Tis rhb report is before the anouncement of alipay partnership.. Tats y ghl drop on 3 april.. When the alibaba partnership anounced, ghl went limit up on 4 april.. So i think rhb report is not relevant.. But ambank report is just recent, so more relevant.. Y rhb never come out n revise their recomendation after the alipay effect?
ACTIS, a private equity firm, has proposed to acquire a 44.4% stake in GHL Systems to become the single-largest shareholder.
Concurrently, Actis made a mandatory general offer for the remaining GHL Systems shares at an offer price of RM1.
RHB Research said it saw this as an excellent opportunity for shareholders to monetise their investment and, hence, it advised investors to accept the offer.
The offer price of RM1 implies a 15% discount over its five-day volume-weighted average price (VWAP) of RM1.18.
RHB Research, however, said this was reasonable given that it was largely on par with its six-month VWAP, and translated into an appealing 2018 and 2019 price-to-earnings ratio of 21.6 times and 19.5 times respectively.
It said the offer price implied a decent premium of 8.7% over its previous target price of 92 sen.
As such, RHB Research believed this as an excellent opportunity for investors to capitalise on, and hence advised shareholders to accept the offer.
The research house upgraded the stock to “neutral” with the target price revised to RM1 being the offer price.
On its existing operations, RHB Research remained cautious on near-term earnings visibility, as the current subpar retail climate in Malaysia could impede merchants’acceptance of its transaction payment acquisition (TPA) model.
On the regional front, while its Philippines operation is gradually gaining traction, the research house said that the intensified competition in Thailand remained a cause for concern.
“As such, we see this as a golden opportunity for investors to lock in their profits,” it added.
Why offer only RM1, because ACTIS also do not want this privatise to happen lah... This 69 ringgit, 31 ringgit shares acquired only to tell you that Malaysia investor are so smart that they only offer peanuts to Actis to show their appreciation to Actis for her investment into GHLsys and help bringing GHLsys to the next milestone.
Some people here are so funny. Keep talking about the privatisation. Come on, go do some homework. Actis and Simon are substantial shareholder holders, any share they acquired will be shown in bursa. No huge volume shown traded RM 1. Focus on the news instead of the nearly impossible take over price.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Lexie1221
112 posts
Posted by Lexie1221 > 2017-05-06 23:23 | Report Abuse
agreed