918kiss 2024
918kiss 2024
918kiss 2024
A share swap and merger pricingA merger of TMB with KTB would likely be through share swap and based on implicit pricing of TMB and KTB so the merger pricing ranges widely. KGI ran a sensitivity analysis on the merger pricing and share swap ratio by assuming TMB s implicit pricing ranging from ฿2.10-฿3.80. The swap ratio ranges from 10 TMB : 1 KTB to 5.6 TMB : 1 KTB. If the implicit merger price of TMB is set at the MoF s investment cost of Bt3.80/share, it would be mean 5.6 TMB : 1 KTB (Figure 1).
The swap ratio of this deal is a puzzle as share and earnings dilution would be considered first and several factors next. Assuming a swap ratio 10 TMB : 1 KTB, the merger deal would favor KTB as it would create share dilution of around 24% but earnings at the new company will increase by 30%, implying a merger would enhance KTB s earnings by around 7%. In KGI’s base case, it sees TMB s swap pricing at Bt3.00 as reasonable as PBV is not too high at 1.4x and share dilution offsets earnings dilution.
North East Rubber Public Company Limited (NER) signaled for an outstanding 3Q20 performance, thanks to higher orders, especially from Chinese customers, and the increase in production capacity from its new factory, along with the higher rubber prices which would benefit its sales to record 350,000-360,000 tonnes. Meanwhile the revenue is expected to reach 17 billion baht. The analyst recommended “BUY” with a target price at ฿5.00/share in response to NER’s new business pet mat to support its sales.
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