In today’s briefing:
- Reece (REH AU): Positioning Increases as Global Index Deletion Nears
- Asian Terminals (ATI PM)
- MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
Reece (REH AU): Positioning Increases as Global Index Deletion Nears
- Reece Ltd (REH AU)‘s stock price has dropped a lot over the last year, and the significantly lower market cap could result in global index deletion in August.
- Short interest started to pick up early this year and has accelerated over the last couple of months. There are indications of positioning in the stock.
- Reece Ltd (REH AU) has underperformed its peers but still trades at a higher EV/EBITDA and forward PE compared to most of its peer group.
Asian Terminals (ATI PM)
- Asian Terminals (ATI PM — US$941 million) is a Philippines-based port operator.
- It’s owned by Eusebio (“Yosi”) Tanco, recently famous for having hit a jackpot with online bingo operator DigiPlus and school operator STI Education.
- Asian Terminals has also done exceptionally well. It was set up in the 1980s and managed to acquire the Manila South Harbor port in the early 1990s.
MMC Ports Pre-IPO – The Positives – Port Tariff Hike Beneficiary
- MMC Port Holdings Berhad (2436494D MK) is looking to raise up to US$2bn in its upcoming Malaysian IPO.
- It is principally involved in port operations in Malaysia. The firm operates five sea ports and a solid product jetty terminal, and conducts ship-to-ship (STS) services at an offshore port.
- In this note, we talk about the positive aspects of the deal.
💡 Before it’s here, it’s on Smartkarma
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