Smartkarma Daily Briefs

By VRS (Valuation & Research Specialists)

We are assuming coverage of iPower (IPW). The company sells consumer products on multiple online marketplaces, but primarily on Amazon (AMZN), where it is both a vendor (i.e., AMZN purchases inventory directly under its “Vendor Central” program and labels it as “Sold by Amazon”, which represents 80- 90% of IPW’s sales to AMZN) as well as a third-party (3P) seller.
The company has also started leveraging its AMZN relationship and experience to support other sellers in an initiative called “SuperSuite”, where it reports revenue as a mix of product sales and services.
Hydroponics, which was once dominant, is now <10% of sales.

AKTOR (GROUP) S.A. Common Stock – March 4, 2025

Aktor Group of Companies is a leading diversified infrastructure conglomerate in Greece with significant and expanding presence across Southeastern Europe.
The Company’s shares are listed in the Athens Stock Exchange since 2001.
Additionally, Aktor’s share is included in a series of national indices, such as ATHEX_ESG, FTSE, FTSE_IN, HELMSI, FTSEA, ATG (Athens General Composite).

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Apr 30

Daily Brief Consumer: Dickson Concepts Intl, PointsBet Holdings , Fujitsu General, Hainan Drinda Automotive Trim, Aeon Co Ltd, Fonterra Co-Operative Group, BYD, Eco-Shop Marketing and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Poon’s Underpriced Takeover. Minorities Deserve Better
Betr’s “Superior Offer” For PointsBet (PBH AU) Is Questionable
Dickson Concepts (113 HK): Sir Poon’s Scheme Offer Below Net Cash
Fujitsu General (6755) – Deal Starts Early, Trades Tight – Done Deal
Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago
PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions
Asian Equities: Overvalued, Over-Leveraged, Low Growth – a Different Look
Fonterra (FCG NZ)’s Consumer Ops Spin-Off (Potentially) Stumbles
BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies
Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper

Poon’s Underpriced Takeover. Minorities Deserve Better

Dickson Concepts (113 HK) (DC)’s Chairman, Dickson Poon (& relatives), holding 61.98%, have tabled an Offer by way of a Scheme for shares not held, at HK$7.20/share (best & final).
That compares to DC’s net cash (as at 30 Sept 2024) of HK$7.44/share. Plus financial assets comprise an additional ~HK$2.16/share.
The IFA will cite liquidity and DC’s historical discount to NAV, and opine “reasonable”, and perhaps even “fair”. It is neither. Minorities should vote this down. But probably won’t …

Betr’s “Superior Offer” For PointsBet (PBH AU) Is Questionable

On the 26th Feb 2025, PointsBet (PBH AU), an Australian/Canadian online wagering platform, entered into a Scheme Implementation Deed with Mixi (2121 JP) at A$1.06/share, a 27.7% premium to undisturbed.
PointsBet rebuffed key (smaller) rival Betr Entertainment (BBT AU)‘s (previously known as BlueBet) ostensibly higher non-binding cash/scrip; and refuted Betr’s claim that it’s Offer was fully funded.
Betr has returned with, what appears to be, an all cash offer of A$1.20/share, fully-funded/underwritten. Betr’s Offer still requires confirmatory due diligence. Importantly, Betr has also acquired a 19.9% stake.

Dickson Concepts (113 HK): Sir Poon’s Scheme Offer Below Net Cash

Dickson Concepts Intl (113 HK) disclosed a Bermuda scheme offer from the controlling shareholder (Sir Poon) at HK$7.20, a 50.6% premium to the last close price.
The offer is final. While the offer represents an all-time high and is attractive compared to historical trading ranges, it is below net cash.
No disinterested shareholder holds a blocking stake, and retail seems supportive (lowering the risk of the headcount test). The offer, while light, will likely succeed.

Fujitsu General (6755) – Deal Starts Early, Trades Tight – Done Deal

By Travis Lundy

The Paloma-Rheem Tender Offer for Fujitsu General (6755 JP) was expected to start in early July but is starting 10 weeks earlier. Big win for arbs.
This was going to be a done deal. It didn’t trade rich to terms and it’s tough to see why activists would push when they haven’t pushed for years.
The deal is now trading tight. Long arbs should probably re-allocate. Those hiding their beta here should hide their beta elsewhere.

Hainan Drinda New Energy (A/H IPO) – Business Was Acquired for 1/3rd the Price, Three Years Ago

By Sumeet Singh

Hainan Drinda Automotive Trim (002865 CH) plans to raise up to US$234m via its A/H listing.
HDNET is a specialized manufacturer of PV cells which are used in making PV modules.
In this note, we look at the company’s recent performance and other deal dynamics, as well as valuations.

PointsBet (PBH AU): Betr (BBT AU) Returns with Financing, a Blocking Stake, and Dubious Assumptions

BETR Entertainment (BBT AU) has returned with a non-binding proposal for PointsBet Holdings (PBH AU), which it claims is worth A$1.20 to A$1.50+ per PBH share.
Betr has also acquired a 19.9% stake, which can effectively block Mixi Inc (2121 JP)’s A$1.06 scheme offer. Betr’s offer is higher primarily due to questionable assumptions in the presentation.
Betr has secured over A$260 million in cash funding. Mixi can either let the scheme fail or switch to an off-market takeover offer.

Asian Equities: Overvalued, Over-Leveraged, Low Growth – a Different Look

By Manishi Raychaudhuri

We identified overvalued, over-leveraged, low growth stocks on EPS growth, high PEG, low ROE, high P/BV, high leverage. Clients opined that EBITDA is more stable earnings parameter for such stocks.
Based on clients’ feedback we now screen the stocks using EBITDA growth as the earnings growth parameter and EV as the corresponding valuation parameter.
Our screen yields 30 stocks – 20 from Japan (largely property/REIT) and 10 from HK/China. 7 stocks are common to the EPS-PE and EBITDA-EV lists – mostly from Japanese property.

Fonterra (FCG NZ)’s Consumer Ops Spin-Off (Potentially) Stumbles

On the 16th May 2024, dairy co-operative Fonterra (FCG NZ) announced a possible partial/full divestment of its global Consumer business, in addition to its Oceania and Sri Lanka integrated businesses.
Last November, Fonterra said it would proceed with the sale process of these business, via a trade dale or IPO. Market valuations were upward of NZ$4bn for the “Mainland Group”.
However, the spin-off hit a snag after a NSW court ruled Fonterra may need to renegotiate a long-term branding agreement with Bega Cheese (BGA AU) should the divestment proceed.

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

By Gaudenz Schneider

Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Popular Strategies: Call/Put Spreads account for 88% of all strategies, with a bias towards bearish views.
Lottery Trades: a recent trend, observed in other stocks as well, manifests itself in BYD (1211 HK). A lotter trade bets on a low probability event with a high payout.

Eco-Shop IPO: Peers Have Shined Through Turmoil, Eco Still Cheaper

By Nicholas Tan

Eco-Shop Marketing (ECO MY) is looking to raise up to US$241m in its upcoming Malaysia IPO.
It is the largest dollar chain in Malaysia, as per the number of stores it operates, as of 31 October 2024.
We have looked at the company’s past performance and provided our initial thoughts on valuations. In this note, we talk about the IPO pricing.

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Apr 30

Daily Brief Health Care: Sichuan Biokin Pharmaceutical Co Ltd, Syngene International Ltd, PegBio, Shanghai Junshi Biosciences , Revelation Biosciences , Physiomics, Merus NV and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Sichuan Biokin A/H Listing: Good Time for Listing
Why Syngene International’s FY26 Will Be a Transition Year?
PegBio 派格生物 Pre-IPO: R&D Deceleration
Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up
REVB: New Target Market Announced
Hybridan Research: Physiomics plc
Merus NV – ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Sichuan Biokin A/H Listing: Good Time for Listing

By Ke Yan, CFA, FRM

Sichuan Biokin reported 2024 results, with a large chunk of revenue from its product licensing to BMS.
We analyzed its key products’ current clinical trials and upcoming milestones. We also look at peer performance.
Overall, we are of the view that many factors bode well for Biokin’s H-share listing

Why Syngene International’s FY26 Will Be a Transition Year?

By Nimish Maheshwari

Syngene International Ltd (SYNG IN) guided for mid-single digit revenue growth and lower EBITDA margins in FY26, following a mixed performance in FY25.
The moderated outlook is primarily due to the initial operational costs and depreciation from the new US biologics facility and a normalization of inventory levels for a key client.
Focus shifts to the successful integration and ramp-up of new capacities and the potential for underlying growth in key segments to materialize beyond the transient FY26.

PegBio 派格生物 Pre-IPO: R&D Deceleration

By Ke Yan, CFA, FRM

PegBio is looking at raising up to USD 100m to list in Hong Kong.
We have previously covered the company’s fundamentals and a brief valuation.
We also took a look at changes to its prospectus. The company filed an updated version. We are taking a close look.

Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up

By Tina Banerjee

Shanghai Junshi Biosciences (1877 HK) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&D spend.

REVB: New Target Market Announced

By Zacks Small Cap Research

Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
The company announced that it is targeting a new target indication with its Gemini treatment, the prevention of infection in burn patients.
This opens up Gemini to a large new market and expands the potential revenue generation of the company.

Hybridan Research: Physiomics plc

By Hybridan

Three contracts have been announced since the Interim report on 6 March and three peer reviewed scientific articles have been published so far this year.
It includes sales from new clients in new therapeutic areas, which not only builds our confidence in the anticipated 31.5% increase in revenue for YE June 2025, but is also positive for FY June 2026.
A contract was reported on 17 March with a brand-new client in the field of Antibody Drug Conjugates (ADCs).

Merus NV – ACF Thematic Oncology Lung Cancer Cough LCC 25042025

By ACF Equity Research

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.
57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.
The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.

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Apr 29

Daily Brief ESG: Hurdles to Shareholder Proposal Passage Are Still High and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Hurdles to Shareholder Proposal Passage Are Still High, but the Announcement Effect Is Significant

Hurdles to Shareholder Proposal Passage Are Still High, but the Announcement Effect Is Significant

By Aki Matsumoto

There’re signs, with domestic institutional investors gradually becoming more willing to consider shareholder proposals. However, the hurdle to passage is still high, as shareholder proposals weren’t approved at March AGMs.
Regarding proposals that are easy for domestic institutional investors to mechanically approve/disapprove, such as the number of independent directors and female directors, companies are expected to raise the level formally.
Since the announcement effect of shareholder proposals is significant, it is expected that companies that did not pass shareholder proposals this time will launch initiatives to strengthen shareholder returns.

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Apr 29

Daily Brief Thematic (Sector/Industry): HK Strategy: Sell in May and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

HK Strategy: Sell in May, Go Away? The History Says Yes!
Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025
US Banks – Off Balance Sheet, Decline of C&I Commitments, Not A Good Sign
Ohayo Japan | Flat Ahead of Big Tech Earnings
Japan – New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy
Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop
Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes
Sustainable Investing Surveyor Focus on Westwater Resources

HK Strategy: Sell in May, Go Away? The History Says Yes!

By Osbert Tang, CFA

Statistics supported “Sell in May, go away” for the HSI. Since 2013, the average return for May is -2%, and is negative in 8 out of the last 12 years.
On average, May is the worst month since 2020, too. This even eclipsed the month of Oct, which is widely believed to be normally the worst month.
If a weak May happens, the heavily weighted yet strongly performed constituents like BYD (1211 HK), Alibaba Group (9988 HK), and Xiaomi Corp (1810 HK) are to suffer.

Chartered Insights: The Fallout of Indo-Pak Trade Suspension April,2025

By Sudarshan Bhandari

Pakistan’s suspension of bilateral trade with India impacts supply chains, but India’s diversified trade routes through third countries like Dubai and Singapore provide resilience.
India’s trade surplus with Pakistan is at risk, particularly in key sectors like pharmaceuticals, tea, and fertilizers, which could cause supply disruptions in Pakistan.
India’s economy remains largely unaffected due to negligible imports of $0.48 Million, while Pakistan faces heightened inflation and shortages of critical goods, deepening economic strain.

US Banks – Off Balance Sheet, Decline of C&I Commitments, Not A Good Sign

By Daniel Tabbush

A commercial & industrial (C&I) loan commitment is a commitment to lend that a bank provides a company for a fee, so that draw-down can be immediate, when needed
Granular quarterly data from the Fed shows unused C&I loan commitments down USD142bn QoQ in 4Q24 or -5.2% QoQ.
The only other time there was such a sharp contraction was in 1Q20 when it was -12.5% QoQ or where it was down USD266bn QoQ.

Ohayo Japan | Flat Ahead of Big Tech Earnings

By Mark Chadwick

Stocks ended mixed, recovering from early losses as investors focused on upcoming Big Tech earnings and economic data
Hitachi unveiled a three-year management plan targeting growth through artificial intelligence with a 500 billion yen investment in new businesses
Komatsu forecasts a 30% decline in net profit to 309 billion yen, driven by a 79 billion yen cost increase from U.S. tariffs and yen appreciation

Japan – New Loan Officer Survey Is Positive for Lending Growth, for Banks, Underlying Economy

By Daniel Tabbush

The BOJ released its loan officer survey on 21 April which is generally positive for lending demand at firms and eased credit standards (willingness to lend)
Demand for credit over past 3 months for firms, 43 respondents were about the same, 6 were moderately stronger, 1 substantially stronger. No respondents were weaker
Lending policies saw most respondents unchanged, but there were some as ‘eased somewhat’ and 1 ‘eased considerably’ with no respondents reporting tightening

Furniture/Furnishings Weekly: Gen Z Pushes RTO; Chinese Imports Drop

Market retracement as policy volatility remains high.
The WTR Commercial/Contract Furniture Index was up 4.8%, the Residential Manufacturers & Suppliers Index was up 4.9%, and the Home Goods Retailers Index improved by 9.7% as the broader indices surged higher.
Gen Z pushing for Return-to-Office (1). Over the past year, many firms have begun pushing harder for employees to return to the office in order to enhance corporate culture, improve learning and networking opportunities for employees, and enhance organizational agility and innovation.

Biopharma Week in Review: Makary Sparked FDA Optimism; Growing Pushback on HHS Changes

FDA Commissioner Martin Makary injected some regulatory optimism with his first public comments, advocating for accelerated drug approval pathways.
While biopharma headlines were a roller coaster, investors appeared ready to grasp any positive news, despite more signs of FDA dysfunction.
In an E&Y report reviewed by Reuters, 25% pharma tariffs would increase drug costs by $51 billion, leading to either 12.9% higher prices or reductions in R&D efforts and workforce.

Sustainable Investing Surveyor Focus on Westwater Resources

The WTR Sustainable Index was up 4.3% W/W versus the S&P 500 Index (up 4.6%), the Russell 2000 Index (up 4.1%) and the Nasdaq Index (up 6.4%).
Energy Technology (12.6% of the index) was up 5.1%, while Industrial Climate and Ag Technology (47.1% of the index) was up 5.6%, ClimateTech Mining was down 1.0%, and Advanced Transportation Solutions (21.3% of the index) was up 5.8%.
Top 10 Performers: AMY, PLL, AVL, IRBT, SLI, COMM, PE, NGPHF, MEOH, HSC

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Apr 29

Daily Brief ECM: Hanwha Ocean Placement – Recent Run-Up and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky
KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing
Ather Energy IPO | Showroom and Service Center Visits
Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet
Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon
Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention

Hanwha Ocean Placement – Recent Run-Up, Results Make It Tricky

By Sumeet Singh

Korea Development Bank (KDB) plans to raise around US$740m via selling around 5%+ stake in Hanwha Ocean (042660 KS).
HO’s shares have nearly tripled since the start of the year, and the company reported its results today.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

KDB’s Hanwha Ocean Block Deal: Worth Taking a Swing

By Sanghyun Park

KDB sells 4.3% of total shares, offloading about one fifth of its holdings. The price range was 81,265–81,710 won, at an 8.51–9.00% discount, totaling 1.056–1.062 trillion won.
With more float and passive buying (KOSPI 200) potential, plus shipbuilding momentum, the stock’s pullback likely won’t exceed today’s discount — it might be worth taking a swing.
There’s buzz KDB might sell its HMM stake through block trades, like Hanwha Ocean. However, with HMM’s cash reserves, a tender offer seems more likely to drive stock action instead.

Ather Energy IPO | Showroom and Service Center Visits

By Pranav Bhavsar

Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025.
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country.
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not.

Guangzhou Xiao Noodles Catering Management Pre-IPO Tearsheet

By Troy Wong

Guangzhou Xiao Noodles Catering Management (GXNCM) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CMBI and CLSA.
It’s a leading Chinese noodle restaurants operator in China, operating under the Xiao Noodles brand, offering value-for-money cuisines.
Under its dual model of corporate-owned and franchising, it focuses on corporate-owned restaurants in first-tier & new first-tier cities in China.

Aspen Insurance Holdings Limited (AHL): Another Insurance IPO Possibility on the Horizon

By IPO Boutique

Aspen Insurance Holdings filed for its IPO in December 2023 and saw its filing refreshed in December 2024 and once again on March 20th, 2025.
This company was acquired by private-equity titan Apollo Global in a transaction announced in August 2018 and closing in February 2019.
For the twelve months ended December 31, 2024, they wrote $4,609 million in gross written premiums marking a 16.2% increase from the same period in 2023.

Pre-IPO Auntea Jenny (Shanghai) Industrial (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Like peers, we saw the performance growth slowdown of Auntea Jenny in 2024, mainly due to industry slowdown and intensified competition. Auntea Jenny does not have advantage in lower-tier markets.
Auntea Jenny relies on third-party suppliers, with insufficient cold chain coverage, resulting in weak cost control.It’s difficult to maintain the current profit margin level. Franchisees may be forced to quit.
Valuation of Auntea Jenny should be lower than Guming and MIXUE. Considering the weak fundamentals and uncertain outlook, it is already good if valuation could be similar to Baicha Baidao.

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Apr 29

Daily Brief Event-Driven: Toyota Industries (6201 JP): A Rumoured Privatisation with Several Unknowns and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Toyota Industries (6201 JP): A Rumoured Privatisation with Several Unknowns
Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation
Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued
Ainsworth Game Technology (AGI AU): Novomatic’s Polarising Scheme Offer
Amara (AMA SP): Teo Family Reloads At S$0.895/Share
Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
Amara Holdings (AMA SP): Conditional VGO at S$0.895
Lions Gate Studios Spin-off Deep Dive
Potential Takeovers, Legal Battles, and Strategic Reviews: Key Updates on THTX, SWTX, LQDA and More
Event Driven: Mahindra & Mahindra Acquired SML Isuzu, Strengthening Presence in CV

Toyota Industries (6201 JP): A Rumoured Privatisation with Several Unknowns

Toyota Industries (6201 JP) shares were set to hit the daily upper limit of JPY16,225 due to press reports of a privatisation bid valuing it at JPY6 trillion.
Toyota Industries confirmed receiving a going-private proposal from a special purpose company, while Toyota Motor (7203 JP) said it is considering all possibilities, including a partial investment.
There are still several unknowns, including the price, the identity of the offeror, potential irrevocable commitments, the financing structure, and the timeline.

Next Target After Hanwha for Regime Change Momentum Play: SK Inc’s Share Cancellation

By Sanghyun Park

Local traders are betting SK Inc will preemptively announce a treasury share cancellation before the June election, positioning it as the center of the regime change momentum play.
From a trading perspective, SK Inc could rally as a “buyback stock” and offer NAV gap trading opportunities.
Another option could be an event-driven hedge strategy: go long on SK and short index futures post-election. If Lee Jae-myung wins, SK could outperform, but the broader market may drop.

Hanwha Ocean (042660 KS) Placement: Index Implications; Stock Appears Wildly Overvalued

By Brian Freitas

Korea Development Bank is looking to sell 13m shares of Hanwha Ocean (042660 KS). That is US$740m at the top end of the marketed range and 4x ADV.
Following the sale, Korea Development Bank will still own over 15% of the company and that will be an overhang for the stock. Plus the stock appears wildly overvalued.
There will be limited buying from passive trackers at the time of the placement with bigger passive flows coming through in June and August.

Ainsworth Game Technology (AGI AU): Novomatic’s Polarising Scheme Offer

Ainsworth Game Technology (AGI AU) entered into a scheme implementation deed with Novomatic, its controlling shareholder, at A$1.00 per share, a 35.1% premium to the unaffected price.
The final offer is unattractive. Kanen Wealth Management opposes the offer. The lack of irrevocables from Spheria and Allan Gray adds to the vote risk.
Cognizant of the scheme vote risk, Novomatic has the option to switch to an alternative takeover offer, which has a 75% minimum acceptance condition, thereby limiting the downside risk.

Amara (AMA SP): Teo Family Reloads At S$0.895/Share

Amara Holdings (AMA SP), a property/hotel play, has announced a best-and-final conditional S$0.895/share cash Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
If Amara sounds familiar, in November 2023, the family launched a best-and-final unconditional cash Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
This new Offer has a 90% acceptance condition. Irrevocables tally 90.58%. Done and done.

Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair

Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.
The IFA agreed and said “Not Fair but Reasonable”, with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.

Amara Holdings (AMA SP): Conditional VGO at S$0.895