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☆ Toshiba shareholders curb their buyout enthusiasm
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Oct 13 (Reuters Breakingviews) - Toshiba (6502.T) shareholders are curbing their enthusiasm, and that makes sense. They bid up the Japanese conglomerate’s stock 8% following a report of a 2.8 trillion yen ($19.1 billion) buyout bid led by Japan Industrial Partners. That leaves the company’s enterprise value lagging the new bid by some 12%. Throw in a weak yen and all the global economic turmoil, and getting a buyout done at all will be triumph. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ ByteDance might deserve its most-watched status
▼ + stars: | 2022-10-07 | by ( ) www.reuters.com time to read: +2 min

It’s a good show despite a stalled initial public offering plan, a global tech rout, and a politically difficult reception for its popular short-video streaming app. The company eked out an operating profit, too, in the first three months this year. ByteDance might be eating its rival’s lunch in more ways than one. (By Yawen Chen)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

HONG KONG, Oct 7 (Reuters Breakingviews) - Too much cash can be a problem sometimes, especially in South Korea. Samsung Electronics (005930.KS), meanwhile, may find that deploying its $77 billion war chest is getting trickier. The company estimates third-quarter operating profit at 10.8 trillion won ($7.7 billion), down 32% from a year earlier and below analysts’ expectations. Prices for so-called DRAM and NAND memory chips, a highly cyclical sector that's Samsung's biggest profit driver, have yet to bottom out. CONTEXT NEWSSouth Korea's Samsung Electronics on Oct. 7 announced earnings guidance for the third quarter of 2022.

☆ Blackstone converts Indian property to safe haven
▼ + stars: | 2022-10-06 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Oct 6 (Reuters Breakingviews) - A global downturn could boost demand for Indian real estate. The investor-cum-landlord led by Steve Schwarzman has played a big role in developing a local market for real estate investment trusts. Now it’s preparing to float a collection of glitzy shopping malls in what would be only the country’s fourth publicly traded REIT. Indian real estate trusts outperform U.S. peersFollow @ugalani on Twitter(The author is a Reuters Breakingviews columnist. On Sept. 27, Blackstone raised $325 million from selling an 8.1% stake in Embassy Office Parks REIT, per IFR.

☆ China battery maker debut is weaker than it looks
▼ + stars: | 2022-10-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 6 (Reuters Breakingviews) - Shares of China’s CALB (3931.HK), which makes lithium batteries for electric cars, debuted flat following its $1.3 billion initial public offering. After pricing at the bottom of the range, cornerstone investors ended up with half of CALB’s total offering. One of the company’s suppliers, Tianqi Lithium (002466.SZ), bought into the deal too, reciprocating CALB’s investment in its own Hong Kong listing back in July. (By Katrina Hamlin)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Singapore air cargo deal elevates its hub status
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 29 (Reuters Breakingviews) - Singapore is boosting its hub status as global recession fears loom. Aviation services group SATS (SATS.SI) is acquiring the world’s largest air cargo logistics provider for $2.2 billion from U.S. buyout firm Cerberus. The deal could ultimately lift trade flows through Singapore where aviation contributes more than 5% of GDP. SATS is part of the city-state’s industry trinity that includes its former parent Singapore Airlines (SIAL.SI) and Changi Airport. As global cargo activity nears pre-pandemic levels, Singapore is providing a strategic home to an asset that’s passed through multiple financial owners.

They accounted for 71% of arrivals before the pandemic, with another 19% coming from Hong Kong, according to the tourism board. Register now for FREE unlimited access to Reuters.com RegisterCasinos have supported heady growth since 2002 when Macau opened the market to multiple operators. Macau’s tiny population of 680,000 was nearly 70% richer on a per capita basis than their peers in Hong Kong, per the International Monetary Fund. But their collective enthusiasm masks an awkward reality: Macau’s dependence on the gambling industry looks increasingly fraught. Gaming revenue, which peaked at $45 billion in 2013, has never recovered from the blow to VIP business, sinking to $36 billion by 2019, per Macau’s Gaming Inspection and Coordination Bureau.

☆ Leapmotor’s modest IPO obviates big leap of faith
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/StringerHONG KONG, Sept 27 (Reuters Breakingviews) - Leapmotor is cruising in gloomy markets. The Chinese electric-vehicle maker priced shares of its initial public offering, the largest in Hong Kong this year, at the bottom end of a previously indicated range, per IFR. Chinese consumers are increasingly gravitating towards more affordable local brands too, according to a Bernstein survey released this month. Leapmotor’s sales in the first quarter fell a little short of the pace it needs to hit but its still within reach. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ CVC’s burial business bets on lively market growth
▼ + stars: | 2022-09-27 | by ( Jennifer Hughes | ) www.reuters.com time to read: +4 min

A pitch for a growing business in an under-penetrated market is different though. Growth will have been disrupted by the effect of pandemic lockdowns on the ability of Nirvana’s sales force to canvas for new business. That’s just above the rate cited by FWD for the Malaysian life insurance market and would be a more reasonable level. Bidders have entered a second round for the business, which specialises in selling pre-need premium products such as family plots in burial grounds. Nirvana Asia went public in Hong Kong in 2014.

☆ India’s bond inclusion will be overdue and timely
▼ + stars: | 2022-09-26 | by ( Una Galani | ) www.reuters.com time to read: +4 min

REUTERS/Shailesh AndradeMUMBAI, Sept 26 (Reuters Breakingviews) - A bear market might be a good time to step onto the world stage. India’s sovereign debt is widely expected to be added to the JPMorgan Emerging Market Bond index, tracked by some $220 billion of assets under management. Overall, foreigners own less than 2% of the sovereign market, compared to about 10% in China and over 20% in Indonesia, according to estimates by Morgan Stanley. Inclusion might quickly shepherd over $20 billion of passive funds that track the benchmark, assuming India gets a 10% weighting, matching China and Indonesia. India spread over U.S. bonds is shrinkingFollow @ugalani on TwitterCONTEXT NEWSIndia is expected to be added to JPMorgan’s key emerging market bond index this month, according to multiple analyst and media reports.

☆ Grab's steady steering offers a smoother ride
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Caroline ChiaHONG KONG, Sept 26 (Reuters Breakingviews) - A rising tide once lifted all of Southeast Asia's technology giants. With a global recession looming and markets in turmoil, their fortunes are starting to diverge. It's a sharp contrast to its $24 billion Singaporean rival Sea (SE.N), which is retrenching globally to achieve financial "self-sufficiency". With shares down over 60% this year, Grab's confident and careful hand at the wheel gives shareholders something to cheer. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Sea CEO’s distress call will make tech waves
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore March 5, 2021. REUTERS/Edgar SuHONG KONG, Sept 21 (Reuters Breakingviews) - Candour is often welcome during times of distress. Forrest Li, the chief executive of Singapore's Sea (SE.N), is not mincing his words as he sounds the alarm at his $26 billion e-commerce to video-games outfit. Losses are widening at the $11 billion super-app as it continues to invest in fintech read more . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Oyo will check into public markets in better shape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is seen through wires in an alley in New Delhi, India, September 25, 2018. REUTERS/Anushree Fadnavis - RC1364FBCAC0MUMBAI, Sept 20 (Reuters Breakingviews) - A recovery in travel means Oyo is set to check into public markets in better shape. The budget hotel chain founded by Ritesh Agarwal grew revenue 18% to 49 billion rupees ($615 million) in the year to March. The uplift was reported in an addendum to its draft initial public offering document first filed a year ago. Earlier Oyo was targeting a whopping $11 billion valuation, equivalent to 19 times trailing sales.

☆ Mukesh Ambani pulls off one shade of overseas M&A
▼ + stars: | 2022-09-19 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Sept 19 (Reuters Breakingviews) - Mukesh Ambani’s overseas shopping spree is so far more splash than cash. Ambani calls this the “newest growth engine” and “far more global in scope than anything Reliance has ever done before”. Earlier this month, Reliance bought a majority stake in SenseHawk, which develops software-based management tools for solar energy generation. The unknown, following the failed flutter at Boots, is where Ambani’s global ambitions stop. CONTEXT NEWSMukesh Ambani’s Reliance Industries on Sept. 5 announced an agreement to acquire a majority stake in California-based SenseHawk for $32 million.

☆ India renewables push gets lift from patient money
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Sept 19 (Reuters Breakingviews) - As global borrowing costs rise, patient foreign investors are stepping up to help tycoons recycle capital and speed India’s energy transition. The wider deal will help the unit of $19 billion Mahindra and Mahindra (MAHM.NS) repay a shareholder loan as Indian businesses deleverage en masse. In April, Tata Power (TTPW.NS) struck a deal with BlackRock (BLK.N) and Abu Dhabi’s Mubadala. Register now for FREE unlimited access to Reuters.com RegisterSimilar tie-ups helped renewables power 60% of India’s energy capacity additions in the past six years, according to Moody’s. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ India’s edtech startup flunks the growth class
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +2 min

Children recite the preamble to the Constitution of India during an assembly at a school in Mumbai, India, January 27, 2020. REUTERS/Francis MascarenhasMUMBAI, Sept 16 (Reuters Breakingviews) - India’s most valuable startup is not growing much at all. It reveals the company’s top line shrunk 3% to $304 million while losses ballooned around 14 times to roughly $570 million. But the endless controversy around the Indian company is also ammunition for those calling for more regulation of the red hot-industry. (By Una Galani)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist.

☆ Richard Li’s IPO delay has some credibility value
▼ + stars: | 2022-09-14 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Sept 14 (Reuters Breakingviews) - By a company’s fourth attempt to float, less hardy bosses might have given up. Not Hong Kong entrepreneur Richard Li, whose Asia-focused insurer FWD has refiled for an initial public offering in its home city some 15 months after it first dropped the Asian hub in favour of a tilt at New York. Plans in March for a Hong Kong offering were shelved amidst weak markets. Now it has updated that filing and says its measure of first-half operating profit has almost doubled since June last year. (By Jennifer Hughes)Follow @Breakingviews on TwitterRegister now for FREE unlimited access to Reuters.com Register(The author is a Reuters Breakingviews columnist.

☆ Gloves come off in India’s digital content wars
▼ + stars: | 2022-09-05 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 5 (Reuters Breakingviews) - The gloves are coming off in India’s content wars, and the traditionally cautious Disney (DIS.N) is proving a more ruthless fighter than many had expected. It also will hold digital rights to the ICC games throughout the rest of the year. By selling off some of the rights, Disney might reduce its spend on the ICC by a third or more. The American-owned company will hold onto the streaming rights for its digital platform, Disney+ Hotstar. The ICC said on Aug. 27 that Disney had won the TV and digital rights to events through the end of 2027.

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