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MM2 Asia [1B0.si]
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look@bright
Elite |
10-Dec-2020 17:52
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Lol not in SGX tho
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tongphlp
Supreme |
10-Dec-2020 17:04
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what' s the watchdog - SGX doing?
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look@bright
Elite |
10-Dec-2020 16:41
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someone must have anticipating the recent developments in the company to have pull the price down to 150 level. The funny thing is they couldn' t push it back to 18c-20c levels after the news, what a joke 😂 😂 😂 | ||||
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tongphlp
Supreme |
10-Dec-2020 10:34
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Reminds me of Mediacorp and Mediaworks Merger...
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tongphlp
Supreme |
10-Dec-2020 10:33
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mm2 made a wrong move by buying into Cathay? hmm...
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Joelton
Supreme |
10-Dec-2020 09:12
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mm2 Asia proposes to merge its Cathay cinema business with Golden Village cinemas
mm2 Asia has entered into a heads of agreement with Orange Sky Golden Harvest Entertainment (Holdings) (OSGH), proposing to merge its cinema business with Golden Village cinemas.
Through its unit mm CONNECT, mm2 Asia owns eight cinemas in Singapore under the Cathay brand, and 14 cinemas in Malaysia under the Cathay Cineplexes Malaysia, Mega Cinemas and Lotus Fivestar brands. mm CONNECT also owns a movie film distribution business and an online streaming business.
OSGH has 14 cinemas in Singapore under the Golden Village banner.
The move will make the enlarged business the biggest cinema operator in Singapore, delivering economies of scale it will also provide greater financial and operating stability, given headwinds faced by cinema operators due to the pandemic, said mm2 Asia.
In a statement to the Singapore Exchange on Wednesday, mm2 said that the duo will pursue a possible merger of the two cinema businesses, " on the basis that the parties will bring in one or more new investors to inject capital into the merged businesses" .
The proposed transaction will require the necessary approvals, including that of the shareholders of the two companies, the Singapore Exchange, the Stock Exchange of Hong Kong and the Competition and Consumer Commission of Singapore (CCCS).
If the terms of the definitive agreements cannot be agreed upon, or the conditions of the proposed transaction satisfied, by Dec 31, 2021, the heads of agreement will be terminated.
This month, mm2 Asia had said that it was evaluating a spinoff of its cinema business via a listing on the SGX Catalist board. " That spinoff is being proceeded with in parallel with the work on the proposed transaction," it said.
" In the event that the IPO is completed successfully, mm2 Asia and OSGH will discuss in good faith the basis on which the merger and the proposed transaction would take place, taking into account the listed spinoff business."
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look@bright
Elite |
09-Dec-2020 19:04
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https://links.sgx.com/FileOpen/Proposed%20Merger%20of%20the%20MM2%20Asia%20Ltd.%20Cinema%20Business%20with%20Golden%20Village%20Cinemas%20in%20Singapore.ashx?App=Announcement& FileID=641928 | ||||
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look@bright
Elite |
09-Dec-2020 19:03
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PROPOSED MERGER OF THE MM2 ASIA LTD. CINEMA BUSINESS WITH GOLDEN VILLAGE CINEMAS IN SINGAPORE | ||||
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Sunmoonstar
Member |
02-Dec-2020 10:22
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It' s funny why the MM2 SGX announcement do not have this news? | ||||
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Joelton
Supreme |
02-Dec-2020 09:21
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mm2 mulls cinema Catalist spinoff
MAINBOARD-LISTED mm2 Asia, the owner of Cathay Cineplexes, is evaluating a spinoff of its cinema business onto the Singapore Exchange' s junior Catalist board.
mm2' s cinema business is currently conducted through its wholly-owned subsidiary, mm Connect, whose units include Cathay Cineplexes in Singapore and Malaysia-based mm2 Star Screen and joint venture River Front Mega Cineplex, according to its 2020 annual report.
A spinoff would enable the cinema business to be " financially independent" and raise the funds required for new growth opportunities without relying on mm2, mm2 said in its Tuesday filing.
This would also " incentivise senior management personnel of the cinema business to deliver the best possible value to shareholders" , it added.
mm2 has appointed United Overseas Bank and other professional advisers to advise on the proposed spinoff and listing.
Cathay Cineplexes was previously under Cathay Organisation Holdings, which listed on the SGX' s Sesdaq board in 1999 via a reverse takeover, and subsequently delisted in 2006, with its offeror citing thin trading.
mm2 later bought Cathay Cineplexes for S$230 million in 2017. This transaction came after mm2 failed in its bid to acquire a 50 per cent stake in another Singapore cinema operator, Golden Village.
mm2' s mulling of the spinoff comes as its cinema business was badly hit by Covid-19 restrictions. For the half-year to September, mm2 posted a net loss of S$22.4 million, against a net profit of S$9.18 million a year ago. Its cinema contributions fell to just S$3.6 million, from S$49.5 million in the year-ago period.
In September, mm2 launched an on-demand streaming service, Cathay CineHome, to complement the cinema business - a decision that the firm said was accelerated by the Covid-19 pandemic.
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RHB identifies &lsquo undiscovered gem in Singapore&rsquo s tech scene&rsquo
RHB Group Research&rsquo s Jarick Seet has called Multi-Chem Limited " a little known cash tech gem" in Singapore&rsquo s technology space.
In an unrated note on Dec 1, he highlighted as at 1H2020, Multi-Chem&rsquo s net cash stood at $71.1 million, or 62% of its current market cap. Management owns about 80% of the company and has shown a great track record in rewarding shareholders with dividends.
Furthermore, the company enjoyed stable earnings from FY2015-2019, and &ldquo is likely poised for further strong growth in FY20F.&rdquo 1H20 profit after tax and minority interests (PATMI) surged 84% to $7.3 million, and if prorated, represents only 7.8x FY2020F price to earnings (P/E) and a lower 3.9x ex-cash P/E.
The company is also riding on higher demand of IT related products, with IT distribution business grew 13.9% y-o-y to $225m in 1H2020, mainly due to an increase in demand arising from the push in and increased reliance on digital technologies during the Covid-19 pandemic.
As such, he believes that this trend is set to continue with the further advancement into 5G, rise in e-commerce and increased reliance on technology for more companies even as the pandemic subsides.
Seet said Multi-Chem also provides IT security solutions and training which should further be in demand with the increasing need for data protection. As at 1H2020, this segment made up about 99.5% of total group revenue for 1H2020.
In addition, with a strong balance sheet making up $71.1 million of net cash, management has been rewarding shareholders with stable and sustainable dividends over the past years. It has even shown to be willing to pay more dividends if profitability increased with the payout ratio ranging from 40% to 75%.
With profitability expected to increase along and a brighter outlook, we are positive on it maintaining the dividend ratio range, with the possibility of an increase going forward especially in FY20F where it will likely continue its strong performance into 2H20F.
Seet also commented on the stock&rsquo s price, saying Multi-Chem has always traded about 10x P/E, compared to its peers which are trading at 10-12x P/E. In addition, he said the fundamentals of the company have been improving over the years as it toned down its printed circuit board (PCB) business, while growing its IT distribution business.
He thinks that the re-rating of this stock will likely come when it announces its full-year results, which should justify its strong growth trend and outlook.
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Sgvale
Supreme |
01-Dec-2020 21:11
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Got so many businesses to spin off? So what's left in mm2 itself? Empty shell?
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nqing87
Supreme |
01-Dec-2020 20:02
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this mm2 keep spinning off stuff until blur.. vividtree, unusual, now another one | ||||
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look@bright
Elite |
01-Dec-2020 19:51
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mm2 evaluating Catalist listing of cinema businessTUE, DEC 01, 2020 - 7:38 PM
THE board of mm2 Asia is evaluating a spin-off of its cinema business and a listing on the Catalist board, the mainboard-listed firm announced in a Tuesday bourse filing after trading hours. mm2' s cinema business is currently conducted through its wholly-owned unit, mm Connect, and its subsidiaries. A spin-off would enable the cinema business to be " financially independent" and raise the funds required for new growth opportunities without relying on mm2, the firm said. This would also " incentivise senior management personnel of the cinema business to deliver the best possible value to shareholders" , mm2 added. It has appointed United Overseas Bank and other professional advisers to advise on the proposed spinoff and listing. Shares of mm2 closed at S$0.157, up 1.29 per cent, on Tuesday before the announcement. mm2 evaluating Catalist listing of cinema business, Companies & Markets - THE BUSINESS TIMES |
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look@bright
Elite |
01-Dec-2020 19:44
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PROPOSED SPIN-OFF AND LISTING OF THE CINEMA BUSINESS OF MM2 ASIA LTD. ON THE CATALIST BOARD OF THE SINGAPORE EXCHANGE SECURITIES TRADING LIMITED (&ldquo SGX-ST&rdquo ) General Announcement::Proposed Spin-Off and Listing of the Cinema Business of MM2 Asia Ltd on the Catalist Board of SGX-ST |
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Sunmoonstar
Member |
20-Nov-2020 12:12
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MM2 sure up by unusual move! | ||||
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SmallSmall
Supreme |
20-Nov-2020 11:58
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Son moving.....Mother follow next | ||||
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Observers
Elite |
16-Nov-2020 09:23
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Cathay previous owners very heng. Bet golden village are now kicking themselves in the nuts. | ||||
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Joelton
Supreme |
16-Nov-2020 09:16
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Cathay Cineplexes owner mm2 Asia posts H1 net loss as virus shutters movie theatres
CATALIST-LISTED entertainment group mm2 Asia, which owns Cathay Cineplexes, sank into the red in the first six months, on losses in the cinema and events businesses.
mm2 posted a net loss of S$22.4 million for the half-year to Sept 30, against a net profit of S$9.18 million in the year-ago period, according to unaudited results out on Saturday.
This comes as revenue fell by 83 per cent year on year to S$19.9 million, crimped by safe-management measures that limited operations in the core businesses.
Cinema contributions shrank to just S$3.6 million, from S$49.5 million before, as the segment clocked a pre-tax loss of S$16.5 million.
Turnover from live concerts and events fell to S$1.1 million, from S$45.9 million, with a pre-tax loss of S$3.9 million.
Loss per share was 1.93 Singapore cents, against earnings per share of 0.79 Singapore cent previously. Net asset value dipped to S$0.17 a share, from S$0.19 as at March 31.
No dividend was recommended for the half-year, with mm2 saying that it plans to conserve cash " for expansion and other business opportunities" .
Still, the group said in its outlook statement that it expects a shift towards " favourable conditions" in the markets of mainland China, Hong Kong and Taiwan.
" We believe that once the Covid-19 situation improves, we will make a strong comeback quickly," said executive chairman Melvin Ang, adding: " The worst is now behind us."
He noted that mm2 released movies in Taiwan, Hong Kong, Singapore and Malaysia in July, and has launched on-demand streaming service Cathay CineHome to complement the cinema business, among other recent moves.
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redbull888
Veteran |
02-Sep-2020 07:28
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< < < this may need a longer time to recover > > > | ||||
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Sgvale
Supreme |
01-Sep-2020 22:11
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Ha-nor.... thought cinemas goers plunged a lot.
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