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SG Daily: China Minzhong: Don’t Mess With Bapak; Under Review
Singapore Daily
China Minzhong: Don’t Mess With Bapak; Under Review
MINZ SP | Mkt Cap
USD579.2m | ADTV USD2.4m
Ø Indofood (which nows 44.1% of Minzhong) launched a MGO for the
remaining shares of Minzhong on 2 Sep 2013 following Minzhong’s rebuttal
on 1 Sep 2013. This effectively supersedes fraud concerns although they
still exist and will provide a floor to the stock.
Ø Given the still huge uncertainties, accepting the offer would be the
easiest thing to do. As analysts however, we want to stay in the game.
This will not be our last report as we will continue to dig into Glaucus’
accusations, Minzhong’s rebuttal, Glaucus’s rebuttal to Minzhong’s
rebuttal and more rebuttals and rebuttals to the rebuttals to come.
Ø Officially, our rating is kept at UNDER REVIEW. For investors with a
low risk threshold, take the offer and cash out and switch to Sino
Grandness, but for investors with a higher risk appetite, we would like
to remind them that Indofood’s offer price could look cheap after all
uncertainties are removed.
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03-Sep 2013 Tuesday
9:34 AM (3891 days ago)
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