WILMAR INTERNATIONAL LIMITED (SGX:F34)
Wilmar International - Yihai Kerry Arawana (YKA) Receives Final Registration Approval For Listing On The SZSE ChiNext Board
Yihai Kerry Arawana (YKA) Receives Final Registration Approval For Listing On The SZSE ChiNext Board
- Wilmar International (SGX:F34) announced that Yihai Kerry Arawana Holdings (YKA) has received the final registration approval for listing on the SZSE
- ChiNext Board from the China Securities Regulatory Commission (CSRC).
- Other key points from announcement:
- Listing will be by way of new shares to be issued by YKA, accounting for not less than 10% of YKA’s issued share capital on an enlarged basis.
- Strategic investors, which include mainly state-owned funds, sovereign wealth funds and insurance companies, have been identified to subscribe for approximately 30% of the IPO shares.
- The final subscription size by the strategic investors and the composition of the strategic investors are still subject to final confirmation by the regulatory authorities.
- Based on the usual IPO timeline, the listing is expected to take place by mid-Oct 20, subject to market conditions.
Wilmar share price should react positively
- Wilmar's share price should react positively to this announcement after being sold down over the last few weeks after the share placement by ADM.
- In addition, in our recent note Wilmar International - UOB Kay Hian 2020-09-15: Be Patient; Re-iterate BUY, we also highlighted that the good 2H20 earnings and potentially another round of consensus earnings upgrade would be catalysts to share price as well.
Re-iterate BUY on Wilmar
- Re-iterate BUY on Wilmar International with target price of S$5.35 based on SOTP-valuation. In our SOTP-valuation, we have ascribed a blended 2021F PE of 24x for YKA
- See Wilmar Share Price; Wilmar Target Price; Wilmar Analyst Reports; Wilmar Dividend History; Wilmar Announcements; Wilmar Latest News.
Leow Huey Chuen
UOB Kay Hian Research
|
Jacquelyn Yow
UOB Kay Hian
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https://research.uobkayhian.com/
2020-09-17
SGX Stock
Analyst Report
5.350
SAME
5.350
