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>SIME is acquiring the entire equity stake in Cavpower Group (Cavpower), a Caterpillar (CAT) dealer, for an enterprise value (EV) of AUD500m (RM1,494.8m).</li><li>The acquisition will strengthen SIME’s presence in the booming mining and infrastructure sectors in Australia and is earnings accretive to the tune of 5%.</li><li>We keep our earnings forecasts, TP of RM2.40 and OUTPERFORM call pending the completion of the deal.</li></ul>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.

SIME is acquiring the entire equity stake in Cavpower Group (Cavpower), a Caterpillar (CAT) dealer, for an enterprise value (EV) of AUD500m (RM1,494.8m).The acquisition will strengthen SIME’s presence in the booming mining and infrastructure sectors in Australia and is earnings accretive to the tune of 5%.We keep our earnings forecasts, TP of RM2.40 and OUTPERFORM call pending the completion of the deal.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.

Sime Darby -  Acquiring Australian Caterpillar Dealer

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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.

<ul><li>Post management update, we remain positive on Sime’s outlook, underpinned by the continued strong Industrial segment (especially Australia) with RM4.7bn orderbook.</li><li>While China motors segment may remain weak (due to pricing discount competitions) in the near term, management guided demand for other markets remain encouraging with sustainable margins.</li><li>Sime has also seen material uptake of EV sales within the group. </li></ul>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.

Post management update, we remain positive on Sime’s outlook, underpinned by the continued strong Industrial segment (especially Australia) with RM4.7bn orderbook.While China motors segment may remain weak (due to pricing discount competitions) in the near term, management guided demand for other markets remain encouraging with sustainable margins.Sime has also seen material uptake of EV sales within the group. 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.

Sime Darby - Backed by Australia Industrial Segment

<ul>
<li>SIME has proposed to divest its entire stake in Weifang Port companies for RMB1.92b (MYR1.27b) cash, marking its full exit from the non-core seaport business.</li>
<li>We view the exit positively, in line with SIME’s strategy to redeploy capital to its core Automotive and Industrials businesses.</li>
<li>We keep our FY22E/FY23E earnings forecasts for now. Reiterate OP. We keep our SoP-TP unchanged at RM2.60</li>
</ul>
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.


SIME has proposed to divest its entire stake in Weifang Port companies for RMB1.92b (MYR1.27b) cash, marking its full exit from the non-core seaport business.
We view the exit positively, in line with SIME’s strategy to redeploy capital to its core Automotive and Industrials businesses.
We keep our FY22E/FY23E earnings forecasts for now. Reiterate OP. We keep our SoP-TP unchanged at RM2.60

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.

Sime Darby Berhad - Exiting Seaport Business

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.

Event-Driven

<ul>
<li>
<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>'s gross spread to <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a>’s offer (less the interim dividend) of A$87.52 has widened touching an all-time high of 17.0% today.</li>
<li>Despite the longer-than-expected due diligence, rising rates and market volatility, the evidence suggests that KKR remains committed. The expectation is for a binding proposal by June end.</li>
<li>At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside (+17%) from a binding offer. </li>
</ul>



Ramsay Health Care (RHC AU)'s gross spread to KKR &amp; Co Inc (KKR US)’s offer (less the interim dividend) of A$87.52 has widened touching an all-time high of 17.0% today.
Despite the longer-than-expected due diligence, rising rates and market volatility, the evidence suggests that KKR remains committed. The expectation is for a binding proposal by June end.
At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside (+17%) from a binding offer. 


<ul>
<li>The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.</li>
<li>The <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> Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. </li>
<li>The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. </li>
</ul>


The KKR consortium will offer A$88.00 per share less any dividends paid after the date of the indicative proposal. The offer less interim dividend of A$0.485 is A$87.52 per share.
The Ramsay Health Care (RHC AU) Board has provided due diligence access. We think the offer is attractive and represents an all-time share price high. 
The largest shareholder is said to be supportive. The gross spread of the offer less the interim dividend of A$87.52 to the last close price of A$80.00 is 9.4%. 


Ramsay’s Indicative Bid from the KKR Consortium

Malaysia

Sime Darby Berhad is an investment holding company. The Group's principal activities include plantations, property development, heavy equipment and motor vehicle distribution, and energy and utilities.

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Sime Darby (SIME MK)

Sime Darby - Acquiring Australian Caterpillar Dealer

SIME is acquiring the entire equity stake in Cavpower Group (Cavpower), a Caterpillar (CAT) dealer, for an enterprise value (EV) of AUD500m...

Kenanga Investment Bank Bhd

Sime Darby - Backed by Australia Industrial Segment

Post management update, we remain positive on Sime’s outlook, underpinned by the continued strong Industrial segment (especially Australia) with...

Hong Leong Investment Bank Berhad

Sime Darby Berhad - Exiting Seaport Business

SIME has proposed to divest its entire stake in Weifang Port companies for RMB1.92b (MYR1.27b) cash, marking its full exit from the non-core...

Kenanga Investment Bank Bhd

Ramsay Health's Offer Spread Risk/Reward

At the last close, the risk/reward profile is favourable as the downside due to a deal break (-10% estimated decline) is lower than the upside...

Arun George

Ramsay’s Indicative Bid from the KKR Consortium

The KKR consortium will offer A$88.00 less an interim dividend of A$0.485 for a total of A$87.52 per share. The offer is attractive. The gross...

Arun George

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