In today’s briefing:
- Poh Huat Full Year Results: Deep Value Situation
- AceVector Ltd Pre-IPO Tearsheet
- 2026 High Conviction: Uni President China (220 HK): Modest Valuations, Robust Cash Flows
- Health & Happiness: MODTRIS
- Strix Group Plc – Debt-Free Reset: Proposed sale of Billi
- What Are Companies that Re-Sell Treasury Stock Thinking?
Poh Huat Full Year Results: Deep Value Situation
- Operations did not make any money. other income led to profits.
- Cash per share is MYR 1.11 and the company trades below Cash.
- The company is cautious on outlook due to increasing cost, weak demand , supply chain issue and tariffs.
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AceVector Ltd Pre-IPO Tearsheet
- AceVector Ltd (3673145Z IN) (AVL) is looking to raise about US$100m in its upcoming India IPO. The deal will be run by IIFL and CLSA.
- AVL is a digital commerce ecosystem comprising (i) Snapdeal, a value-focused lifestyle e-commerce marketplace, (ii) Unicommerce, an e-commerce enablement SaaS platform, and (iii) Stellaro Brands-an omnichannel consumer brands retailing business.
- Together, these businesses cover the entire e-commerce value chain across B2C and B2B segments catering to multiple stakeholders vertically- through both online and offline modes and horizontally.
2026 High Conviction: Uni President China (220 HK): Modest Valuations, Robust Cash Flows
- Uni President China (220 HK) appeals to value investors with its stable long-term growth, attractive dividends, and diversified consumer staples portfolio, despite severe near-term sector competition.
- The intense competition plaguing China’s food delivery platforms and F&B sector have impacted investor sentiment and valuations. Expect stock rebound as the dust settles.
- Uni-President’s brand loyalty and innovation capabilities should help sustain revenue and profit growth, enabling the company to weather near-term pricing and margin pressures.
Health & Happiness: MODTRIS
- Here we introduce Modtris as a drastic approach to credit analysis.
- Modrist uses historical financial data to compute simultation of multi-dimentional dynamics.
- Fair value of H&H, according to Modtris, is quite close to the current price. We see Modtrist as an alternative to arrive at bond fair value without human bias.
Strix Group Plc – Debt-Free Reset: Proposed sale of Billi
- The proposed disposal of Billi, conditional on shareholder approval, is transformational for the Group.
- Ahead of any movement in capital allocation, net cash would amount to c£37m on the repayment of all indebtedness.
- The net consideration of £107m equates to 45p/share, representing a premium to the current share price.
What Are Companies that Re-Sell Treasury Stock Thinking?
- Given the current high stock prices relative to EPS compared to the past, attention should be paid to whether overseas investors shift to net selling if prices begin to decline.
- In cases where treasury stock is sold again, it raises questions: Was it necessary to repurchase treasury stock amid cash flow concerns, or was this a forward-looking cash allocation decision?
- As cash utilization, balance sheet restructuring, and capital profitability improvements gain attention, the number of outstanding shares will gradually decline as prompt share buybacks increase.
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