Bankers hit the bottle for Asia deal inspiration 5 Jul 2022 Thai Beverage is spinning off its beers business in Singapore while the Manila-based owner of Whyte & Mackay whisky plans a secondary listing. Rising home consumption can be a comforting tipple amid global uncertainty. Well-priced boozy deals could crack open the wider market.
Casino SPAC is for hardened gamblers only 7 Jun 2022 A legal battle over Okada Manila resort turned physical when its ousted boss seized the property last week. That could scupper its $2.7 bln deal with a U.S. blank-cheque firm. But unfriendly politicians, dubious financial reports and more stack the odds against investors, too.
Marcos clan’s return to Manila is awkwardly timed 11 May 2022 The Philippines’ president-elect Ferdinand Marcos Jr, son of the late strongman, inherits an economy that grew 7.7% last quarter, but faces mounting headwinds. He will have to find drivers beyond the infrastructure spending that made his predecessor – and father - so popular.
China is missing wildcard in $2.5 bln casino SPAC 20 Oct 2021 Japan’s Universal Entertainment plans to float its Okada Manila resort through a shell company run by former Sands director Jason Ader. A modest valuation will hold appeal for such a fast-developing market. China’s closed borders, however, make it a deceptively risky bet.
Meatless Manila IPO offers something to chew on 6 May 2021 Quorn owner Monde Nissin is set to go public. But its control of the Beyond Meat rival has so far been only a side dish in the vegan alternatives boom. The real protein supporting a properly cooked $5 bln valuation is the company’s Philippine snacks unit.
Subpar Asian trade deal shines in splintered world 16 Nov 2020 Fifteen nations accounting for 30% of global GDP will slash tariffs and ease the movement of goods in the region. India’s absence is among the disappointments of the long-awaited pact. Even modest progress counts for a lot considering the sad state of U.S. and UK trade affairs.
The Exchange: The Asianisation of the world 17 Sep 2019 A splintering West and increasingly interconnected East is creating a newly powerful mega-region, according to Parag Khanna, author of “The Future is Asian.” He swung by the Breakingviews office in Hong Kong to break down the economic and geopolitical rationales behind his idea.
Jollibee risks indigestion with U.S. coffee deal 25 Jul 2019 The $5 bln Philippine fast-food chain is buying Los Angeles-based retailer The Coffee Bean & Tea Leaf. It gives Jollibee 1,189 stores, over 400 of them in fast-growing Southeast Asia. But the company is losing money in the battle with Starbucks. A quick turnaround looks unlikely.
Messy Manila casino deal is worth the gamble 23 Jan 2019 Japanese tycoon Kazuo Okada wants to stop a backdoor listing for Universal Entertainment’s $2.4 bln resort that bears his name. Going public amid a nasty ownership brawl invites extra risks, but the fast-growing Philippine market holds too much promise. Better to roll the dice.
Struggling Filipino deals expose market flaws 29 Oct 2018 Local champion San Miguel was forced to shrink a stock sale while Melco met resistance to its casino takeover plan. Both episodes provide timely reminders about structural shortcomings for an exchange that trades less daily than smaller Vietnam. To grow will require some fixes.
KKR takes sides in Southeast Asia’s tech battle 5 Oct 2018 The buyout firm is investing in a leading Filipino payments startup, alongside Tencent. The main rival is backed by Alibaba. Chinese giants and SoftBank have been burning cash to win users in a regional war of attrition. KKR may get caught in the crossfire.
Casino owner stacks deck in Philippines deal 5 Oct 2018 Lawrence Ho’s $11 bln gambling empire has offered to buy the rest of its Manila resort operator. The valuation methods are creative and Melco is trying to bully minority holders. Prospective investors in a planned New York IPO should take note of this treatment, however distant.
Rodrigo Duterte’s toughest foe may be inflation 21 Sep 2018 The Filipino strongman finds himself under pressure from quickly rising prices for fuel, rice and more. The weaker peso and the president’s ill-timed tax overhaul are factors. The central bank, late to recognise the scale of the issue, could help with an aggressive rate hike.
Hadas: Even Trump can’t make graft great again 11 Apr 2018 Resistance to corruption is evident in cases against ex-leaders of South Korea, Brazil and South Africa. Old royal privileges make no sense in modern economies. U.S. officials and the corporate elite have strayed, but rising middle classes will keep straightening out the crooked.
Manila sleepwalks towards inflationary trouble 21 Feb 2018 Price rises are accelerating in the Philippines, as strong demand, a weak peso and new taxes boost living costs. The central bank risks falling behind the curve. Inaction could raise bond yields, slam stock values and further dent Asia’s worst-performing currency.
San Miguel serves up an enticing spread 5 Feb 2018 The conglomerate run by Filipino billionaire Ramon Ang is uniting beer, liquor and food using a complex share swap. San Miguel Pure Foods, a maker of liver paste and other fare, trades below the implied $9.1 bln valuation. There are reasons to think that financial gap will close.
Duterte’s infrastructure push needs more than cash 2 Jan 2018 A new revenue-raising tax bill will help Philippines President Rodrigo Duterte pay for a “golden age of infrastructure” to increase competitiveness and living standards. The challenge will be to deploy the proceeds efficiently and without fostering corruption.
Asian energy deal defies green resistance 26 Oct 2017 The $5 bln sale of Equis solar and wind projects in Australia, Japan and beyond to a global fund group sets a new benchmark. As clean projects expand, they'll attract oil titans, too. Donald Trump and Malcolm Turnbull may discount renewables, but investors are inflating them.
Sliding peso flashes warning sign over Philippines 6 Oct 2017 The peso’s slide to 11-year lows reflects concerns about President Rodrigo Duterte’s priorities. His brutal drug war, erratic leadership and vague economic plans could send Asia’s worst-performing currency even lower as Manila’s balance sheet deteriorates and inflation rises.
Asian bid for Pret A Manger won’t cut the mustard 18 Sep 2017 Filipino fast-food joint Jollibee is eyeing the fancy sandwich chain, says Reuters, potentially uniting Chickenjoy buckets and posh ploughman’s baguettes. But a mooted price of more than $1 bln looks far too downmarket. It might need to double that to derail Pret’s IPO plans.