External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.</li><li>WIL also reported its 1HFY23 results which came within 1% of our full-year forecast for FY23F.</li><li>Maintain FY23−24F CEPS on stronger 2HFY23 for WIL as well as continual uptrend from PPB’s own businesses. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.WIL also reported its 1HFY23 results which came within 1% of our full-year forecast for FY23F.Maintain FY23−24F CEPS on stronger 2HFY23 for WIL as well as continual uptrend from PPB’s own businesses. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PPB Group - Consolidating Indonesian Mill Business

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)</li><li>Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170m</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> offering fixed rate green notes up to S$375m</li></ul>

TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170mFrasers Property Ltd (FPL SP) offering fixed rate green notes up to S$375m

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Malaysia

PPB Group Berhad is an investment holding company. The Company operations include grains trading, flour and animal feed milling industry as well as downstream activities including livestock farming, food processing and consumer products distribution with primary focus in Indonesia, Malaysia, China, India and Europe.

Ppb Group (PEP MK)

PPB Group - Consolidating Indonesian Mill Business

PPB is proposing to sell its controlling interest in its Indonesian flour mill to 19%-associate Wilmar International (WIL) for 14x PER.

Kenanga Investment Bank Bhd

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Oakwood Studios on market for S$170m; MEG opening Mactan hotel; ADCP bagged new TOD project; Global air travel catching up

SCCM Asia Research