Category

Daily Briefs

Aug 18
0

Daily Brief Private Markets: BintanGo Expands into Live Commerce with $2.2m Raise and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • BintanGo Expands into Live Commerce with $2.2m Raise
  • Digital Entertainment Asset Raises Funding from Global Brain to Launch New Web3 Initiatives
  • Genexyz, Which Provides Virtual Avatars for Content Creators, Lands US$1M Funding

BintanGo Expands into Live Commerce with $2.2m Raise

By Tech in Asia

  • BintanGo, which provides tools for digital content creators in Indonesia, has raised US$2.2 million in a seed extension round joined by Investible, Contents Technologies, and other investors.
  • This brings its total funds raised to US$4.8 million so far. The startup closed a US$500,000 pre-seed round in June 2021 and a US$2.1 million seed round in April 2022.
  • With the latest investment, BintanGo plans to extend its services to live commerce platforms, said CEO and co-founder Jason Lee in a statement.

Digital Entertainment Asset Raises Funding from Global Brain to Launch New Web3 Initiatives

By e27

  • Digital Entertainment Asset (DEA), a Singapore-based Web3 entertainment company, today announced that it has secured undisclosed funding from Global Brain Corporation’s KDDI Open Innovation Fund III.
  • In a press statement, DEA co-founder and co-CEO Naohito Yoshida said that the company is “very proud” to announce its new investment and collaboration with Global Brain.
  • “We look forward to working together with KDDI to offer various Web3 incentives to a wider audience, including the use of PlayMining assets in the αU metaverse and joint efforts to promote DEA’s ‘GameFi-for-Good’ social impact initiatives,” he said.

Genexyz, Which Provides Virtual Avatars for Content Creators, Lands US$1M Funding

By e27

  • Indonesia-based virtual influencer and meta-human company Genexyz has secured US$1 million in seed funding led by East Ventures.
  • Emtek, MDI Ventures, Trinity Optima, and Massive Music also joined.
  • The company will use the funds to expand into Southeast Asia and develop more interactive technology to connect with relevant communities.

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Aug 18
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan|Global Yields Hit 20Yr High and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan|Global Yields Hit 20Yr High, Tech Investors Head for Exits; NUGGET: Trapped in Russia?
  • China Property Developers In Distress – Weekly News & Announcements Tracker | 11-17 August 2023
  • Southeast Asia Is Looking Mighty Fine to China’s Data Center Firms

Ohayo Japan|Global Yields Hit 20Yr High, Tech Investors Head for Exits; NUGGET: Trapped in Russia?

By Mark Chadwick

  • OVERSEAS.  Global Yields hit 20 year high; US Yield continue upward trajectory; US Mortgage Rates above 7%; Tech Investors heading to exits; China steps up battle to protect Yuan.
  • JAPAN. NKY Futures -0.9% vs Cash; USDJPY 145.9; Japan Authorities adopt wait and see approach on the USDJPY; Unpopular Kishida to call snap election ?
  • NUGGET. Russia-Ukraine conflict/proxy war vs West recently saw Russia seizing the local operations of Calsberg and Danone. Japanese companies hanging in Russia could be at risk. 

China Property Developers In Distress – Weekly News & Announcements Tracker | 11-17 August 2023

By Robert Ciemniak

  • A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
  • We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
  • We do not verify the underlying data or provide any opinion, we only select and summarize the information; see direct links to sources

Southeast Asia Is Looking Mighty Fine to China’s Data Center Firms

By Caixin Global

  • Chinese data center firms are ramping up their overseas expansion to ride the artificial intelligence (AI) wave, especially in Southeast Asia, said a senior executive at GDS Holdings Ltd., one of the country’s largest data center operators.
  • While traditional computing requires proximity to the end-use market, AI computing power is more oriented towards natural resources, and Southeast Asia has both resources and cost advantages, said Jimmy Yu, senior vice president of international business at GDS in an interview with Caixin on July 27.
  • “Developing AI computing power requires a resource-rich region to carry out training and inference in large models. Southeast Asia has rich land and power resources, and the costs are much lower than in the Middle East, Americas, or Europe,” Yu said.

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Aug 18
0

Daily Brief ECM: WuXi XDC Cayman Pre-IPO – The Negatives – Bottlenecks Have Held Margins Back. Receivables Ballooning and more

By | Daily Briefs, ECM

In today’s briefing:

  • WuXi XDC Cayman Pre-IPO – The Negatives – Bottlenecks Have Held Margins Back. Receivables Ballooning
  • Concord Biotech IPO Trading – Strong Subscription Rates, Peers Have Moved up Since Last Note
  • Rakuten Securities IPO: Japan Optimism and Fractional Trading Boost Revenue Amid Stable Costs
  • India Shelter Finance Pre-IPO Tearsheet

WuXi XDC Cayman Pre-IPO – The Negatives – Bottlenecks Have Held Margins Back. Receivables Ballooning

By Clarence Chu

  • WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
  • WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
  • In this note, we will talk about the not-so-positive aspects of the deal.

Concord Biotech IPO Trading – Strong Subscription Rates, Peers Have Moved up Since Last Note

By Clarence Chu

  • Concord Biotech Ltd (658823Z IN) raised US$188m in its India IPO.
  • Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
  • In this note, we will talk about the trading dynamics.

Rakuten Securities IPO: Japan Optimism and Fractional Trading Boost Revenue Amid Stable Costs

By Oshadhi Kumarasiri

  • Rakuten Group (4755 JP) announced last month that its consolidated subsidiary, Rakuten Securities (RAKUSEC JP), has applied for a listing on the Tokyo Stock Exchange.
  • In the last eight quarters, the Securities business has experienced more than 100% profit growth, thanks to linear revenue growth while costs remained relatively stable.
  • The previous private market valuation of ¥400bn implies a PE ratio of 15.0x, assuming the company maintains its current 2Q23 profitability level.

India Shelter Finance Pre-IPO Tearsheet

By Ethan Aw

  • India Shelter Finance (0570670D IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by Ambit, Citigroup, ICICI Securities and Kotak Mahindra.
  • India Shelter Finance (ISF) is a retail focused affordable housing finance company. Between FY21-23, the firm registered a two-year CAGR growth of 40.8% in terms of AUM, according to CRISIL. 
  • Its target segment comprises self-employed customers, focusing on first time home loan takers in the low and middle income group in Tier II and Tier III cities in India. 

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Aug 18
0

Daily Brief Credit: Morning Views Asia: Continuum Green Energy and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Continuum Green Energy, Lenovo

Morning Views Asia: Continuum Green Energy, Lenovo

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Aug 18
0

Daily Brief Event-Driven: Celltrion Merger: Index Implications and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Celltrion Merger: Index Implications
  • Celltrion Merger Swap: Conditions & Schedule
  • Celltrion (068270 KS) Merger with Celltrion Healthcare (091990 KS)
  • Sanei Architecture Planning (3228) Finds Saviour from Mafia-Linked Former Boss and Majority Owner
  • Quiddity Leaderboard STAR 50 Dec 23: The Real Deal
  • Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share
  • NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow
  • Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer
  • T&K Toka (4636 JP): Bain’s JPY1,400 Pre-Conditional Tender Offer
  • Quiddity Leaderboard CSI 300/​​500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

Celltrion Merger: Index Implications

By Brian Freitas

Celltrion Merger Swap: Conditions & Schedule

By Sanghyun Park

  • The swap prices, ₩148,853 for Celltrion Inc and ₩66,874 for Celltrion Healthcare, specified below are not tentative prices but confirmed prices. So, the merger ratio has been determined as 1:0.4492620.
  • The key focus now is the appraisal rights exercise. Both offer attractive spreads. Yet, the ₩1T combined ceiling might seem restricted considering potential dissenting Celltrion Inc shareholders exceeding expectations.
  • Nonetheless, considering the strong determination of the company towards this merger, we should consider a strategy of approaching this spread aggressively while keeping the cancellation risk in mind.

Celltrion (068270 KS) Merger with Celltrion Healthcare (091990 KS)

By Arun George

  • Celltrion Inc (068270 KS) will merger with Celltrion Healthcare (091990 KS). Celltrion Healthcare shareholders will receive 0.4492620 Celltrion shares per Celltrion Healthcare share. 
  • The merger requires shareholder (approval by at least two-thirds of the votes of the shareholders present representing at least one-third of the outstanding shares) and Fair Trade Commission approval.
  • The merger ratio, based on regulations, is attractive compared to historical VWAP exchange ratios and multiples. At last close prices, Celltrion Healthcare shares are trading broadly at terms. 

Sanei Architecture Planning (3228) Finds Saviour from Mafia-Linked Former Boss and Majority Owner

By Travis Lundy

  • [cue Tom Hardy gif saying “That’s Bait”]. But yes, this story has a backstory to the Japanese underworld, and while the original sin may have been minor, it’s everything.
  • The firm was raided, the CEO resigned, a govt authority “recommended” Sanei get rid of Mr Koike’s influence, banks got antsy, employee morale dropped. Sanei needed a saviour.
  • Koike-San asked Open House (3288 JP) to buy his shares. They agreed to take over the company. It’s basically a done deal with a possible twist.

Quiddity Leaderboard STAR 50 Dec 23: The Real Deal

By Janaghan Jeyakumar, CFA

  • STAR 50 Index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
  • Recently, I discussed the historical price and volume performance of STAR 50 rebalance events in Quiddity Primer for STAR 50 Index Rebalance Events. 
  • In this insight, we take a look at our expectations for potential ADDs and DELs for the STAR 50 index during the December 2023 Rebalance event.

Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share

By Travis Lundy

  • In January 2023, NAVF and Michael 1925 LLC – affiliates of Dalton Investments LLC – announced a hostile partial Tender Offer for T&K Toka Co Ltd (4636 JP). 
  • It failed. They wanted to buy 21.72% at ¥1300 to get to 44% post-Tender. The Company objected. Dalton/etc didn’t get the shares. Shares fell afterward. 
  • Today, Bain announced a deal to take over the company at ¥1,400/share. T&K TOKA has agreed. It may not be as easy as that. And there is a fulcrum investor.

NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

By Brian Freitas

Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer

By David Blennerhassett

  • Back on the 13 June, cybersecurity firm Tesserent Ltd (TNT AU) announced a Scheme with France’s Thales SA (HO FP). Thales is offering A$0.13/share, a 165% premium to last close. 
  • The Scheme Doc has been despatched with Tesserent shareholders voting on the 18 September. Tesserent’s board (holding 9.23%) and the IE are supportive. Implementation expected on the 4 October.
  • The Offer is also subject to FIRB signing off. New Zealand’s OIO gave the green light on the 18 July.

T&K Toka (4636 JP): Bain’s JPY1,400 Pre-Conditional Tender Offer

By Arun George

  • T&K Toka Co Ltd (4636 JP) has recommended Bain’s pre-conditional tender offer of JPY1,400 per share, a 32.0% premium to the undisturbed price.
  • The pre-conditions relate to China TOB treatment measures (T&K Toka sell downs its Hangzhou Toka Ink stake to hold less than 30%) and various country approvals (Japan and Serbia).
  • The offer will open in early January 2024. The minimum acceptance condition requires a 39.2% minority acceptance rate (50.3% excluding Nippon Active), which is doable due to a reasonable offer.

Quiddity Leaderboard CSI 300/​​500 Dec 23: US$2.5bn One-Way Turnover; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

  • CSI 300 represents the 300 largest stocks by market capitalization and liquidity from the entire universe of Shanghai and Shenzhen Stock Exchanges. CSI 500 represents the next largest 500 names.
  • In this insight, we take a look at the potential ADDs/DELs for the CSI 300 and CSI 500 rebalance in December 2023.
  • I currently expect 14 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. 

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Aug 18
0

Daily Brief Equity Bottom-Up: Sea (SE US) – Turning Up the Investment Dial and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Sea (SE US) – Turning Up the Investment Dial
  • Amorepacific Group: SoTP Valuation and Meaning of Min-Jung Suh Taking One Year Leave of Absence
  • Bajaj Finance: Strong Q1FY24 Earnings – Guidance Upgraded
  • Chongqing Brewery (600132 CH) Limit Up 10% Today After Results Beat; Buy China Resources Beer
  • JD Health 1H2023: Reports Operating Profits; Margin Upside Is Very Limited
  • Matsui Securities – Rising Average Daily Volume & New Accounts, With Strong July Monthly Figures
  • Advantest (6857 JP): High Gearing on the Downside
  • Shakey’s Pizza: Q2 2023 Stellar, Increasing Guidance to 30% YoY Top/Bottomline Growth
  • Jindong (JD US): We Would Stay on the Sideline
  • Bilibili (9626): 2Q23, Cut Losses and Raised Growth, Upgrade to Buy

Sea (SE US) – Turning Up the Investment Dial

By Angus Mackintosh

  • Sea (SE US) 2Q2023 results reflected some underlying slowdown but beneath the surface, the company’s core marketplace business saw accelerated growth, as it stepped up investment, and margins improved concurrently. 
  • The company invested in live streaming, bringing on 1m influencers in 2Q2023, likely stemming the impact of TikTok. The gaming business showed meaningful signs of recovery QoQ in 2Q2023.
  • Sea (SE US) grew its cash reserves in 2Q2023 to US$7.7bn signifying the success of its business model. The short-term sell-off looks overdone possibly triggered by talk of quarterly losses.

Amorepacific Group: SoTP Valuation and Meaning of Min-Jung Suh Taking One Year Leave of Absence

By Douglas Kim

  • About a week ago, it was announced that Chairman’s elder daughter Min-Jung Suh will take a long one year leave of absence.
  • Chairman Suh is very dissatisfied with the company’s results in the past three years and wants to shake up the company to improve its operations, in our view. 
  • Our base case NAV valuation of Amorepacific Group (002790 KS) is 39,611 won, which is 29% higher than current price.

Bajaj Finance: Strong Q1FY24 Earnings – Guidance Upgraded

By Ankit Agrawal, CFA

  • Bajaj Finance (BAF) reported a strong Q1FY24 earnings, led by an all-time-high quarterly AUM growth of INR 22718cr. With this, BAF has upgraded its FY24 AUM growth guidance to 29-31%.
  • AUM growth was aided by the highest ever new loans in a quarter. New loans booked at 9.94mm in Q1FY24 were up 34% YoY and 31%+ QoQ.
  • Opex-To-NII has come down to 34.0% vs 35%+ earlier, led by operational leverage and deceleration in investments. This has helped the ROE to jump to 24.0% vs 23.1% YoY.

Chongqing Brewery (600132 CH) Limit Up 10% Today After Results Beat; Buy China Resources Beer

By Steve Zhou, CFA

  • Chongqing Brewery Co A (600132 CH) announced a impressive earnings beat last night, with net profit up 24% yoy in 2Q23.  Stock is limit up (10%) today.
  • The results confirm the premiumization thesis of the China beer sector is in tact.
  • Buy China Resources Beer Holdings (291 HK); take advantage of the overall H-share market weakness and unfounded fear on deflation.   

JD Health 1H2023: Reports Operating Profits; Margin Upside Is Very Limited

By Shifara Samsudeen, ACMA, CGMA

  • JD Health reported 1H2023 results yesterday. 1H revenue increased 34.0% YoY to RMB27.1bn (vs consensus RMB27.5bn) and reported an OP of RMB943.9m (vs consensus RMB753.2m) vs RMB60.1m in 1H2022.
  • Though the company made OPM of 5.7% in 1Q2023, 1H2023 OPM was 3.5% in line with our analysis that OPM in excess of 2-3% may not be possible in LT.
  • There is very little upside for GPM to improve unless the company’s high-margin service business takes off at a higher rate which seems unrealistic to us.

Matsui Securities – Rising Average Daily Volume & New Accounts, With Strong July Monthly Figures

By Daniel Tabbush

  • Japan online retail stock broker, better average daily volume and rising new accounts
  • Monthly data shows strong July average daily volume after an exceptional June
  • Granular data on monthly new accounts is strong, now  at +31% in July YoY

Advantest (6857 JP): High Gearing on the Downside

By Scott Foster

  • Advantest is highly geared to changes in sales, with average contribution margins of 36% and 51% at the gross and operating profit levels, respectively.
  • This works on the downside as well as the upside, something that has perhaps not received sufficient attention as optimists imagine a repeat of the recent extraordinary up-cycle.
  • The share price is down 19% from its July 18 high, but at the top of its 5-year P/E range even vs historical peak EPS.

Shakey’s Pizza: Q2 2023 Stellar, Increasing Guidance to 30% YoY Top/Bottomline Growth

By Sameer Taneja

  • We attended the Shakey’s Pizza (PIZZA PM) conference call for H1 FY23. Management was upbeat and guided 30% top/bottom line growth for FY23 ( up from 20% in Q1 FY23)
  • The company reported its highest-ever quarterly systemwide sales of 4.6 bn pesos ( up 29% YoY) due to network expansion, dine-in recovery, and, to a certain extent, price hikes.
  • Trading at a 12.9x/9.9x FY23e/24e PE, the stock is cheap, and growth of 20% CAGR over the next 3-4 years is not being factored in. 

Jindong (JD US): We Would Stay on the Sideline

By Eric Chen

  • JD reported 2Q results that were slightly better than the street expected.
  • But the set of results did little to alleviate our concerns about the structural challenges JD need to combat.
  • We still don’t think JD represents a viable investment case due to its lack of growth catalysts (vs. PDD) and attractive valuation (vs. Alibaba). We would stay on the sideline.

Bilibili (9626): 2Q23, Cut Losses and Raised Growth, Upgrade to Buy

By Ming Lu

  • The growth rate of advertising revenue rose to 36% YoY in 2Q23 from 22% YoY in 1Q23.
  • Bilibili continued to cut costs and expenses by dismissing employees in a game studio.
  • The share price has fallen enough, and we believe it is time to Buy.

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Aug 18
0

Daily Brief Macro: CX Daily: China’s Money-Losing IPO Fever Breaks and more

By | Daily Briefs, Macro

In today’s briefing:

  • CX Daily: China’s Money-Losing IPO Fever Breaks
  • FX Nugget: Can the PBoC defy gravity? 7.30 watch

CX Daily: China’s Money-Losing IPO Fever Breaks

By Caixin Global

  • IPO /: China’s money-losing IPO fever breaks
  • BRICS /: BRICS leaders to discuss expansion of the bloc, top Brazilian diplomat says
  • Property /: Property investment slid further in July amid weakening market

FX Nugget: Can the PBoC defy gravity? 7.30 watch

By Andreas Steno

  • Our new “Nugget” concept is designed to deliver the very best charts and visualizations of key macro topics in a very palatable way.
  • One nugget, one chart – and only very few words!
  • Nugget 1: USDCNY decides risk assets from here. The USDCNY is the most critical global bellwether at this juncture and the path ahead for risk assets is dependent on the PBoC now.

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Aug 18
0

Daily Brief South Korea: Celltrion Inc, Celltrion Healthcare , Amorepacific Group and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Celltrion Merger: Index Implications
  • Celltrion Merger Swap: Conditions & Schedule
  • Celltrion (068270 KS) Merger with Celltrion Healthcare (091990 KS)
  • Amorepacific Group: SoTP Valuation and Meaning of Min-Jung Suh Taking One Year Leave of Absence

Celltrion Merger: Index Implications

By Brian Freitas

Celltrion Merger Swap: Conditions & Schedule

By Sanghyun Park

  • The swap prices, ₩148,853 for Celltrion Inc and ₩66,874 for Celltrion Healthcare, specified below are not tentative prices but confirmed prices. So, the merger ratio has been determined as 1:0.4492620.
  • The key focus now is the appraisal rights exercise. Both offer attractive spreads. Yet, the ₩1T combined ceiling might seem restricted considering potential dissenting Celltrion Inc shareholders exceeding expectations.
  • Nonetheless, considering the strong determination of the company towards this merger, we should consider a strategy of approaching this spread aggressively while keeping the cancellation risk in mind.

Celltrion (068270 KS) Merger with Celltrion Healthcare (091990 KS)

By Arun George

  • Celltrion Inc (068270 KS) will merger with Celltrion Healthcare (091990 KS). Celltrion Healthcare shareholders will receive 0.4492620 Celltrion shares per Celltrion Healthcare share. 
  • The merger requires shareholder (approval by at least two-thirds of the votes of the shareholders present representing at least one-third of the outstanding shares) and Fair Trade Commission approval.
  • The merger ratio, based on regulations, is attractive compared to historical VWAP exchange ratios and multiples. At last close prices, Celltrion Healthcare shares are trading broadly at terms. 

Amorepacific Group: SoTP Valuation and Meaning of Min-Jung Suh Taking One Year Leave of Absence

By Douglas Kim

  • About a week ago, it was announced that Chairman’s elder daughter Min-Jung Suh will take a long one year leave of absence.
  • Chairman Suh is very dissatisfied with the company’s results in the past three years and wants to shake up the company to improve its operations, in our view. 
  • Our base case NAV valuation of Amorepacific Group (002790 KS) is 39,611 won, which is 29% higher than current price.

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Aug 18
0

Daily Brief Australia: Tesserent Ltd, DDH1, State Gas Ltd, Pointerra Ltd and more

By | Australia, Daily Briefs

In today’s briefing:

  • Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer
  • DDH1 (DDH AU): Scheme Meeting on 18 September
  • DDH1/Perenti Merger: 18 Sept Shareholder Vote
  • State Gas Limited – Cashed up and on the Path to First Gas
  • Pointerra Ltd – Share Placement and SPP to Fund US Sales Force/WC

Tesserent’s Shareholders To Vote on 18 Sept As FIRB Mulls Thales Offer

By David Blennerhassett

  • Back on the 13 June, cybersecurity firm Tesserent Ltd (TNT AU) announced a Scheme with France’s Thales SA (HO FP). Thales is offering A$0.13/share, a 165% premium to last close. 
  • The Scheme Doc has been despatched with Tesserent shareholders voting on the 18 September. Tesserent’s board (holding 9.23%) and the IE are supportive. Implementation expected on the 4 October.
  • The Offer is also subject to FIRB signing off. New Zealand’s OIO gave the green light on the 18 July.

DDH1 (DDH AU): Scheme Meeting on 18 September

By Arun George

  • DDH1 (DDH AU)‘s IE considers Perenti Global (PRN AU)’s A$0.1238 cash plus 0.7111 PRN shares for each DDH share offer fair and reasonable. 
  • The offer requires DDH1 shareholder approval. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.
  • The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%, respectively.

DDH1/Perenti Merger: 18 Sept Shareholder Vote

By David Blennerhassett

  • Back on the 26 June, specialty mining driller DDH1 (DDH AU)announced a merger, by way of a Scheme, with Perenti Global (PRN AU).
  • Under the agreement, DDH1 shareholders would receive for each DDH1 share held $0.1238 cash plus 0.7111 Perenti shares, for an implied value of A$1.01/share, or a 17.4% premium.
  • I thought the terms were fair. The Independent Expert has now concluded the same. Shareholders will have their say at the Scheme Meeting on the 18 September. 

State Gas Limited – Cashed up and on the Path to First Gas

By Research as a Service (RaaS)

  • State Gas Limited (ASX:GAS) is a junior energy producer and explorer with assets concentrated in the Bowen Basin, Queensland.
  • Having secured a capital injection through a recent equity placement, the company is set to make the transition from explorer to producer with the imminent start-up of the Rolleston West CNG Project.
  • Although only a small-scale start-up, first gas is always a critical event driver in demonstrating the commercial potential of the assets and providing a platform from which growth strategies can emanate. 

Pointerra Ltd – Share Placement and SPP to Fund US Sales Force/WC

By Research as a Service (RaaS)

  • Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using, and sharing massive 3D point clouds and datasets.
  • Pointerra3D is a proprietary digital twin SaaS platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
  • The Pointerra3D suite of solutions spans target sectors including survey and mapping; architecture, engineering, and construction (AEC); utilities; transport; resources, and defence and intelligence. 

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Aug 18
0

Daily Brief Thailand: Bumrungrad Hospital Pub Co and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) recorded 23% YoY increase in revenue from hospital operation to THB6 billion in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients.
  • Revenue from Thai patients increased 14% YoY and contributed 35% of total revenue. Revenues from Thai and Expat exceeded pre-COVID levels since 3Q20 and continued to grow.
  • Despite an increase in SG&A expenses, EBITDA increased 40% YoY to THB2 billion in 2Q23, with an EBITDA margin of 38.9% in 2Q23 compared to 34.4% in 2Q22.

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