In today’s briefing:
- Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN
- FSS Surprisingly Halts Hanwha Aerospace’s Rights Offering Capital Raise Temporarily
- Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
- Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes
- Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43
- Policy Shift: Inocsa Makes a Premium Move on Catalana Occidente
Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN
- Hugely cash-rich Cookpad Inc (2193 JP) wouldn’t hit my radar except for two things. 1) it was the target of Melco Holdings (6676 JP) chairman Maki-san a few years ago…
- And 2) they did a huge buyback last year which pumped up the stock very bigly.
- Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.
FSS Surprisingly Halts Hanwha Aerospace’s Rights Offering Capital Raise Temporarily
- After the market close on 27 March, the Financial Supervisory Service (FSS) surprisingly announced a temporary halt to the 3.6 trillion won rights offering capital raise of Hanwha Aerospace.
- The FSS has requested a correction report to the massive paid-in capital increase securities report submitted by Hanwha Aerospace on 20 March.
- While there could be a short term pop to Hanwha Aerospace’s stock tomorrow, we continue remain negative on Hanwha Aerospace over next 1 year mainly due to its stretched valuations
Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
- Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
- The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
- The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances.
Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes
- In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
- We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200.
- The official index changes will be announced after the close on Friday 6th June 2025.
Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43
- Domain Holdings Australia (DHG AU) announced a final non-binding proposal from Costar Group (CSGP US) at A$4.43, a 5.5% premium to the previous A$4.20 offer.
- The scheme vote is low-risk as Nine Entertainment Co Holdings (NEC AU) seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.
- While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming.
Policy Shift: Inocsa Makes a Premium Move on Catalana Occidente
- Inocsa offers €50 per share for GCO, representing an 18.3% premium, aiming to consolidate control and delist the company from the Spanish stock exchange if thresholds are met.
- GCO reported €623 million in FY 2024 net income, with strong solvency (242%) and leading positions in traditional and credit insurance across Spain and over 50 international markets.
- With a fair value near €50.68/share and solid fundamentals, minority shareholders receive a full but not generous offer, lacking a typical control premium often seen in similar takeovers.
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