issue 6 4 september 2021 wickhams hill research | under

Page | 1

From Wickhams Hill

RESEARCH COMMENTARY

ASEAN|Emerging Companies

WWW.WH-UTR.COM

The securities mentioned do NOT represent buy or sell recommendations. These notes represent events and possible catalysts

only. The editors and contributors of this publication may or may not have positions in the securities listed in this publication.

Issue 6

WICKHAMS HILL RESEARCH | UNDER-THE-RADAR

There is nothing more frustrating than pulling up the chart of a stock on your watchlist that’s

already made a big move and feeling like an opportunity’s been missed. The Under-The-Radar

report is a collection of tools that complement our fundamental and find actionable ideas

early.

The report may look intimidating, but it shouldn’t be. It’s designed for busy investors who still

want to spend some time over the weekend looking for new ideas. Each week we will flag the

most actionable ideas as well as highlight any material changes to ideas from the prior weeks,

so those in a hurry can just scan the report. All the supporting data is there for those looking

to dive in and indexed with links from the contents.

We will continue to develop the content of Under-The-Radar in consultation with our readers

so please get in touch with any suggestions. We hope you find it as useful as we do. If you’d

like to receive next week’s issue as well, please click here.

In this week’s edition… • Spin-offs: We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-

commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.

The company itself also looks very attractive. Their primary business offers exclusive access to more than 150 Japanese e-commerce platforms including Mercari and Rakuten that would otherwise not serve overseas customers. It’s highly profitable, growing fast and trading at just 11.0x EV/EBIT.

• Fallen Angels: MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment group. Having spoken to the company since the announcement, we share several insights that led us to believe this is a more positive announcement than the market gave credit for.

• Buybacks: Metro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.

• Upcoming IPOs: GRHA Hospitals Group (RSGK IJ) is due to start trading this week and is worth keeping an eye on given the 300% since listing in July.

• Insider Buying: We noticed large insider buying in VGI Pcl (VGI TB) and BTS Group Holdings (BTS TB) by a common controlling shareholder. VGI derives almost half of its revenues and 65% of profits from BTS and the controlling shareholder aggressively buying back stock is a sure sign that something’s.

• Rights Issue: MNC Investama (BHIT IJ) is doing an IDR 2.24tn (USD 157mn) rights issue in a bid to retire their USD 201mn Senior Notes due 2022, which should remove the company’s long-time overhang associated with the dollar-denominated debt exposure.

REPORT AUTHORS

Lloyd Moffatt [email protected]

4 September 2021

https://wh-utr.com/newsletter/

Page | 2

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



Table of Contents Click the links to skip directly to each section

On Our Radar .............................................................................................................................. 3

Weekly Changes.......................................................................................................................... 9

Fallen Angels ............................................................................................................................. 10

Volume Surge ........................................................................................................................... 10

IPO Monitor – Upcoming .......................................................................................................... 14

IPO Monitor – Completed......................................................................................................... 14

IPO Monitor – SPACs ................................................................................................................ 17

Coverage Initiation ................................................................................................................... 19

Insider Purchases & Sales ......................................................................................................... 21

Buyback Monitor ...................................................................................................................... 21

Privatisation Candidates ........................................................................................................... 24

Rights Issues ............................................................................................................................. 25

Stock Splits ................................................................................................................................ 27

Page | 3

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



On Our Radar This is a summary of our most interesting and actionable ideas

Spin-offs

A Free Ride on the GoJek-Tokopedia IPO

The IPO of post-merger Gojek-Tokopedia, now GoTo, is slated to be the largest Southeast Asian unicorn listing at a

targeted valuation of $40bn, eclipsing the recent US$6.9bn IDX listing of Bukalapak. For those who are interested

in the company but are equally put off by the valuation, then this may be the way to play it.

Beenos (3328 JP) is a Tokyo listed collection of e-commerce businesses that, with a market-cap of US$200m this

year and so many moving parts, has understandably gone under the radar. However, the market seems to be

beginning to pay attention with the Company’s highly profitable growth engine “Buyee” emerging as the main driver

of overall operating results after years of being hidden within a subsidiary of a subsidiary and is likely worth more

than the market cap on a standalone basis.

The company also holds a portfolio of venture capital investments, which includes a stake in Tokopedia following a

Series A investment in the company back in 2012 that is comparable in value to the company’s market cap.

It looks like Beenos will realise the value of their Tokopedia stake following its IPO once their true holding is more

widely known. The management team have expressed that they are presently “not happy with the company’s share

price” and have been actively repurchasing stock as well as cutting costs in underperforming business units to focus

on the winners.

Connecting the world to Japanese e-commerce

Launched in December 2012, Buyee is the largest proxy shopping service in Japan, which enables users in over 190

countries to make purchases on over 150 Japanese e-commerce sites, which generally lack the customer support

and payment infrastructure to handle foreign customers and transactions. Buyee translates information on the

Japanese sites, offers multilingual customer support, facilitates orders, handles payments and currency conversion,

arranges international shipping, and provides insurance and optional packaging services. The Company does not

hold any inventory but receives product information from e-commerce sites which it translates and places on the

Buyee site.

Page | 4

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



The Company earns service fees when shoppers purchase goods listed on Buyee. It then receives the purchased

goods at its warehouse in Japan and records revenue when the goods are shipped to the overseas customer. Their

take rate is over 20% of GMV and operating margins for the business exceed 25%. Buyee’s scale has enabled it to

create unrivalled partnerships with e-commerce like Mercari (4385 JP) and Shopee (SEA US) which has underpinned

GMV growth of around 30% over the past few years.

Under the agreement with Sea Limited, Japanese sites will be able to use Buyee to link to the Shopee system and

commence sales on the platform without any additional effort, as Buyee will provide translation and modification

of listings to comply with the rules set by Shopee as well as customer support and international shipping.

Beenos has roughly 20% of its market cap in net cash and based on the Global Commerce segment alone trades at

a trailing valuation of 0.8x EV/GMV, 1.3x EV/Sales, and 11x EV/EBIT. This is still a significant discount to the valuation

of their strategic partner Mercari, which trades at 3.8x EV/GMV and 6.9x EV/Sales.

Underlying Value of Venture Cap Portfolio

This valuation does not account for the venture capital portfolio, which in Q3 was marked at JPY20.9B (update

due in Sept), roughly half the market cap of Beenos. Notably, the Company highlighted “astronomical growth” in

their Southeast Asia investments in their 2Q21 presentation.

Ticker EV (USDm) EV/Sales EV/EBIT EV/GMV

Beenos - 3328 JP 290 1.3x 11.0x 0.5x

Mercari - 4385 JT 6,913 6.9x 142.0x 3.8x

Page | 5

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



The VC portfolio is marked at last funding round valuation and so the performance of the underlying business is not

necessarily reflected by ‘investment gains’ to Beenos. There’s also limited disclosure about the size and operating

performance of individual investments, making this segment a black box. Hence, it seems the market has decided

to ignore the portfolio, rather than ascribe any value to it.

The largest position in the portfolio is a stake in the newly formed GoTo Group, the merged Indonesian unicorns

Tokopedia and Gojek. Beenos first invested in Tokopedia in their 2012 Series A round before subsequently attracting

high profile investments from Softbank, Sequoia, Alibaba, Google, and Temasek on its way to a $7.5 billion Series H

valuation. Tokopedia is one of four major players that has emerged in e-commerce and online services in Indonesia,

with Tokopedia and Sea Limited (Shopee) focusing on e-commerce, and Gojek and Grab in ride-hailing and delivery.

The company has not explicitly disclosed what their stake in the company is, however, based on filings made with

the Indonesia Foreign Investment Coordinating Board (BKPM) in 2018, we estimate the company holds 1.51%,

based on the cap table at the time adjusted for the subsequent Series G and Series H rounds.

Adjusting for the merger with GoJek implies a 0.60% stake in GoTo. At a valuation of $40 billion, Beenos’ stake is

worth $240m, or JPY26.4bn. The market value of this stake would add another 66% to the current market cap. The

Adj. EV for the ex-GoTo stake would be just US$50m, which is 1.9x EBIT of the remaining e-commerce business.

Shareholder Numer of Shares Issued Total Paid-Up Capital Rounds (%)

Beenos Asia Pte. Ltd. 189,335 272,000,000 A, F 1.51%

BK Investment Holdings 95,665 95,665,000 D 0.76%

East Ventures 127,000 127,000,000 A, B 1.01%

Econtext Asia Ec Fund 89,000 89,000,000 A 0.71%

Global Opportunity PE Fund 56,565 5,656,500,000 F 0.45%

Insight Capital 66,966 66,966,000 D 0.53%

Leontinus Alpha Edison 221,601 221,601,000 A 1.77%

Radiant 1,196,047 24,896,647,000 D, E 9.54%

SB Global 157,587 5,424,387,000 E, A, D 1.26%

SB PAN-ASIA Fund 591,020 591,020,000 A, B, C 4.71%

SBI 113,151 3,791,100,000 A, E, F 0.90%

SCI Investments V 191,330 191,330,000 D 1.53%

Sequoia Capital 750,614 750,614,000 A, C 5.99%

SVF Investment 2,866,149 99,092,961,000 C, E, F 22.85%

Taobao 2,451,887 195,055,892,000 D, E 19.55%

TG18 Holdings Limited 23,032 2,303,200,000 F 0.18%

William Tanuwijaya 546,000 546,000,000 A 4.35%

Total Issued (through Series F) 9,732,949 339,171,883,000 77.61%

Series G 17.73%

Series H 4.66%

Total Issued 100.00%

370.3 80.7

289.6240

49.6

Market Cap Net Cash BeenosEV

GoTo Imp. Val.(High End)

BeenosAdj. EV

Beenos EV Adjusted for GoTo (USDm) Share price (JPY) 3,060 Target EV/EBIT 10.0x

Shares Out (Mn) 13 EBIT 26

Market Cap 370 Target EV/EBIT 263

Net Cash 81 (+) GoTo Stake 240

Enterprise Value 290 Net Cash 81

(-) GoTo Stake 240

EV (ex-GoTo) 50 Implied M Cap 583

EBIT 26 Shares Out 13

EV/EBIT 1.9x Implied Sh. Price 4,813

Page | 6

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



Fallen Angels

MM2 Asia Ltd (MM2 SP) - which was previously featured in Issue 1 of Under The Radar - has entered into a sale

and purchase agreement with local investment firm Kingsmead Properties to sell its cinema business for S$84.8

million.

This is clearly not realising the underlying value for the asset and the market seems disappointed. However, having

spoken with the company there are several key points which to which we should view this development through a

positive lens:

1) Having a signed SPA to dispose of the cinema assets removes the left-tail scenario whereby the $55 million convertible debt (at mmConnect level) come due 31st Dec and the company does not have available liquidity nor listed the Cinema business.

2) The exclusivity period only commences upon fully funding the escrow account allowing the company to explore other avenues to realise more value, being an alternative disposal or the original plan to Catalist IPO the business

3) The $6m deposit is non-refundable and only reimbursed in kind with mm2 shares upon the deal breaking.

The company will therefore continue to seek approval in principle for the SGX listing, which we will be taken into

consideration by the management and board prior to EGM approval of the transaction.

Insider Purchases and Sales

We noticed large insider buying in VGI Pcl (VGI TB) and BTS Group Holdings (BTS TB) by a common controlling

shareholder. The buying was flagged across our insider purchases and volume surge monitors with Thai billionaire

Keeree Kanjanapas buying up almost TB 1bn (USD 30.8mn) across the two companies.

This is most likely worth a look because VGI derives almost 50% of its revenues and 65% of profits from BTS and the

controlling shareholder aggressively buying back stock is a sure sign that something is afoot.

These two transactions at VGI and BTS coincide with volume surges at U City Holdings (U TB), Jay Mart (JMART TB),

JMT Network Services (JMT TB) and Singer Thailand (SINGER TB), the latter two of which are companies controlled

by JMART.

Upcoming IPOs

Singapore-based investment and venture firm Fat Projects Acquisition Corp. aims to raise US$100m to through a

SPAC IPO merge with Southeast Asian start-ups, with a focus on Indonesia. LINK

Singapore Exchange (SGX) today announced new rules that enable Special Purpose Acquisition Companies (SPACs)

to list on its Mainboard effective 3 September 2021. LINK

The local tech consulting company Bluebik Group (BBIK TB) is listing late September. The company's revenue has

risen at a 23% CAGR from 2018 to THB 200.5mn through end FY20. The growth was attributed to the firm's rapid

expansion of its digital advisory and management consulting services. LINK

http://dev.wickhamshill.com/wp-content/uploads/2021/08/wh-utr-1.pdf

https://www.sec.gov/edgar/browse/?CIK=0001865045

https://www.sgx.com/media-centre/20210902-sgx-introduces-spac-listing-framework

https://www.set.or.th/en/company/ipo/upcoming_ipo_mai.html?printable=true

Page | 7

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



Completed IPOs

PT Bundamedik Tbk (BMHS IJ)’s is now up more than 300% since their recent IPO that we flagged in Issue 1. The

company posted extremely strong 1H21 results, reporting revenue and earnings growth significantly ahead of peers

MIKA, HEAL and SILO undoubtedly due to an increase in Covid-19 patients.

Bundamedik’s full year guidance was for EBITDA to reach around IDR 392bn but 1H21 EBITDA came in at IDR 265bn,

almost 65% of full-year, which shouldn’t come as a surprise because it was given prior to the recent wave of the

pandemic. The company now trades at 18x FY21 EV/EBITDA, based on an annualised 1H21, which is now at a

premium to peers.

Given the success of Bundamedik, it may pay to keep an eye on GRHA Hospitals Group (RSGK IJ) - which was

previously featured in Issue 4 of Under The Radar – which is only raising around US$20m for a c.US$110m market

cap and seems to also be having a great year.

Buyback Monitor

Metro Pacific (MPI PM) accelerated share buybacks with repurchases of a further 224.8m shares during the past

week taking the 30-day tally to 381m (1.71% shares out). The company is only Php 2.01bn into a Php5bn mandate,

which we expect to continue as the company clearly sees value at this level.

Rights

Dennis Uy’s Dito CME Holdings Inc (DITO PM) is in the midst of a corporate restructuring program that would allow

it to gain control of telecommunications startup Dito Telecommunity, a venture with China Telecom, through a

share swap with Uy’s Udenna Corp, under which Dito would gain 100 percent of Udenna Communications Media

and Entertainment Holdings Corp, which owns control of Dito Telecommunity.

The company previously announced that the share swap with Udenna Corp. would involve 11.2 billion shares of

Dito CME priced at P6.11 each, valuing the entire transaction at P68.4 billion. A further 2.8bn shares will be issued

to existing shareholders to meet the PSE’s minimum public ownership requirements at 20.2%.



Page | 8

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



MNC Investama (BHIT IJ) is doing an IDR 2.24tn (USD 157mn) rights issue in a bid to retire their USD 201mn Senior

Notes due 2022. We had flagged this in Issue 3 of Under the Radar and think this rights issue will remove the

company’s long-time overhang related to the dollar-denominated debt exposure. The rights issue together with the

USD 120mn on the balance sheet should be enough to retire the USD notes with some left over for the Christmas

party LINK

Separately MNC Bank (BABP IJ) is also doing a IDR 4.5tn (USD 315mn) rights issue, which seems to be opportunistic

given the share price is up almost 650% since March! It seems that hype around the digital bank has been spurred

by news of the MotionBanking initiative, the large investment from a prominent Muslim cleric (not making this up!)

and proposed tie up with XL Axiata (EXCL IJ), Visa and Mastercard to produce a digital credit card. LINK


https://www.idnfinancials.com/news/39732/mnc-investama-aims-idr-rights-issue

https://www.idnfinancials.com/news/39496/yusuf-mansur-purchases-shares-babp

https://www.idnfinancials.com/news/40141/bank-mnc-targets-motionbanking-users-xl

https://www.idnfinancials.com/news/39815/bank-mnc-collaborates-visa-indonesia-launch-virtual-credit-card

https://www.idnfinancials.com/news/39938/babp-mastercard-launch-motionmastercard

https://www.idnfinancials.com/news/40192/babp-eyes-idr-rights-issue

Page | 9

From Wickhams Hill

RESEARCH COMMENTARY


WWW.WH-UTR.COM



Weekly Changes All the changes from last week’s issue summarized in one place

This week’s list is much longer than normal due to it being the inaugural Under-The-Radar report. Here are all the tickers covered, with featured, updated and significant price change names highlighted.

Fallen Angels: DITO PM, LPPF IJ, MAIN IJ, MAC PM, SHLPH PM, MM2 SP, BEAUTY TB, MACO TB

Volume Surge: SF TB, U TB, AIT TB, TPIPL TB, TKS TB, BAFS TB, TRUE TB, MILL TB, AI TB, JMT TB, VGI TB, JMART TB, SINGER TB, ORI TB, BGRIM TB, BGRIM TB, TCAP TB, WHART TB, SABUY TB, SEVEN PM, DITO PM, GTCAP PM, RRHI PM, MBT PM, AEV PM, INDF IJ, TGI MK, PARB MK, KNMG MK, HAP MK, DLG MK, SIME MK, AMM MK, HTVB MK, GENM MK, MAHB MK, GENT MK, DELFI SP, ALLT SP, MMH SP, SAMU SP, CERT SP, KREIT SP,

IPO Monitor – Upcoming: MREIT MK, SBMA IJ, RSGK IJ, GTSI IJ, RUNS IJ, GPSO IJ, OILS IJ, CMNT IJ, IDEA IJ, MCOL IJ, HAIS IJ, DMPI PM, CIVIL PM, PEACE TB, BE8 TB, IGBCR MK, TEKA TB

IPO Monitor – Completed: HAIS IJ, INETREIT TB

IPO Monitor – SPACs: KAIROUS, PHEONIX, GVAC US, FATPU US, PPHU US

Coverage Initiation: JASIF TB, LPF TB, STARK TB, SPA TB, SIS TB, ARNA IJ, ERAA IJ, PGOLD PM

Insider Purchases & Sales: AKRA IJ, ARCI IJ, SMDR IJ, HOKI IJ, MASB IJ, LPKR IJ, GREEN PM, FLI PM, DITO PM, MYEG MK, DSON MK, VGI TB, DRT TB, TU TB, BTS TB, JMART TB, SPALI TB, KKP TB, 7UP TB, AMATA TB, TSE SP, ISDN SP, ELITE SP, SATS SP, SUN SP, AAREIT SP, IFAST SP

Buyback Monitor: KNKIB MK, HG SP, MPI PM, AVARGA SP, DSON MK, RRHI PM, AXLM PM, PPC PM, GKG SP, RAHH MK, SKR TB, FEH SP, MEG PM, NANO SP, AGI PM

Privatisation Candidates: [NO MAJOR CHANGE]

Rights Issues: BBRI IJ, BHIT IJ, TIFA IJ, JMT TB, SINGER TB, DBTK SP, MDJ MK

Stock Splits: DIVA IJ, H&L MK

Page | 10

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM

The securities mentioned do NOT represent buy or sell recommendations. These notes represent events and possible catalysts only. The editors and contributors of this publication may or

may not have positions in the securities listed in this publication.

Fallen Angels A shortlist of stocks down more than 60% over 2 years that are on our watchlist for a recovery

Ticker Company

Name Country Sector Business Description

Current Price (LCL)

% Down From 2 Yr High

% Down From 52 Wk High

30D ADTV

(USDm)

Mcap (USDm)

Net Debt

(USDm)

EV (USDm)

WH Notes

DITO PM DITO CME Holdings Corp

PHILIPPINES Integrated Telecommunication S

DITO CME Holdings Corp operates as a holding company.

8.52 (54%) (55%) 1.80 476.80 (0.54) 476.7

Ditto Telecom is the third player to the Philippines market backed Dennis Uy and China Telecom. They launched the service in March and have 2m subs.

LPPF IJ Matahari Department Store Tbk

INDONESIA Department Stores

PT Matahari Department Store Tbk operates as a departmental store. The Company engages in the retail business for several types of products such as clothes, accessories, bags, shoes, cosmetics, household appliances, and other related products. Matahari Department Store serves customers in Indonesia.

2,990 (56%) - 4.39 550.18 239.61 672.2

LPPF is facing structural challenges as consumers shift away from department stores. The new CEO is working on a turnaround of the business which has been difficult to assess during the pandemic.

MAIN IJ Malindo Feedmill Tbk PT

INDONESIA Agricultural Products

PT Malindo Feedmill Tbk produces animal feeds and breeds commercial day-old chicks.

740 (60%) (23%) 0.27 116.08 128.78 255.2

MAC PM MacroAsia Corp

PHILIPPINES Airport Services

Macroasia Corporation, through its subsidiaries, provides in-flight catering services. The Company also offers aircraft chartering services and ground handling requirements of passenger and cargo aircrafts. Macroasia also invests in real estate.

4.72 (76%) (47%) 0.09 178.39 46.22 233.4

MAC was scaling the catering and ground handling business when COVID restrictions stopped all air travel. They have been able to manage overheads and are being well supported by the MRO JV. All the attractive long-term trends remain.

SHLPH PM

Pilipinas Shell Petroleum Corp

PHILIPPINES Oil & Gas Refining & Marketing

Pilipinas Shell Petroleum Corporation operates as a downstream refining and marketing company. The Company focuses on turning crude oil into a range of refined products including gasoline and kerosene. Pilipinas Shell Petroleum serves customers worldwide.

18.52 (63%) (21%) 0.16 597.21 628.71 1,216.2

The write-off and restructuring of their Tabangao refinery into an import terminal created a messy year in terms of results. It trades less than 10x FY22E P/E and historically has 80-90% dividend POR.

- New tickers for the week

- Updates or new information added

- Significant price change

Page | 11

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Company

Name Country Sector Business Description

Current Price (LCL)

% Down From 2 Yr High

% Down From 52 Wk High

30D ADTV

(USDm)

Mcap (USDm)

Net Debt

(USDm)

EV (USDm)

WH Notes

MM2 SP mm2 Asia Ltd

SINGAPORE Movies & Entertainment

mm2 Asia Ltd is a media content provider. The Company produces movies and infotainment programs for television stations, advertisers and online media. mm2 also finances, produces and distributes commercial content.

0.06 (81%) (62%) 0.41 98.57 244.84 378.6

MM2 grew revenue by 10x over the 5 years proceeding COVID but was severly impacted by restrictions and saw revenue fall by over 90%. The company successfully completed a rights-issue in May that has recapitalised the business for recovery. $80-120m bid recieved for Cinema Business. Binding term sheet signed.

BEAUTY TB Beauty Community PCL

THAILAND Specialty Stores

Beauty Community PCL engages in cosmetic and beauty products retail business including make-up, Skin care and accessories.

1.52 (87%) (23%) 1.05 140.81 (10.15) 141.3

MACO TB Master Ad PCL

THAILAND Advertising

Master Ad Public Company Limited provides advertising services. The Company specializes in outdoor advertising through billboards, signs and displays.

0.74 (61%) (11%) 0.58 123.38 16.78 153.3

Page | 12

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Volume Surge A rise in activity is often a precursor to news flow

Ticker Name Sector Mcap (USDm) Free Float 5D ADTV (USDm)

Avg. ADTV (USDm)

7 Day % Change

30 Day % Change

vs 720D High

YTD Perf. FY20 P/E FY20 EV/ EBITDA

Thailand

SF TB Siam Future Development PCL Real Estate 781.2 28.3% 86.7 16.4 1% 3% 0% 138% 5.1x 32.7x

U TB U City PCL Lodging 264.5 63.8% 45.8 11.8 50% 65% -59% 16% n.m. 52.9x

BAFS TB Bangkok Aviation Fuel Services Commercial Services 530.0 31.5% 2.4 1.1 2% 8% -23% 13% n.m. 55.8x

JMT TB JMT Network Services PCL Commercial Services 1,623.6 56.4% 24.2 12.9 12% 6% -1% 33% 31.3x 29.6x

VGI TB VGI PCL Advertising 1,723.6 46.4% 11.4 5.8 3% 17% -36% -2% 65.9x 45.7x

JMART TB Jay Mart PCL Retail 1,263.9 55.6% 31.2 17.0 10% 16% -7% 99% 22.8x 1290.0x

SINGER TB Singer Thailand PCL Home Furnishings 648.1 69.1% 9.2 5.4 8% -4% -7% 63% 23.9x n.m.

AIT TB Advanced Information Technolog Computers 238.3 75.3% 14.2 4.4 -1% 58% -1% 111% 9.3x 13.4x

ERW TB Erawan Group PCL/The Lodging 410.3 64.9% 0.6 2.6 -3% 11% -43% 27% n.m. n.m.

NSL TB NSL Foods PCL Food 216.2 99.4% 1.6 4.0 -1% 29% -6% n.m. n.m. 20.7x

MEGA TB Mega Lifesciences PCL Pharmaceuticals 1,329.0 39.0% 10.6 13.2 -2% 19% -5% 38% 22.3x 20.4x

AMANAH TB Amanah Leasing PCL Diversified Finan Serv 172.2 45.4% 2.0 2.1 -2% 11% -26% 37% 14.1x 16.8x

MILL TB Millcon Steel PCL Iron/Steel 192.5 38.0% 3.6 1.6 4% 13% -33% 58% n.m. 25.1x

IMPACT TB IMPACT Growth Real Estate Inve REITS 862.8 44.7% 0.8 0.4 -2% 4% -32% -4% 64.4x n.m.

MONO TB Mono Next PCL Media 174.2 32.2% 0.8 0.8 -2% 0% -45% -33% n.m. 9.9x

SABUY TB Sabuy Technology PCL Machinery-Diversified 344.5 32.8% 5.2 3.9 2% 18% -3% 502% 16.5x 32.0x

VIH TB Srivichai Vejvivat PCL Healthcare-Services 202.1 54.8% 1.0 2.0 1% -13% -20% 58% 22.1x 15.6x

SIMAT TB Simat Technologies PCL Computers 107.8 77.9% 1.0 2.7 0% -8% -16% 64% 43.8x 20.9x

DEMCO TB Demco PCL Engineering&Construction 111.6 70.2% 0.3 1.4 -3% 3% -14% 50% 41.3x 72.2x

VNG TB Vanachai Group PCL Building Materials 408.8 31.1% 0.5 1.0 -3% -2% -9% 132% n.m. 32.9x

Philippines

SEVN PM Philippine Seven Corp Retail 1,333.3 41.9% 2.6 0.5 4% -1% -46% -27% n.m. 15.5x

GTCAP PM GT Capital Holdings Inc Auto Manufacturers 2,414.9 43.8% 2.9 2.1 2% 4% -45% -4% 21.1x 23.5x

RRHI PM Robinsons Retail Holdings Inc Retail 1,530.5 33.2% 1.3 0.9 -2% -5% -41% -22% 31.7x 7.6x

MBT PM Metropolitan Bank & Trust Co Banks 4,008.8 48.2% 3.6 2.1 -3% -3% -34% -4% 15.9x n.m.

AEV PM Aboitiz Equity Ventures Inc Holding Companies-Divers 5,063.6 47.3% 1.4 1.0 11% 12% -28% -5% 17.2x 12.9x

DITO PM DITO CME Holdings Corp Telecommunications 482.3 67.5% 2.3 1.9 0% 17% -53% -21% 425.8x n.m.

AGI PM Alliance Global Group Inc Holding Companies-Divers 2,052.6 33.4% 0.5 0.8 4% 6% -35% 0% 11.5x 13.9x

Indonesia

INDF IJ Indofood Sukses Makmur Tbk PT Food 4,018.5 49.9% 6.2 3.6 2% 6% -17% -5% 9.3x 7.6x

IMAS IJ Indomobil Sukses Internasional Retail 287.2 32.3% 1.6 1.3 3% 16% -69% -32% n.m. 22.4x




Page | 13

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Name Sector Mcap (USDm) Free Float 5D ADTV (USDm)

Avg. ADTV (USDm)

7 Day % Change

30 Day % Change

vs 720D High

YTD Perf. FY20 P/E FY20 EV/ EBITDA

BOLA IJ Bali Bintang Sejahtera Tbk PT Entertainment 370.3 49.2% 1.4 1.7 7% -11% -21% 437% 188.5x n.m.

ISSP IJ Steel Pipe Industry of Indones Metal Fabricate/Hardware 151.2 26.4% 0.5 1.0 1% 1% -6% 88% 6.4x 9.0x

KPIG IJ MNC Land Tbk PT Real Estate 656.0 87.7% 1.7 1.8 2% 7% -42% 9% 27.5x 468.0x

BALI IJ Bali Towerindo Sentra Tbk PT Telecommunications 208.4 40.3% 0.1 0.1 3% 25% -63% -6% 37.3x 10.1x

BACA IJ Bank Capital Indonesia Tbk PT Banks 218.4 80.0% 2.0 7.2 -5% -12% -47% 17% 43.3x n.m.

BABP IJ Bank MNC Internasional Tbk PT Banks 681.4 41.4% 13.1 20.3 -12% -24% -37% 664% 122.0x n.m.

BHIT IJ MNC Investama Tbk PT Media 501.9 51.4% 8.5 6.3 2% -4% -32% 47% 29.5x 7.2x

MNCN IJ Media Nusantara Citra Tbk PT Media 892.0 53.6% 3.8 3.4 1% 2% -52% -26% 8.3x 4.6x

Malaysia

TGI MK Thong Guan Industries Bhd Packaging&Containers 268.1 49.9% 2.3 0.7 8% 17% -9% 15% 12.7x 8.7x

PARB MK PA Resources Bhd Metal Fabricate/Hardware 121.3 58.8% 4.7 1.5 3% 11% -30% 16% 14.4x 15.0x

KNMG MK KNM Group Bhd Metal Fabricate/Hardware 228.2 77.4% 13.0 4.7 10% 58% -39% 39% 9.4x 11.5x

DSON MK Datasonic Group Bhd Electronics 329.3 47.6% 1.0 1.2 -5% 4% -41% -10% 196.4x 46.9x

FOR MK Formosa Prosonic Industries BH Home Furnishings 248.8 47.8% 2.5 1.3 11% 51% 0% 84% 10.7x 9.9x

WELL MK Wellcall Holdings Bhd Miscellaneous Manufactur 120.0 72.1% 0.5 0.1 0% 1% -16% -6% 14.7x 10.5x

MFL MK Malayan Flour Mills Bhd Food 206.6 56.1% 1.2 0.6 8% 13% -18% 29% 120.4x 16.3x

MYEG MK My EG Services Bhd Internet 1,675.6 45.9% 10.4 8.3 1% 22% -12% 1% 25.3x 21.8x

PECCA MK Pecca Group Bhd Auto Parts&Equipment 129.2 30.3% 0.3 0.7 -4% -27% -38% 88% 19.7x 38.4x

GENE MK Genetec Technology Bhd Computers 374.3 46.6% 3.4 3.3 4% 30% -3% 1647% n.m. 1179.2x

GENT MK Genting Bhd Lodging 4,662.4 55.2% 8.5 6.3 2% 10% -30% 14% n.m. 28.6x

Singapore

DELFI SP Delfi Ltd Food 378.0 43.2% 0.0 0.1 -1% -4% -39% 11% 18.5x 6.9x

ALLT SP ARA LOGOS Logistics Trust REITS 950.5 90.4% 1.6 2.1 0% 1% -2% 52% 17.0x 30.2x

MMH SP Micro-Mechanics Holdings Ltd Hand/Machine Tools 330.5 42.0% 0.1 0.1 2% 3% -16% 19% 24.0x 14.3x

SAMU SP Samudera Shipping Line Ltd Transportation 173.7 34.2% 0.6 0.6 0% 9% -3% 124% 14.1x 11.1x

CERT SP Cromwell European Real Estate REITS 1,670.3 83.3% 0.5 1.6 1% -1% -2% 9% 15.5x 22.1x

YZJSGD SP Yangzijiang Shipbuilding Holdi Shipbuilding 4,240.4 70.3% 24.8 22.7 3% 1% -3% 70% 7.3x 9.5x

Page | 14

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



IPO Monitor – Upcoming Pipeline for the weeks ahead

Name Industry Ticker Exchange

Name Announcement

Date

IPO Trading

Date

# of Shares Offered (Filing)

Deal Size

(USDm) Prospectus Press Release Bookrunners Comments

MREIT Inc. Diversified REITs MREIT PSE 11/8/2021 30/9/2021 1,080,000,000 470 BDO, CLSA, Credit Suisse (SG),DBS, UBS

Surya Biru Murni Acetylene

Industrial Gases SBMA IDX 19/8/2021 8/9/2021 278,400,000 4 KGI Sekuritas

Global Sukses Solusi (Run System)

Technology (ERP Software) RUNS IDX 20/8/2021 8/9/2021 194,830,000 3 Link Link Mirae Asset, BRI

GTS Internasional Transportation & Logistic GTSI IDX 20/8/2021 7/9/2021 2,860,000,000 30 Link Mirae Asset, RH Reliance Sek

Kedoya Adyaraya (GRHA Hospitals Group)

Health Care Facilities & Services RSGK IDX 12/8/2021 8/9/2021 1,859,400 22 Link Link Buana Capital Sekuritas

Geoprima Solusi Infrastructure Technology GPSO IDX 9/8/2021 3/9/2021 1,666,666 2 Link Link

Korindo Sekuritas, Surya Fajar Sekuritas

Indo Oil Perkasa Energy OILS IDX 9/8/2021 3/9/2021 1,500,000 3 Link Link Korea Investment

Cemindo Gemilang Building and Construction Materials

CMNT IDX 9/8/2021 9/6/2021 27,188,302 151 Link Link

PT Ciptadana Sekuritas Asia PT Mandiri Sekuritas

Idea Indonesia Akademi

Vocational Training Institute IDEA IDX 13/8/2021 8/9/2021 212,487,500 2 Link Indo Capital Sekuritas

Prima Andalan Mandiri

Coal Production MCOL IDX 28/7/2021 16/8/2021 355,600,000 35 Link Link Buana Capital Sec

Del Monte Philippines

Food-Misc. DMPI PM PSE 19/7/2021 TBC 699,330,000 760 TBA Link

MS, CS , CLSA, DBS, Jefferies, First Metro

IPO DELAYED DUE TO MARKET

CONDITIONS

Civil Engineering PCL

Construction services specialize in highway & road, airport, rail systems and water infrastructure

CIVIL TB SET 8/7/2021 Pending 200,000,000 Link Bualuang Sec

Peace & Living PCL Real estate developer engaging in low-rise residential properties in metropolitan Bangkok

PEACE TB Thailand 2/7/2021 Pending 84,000,000 Maybank Kim Eng

Beryl 8 Plus PCL Beryl 8 is a digital consulting firm specialising in CRM and Analytics.

BE8 TB SET (mai) 30/6/2021 Pending 50,000,000 Link Link Trinity Sec

IGB Commercial Real Estate Inv

REIT IGBCR MK Malaysia 10/6/2021 Pending 378,000,000 Link Hong Leong Maybank RHB

Teka Construction PCL

Construction services contractor including engineering, architecture and mechanical & electrical services

TEKA TB SET 8/6/2021 Pending 75,000,000 Link Maybank Kim Eng




https://www.e-ipo.co.id/en/pipeline/get-propectus-file?id=48&type=

https://runsystem.id/wp-content/uploads/investor/Press-release-Run%20System-Aug2021.pdf



https://www.tempias.com/2021/08/12/ipo-kedoya-adyaraya-idx-rsgk-ini-prospek-bidang-usaha-grha-hospitals/

https://www.e-ipo.co.id/id/pipeline/get-propectus-file?id=42&type=

https://www.tempias.com/2021/08/10/ipo-geoprima-solusi-idx-gpso-begini-profil-prospek-dan-bidang-usahanya/


https://www.tempias.com/2021/08/10/ipo-indo-oil-perkasa-idx-oils-incar-rp-45-miliar-begini-prospek-dan-bidang-usahanya/

https://www.tempias.com/2021/08/09/ipo-september-2021-ini-profil-prospek-cemindo-gemilang-idx-cmnt/

https://www.e-ipo.co.id/en/pipeline/get-propectus-file?id=45&type=summary


https://www.tempias.com/2021/07/28/ipo-prima-andalan-idx-mcol-incar-dana-rp-569-miliar/

https://edge.pse.com.ph/openDiscViewer.do?edge_no=163b08deafcd99885d542af6f1e997b9

https://market.sec.or.th/public/ipos/IPOSEQ01.aspx?TransID=319424


https://beryl8.com/investor/

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3166470


Page | 15

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



IPO Monitor – Completed Recent IPOs that are yet to unlock


Name Announcement

Date IPO Trading

Date

Deal Size

(USDm) Prospectus

Market Cap

(USDm) Bookrunners

Offer Price (LCL)

Performance Since Offer

30 ADTV (USDm)

Hasnur Internasional Shipping

River and sea commodity shipping company

HAIS IJ IDX 26/07/21 31/08/21 10.9 Link 54.7 RHB OSK 300.00 n.a. #VALUE!

INET Leasehold Real Estate Inv

Data Centre REIT INETREIT TB SET 14/07/21 09/08/21 101.1 102.7 Kasikorn 10.00 1% 0.69

Bukalapak.com PT Tbk E-Commerce Discretionary BUKA IJ IDX 09/07/21 06/08/21 1,510.0 Link 6,366.8

BCA, BNI, BRI, Bahana, Buana,

Ciptadana, Mandiri, Mirae, Panin, UBS

850.00 4% 74.23

AMR Asia PCL

Design of public transportation IT systems, integration, ongoing support and maintenance

AMR TB SET 09/04/21 02/08/21 32.9 Link 123.8 Trinity Sec 6.90 -3% 7.70

Lim Seong Hai Holdings Sdn Bhd

Building materials, lighting products and related M&E services, hardware and machinery

LSH MK Bursa (LEAP)

28/07/21 30/07/21 51.3 Link 28.2 Astramina Advisory n.a. n.a. 0.05

Trimegah Karya Pratama Tbk PT

Technology Services in the business of digital vouchers marketplace for merchants and consumers

UVCR IJ IDX 19/07/21 27/07/21 3.4 Link 73.7 Surya Fajar

Mirae Indonesia Korindo

100.00 425% 1.82

Dynafront Holdings Bhd

Insurance Technology DYNAFNT MK Bursa (LEAP) 16/06/21 23/07/21 0.6 Link 4.5 HongLeong 0.21 24% 0.01

Haily Group Bhd Residential, commercial and industrial property investment

HAILY MK Bursa (ACE) 30/06/21 21/07/21 1.5 Link 22.7 TA Securities 0.68 -22% 0.86

CTOS Digital Bhd Technology Services specialising in credit reporting

CTOS MK Malaysia 30/06/21 19/07/21 291.6 Link 925.7

AmInvestment Bank

Credit Suisse Maybank

RHB Malaysia

1.10 59% 9.59

Siam Technic Concrete PLC

Building Materials & Construction

STECH TB Thailand 16/08/19 16/07/21 18.3 Link 58.5 Jay Capital 2.78 -6% 4.16

Yenher Holdings Bhd Manufacture and distribution of animal health and distribution products

YENHER MK Malaysia 22/06/21 15/07/21 24.2 Link 66.4 RHB Malaysia 0.95 -3% 0.32

Pam Mineral Tbk PT Metals & Mining NICL IJ Indonesia 15/06/21 09/07/21 14.0 Link 79.4 Danatama

Makmur 100.00 17% 8.93

Falmaco Nonwoven Industri Tbk

Household Products FLMC IJ Indonesia 15/04/21 08/07/21 2.1 Link 21.3 Victoria Sekuritas Wanteg Sekuritas

200.00 94% 0.10





https://about.bukalapak.com/en/investor-relations/detail/prospektus-penawaran-umum/

https://www.amrasia.com/th/investor-relations/ir-home


https://www.e-ipo.co.id/en/ipo/38/uvcr-pt-trimegah-karya-pratama-tbk






https://www.idx.co.id/media/9983/26_nicl-prospektus-ipo-2021.pdf

https://www.idx.co.id/media/9978/25_flmc-prospektus-ipo-2021.pdf

Page | 16

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM




Name Announcement

Date IPO Trading

Date

Deal Size

(USDm) Prospectus

Market Cap

(USDm) Bookrunners

Offer Price (LCL)

Performance Since Offer

30 ADTV (USDm)

Bundamedik Tbk PT Health Care Facilities & Svcs BMHS IJ Indonesia 16/06/21 06/07/21 14.8 Link 691.5 Ciptadana 340.00 237% 3.06

NForce Secure PCL Electrical Equipment SECURE TB Thailand 23/09/20 01/07/21 14.1 78.8 Yuanta 16.00 56% 0.97

Bank Multiarta Sentosa Tbk PT

Banking MASB IJ Indonesia 07/06/21 30/06/21 43.9 Link 298.0 BCA 3,360.00 2% 0.05

ERA Graharealty Tbk PT

Internet Media & Services IPAC IJ Indonesia 18/06/21 30/06/21 1.6 Link 19.5 UOB Kay Hian 120.00 143% 0.00

Nestcon Bhd Engineering & Construction NESTCON MK Malaysia 08/06/21 29/06/21 13.1 Link 54.2 M&A 0.28 25% 0.44

Archi Indonesia Tbk PT Metals & Mining ARCI IJ Indonesia 31/05/21 28/06/21 195.7 Link 1,054.8 BNI, Citi

Credit Suisse Mandiri, UOB KH

750.00 -19% 0.91

Pekat Group Bhd Renewable Energy PEKAT MK Malaysia 02/06/21 23/06/21 14.1 117.1 M&A 0.34 122% 0.68

Saintmed PCL Health Care Facilities & Svcs SMD TB Thailand 16/12/20 17/06/21 13.0 96.2 CAPON 7.20 103% 6.30

OTS Holdings Ltd Food OTS SP Singapore 09/06/21 17/06/21 7.1 Link 47.8 SAC Capital 0.23 30% 0.05

Triniti Dinamik Tbk PT Engineering & Construction TRUE IJ Indonesia 03/06/21 10/06/21 10.6 Link 197.7 UOB Kay Hian 100.00 272% 1.01

Ladangbaja Murni Tbk PT

Steel LABA IJ Indonesia 28/05/21 10/06/21 1.8 Link 40.4 Indo Capital 125.00 360% 0.80

Panca Anugrah Wisesa Tbk PT

Home & Office Products MGLV IJ Indonesia 28/05/21 08/06/21 3.8 Link 23.9 Danatama

Makmur 135.00 33% 0.00

Monde Nissin Corp Food MONDE PM Philippines 23/04/21 01/06/21 1,001.0 Link 5,953.8 BDO, BPI, Citi, CS

First Metro, JPM, UBS

13.50 22% 3.76

https://www.idx.co.id/media/9974/24_bmhs-prospektus-ipo-2021.pdf

https://www.idx.co.id/media/9948/22_masb-prospektus-ipo-2021.pdf

https://www.idx.co.id/media/9955/22_ipac-ipo-2021.pdf


https://www.idx.co.id/media/9941/21_arci-prospektus-ipo-2021.pdf

https://links.sgx.com/FileOpen/OTS%20Holdings%20Limited%20-%20Offer%20Document%20dated%208%20June%202021.ashx?App=IPO&FileID=6287

https://www.idx.co.id/media/9918/prospektus-triniti-dinamik-final_compressed.pdf

https://www.idx.co.id/media/9906/19_laba-prospektus-ipo-2021.pdf

https://www.idx.co.id/media/9899/18_mglv-prospektus-ipo-2021.pdf

https://mondenissin.com/company-prospectus/

Page | 17

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



IPO Monitor – SPACs Special Purpose Acquisition Companies with ASEAN Targets

Pre Deal Ticker

Warrant Ticker

Target Name Target Business Description IBC

Press Release

Corp. Presentation

Current Price

Current Price

(Warrants)

Market Cap (USD Mn)

Listed Options

Not Yet Avail.

Not Yet Avail.

KAIROUS ACQUISITION CORP LTD

Kairous Acquisition Corp. Limited is a Cayman Islands company incorporated as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on opportunities in Asia

n.a. n.a. n.a.

Not Yet Avail.

Not Yet Avail.

PHEONIX ACQUISITION LTD

Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although the Company intends to focus on operating businesses in the telecommunications, media, and technology (TMT) sectors in Asia and North America.

n.a. n.a. n.a.

GVAC GVAC/U GOLDEN VENTURES ACQUISITION LTD

We intend to seek a target in the commodities space that will be able to capitalize on a number of major global trends, including (1) the continued push towards decarbonization, vehicle electrification, and other clean energy initiatives; and (2) the strong demand for commodities as economies continue to reopen, complemented by increased interest in adding certain commodities to investment portfolios. Collectively, these trends may contribute to a new “commodities super-cycle” or decades-long period where commodities trade above their historical price trends due to their heightened demand across a broad range of applications, as well as insufficient supply to meet such demand.

n.a. n.a. n.a.

FATPU FATPW FAT PROJECTS ACQUISITION CORP

We intend to focus our search on a target with operations or prospective operations that is technology-led in the areas of supply chain, transportation, logistics, finance, sustainability/ESG, food, agriculture, e-commerce, big data and/or take advantage of the monetization opportunities stemming from a rapidly growing middle class and their evolving consumption and digital needs in Southeast Asia. Our target company is not limited to companies already incorporated in Southeast Asia but companies globally that have solutions that can scale and are applicable to the Southeast Asian market. We define Southeast Asia to be principally the countries of Singapore, Malaysia, Indonesia, Thailand, the Philippines, and Vietnam, but also include emerging markets such as Cambodia, Laos, Myanmar, Brunei and Timor Leste.

n.a. n.a. n.a.

PPHPU PPHPW PHP VENTURES ACQUISITION CORP

we intend to focus on consumer-facing companies with a significant Africa presence or a compelling Africa potential, which complements the expertise of our management team. We will seek enterprises at the forefront of evolving preferences, tastes, experiences, and values that have the potential to offer a differentiated proposition that creates more meaning and connectivity to the modern consumer.

10.13 10.13 75.78

VPCB VPCBW KREDIVO Kredivo is a leading Buy Now Pay Later (BNPL) platform and PoS financer in Indonesia. The company has plans to expand into other ASEAN markets over the coming 12-months. The deal valued at US$2.5bn is expected is expected to close by the first quarter of 2022.

2/8/2021 LINK 9.87 9.87 324.5 N




https://www.sec.gov/Archives/edgar/data/1840792/000119312521233533/d177975d425.htm

Page | 18

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Pre Deal Ticker

Warrant Ticker

Target Name Target Business Description IBC

Press Release

Corp. Presentation

Current Price

Current Price

(Warrants)

Market Cap (USD Mn)

Listed Options

LAX LAXXW 8i ACQUISITION 2 CORP Prospective listing, let by Singaporean James Tan targets raising US$66.7m to focus on 'acquisition opportunities in Asia'.

LINK n.a. n.a. n.a.

MLAC MLACW MNC OTT NETWORK PT PT MNC Vision Networks Tbk is in talks to merge Vision+, its streaming television business known to consumers as the “Netflix of Indonesia”. Vision+, which launched in 2019, has 1.6 million paid subscribers and over 32 million monthly active users, while MNC Play has about 300,000 subscribers.

PRELIMINARY - IN TALKS

9.92 9.92 178.3 N

COVA COVAW PT GLOBAL TIKET NETWORK

Global Tiket Network PT operates as an online travel agency. The Company offers train, flight, and hotel booking, as well as car renting services. Global Tiket Network serves customers in Indonesia.

18/5/2021 PRELIMINARY - IN TALKS

9.68 9.68 363.0 N

BTWN BTWNW TRAVELOKA INDONESIA PT

PT Traveloka Indonesia operates as an online travel company. The Company offers online travel search and booking services. Traveloka Indonesia provides hotels, flights, and trains ticket booking services, as well as international data plans and other travel services. Traveloka Indonesia serves customers in Asia.

9/4/2021 PRELIMINAR

Y IN TALKS

9.79 9.79 728.1 Y

BTNB - PROPERTY GURU PTE LTD PropertyGuru Pte. Ltd., doing business as PropertyGuru, property real estate services. The Company offers buying and renting of real estate properties. PropertyGuru serves clients in Asia.

8/6/2021 LINK 9.91 9.91 370.4 Y

AGC AGCW

W GRAB HOLDINGS INC

Grab Holdings Inc provides software application ride-hailing transport, food delivery, and payment solutions. Grab Holdings serves customers in Singapore.

13/4/2021 LINK 10.69 10.69 668.1 Y

ZGYH ZGYHW Ares Motor Works, Inc.

Ares is a leading manufacturer of zero emissions commercial vehicles with a large footprint in Asia. The target company has production-ready customized solutions for fleet purchasers of trucks, by offering dual propulsion systems which gives its customers a choice between electric and hydrogen fuel cell vehicles.

16/2/2021 LINK 10.25 10.25 91.7 N

https://sec.report/Document/0001493152-21-015873/

https://www.sec.gov/Archives/edgar/data/1831236/000119312521222836/d175182dex992.htm

https://www.sec.gov/Archives/edgar/data/1823340/000114036121012518/nt10022857x2_ex99-2.htm

https://www.sec.gov/Archives/edgar/data/1773086/000110465921067520/tm2116626d1_8k.htm

Page | 19

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Coverage Initiation Recent sell-side research on stocks with little or no coverage

Ticker Name Sector Change Analyst

Coverage EV

(USDm) Mcap

(USDm) 30D ADTV

(USDm) YTD Perf.

(LCL)

Best FY21 FY21 P/E

Best FY21 EV/

EBITDA Notes

Thailand

JASIF TB Jasmine Broadband Internet Inf Infrastructure REITs 1 7 2,885 2,427 3.53 4% 9.2x 10.2x Kasikorn, CGS-CIMB

LPF TB Lotus's Retail Growth Freehold Retail REITs 1 5 1,213 1,152 0.43 -5% 20.2x 21.9x Kasikorn

STARK TB STARK Corp PCL Electrical Components & Equipm 1 3 1,915 1,577 7.25 1% 36.4x 18.4x Bualuang

SPA TB Siam Wellness Group Pcl Specialized Consumer Services 1 9 237 191 0.23 4% n.m. n.m. Phillip Securities, KGI, DBS

SIS TB SiS Distribution Thailand PCL Technology Distributors 1 2 427 364 2.21 93% 15.8x 13.2x KTB Securities

AMANAH TB Amanah Leasing PCL Consumer Finance 0 3 227 172 1.68 37% 17.0x n.m. Kasikorn

WICE TB WICE Logistics PCL Air Freight & Logistics 0 4 254 255 8.19 159% 19.7x 12.9x Phillip Securities, KTB Securities

JMART TB Jay Mart PCL Technology Distributors -1 3 1,876 1,280 15.79 101% 37.2x 20.1x Finasia

PTG TB PTG Energy PCL Automotive Retail -1 12 1,830 926 10.12 13% 15.8x 9.4x Kasikorn

JWD TB JWD Infologistics PCL Air Freight & Logistics 1 7 660 496 4.26 89% 38.7x 15.2x Krungsi

TSE TB Thai Solar Energy PCL Renewable Electricity 0 2 555 181 2.74 12% n.m. n.m. Sadif

NCAP TB Next Capital PCL Consumer Finance -1 2 429 355 3.79 129% 38.8x 71.6x Finasia

TIDLOR TB Ngern Tid Lor PCL Consumer Finance 0 17 3,878 2,839 20.91 #VALUE! 28.7x 28.7x Maybank

XO TB Exotic Food PCL Packaged Foods & Meats 0 4 258 272 2.45 87% 18.5x 15.0x KGI, KTB Securities

SUN TB Sunsweet PCL Packaged Foods & Meats 0 3 138 140 6.49 155% 18.8x 12.6x Trinity

Indonesia

ARNA IJ Arwana Citramulia Tbk PT Building Products 1 4 364 392 0.12 12% 13.1x 7.9x Sadif

ERAA IJ Erajaya Swasembada Tbk PT Technology Distributors 1 14 856 644 3.88 31% 9.3x 7.3x UOB KH

MMLP IJ Mega Manunggal Property Tbk PT Real Estate Operating Companie 0 1 432 305 1.88 111% n.m. n.m. MNC Securities

FREN IJ Smartfren Telecom Tbk PT Wireless Telecommunication Ser 0 2 4,133 2,681 16.23 85% n.m. 15.0x Korea Investment

SSIA IJ Surya Semesta Internusa Tbk PT Construction & Engineering 0 9 208 159 0.67 -16% n.m. 9.0x

ASMI IJ Asuransi Maximus Graha Persada Multi-line Insurance 0 1 81 82 0.00 -87% n.m. n.m.

AKRA IJ AKR Corporindo Tbk PT Oil & Gas Storage & Transporta 0 14 1,310 1,085 2.45 21% 14.5x 10.0x

ESSA IJ Surya Esa Perkasa Tbk PT Oil & Gas Refining & Marketing 0 4 868 358 2.74 55% 5.7x 4.6x

ASSA IJ Adi Sarana Armada Tbk PT Trucking 0 4 992 780 3.07 338% 57.3x 20.0x Trimegah, Danaresksa

Philippines

PGOLD PM Puregold Price Club Inc Hypermarkets & Super Centers 1 18 2,567 2,490 1.24 5% 14.5x 7.0x First Metro

NIKL PM Nickel Asia Corp Diversified Metals & Mining 0 3 1,533 1,601 1.14 7% 12.1x 6.0x Wealth Securities

GTCAP PM GT Capital Holdings Inc Industrial Conglomerates 0 9 4,823 2,364 2.02 -7% 9.8x 13.7x Credit Suisse




Page | 20

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Name Sector Change Analyst

Coverage EV

(USDm) Mcap

(USDm) 30D ADTV

(USDm) YTD Perf.

(LCL)

Best FY21 FY21 P/E

Best FY21 EV/

EBITDA Notes

HOME PM AllHome Corp Home Improvement Retail 0 6 790 640 0.11 -7% 22.3x 13.8x COL Financial Group

Singapore

REXI SP Rex International Holding Ltd Oil & Gas Equipment & Services 0 2 181 189 3.38 34% 10.4x n.m. KGI

KODA SP Koda Ltd Home Furnishings 0 1 42 50 0.03 63% 5.5x 3.0x

PROC SP Procurri Corp Ltd Technology Distributors 0 0 63 67 0.02 11% n.m. n.m.

Malaysia

REVENUE MK Revenue Group Bhd Data Processing & Outsourced S 0 3 191 209 0.71 50% 70.0x 32.4x UOB KH

FRCB MK Frontken Corp Bhd Diversified Support Services 0 5 1,160 1,229 3.75 37% 46.4x 29.0x Macquarie

MYEG MK My EG Services Bhd Data Processing & Outsourced S 0 9 1,595 1,645 8.14 -1% 21.0x 16.8x

DSON MK Datasonic Group Bhd IT Consulting & Other Services 0 3 306 332 1.09 -9% 30.0x 14.8x Sadif

SCI MK Scientex BHD Commodity Chemicals -1 7 1,978 1,704 0.64 8% 16.6x 11.8x Nomura

MRDIY MK MR DIY Group M Bhd Home Improvement Retail 0 12 6,206 5,916 5.50 26% 52.3x 28.4x Kenanga

Page | 21

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Insider Purchases & Sales Transactions from executives and major shareholders since the beginning of the previous month

Ticker Name Sector Net Insider Buys

(USDm) Net Insider Purchases % Sh. Out.

Analyst Coverage

30D ADTV (USDm) Mcap

(USDm) EV

(USDm) YTD

Perf. (%) FY20 P/E

FY20 EV/ EBITDA

Indonesia

HOKI IJ Buyung Poetra Sembada PT Food Producers 0.5 0.36% 6 0.8 129.7 143.5 -24% 49.6x 26.7x

AKRA IJ AKR Corporindo Tbk PT Oil, Gas and Coal 2.8 0.26% 14 2.5 1,084.8 1,310.5 27% 17.1x 11.7x

ARCI IJ Archi Indonesia Tbk PT Precious Metals and Mining 1.1 0.11% 2 0.9 1,054.5 1,411.7 n.a. 8.6x 5.9x

MASB IJ Bank Multiarta Sentosa Tbk PT Banks 0.2 0.07% 0 0.0 297.9 n.a. 40.1x n.m.

SMDR IJ Samudera Indonesia Tbk PT Industrial Transportation 0.1 0.05% 0 0.9 146.0 231.0 120% n.m. n.m.

LPKR IJ Lippo Karawaci Tbk PT Real Estate Investment and Services 0.2 0.02% 6 0.7 656.8 2,643.6 -38% n.m. n.m.

Philippines

GREEN PM Greenergy Holdings Inc Technology Hardware and Equipment 5.3 5.43% 0 0.5 97.4 99.7 8% n.m. n.m.

FLI PM Filinvest Land Inc Real Estate Investment and Services 0.0 0.01% 9 0.2 546.2 2,034.0 2% 7.3x 12.8x

DITO PM DITO CME Holdings Corp Telecommunications Service Providers 0.0 0.00% 0 1.8 489.9 489.7 -23% 339.0x n.m.

Malaysia

DSON MK Datasonic Group Bhd Software and Computer Services 15.0 4.52% 3 1.1 331.7 306.1 -8% 22.9x 13.7x

MYEG MK My EG Services Bhd Software and Computer Services 18.6 1.13% 9 8.1 1,644.5 1,594.6 1% 25.7x 21.4x

TWH MK Ta Win Holdings BHD Electronic and Electrical Equipment 1.1 0.80% 0 1.2 131.3 143.7 127% n.m. n.m.

TSH MK TSH Resources Bhd Food Producers 2.8 0.76% 12 0.5 368.4 658.5 -2% 19.5x 13.3x

PWRT MK Power Root Bhd Beverages 1.0 0.70% 5 0.1 135.3 114.4 -33% 11.0x 7.1x

JHMC MK JHM Consolidation Bhd Technology Hardware and Equipment 1.8 0.66% 3 3.4 268.1 270.3 7% 52.7x 26.2x

TDC MK TIME dotCom Bhd Telecommunications Service Providers 11.5 0.56% 10 1.9 2,057.9 1,842.0 7% 26.3x 13.6x

HAIO MK Hai-O Enterprise Bhd Personal Care, Drug and Grocery Stores 0.6 0.42% 2 0.0 147.2 123.1 -3% 18.9x 11.2x

DOGT MK D&O Green Technologies Bhd Technology Hardware and Equipment 2.6 0.18% 3 4.2 1,463.5 1,539.9 125% 123.8x 60.0x

BC MK Berjaya Corp Bhd General Industrials 0.4 0.14% 1 0.5 321.4 2,396.8 37% n.m. 11.2x

DUFU MK Dufu Technology Corp Bhd Electronic and Electrical Equipment 0.4 0.07% 0 1.1 536.6 519.3 31% 43.5x 28.1x

Thailand

VGI TB VGI PCL Media 24.1 1.39% 17 5.2 1,737.0 1,757.8 -4% 37.7x 35.8x

7UP TB Seven Utilities and Power PLC Retailers 2.1 0.87% 0 41.2 237.6 254.4 263% 63.2x 98.5x

AMATA TB Amata Corp PCL Real Estate Investment and Services 5.5 0.84% 16 5.1 651.7 1,175.7 15% 18.5x 20.5x

DRT TB Diamond Building Products PCL Construction and Materials 1.0 0.54% 2 0.2 192.2 207.7 32% 10.8x 6.8x

SPALI TB Supalai PCL Real Estate Investment and Services 3.2 0.26% 21 3.9 1,253.9 1,985.7 6% 9.2x 11.2x

TU TB Thai Union Group PCL Food Producers 7.0 0.24% 22 23.7 2,953.3 4,779.1 55% 14.8x 11.1x

BTS TB BTS Group Holdings PCL Travel and Leisure 7.6 0.20% 16 12.5 3,830.9 8,020.3 3% 14.5x 31.9x

KKP TB Kiatnakin Phatra Bank PCL Banks 2.2 0.15% 18 5.5 1,453.8 12% 8.9x n.m.




Page | 22

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Name Sector Net Insider Buys

(USDm) Net Insider Purchases % Sh. Out.

Analyst Coverage

30D ADTV (USDm) Mcap

(USDm) EV

(USDm) YTD

Perf. (%) FY20 P/E

FY20 EV/ EBITDA

JMART TB Jay Mart PCL Retailers 1.2 0.09% 3 15.8 1,280.0 1,876.5 106% 50.2x 1301.3x

Singapore

TSE SP Tai Sin Electric Ltd Electronic and Electrical Equipment 0.5 0.41% 0 0.0 130.9 125.2 25% 18.7x 9.0x

ISDN SP ISDN Holdings Ltd Industrial Support Services 0.8 0.39% 2 5.4 207.3 238.1 60% 18.9x 8.3x

ELITE SP Elite Commercial REIT Real Estate Investment Trusts 1.0 0.23% 4 0.6 439.2 730.6 10% 14.1x n.m.

SUN SP Suntec Real Estate Investment Real Estate Investment Trusts 6.3 0.20% 17 8.8 3,115.6 6,501.0 3% n.m. 61.9x

AAREIT SP AIMS APAC REIT Real Estate Investment Trusts 0.9 0.11% 6 1.5 842.4 1,350.3 30% 13.5x n.m.

IFAST SP iFAST Corp Ltd Software and Computer Services 1.7 0.09% 5 8.2 1,778.4 1,744.1 183% 115.9x 59.6x

SATS SP SATS Ltd Consumer Services 1.3 0.04% 10 4.6 3,382.0 3,267.5 2% 27.5x 13.0x

Page | 23

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Buyback Monitor Highlighting companies with recent share repurchases as well as newly approved buyback mandates

Ticker Name Sector 7-Day Value

(LCL) as %

MCap 30-Day

Value (LCL) as %

MCap Analyst

Coverage

30D ADTV

(USDm)

Mcap (USDm)

EV (USDm)

YTD Perf. (%)

FY20 P/E

FY20 EV/

EBITDA

KNKIB MK Kenanga Investment Bank Bhd Investment Banking and Brokerage Services

0.70 0.07% 5.38 0.56% 0 0.2 233 -16 47% 9.6x n.m.

HG SP Hour Glass Ltd/The Retailers 1.73 0.17% 6.64 0.64% 0 0.5 777 751 91% 14.0x 8.3x

MPI PM Metro Pacific Investments Corp Gas, Water and Multi-utilities 1,255.98 1.07% 2,011.25 1.71% 12 1.2 2,353 7,018 -7% 24.6x 18.1x

AVARGA SP Avarga Ltd Industrial Materials 0.00 0.00% 0.29 0.11% 0 0.2 200 371 9% 5.0x 3.9x

DSON MK Datasonic Group Bhd Software and Computer Services 1.42 0.10% 5.57 0.41% 3 1.1 332 306 -8% 22.9x 13.7x

RRHI PM Robinsons Retail Holdings Inc Retailers 75.38 0.10% 182.21 0.24% 16 0.8 1,536 1,969 -20% 23.7x 7.6x

AXLM PM Axelum Resources Corp Food Producers 0.65 0.01% 4.12 0.04% 1 0.0 221 192 -19% 20.8x 12.3x

PPC PM Pryce Corp Chemicals 0.74 0.01% 18.30 0.18% 0 0.0 209 192 12% 7.0x 4.0x

GKG SP GK Goh Holdings Ltd Investment Banking and Brokerage Services

1.03 0.28% 1.24 0.34% 0 0.1 270 411 51% 793.3x 23.0x

RAHH MK Ranhill Utilities Bhd Gas, Water and Multi-utilities 0.01 0.00% 0.60 0.07% 2 0.1 211 434 -24% 24.2x 4.5x

SKR TB Sikarin PCL Health Care Providers 2.32 0.01% 15.30 0.07% 0 0.3 726 773 82% 64.9x 27.7x

FEH SP Food Empire Holdings Ltd Beverages 0.06 0.02% 0.17 0.04% 2 0.1 314 305 21% 11.7x 7.2x

MEG PM Megaworld Corp Real Estate Investment and Services 0.50 0.00% 0.50 0.00% 15 1.0 1,836 3,659 -30% 9.2x 11.5x

NANO SP Nanofilm Technologies Internat Industrial Materials 0.00 0.00% 20.08 0.70% 8 11.0 2,129 1,996 -2% 50.9x 30.3x

AGI PM Alliance Global Group Inc General Industrials 0.00 0.00% 3.26 0.00% 8 0.7 2,015 7,509 -3% 11.3x 13.8x




Page | 24

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Privatisation Candidates Companies with large founder shareholding, lots of cash and share price that’s been too low for too long

Ticker Name Sector 30D ADTV (USDm) Mcap

(USDm) EV

(USDm) Free Float

(%) Net Cash (USDm)

vs 720D High (%)

YTD Perf. (%)

FY20 P/E

FY20 EV/ EBITDA

Thailand

AYUD TB Allianz Ayudhya Capital PCL Property & Casualty Insurance 0.02 448.0 386.1 33.4% 62.0 -15% 12% 20.7x n.m.

STANLY TB Thai Stanley Electric PCL Auto Parts & Equipment 0.23 406.3 229.9 38.5% 176.5 -27% 2% 13.2x 2.8x

KISS TB Rojukiss International PCL Personal Products 0.84 210.9 196.3 34.6% 14.6 -33% n.m. n.m. 24.5x

Philippines

NIKL PM Nickel Asia Corp Diversified Metals & Mining 1.14 1,600.8 1,533.6 30.9% 142.5 -6% 7% 18.7x 8.1x

ATI PM Asian Terminals Inc Marine Ports & Services 0.00 563.1 508.0 17.5% 55.3 -29% -10% 10.5x 4.3x

CNPF PM Century Pacific Food Inc Packaged Foods & Meats 0.68 1,816.4 1,890.4 31.2% (74.0) -1% 47% 16.0x 12.6x

Indonesia

MPMX IJ Mitra Pinasthika Mustika Tbk P Automotive Retail 0.59 222.5 118.6 35.2% 103.9 -12% 44% 12.0x 2.6x

PNLF IJ Panin Financial Tbk PT Life & Health Insurance 0.32 420.4 168.3 37.5% 402.0 -60% -24% 4.2x n.m.

PNIN IJ Paninvest Tbk PT Life & Health Insurance 0.03 212.8 557.6 36.2% 470.6 -49% -14% 3.3x n.m.

Singapore

CH SP Chuan Hup Holdings Ltd Electronic Manufacturing Servi 0.02 165.3 57.9 44.2% 126.1 -9% 17% 11.4x 39.8x

CREAF SP Creative Technology Ltd/Singap Technology Hardware, Storage & 0.05 130.0 37.7 63.8% 94.5 -60% 2% n.m. n.m.

HG SP Hour Glass Ltd/The Specialty Stores 0.51 777.3 751.2 31.6% 8.0 -2% 89% 8.1x 6.9x

Malaysia

KNKIB MK Kenanga Investment Bank Bhd Investment Banking & Brokerage 0.16 233.0 (16.2) 62.9% 250.5 -27% 43% 6.5x n.m.

INS MK Insas Bhd Investment Banking & Brokerage 0.53 161.0 (47.0) 57.9% 208.4 -2% 7% 2.4x n.m.

CSCS MK CSC Steel Holdings Bhd Steel 0.20 124.3 59.8 43.0% 64.5 -25% 4% 13.5x 5.1x

CTP MK Chin Teck Plantations BHD Agricultural Products 0.02 154.2 66.6 38.8% 87.6 -1% 7% 15.0x 6.5x

SUCB MK Supermax Corp Bhd Health Care Supplies 10.11 1,957.4 1,090.5 35.8% 886.4 -72% -47% 2.2x 6.2x

MTAG MK MTAG Group Bhd Commercial Printing 0.08 106.5 77.6 31.6% 28.9 -34% -12% 13.3x 7.5x

KESM MK Kesm Industries Bhd Semiconductors 0.14 126.2 75.6 31.2% 50.6 -30% -10% 4030.0x 4.9x




Page | 25

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Rights Issues Rights issuance of the trailing 90 days

Ticker Name Industry Exchange

Name Announcement

Date Deal

Currency # of Shares

Offered Deal Size Currency

Deal Size (USDm)

Market Cap (USDm)

30D ADTV

BBRI IJ Bank Rakyat Indonesia Persero Diversified Banks Indonesia 1/9/2021 IDR 288,000,031 IDR 6,735.17 33,518.30 32.59

BHIT IJ MNC Investama Tbk PT Broadcasting Indonesia 31/8/2021 IDR 3,794,365,967 IDR 157.55 523.24 8.16

TIFA IJ KDB Tifa Finance Tbk PT Consumer Finance Indonesia 31/8/2021 IDR 288,000,031 IDR 45.20 126.25 0.00

JMT TB JMT Network Services PCL Consumer Finance Bangkok 27/8/2021 THB 3,794,365,967 THB 307.31 1,633.24 10.46

SINGER TB Singer Thailand PCL Specialty Stores Bangkok 27/8/2021 THB 288,000,031 THB 107.48 660.13 4.78

BDTK SP Boldtek Holdings Ltd Construction & Engineering Singapore 27/8/2021 SGD 3,794,365,967 SGD 4.14 12.30 0.00

MDJ MK Mudajaya Group Bhd Construction & Engineering Bursa Malays 25/8/2021 MYR 3,794,365,967 MYR 35.01 30.42 0.02

ANI PM AgriNurture Inc Food Distributors Philippines 23/8/2021 PHP 288,000,031 PHP 5.73 110.68 0.24

TPIA IJ Chandra Asri Petrochemical Tbk Commodity Chemicals Indonesia 23/8/2021 IDR 3,794,365,967 IDR 1.07 10,461.17 1.99

ZBRA IJ Zebra Nusantara Tbk PT Trucking Indonesia 19/8/2021 IDR 1,712,265,991 IDR 96.53 126.25 0.62

PDZ MK PDZ Holdings Bhd Marine Bursa Malays 18/8/2021 MYR 797,746,155 MYR 26.36 4.86 0.08

MA PM Manila Mining Corp Gold Philippines 18/8/2021 PHP 51,917,359,375 PHP 10.30 54.21 0.03

META TB Meta Corp PCL Construction & Engineering Bangkok 17/8/2021 THB 184,000,000 THB 3.37 26.23 0.38

YB MK YB Ventures Bhd Building Products Bursa Malays 12/8/2021 MYR 1,213,088,013 MYR 11.47 30.23 0.18

OTO TB One to One Contacts Co Ltd Diversified Support Services Bangkok 11/8/2021 THB 280,000,000 THB 8.40 113.06 1.62

TIG MK Tiger Synergy Bhd Real Estate Development Bursa Malays 11/8/2021 MYR 1,101,480 MYR 0.01 17.66 0.04

ASJT IJ Asuransi Jasa Tania Tbk PT Property & Casualty Insurance Indonesia 3/8/2021 IDR 800,000,000 IDR 6.97 11.68 0.02

THL TB Tongkah Harbour PCL Diversified Metals & Mining Bangkok 29/7/2021 THB 317,867,615 THB 38.68 #N/AN/A n.m.

LGB MK Lambo Group BHD Application Software Bursa Malays 28/7/2021 MYR 1,207,787,964 MYR 28.52 7.93 0.26

ENGT MK Engtex Group Bhd Trading Companies & Distributo Bursa Malays 28/7/2021 MYR 110,829,803 MYR 0.79 67.67 0.15

GII MK GIIB HOLDINGS Bhd Tires & Rubber Bursa Malays 22/7/2021 MYR 362,938,293 MYR 18.91 16.58 0.11

GHB MK Grand Hoover Bhd Trading Companies & Distributo Bursa Malays 22/7/2021 MYR 50,000,000 MYR 7.10 9.82 0.05

BCM MK BCM Alliance Bhd Trading Companies & Distributo Bursa Malays 9/7/2021 MYR 1,220,468,018 MYR 23.29 10.50 0.71

AEM MK AE Multi Holdings Bhd Electronic Components Bursa Malays 6/7/2021 MYR 1,442,420,044 MYR 17.36 20.81 0.17

CPG MK Careplus Group Bhd Health Care Supplies Bursa Malays 21-26/7/2021 MYR 17,000,000 MYR 8.04 224.01 10.51

SC MK SC Estate Builder Bhd Construction & Engineering Bursa Malays 23/7/2021 MYR 15,000,000 MYR 0.26 18.08 0.06

HWG MK Ho Wah Genting BHD Electrical Components & Equipm Bursa Malays 22/7/2021 MYR 20,871,000 MYR 1.31 49.16 0.35

XINH MK Xin Hwa Holdings Bhd Trucking Bursa Malays 22/7/2021 MYR 5,000,000 MYR 0.48 20.46 0.34

GRPB MK Green Packet Bhd Communications Equipment Bursa Malays 19/7/2021 MYR 29,500,000 MYR 1.54 54.67 0.33

IJGB MK Top Builders Capital Bhd Construction & Engineering Bursa Malays 16/7/2021 MYR 40,600,000 MYR 0.43 8.04 0.03

KTLG SP KTL Global Ltd Trading Companies & Distributo Singapore 15/7/2021 SGD 30,000,000 SGD 2.28 27.28 0.72

PNE MK PNE PCB BHD Electronic Components Bursa Malays 15/7/2021 MYR 46,000,000 MYR 1.13 13.31 0.09




Page | 26

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Name Industry Exchange

Name Announcement

Date Deal

Currency # of Shares

Offered Deal Size Currency

Deal Size (USDm)

Market Cap (USDm)

30D ADTV

IHB MK Impiana Hotels Bhd Hotels, Resorts & Cruise Lines Bursa Malays 15/7/2021 MYR 10,000,000 MYR 0.13 23.34 0.12

SHL MK Sin Heng Chan Malaya Bhd Agricultural Products Bursa Malays 14/7/2021 MYR 13,186,600 MYR 1.41 35.88 0.08

BKM SP Beng Kuang Marine Ltd Diversified Support Services Singapore 7/7/2021 SGD 27,000,000 SGD 1.00 8.45 0.01

ASSA IJ Adi Sarana Armada Tbk PT Trucking Indonesia 8/7/2021 IDR 600,000,000 IDR 0.00 780.85 2.93

BKM SP Beng Kuang Marine Ltd Diversified Support Services Singapore 7/7/2021 SGD 27,000,000 SGD 1.00 8.45 0.01

SAME IJ Sarana Meditama Metropolitan T Health Care Facilities Indonesia 6/7/2021 IDR 5,229,922,363 IDR 172.76 646.99 3.37

AEM MK AE Multi Holdings Bhd Electronic Components Bursa Malays 6/7/2021 MYR 1,442,419,556 MYR 17.36 20.81 0.17

BNLI IJ Bank Permata Tbk PT Diversified Banks Indonesia 2/7/2021 IDR 8,138,620,117 IDR 754.33 4,592.81 0.38

BBHI IJ Allo Bank Indonesia Tbk PT Diversified Banks Indonesia 2/7/2021 IDR 7,498,501,953 IDR 51.60 1,782.21 3.33

BANPU TB Banpu PCL Coal & Consumable Fuels Bangkok 30/6/2021 THB 1,268,645,020 THB 197.90 2,033.40 49.32

SMCB IJ Solusi Bangun Indonesia Tbk PT Construction Materials Indonesia 28/6/2021 IDR 1,379,761,963 IDR 219.69 1,210.44 0.06

TRUBB TB Thai Rubber Latex Group PCL Commodity Chemicals Bangkok 25/6/2021 THB 136,295,898 THB 9.44 142.34 1.45

SMM SP Sembcorp Marine Ltd Construction Machinery & Heavy Singapore 24/6/2021 SGD 18,833,468,800 SGD 1,121.87 837.04 11.99

ENRG IJ Energi Mega Persada Tbk PT Oil & Gas Exploration & Produc Indonesia 24/6/2021 IDR 14,479,050,781 IDR 126.34 186.61 1.06

SCW MK Scanwolf Corp Bhd Building Products Bursa Malays 24/6/2021 MYR 104,971,199 MYR 2.52 12.70 0.83

OLAM SP Olam International Ltd Food Distributors Singapore 22/6/2021 SGD 481,359,985 SGD 447.56 4,453.29 4.54

IREIT SP IREIT Global Office REITs Singapore 22/6/2021 SGD 201,137,894 SGD 89.02 553.67 0.39

AIMIRT/F TB AIM Industrial Growth Freehold Industrial REITs Bangkok 14/6/2021 THB 137,815,094 THB 51.80 234.74 n.m.

JOH MK Johan Holdings Bhd Consumer Finance Bursa Malays 14/6/2021 MYR 389,342,804 MYR 9.46 28.08 0.16

BBYB IJ Bank Neo Commerce Tbk PT Regional Banks Indonesia 8/6/2021 IDR 832,724,426 IDR 17.53 836.58 15.32

IXBIO SP iX Biopharma Ltd Pharmaceuticals Singapore 8/6/2021 SGD 48,814,709 SGD 7.37 127.92 0.24

PSK MK Pasukhas Group Bhd Trading Companies & Distributo Bursa Malays 4/6/2021 MYR 991,989,700 MYR 24.03 23.65 2.60

AGRS IJ Bank IBK Indonesia Tbk PT Regional Banks Indonesia 2/6/2021 IDR 7,283,801,000 IDR 86.71 328.13 2.13

Page | 27

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Stock Splits Splits and reverse splits of the trailing 180 days

Ticker Name Sector Announced /

Declared Effective

Date Amount

Adjustment Factor

30D ADTV (USDm)

Mcap (USDm)

EV (USDm)

YTD Perf. (%)

FY20 P/E

FY20 EV/

EBITDA

Singapore

SHANAYA SP SHANAYA Ltd Information Technology 29/6/2021 N/A 1 for 40 0.025 0.01 5 5 7% n.m. n.m.

AMOS SP AMOS Group Ltd Energy 25/6/2021 N/A 1 for 20 0.050 0.03 24 48 -52% n.m. n.m.

ASA SP Advanced Systems Automation Lt Information Technology 17/6/2021 N/A .0027 : 1 0.003 0.00 17 16 0% n.m. n.m.

SAMUR SP Samurai 2K Aerosol Ltd Materials 28/5/2021 23/6/2021 3 for 1 3.000 0.01 91 77 68% 52.3x 11.6x

CERT SP Cromwell European Real Estate Real Estate 17/3/2021 5/5/2021 1 for 5 0.200 1.51 1,736 2,731 9% 15.5x 22.1x

THEPLACE SP Place Holdings Ltd/The Communication Services 10/3/2021 N/A 1 for 5 0.200 0.27 504 566 248% 330.0x n.m.

Indonesia

DIVA IJ Distribusi Voucher Nusantara T Information Technology 26/8/2021 2/9/2021 2 for 1 2.000 0.26 225 165 87% 25.6x 81.3x

HEAL IJ Medikaloka Hermina Tbk PT Health Care 26/7/2021 30/7/2021 5 for 1 5.000 1.14 1,305 1,446 77% 22.1x 15.7x

GOOD IJ Garudafood Putra Putri Jaya Tb Consumer Staples 5/7/2021 9/7/2021 5 for 1 5.000 0.34 973 1,087 48% 36.1x 21.0x

BBRM IJ Pelayaran Nasional Bina Buana Industrials 14/6/2021 13/8/2021 2 for 3 0.667 0.00 19 15 0% n.m. n.m.

SRTG IJ Saratoga Investama Sedaya Tbk Financials 10/5/2021 18/5/2021 5 for 1 5.000 1.63 1,560 1,756 139% 1.1x 2.9x

ERAA IJ Erajaya Swasembada Tbk PT Information Technology 26/3/2021 31/3/2021 5 for 1 5.000 3.84 660 873 34% 11.5x 7.2x

Philippines

DAVIN PM Da Vinci Capital Holdings Inc Industrials 15/3/2021 N/A 23 for 100 0.230 n.a. 66 35 -44% n.m. n.m.

Thailand

AIE TB AI Energy PCL Energy 13/8/2021 N/A 1 for 4 0.250 2.42 232 229 87% 8.2x 11.1x

W TB Wow Factor PCL Information Technology 28/4/2021 5/5/2021 1 for 15 0.067 1.78 119 125 18% n.m. n.m.

SMART TB Smart Concrete PCL Materials 26/4/2021 29/4/2021 2 for 1 2.000 0.13 25 25 66% 10.5x 8.6x

PRIME TB Prime Road Power PCL Utilities 1/3/2021 25/5/2021 1 for 4 0.250 0.71 248 307 -4% 28.8x 42.0x

TNDT TB Thai Nondestructive Testing PC Industrials 1/3/2021 31/5/2021 2 for 1 2.000 0.78 16 24 52% 16.3x 8.6x

Malaysia

H&L MK Kumpulan H&L High-Tech Bhd Industrials 31/8/2021 2/9/2021 3 for 1 3.000 3.58 56 51 334% 14.0x 53.9x

PWP MK Priceworth International Bhd Materials 20/8/2021 3/9/2021 1 for 10 0.100 0.04 16 25 -55% n.m. n.m.

WMB MK Widetech Malaysia BHD Industrials 20/8/2021 N/A 5 for 1 5.000 0.40 46 41 617% n.m. n.m.

PDZ MK PDZ Holdings Bhd Industrials 27/7/2021 9/8/2021 1 for 10 0.100 0.17 6 (2) -74% n.m. 0.4x

JMR MK Jade Marvel Group Bhd Materials 26/7/2021 6/8/2021 1 for 2 0.500 0.09 34 35 5% 34.0x 24.1x

LGB MK Lambo Group BHD Information Technology 9/7/2021 23/7/2021 1 for 25 0.040 0.47 8 (11) -80% n.m. 0.4x

APP MK AppAsia Bhd Information Technology 18/6/2021 1/7/2021 3 for 1 3.000 0.57 38 35 -39% 366.7x 81.3x

PSK MK Pasukhas Group Bhd Industrials 25/5/2021 9/6/2021 1 for 10 0.100 0.74 24 23 -76% n.m. n.m.




Page | 28

From Wickhams Hill

RESEARCH COMMENTARY

ASIA | Small Cap

WWW.WH-UTR.COM



Ticker Name Sector Announced /

Declared Effective

Date Amount

Adjustment Factor

30D ADTV (USDm)

Mcap (USDm)

EV (USDm)

YTD Perf. (%)

FY20 P/E

FY20 EV/

EBITDA

MTTB MK mTouche Technology Bhd Communication Services 7/4/2021 20/4/2021 1 for 10 0.100 0.04 17 8 -78% n.m. n.m.

KASB MK Kejuruteraan Asastera Bhd Industrials 25/3/2021 7/4/2021 9 for 5 1.800 3.53 161 162 -32% 166.7x 65.9x

SANI MK Sanichi Technology Bhd Industrials 19/3/2021 2/4/2021 1 for 10 0.100 0.06 14 (19) -86% n.m. 29.1x

issue 6 4 september 2021 wickhams hill research | under

Documents