Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 22 June, AGPH, a wholly-owned subsidiary of AGP Holdco, launched a Tender Offer for 100% of <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a> at THB15/share, a 43% premium to last close.</li>
<li>AGP Holdco also holds ~24.28% in <a href="https://www.smartkarma.com/entities/polyplex-corporation-ltd" target="_blank" data-smartkarma-citation="entities:11544:1" rel="noopener">Polyplex Corporation (PPC IN)</a>, which holds ~51% in PTL AGPH's Offer closed on the 6th August with a 18.09% holding in PTL.</li>
<li>Despite their apparent non-arms length nature, AGPH and PPC are not seen to be acting in concert. Collectively, they hold 69.09%. I'd expect AGP Holdco to return to the well. </li>
</ul>


On the 22 June, AGPH, a wholly-owned subsidiary of AGP Holdco, launched a Tender Offer for 100% of Polyplex (Thailand) (PTL TB) at THB15/share, a 43% premium to last close.
AGP Holdco also holds ~24.28% in Polyplex Corporation (PPC IN), which holds ~51% in PTL AGPH's Offer closed on the 6th August with a 18.09% holding in PTL.
Despite their apparent non-arms length nature, AGPH and PPC are not seen to be acting in concert. Collectively, they hold 69.09%. I'd expect AGP Holdco to return to the well. 


Polyplex (PTL TB): Expect The Al Ghurair Family To Return With A Full Offer

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Nimish Maheshwari

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Equity Bottom-Up

<ul>
<li>Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex shareholders turned to INR 91 crore from a INR 19 crore loss.</li>
<li>The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.</li>
<li>Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.</li>
</ul>


Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex shareholders turned to INR 91 crore from a INR 19 crore loss.
The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.
Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.


<ul>
<li>I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a> and <a href="https://www.smartkarma.com/entities/maxnerva-technology-services-limited" target="_blank" data-smartkarma-citation="entities:17502:1" rel="noopener">Maxnerva Technology Services (1037 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, <a href="https://www.smartkarma.com/entities/golfzon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16376:1" rel="noopener">Golfzon Holdings (121440 KS)</a>, <a href="https://www.smartkarma.com/entities/polyplex-thailand-public-co-ltd" target="_blank" data-smartkarma-citation="entities:6586:1" rel="noopener">Polyplex (Thailand) (PTL TB)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>.</li>
</ul>


I tally 32  - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were was discussed on Smartkarma this week: FleetPartners Group (FPR AU) and Maxnerva Technology Services (1037 HK).
Key updates/news also took place on: Steadfast (SDF AU), Golfzon Holdings (121440 KS), Polyplex (Thailand) (PTL TB), ReNew Energy Global (RNW US), and China Shengmu Organic Milk (1432 HK).


Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

<ul>
<li>Strategically, range trade <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>. Sell large pops, buy large declines. Big picture this big buyback  doesn't change very much at all on a net basis.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a>(finally) sees a decent move. The positive profit alert issued no doubt nudge things along nicely. </li>
<li>Post sale to Heidelberg, how much, if any, will the market re-rate <a href="https://www.smartkarma.com/entities/maas-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33520:1" rel="noopener">MAAS Group Holdings (MGH AU)</a> as an infrastructure/ "AI-enabler" rather than a contractor currently?</li>
</ul>


Strategically, range trade Seven &amp; I Holdings (3382 JP). Sell large pops, buy large declines. Big picture this big buyback  doesn't change very much at all on a net basis.

Legend Holdings (3396 HK)(finally) sees a decent move. The positive profit alert issued no doubt nudge things along nicely. 
Post sale to Heidelberg, how much, if any, will the market re-rate MAAS Group Holdings (MGH AU) as an infrastructure/ "AI-enabler" rather than a contractor currently?


Last Week In Event SPACE: Seven & I, Legend Holdings, MAAS, Lynas Corp

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Dr. Andrew Stotz, CFA

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Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 new join the fray</li>
<li>Since inception, it has gained 118% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Four stocks remain, 10 new join the fray
Since inception, it has gained 118% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 37

Thailand

Polyplex (Thailand) Public Company Limited manufactures and distributes a broad portfolio of specialty plastic film products, including polyester (BOPET), bi-oriented polypropylene (BOPP), cast polypropylene (CPP), metalized, and silicone-coated films. These products serve diverse end-use sectors such as flexible packaging, electrical, industrial, and pressure-sensitive labels. The company was established in 2002 and is headquartered in Bangkok, Thailand.

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Polyplex (Thailand) (PTL TB)

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A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Polyplex (PTL TB): Expect The Al Ghurair Family To Return With A Full Offer

The Al Ghurair Family appears to have a dual‑track lever on PTL, without formally triggering a “concert party” classification. Keep tabs on this...

David Blennerhassett

Polyplex: A Turnaround Quarter!

​Polyplex's revenue and profitability have significantly improved, with a turnaround in core profitability visible, but caution is advised as...

Nimish Maheshwari

Asia-Pac Weekly Wrap: FleetPartners, Maxnerva, Steadfast, Golfzon, Polyplex, ReNew Energy, Shengmu

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Seven & I, Legend Holdings, MAAS, Lynas Corp

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

The Stocks to Own in Thailand – Vol. 37

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, and 10 new...

A. Stotz Investment Research

Polyplex's revenue and profitability have significantly improved, with a turnaround in core profitability visible, but caution is advised as...