GREATER CHINA Results Cathay Pacific Airways (293 HK/HOLD/HK$10.90/Target: HK$11.20) 2024: Results slightly miss our forecast but a solid beat of consensus estimates. Yields to moderate further in 2025. Maintain HOLD. INDONESIA Small/Mid Cap Highlights Rukun Raharja (RAJA IJ/NOT RATED/Rp2,260) Leveraging stability in oil & gas business. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.04/Target: RM1.00) 9MFY25: Results below e...
BHP shareholders received US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders are being sold by the sales agent, JPM, in a US$823m block. In this note, we will look at the possible deal dynamics and run the deal through our ECM framework.
BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. Such shares could add up to US$1.5bn in stock sales which will be done in early June. In this note, we will look at the possible deal dynamics and the overall background of the deal.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
The strong iron ore price is the dominant driver of no-moat-rated BHP Group’s share price. As with our recent review of Rio Tinto, it’s the key reason we see BHP shares as overvalued. That said, BHP is not as expensive as Rio Tinto given the lower relative exposure to iron ore and the importance of oil to BHP’s earnings and fair value estimate. We are more positive on the outlook for oil given the current price is not excessive, unlike iron ore. We retain our AUD 31 per share fair value e...
The strong iron ore price is the dominant driver of no-moat-rated BHP Group’s share price. As with our recent review of Rio Tinto, it’s the key reason we see BHP shares as overvalued. That said, BHP is not as expensive as Rio Tinto given the lower relative exposure to iron ore and the importance of oil to BHP’s earnings and fair value estimate. We are more positive on the outlook for oil given the current price is not excessive, unlike iron ore. We retain our AUD 31 per share fair value es...
Iron ore and gold prices are flying but we don’t think either will last. Iron ore is benefiting from unusually strong demand and supply disruptions while gold is rising with negative interest rates. The global miners remain overvalued. The sector trades at an average 10% premium to our fair value estimates, versus a 20% premium three months ago. The iron ore miners--BHP, Rio Tinto, Fortescue and Vale, on average are at a 30% premium, while the rest of our coverage is only at a 4% premium. The ...
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