Dongzheng, Link Admin, Ramsay, MACA, Frasers Hospitality, Moya,...

Arun George

Moya Holding’s S$0.092 Delisting Offer

The offer price is attractive. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.

Arun George

Moya Holdings: Anthoni Salim's Exit Offer

Trading at a 3.4%/17.0% gross/annualised spread assuming late November payment. That looks attractive, although this is not a super liquid arb...

David Blennerhassett

AGM Moya: Indonesian Water Story on Track to Grow in FY19; Trading at 1/3rd of Replacement Cost

On 26/4/19 I attended the Moya Holdings Asia (MHAL SP) AGM in Singapore. The AGM was attended by at least 60 shareholders who queried management on...

Nicolas Van Broekhoven

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