Noble Group to rock Singapore with ag float

HONG KONG (Dow Jones Investment Banker) – Singapore-listed Noble Group Ltd. likes to point out that its net book value has grown at a compound annual rate of 27% since its listing in 1997. However, it is currently trading on a price-to-book multiple of only 1.47x and a forward P/E below 10x, well below comparables. The proposed listing of its sizable and profitable agricultural business in Singapore, on which JPMorgan is advising, should be accretive for the group and result in a re-rating. read

HKEx presentation

I will be giving a presentation on listing opportunities for European companies at the Stock Exchange of Hong Kong on 3 November. read

Hong Kong Institute of CPAs presentation

For readers in Hong Kong, and in particular for those in need of CPT hours for regulatory and licensing purposes, do join me for a presentation on IPOs – and a book signing session – at the Institute of Certified Public Accountants (HKICPA) on 17 November. read

Asia still the ECM darling despite smaller deals

HONG KONG (Dow Jones Investment Banker) – A 10-year analysis using data supplied by Dealogic shows the number of IPOs globally has remained relatively constant, as well as the relative proportion of IPOs conducted in the Asia-Pacific (APAC) region and in Hong Kong in particular. However, there has been a clear shift in terms of the bigger deals, a much larger share of which now commonly takes place in the Far East.

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Betting on the Hong Kong Jockey Club’s Mark Six

HONG KONG (Dow Jones Investment Banker) – The Hong Kong Jockey Club provides sporting entertainment to the public through horse racing, football betting and the Mark Six lottery. It’s also one of the city’s largest taxpayers and a major non-government benefactor, donating more than US$125 million a year to charitable and community projects. With betting revenue fleeing to Macau’s casinos, and no other obvious sources of income on the horizon, a flotation of the lottery – a marginal business for the Club – through a business trust could provide significant additional resources to its operations, and non-profit activities, without materially altering its unusual corporate structure.

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An outline for PPR’s Asian PR pitch

HONG KONG (Dow Jones Investment Banker) – PPR SA’s refocusing is still a work in progress. The lack of growth at its legacy retailing business is affecting overall margins, and penalizing valuation. A flotation of part of the Asia-Pacific activities of its luxury arm, Gucci Group, in Hong Kong would boost its market capitalization, and create a vehicle to fund acquisitions in its fastest-growing region of operations.

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Fourth time’s a charm?

Chinese IPO survey

Caixin magazine published last week an interesting survey, based on data compiled by Thomson Reuters, on IPOs by Chinese companies world-wide between January 2009 and June 2010, a 545-day period. read

Bloomberg TV interview

I was interviewed this morning on CITIC Securities’ planned share sale in Hong Kong. I also discussed English soccer club Manchester United’s plans to sell stock in Singapore, and the market for initial public offerings in Asia.

I spoke in Hong Kong with anchor Rishaad Salamat on Bloomberg Television’s “On the Move Asia”. read

Stock repurchases not the best way to use capital