Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

SVI (SVI TB): Production Capacity Expansion Should Continue to Pay Off

Interesting Stocks to Consider in Thailand, Vol. 2

Interesting Stocks to Consider in Thailand

Quiddity Advisors

Event-Driven

Pongsak Lothongkam, <a href="https://www.smartkarma.com/entities/svi-pcl" target="_blank" data-smartkarma-citation="entities:10119:1" rel="noopener">SVI Pcl (SVI TB)</a>'s CEO and largest shareholder with 45.71% of shares out, has launched a <a href="https://www.set.or.th/set/newsdetails.do?newsId=15682454704980&amp;language=en&amp;country=US" target="_blank" rel="noopener">Conditional Voluntary Tender Offer</a> (CVTO) at THB4.85/share or a 23.7% to last close, but where the shares traded back in late April.
The Offer is conditional on 19.29% of shares out tendering, to get Lothongkam to at least 65%.  He has no intention of delisting SVI within 12 months after the (successful) completion of the Tender Offer period.
SVI is an electronics and manufacturing service provider deriving 32% of revenue (in FY18) from Europe. Slowing demand and the baht appreciation has resulted in a downward revision in earnings from management. The consensus target price has declined to THB3.82, prior to the Offer, from THB4.88 at the beginning of the year. <a href="https://www.set.or.th/set/newsdetails.do?newsId=15653015701750&amp;language=en&amp;country=US" target="_blank" rel="noopener">2Q19</a> net income was down 44.6% yoy.
Still, the Offer appears opportunistic.
<hr>
Quiddity's new <a href="https://skr.ma/rTzri" target="_blank" rel="noopener">Quiddity Thailand M&amp;A Guide 2019</a> is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the Thai M&amp;A landscape. There are several others in the <a href="https://www.smartkarma.com/search?q=Quiddity%20M%26A" target="_blank" rel="noopener">series</a>, and watch for more to come.

Pongsak Lothongkam, SVI Pcl (SVI TB)'s CEO and largest shareholder with 45.71% of shares out, has launched a Conditional Voluntary Tender Offer (CVTO) at THB4.85/share or a 23.7% to last close, but where the shares traded back in late April.
The Offer is conditional on 19.29% of shares out tendering, to get Lothongkam to at least 65%.  He has no intention of delisting SVI within 12 months after the (successful) completion of the Tender Offer period.
SVI is an electronics and manufacturing service provider deriving 32% of revenue (in FY18) from Europe. Slowing demand and the baht appreciation has resulted in a downward revision in earnings from management. The consensus target price has declined to THB3.82, prior to the Offer, from THB4.88 at the beginning of the year. 2Q19 net income was down 44.6% yoy.
Still, the Offer appears opportunistic.

Quiddity's new Quiddity Thailand M&amp;A Guide 2019 is now published with guidelines to the relevant rules, regulations, documentation, and pointers to the Thai M&amp;A landscape. There are several others in the series, and watch for more to come.

SVI's CEO Tables A Conditional Tender Offer