TAT HONG HOLDINGS LTD
T03.SI
Tat Hong Holdings: Drops spin-off plans on TWSE
- Tat Hong Holdings announced that its 82%- owned subsidiary, Tat Hong Equipment Service Co. Ltd. (THES) has informed the Taiwan Stock Exchange (TWSE) that it will not proceed with the listing of its shares on TWSE.
- The company believes that the current global economic environment as well as weak and volatile global equity markets are 'not conducive' for the listing of THES, which would affect the valuation of THES at this point in time.
- Tat Hong may or may not seek a listing of THES on TWSE or other stock exchange in the future.
- We did not incorporate the potential spin-off into our assumptions.
- Meanwhile, as of 15 Jun, discussions are still on-going regarding a potential transaction that may or may not lead to an acquisition of the issued share capital of the company.
- We are keeping our HOLD rating and fair value estimate of S$0.50 unchanged.
Jodie Foo
OCBC Securities
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http://www.ocbcresearch.com/
2016-07-05
OCBC Securities
SGX Stock
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