Hong Kong pushes financial-hub limits 6 Dec 2019 Centres of banking and trading need money to move easily, free flows of information, stable laws and peace. Months of violent clashes raise fresh doubts about Hong Kong. As long as mainland China’s alternatives tick fewer boxes, though, the city will retain its relative appeal.
Murky Hudson’s Bay deal is as good as it gets 3 Dec 2019 A bid from an insider with majority backing always puts a company’s board through its paces. Directors of the owner of retailer Saks got their chairman to raise his offer by 11% to $1.4 bln. Yet although it’s the most deliverable deal, they could have pushed harder for the best.
ThaiBev is tempting Budweiser with a Saigon brew 3 Dec 2019 Tycoon Charoen Sirivadhanabhakdi may spin beer assets out of his Singapore-listed group, including an attractive Vietnamese pint. An IPO, at a mooted $10 bln valuation, could unlock value. The real prize will be a synergy-creating deal with AB InBev's newly hived off Asian arm.
American Dream aims to bypass U.S. mall nightmare 2 Dec 2019 A new mega-shopping complex in New Jersey offers SpongeBob roller coasters and a ski slope. The mall is devoting more than half its space to experiences in the hope visitors will keep pushing through the doors. With retail sales fast moving online, that may not be enough.
Credit card IPO shows good side of Indian banks 28 Nov 2019 A $1.3 bln float will let SBI Cards join the country’s most highly valued financial institutions and give buyout firm Carlyle a partial exit. Despite raging financial fires, the State Bank of India unit’s 36% return on equity demonstrates the power of well-run state companies.
Japan is surprise bright spot for India’s Paytm 26 Nov 2019 The $16 bln payments giant is thriving in a similarly cash-addicted nation. Flush with cash raised from Ant Financial and others, it could get an extra Tokyo boost as SoftBank leads a rejig with local app Line. Like its startup peers, Paytm may find foreign shores lucrative.
AIA buys itself a little extra China cover 25 Nov 2019 The $120 bln insurer hired Lee Yuan Siong from Ping An to be CEO. Weathering strife in Hong Kong, its biggest market, is the most immediate challenge. His tech savvy and mainland political ties, nurtured during his time at the Chinese titan, will be valuable both now and later.
Coty’s $7 bln castoffs are a bad fit for Unilever 22 Nov 2019 The U.S. cosmetics maker will auction its salon brands and may raise up to 12 times the unit’s EBITDA. The price looks reasonable, but revenue is shrinking. Breaking into the professional market with stale lines such as Wella would undermine the European consumer group’s shakeup.
Target effectively plants a foot in both worlds 20 Nov 2019 The U.S. retailer reported better-than-expected sales at its stores. It’s one of the sector’s winners despite being an e-commerce latecomer. The lesson is that the sweet spot for retailers may be somewhere between the real and digital worlds – something even Amazon has noticed.
Kohl’s gets lost in the Amazon jungle 19 Nov 2019 Investors torched a fifth of the retailer’s market value after it missed earnings and cut its outlook. CEO Michelle Gass’s partnership with the e-commerce giant isn’t helping. Its small size and store locations leave Kohl’s too exposed to the power Amazon wields.
Dr. Jart applies prettier M&A than Kylie Jenner 19 Nov 2019 Estée Lauder is buying the South Korean skincare line’s maker, Have & Be, at a $1.7 bln valuation, or about 3 times sales. Coty, meanwhile, unveiled plans to pay 6 times for the Kardashian’s makeup. A more conservative price for a less faddish brand wins this beauty deal prize.
Just Eat M&A takeout is best served with cash 15 Nov 2019 Investors in the $6 bln group have an all-share offer from peer Takeaway.com and a higher cash bid from tech giant Prosus. Taking the money means quitting the fast-growing food-delivery sector before it has matured. Since profit margins are falling, that may be a good thing.
It’s a super-hard road to a Japanese super app 18 Nov 2019 SoftBank and South Korea's Naver want to merge Yahoo Japan and Line in a complex, multi-step deal. Investors are excited about a $30 bln payments-to-messaging giant, but there are many hurdles to clear. Shareholders and regulators may balk. And even then, a JV structure awaits.
Battered Japan automakers look better under bonnet 13 Nov 2019 From Subaru and Suzuki to Mazda and Mitsubishi, local marques have been hit by a strong yen and soft demand. Though things are bad, fundamentals seem firm and government stimulus may help. Japanese carmakers look clunky, but they are ready to switch up a gear.
Nissan’s new bosses start with a whimper 12 Nov 2019 New CEO Makoto Uchida has inherited a pile-up. The carmaker’s quarterly sales fell, while operating margins contracted. Cost cuts aren’t helping fast enough, and full-year forecasts got revised downward, again. The only good news is that low expectations are easy to beat.
Alibaba logistics deal is hard Singles’ Day sell 11 Nov 2019 The web giant’s online shopping fest kicked off to fanfare on Monday, overshadowing news that Alibaba will invest $3 bln in a subsidiary it already controls. Neither financial details nor strategic rationale were given. Shareholders, unlike shoppers, can’t see this price tag.
Biotech upstarts will be Big Pharma’s China tonic 6 Nov 2019 AstraZeneca is launching a $1 bln healthcare fund in the People's Republic. A wealthier, older society promises huge growth, but rising costs mean Beijing is pushing drugmakers to lower prices. Investing in local discoveries and exporting them globally could be a smart remedy.
China baby-milk IPO mixes in a helping of cynicism 6 Nov 2019 Feihe has priced shares at the bottom of the range, valuing the infant-formula maker at $8.6 bln. That's partly down to Hong Kong's lukewarm market. But it also reflects the risks for a homegrown brand sourcing a premium product locally in a country with a history of food scares.
Asia’s airports fly far higher than its carriers 5 Nov 2019 Thai Airways’ market value has shrunk by a third this year to $600 mln, and the loss-making airline says it is running out of time. Airports of Thailand, by contrast, is worth $38 bln and is a top performer. It’s a light signal for investors eyeing the region’s travel boom.
Uber earnings are winding road to nowhere 4 Nov 2019 The $53 bln rideshare company’s revenue grew by 30%; it expects a profit by 2021. But which revenue, and which profit? Uber’s reporting is increasingly intricate, but offers few clues on big questions like whether it can really make money, and whether insiders will stick around.