In today’s briefing:
- Mandarin Oriental (MAND SP): Matheson’s Full Offer
- Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
- Seres Group H Share Listing: The Investment Case
- IStyle: An Omnichannel Benchmark Benefitting from Amazon Shareholding
- Election of Foreign Board Directors Is More Critical than ％ of Female Board Members
Mandarin Oriental (MAND SP): Matheson’s Full Offer
- A sale – partial or otherwise – of Mandarin Oriental International (MAND SP)‘s One Causeway Bay (OCB) was always on the cards. But I didn’t see an Offer coming.
- Concurrent with the sale of 13 floors of OCB to Alibaba (9988 HK), Jardine Matheson (JM SP) is seeking to take out MAND’s minorities at US$3.35/share by way of a Scheme.
- That’s a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Unlike the 2021 Jardine Strategic (JS SP) Offer, Matheson is required to abstain from voting on this takeover.
Mr DIY Thailand IPO: Discount to Its Malaysian and Indonesian Counterparts
- Mr. DIY Holding (Thailand) (2472516D TB) is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
- It is considered the largest home improvement and lifestyle retailer by market segment in the country.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Seres Group H Share Listing: The Investment Case
- Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
- The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
- The investment case rests on solid NEV performance, improving margin profile and strong cash generation.
IStyle: An Omnichannel Benchmark Benefitting from Amazon Shareholding
- Istyle Inc (3660 JP) is a cosmetics retailer under the name @Cosme, but it is also an exemplar of how to build a true omnichannel business.
- Its effective use of the deep data available from the 10 million users on its core @Cosme platform is its key asset.
- It now targets ¥83 billion in sales this year, using data to expand into supplements and Femtech.
Election of Foreign Board Directors Is More Critical than ％ of Female Board Members
- The gradual increase in the proportion of independent directors is partly due to the growing shift from companies with audit committees to companies with audit and supervisory committees.
- Companies with audit committees tend to have more outside directors by design, yet they can delegate operational matters to inside directors. Consequently, companies don’t strongly resist having more outside directors.
- As more companies expand businesses globally, the number of foreign directors hasn’t increased significantly. The reason for this lack of growth is the absence of specific targets set by regulators.
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