Daily BriefsTMT/Internet

TMT: Gcl Poly Energy Holdings Limited, Link Administration, M Cash Integrasi PT and more

In today’s briefing:

  • FTSE All-World/​​All-Cap Index Rebalance Preview: Some Big Changes in China
  • Merger Arb Mondays (04 Jul) – Link Admin, Ramsay, DTAC/True, Australian Unity Office Fund, Yashili
  • PT M Cash Integrasi Tbk – New Partnerships Bearing Fruits

FTSE All-World/​​All-Cap Index Rebalance Preview: Some Big Changes in China

By Brian Freitas

  • The price review period for the FTSE All-World/All-Cap September 2022 SAIR ended on 30 June. The changes are expected to be announced on 19 August and implemented on 19 September.
  • There are a lot of potential inclusions to the indices for China -some changes are a result of stocks being included in Northbound Stock Connect.
  • Gcl Poly Energy Holdings Limited (3800 HK) is the largest potential inclusion (in terms of passive flow) in the index following resumption of trading in November 2021.

Merger Arb Mondays (04 Jul) – Link Admin, Ramsay, DTAC/True, Australian Unity Office Fund, Yashili

By Arun George


PT M Cash Integrasi Tbk – New Partnerships Bearing Fruits

By SCCM Asia Research

  • 1Q22 saw robust performances: Revenue was -7.4% YoY to IDR3,044bn in 1Q22, largely driven by -67% YoY decline in digital products & services (on the flip side, this segment saw 2pp expansion in GPM).
  • Streamlining top-line estimates: We revised down our revenue estimates slightly by -0.5%/-2%/-4% to IDR15,044bn/IDR17,198bn/IDR19,135bn in FY22E/23E/24E, due to downward revisions for digital products and cloud advertising segments, offset by upward revisions for SaaS, Clean Energy, and the additional revenue streams from latest partnerships (E-wholesale, Audio Visual, and Content & Entertainment).
  • Improving PATMI margins from FY22-24E: Our PATMI margin estimates have mostly remained the same and on upward trends at 0.3%/0.5%/0.7% (prior: 0.3%/0.4%/0.7%) in FY22E/23E/24E, respectively, as MCAS leverages on its dist.

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