แต่เพื่อนๆของพี่คอนโดในเฟสของแก เก็บหุ้น JAS ตามต่างชาติ ได้ของถุกกันมากมาย ในขณะที่คนไทยส่วนใหญ่ โบรกเกอร์ไทยส่วนใหญ่แนะนำให้ขายก่อนทั้งนั้น
ดิฉันได้ขออณุญาติพี่คอนโด เอาฉบับเต็มๆมาให้ได้อ่านกัน เป็นบุญตา ในสินธรกันสักครั้ง
คอนโดพัทยา ห้าดาวหาดส่วนตัว
6 สิงหาคม
.
Tuesday, 05 August 2014 --- CREDIT SUISSE
Asian Daily
Jasmine International------------------------------------------------------- Maintain OUTPERFORM
JAS falls on debt restructuring case, but the issue is known, and in the price EPS: ◄► TP: ◄►
Colin McCallum, CA / Research Analyst / 852 2101 6514 / colin.mccallum@credit-suisse.com
Jennifer Gao / Research Analyst / 852 2101 6479 / jennifer.gao@credit-suisse.com
● Jasmine's share price has fallen sharply (7.2%) in response to a
Reuters update suggesting that four international banks have filed
a claim against the company for "payment of debt and unpaid
interest worth over Bt10 bn" relating to its 2003 debt restructuring.
● The issue is known, and it is Jasmine and its Legal Advisor's
published opinion that the total exposure (before interest) arising
from this case would be Bt1.3 bn. Grossing up for penalty interest
at a punitive rate of 7.5% compound gives gross exposure of
~Bt3.0 bn (Bt0.42/share). We have already subtracted this
amount from our DCF valuation to derive our target price of Bt9.8.
● We estimate that in the 'worst case' scenario on this issue,
Jasmine's total exposure would be Bt8.3 bn (before interest) and
Bt18.3 bn (Bt2.56/share) after interest. Were this amount to be
subtracted, our DCF-based value would decline to Bt7.66/share.
● Since Jasmine is currently trading 8.0% below what we deem to
be the 'worst case', we would conclude that an opportunity is
being created for long-term investors. Maintain OUTPERFORM.
Jasmine's share price has fallen sharply (7.2%) on 4 Aug in response
to a Reuters update suggesting that four international banks have filed
a claim against the company for "payment of debt and unpaid interest
worth over Bt10 bn" relating to its 2003 debt restructuring.
Already known: Background to the debt restructuring case
Following the 1997 Asian financial crisis, Jasmine and its then
subsidiary TT&T required debt restructuring and business
rehabilitation. Jasmine’s restructuring plan culminated in a significant
(70%) haircut for creditors. A creditor challenge to the restructuring
was not upheld by the Central Bankruptcy Court in August 2003, but
the decision was overturned by the Supreme Court on 19 August
2013. On delivery of the unfavourable verdict last year, Jasmine's
share price fell 18.8% from Bt8.8 to Bt7.15 by 27 August 2013.
CS FAIR VALUE : 9.3BHT
อ่านทุกเวปบอร์ดหุ้นมาห้าปีเต็ม เพิ่งมีบุญตาได้อ่าน RESEARCH ของโบรกเกอร์ต่างชาติก็ครั้งนี้ ตอนที่คนไทยพากันเทขายหุ้น JAS
ดิฉันได้ขออณุญาติพี่คอนโด เอาฉบับเต็มๆมาให้ได้อ่านกัน เป็นบุญตา ในสินธรกันสักครั้ง
คอนโดพัทยา ห้าดาวหาดส่วนตัว
6 สิงหาคม
.
Tuesday, 05 August 2014 --- CREDIT SUISSE
Asian Daily
Jasmine International------------------------------------------------------- Maintain OUTPERFORM
JAS falls on debt restructuring case, but the issue is known, and in the price EPS: ◄► TP: ◄►
Colin McCallum, CA / Research Analyst / 852 2101 6514 / colin.mccallum@credit-suisse.com
Jennifer Gao / Research Analyst / 852 2101 6479 / jennifer.gao@credit-suisse.com
● Jasmine's share price has fallen sharply (7.2%) in response to a
Reuters update suggesting that four international banks have filed
a claim against the company for "payment of debt and unpaid
interest worth over Bt10 bn" relating to its 2003 debt restructuring.
● The issue is known, and it is Jasmine and its Legal Advisor's
published opinion that the total exposure (before interest) arising
from this case would be Bt1.3 bn. Grossing up for penalty interest
at a punitive rate of 7.5% compound gives gross exposure of
~Bt3.0 bn (Bt0.42/share). We have already subtracted this
amount from our DCF valuation to derive our target price of Bt9.8.
● We estimate that in the 'worst case' scenario on this issue,
Jasmine's total exposure would be Bt8.3 bn (before interest) and
Bt18.3 bn (Bt2.56/share) after interest. Were this amount to be
subtracted, our DCF-based value would decline to Bt7.66/share.
● Since Jasmine is currently trading 8.0% below what we deem to
be the 'worst case', we would conclude that an opportunity is
being created for long-term investors. Maintain OUTPERFORM.
Jasmine's share price has fallen sharply (7.2%) on 4 Aug in response
to a Reuters update suggesting that four international banks have filed
a claim against the company for "payment of debt and unpaid interest
worth over Bt10 bn" relating to its 2003 debt restructuring.
Already known: Background to the debt restructuring case
Following the 1997 Asian financial crisis, Jasmine and its then
subsidiary TT&T required debt restructuring and business
rehabilitation. Jasmine’s restructuring plan culminated in a significant
(70%) haircut for creditors. A creditor challenge to the restructuring
was not upheld by the Central Bankruptcy Court in August 2003, but
the decision was overturned by the Supreme Court on 19 August
2013. On delivery of the unfavourable verdict last year, Jasmine's
share price fell 18.8% from Bt8.8 to Bt7.15 by 27 August 2013.
CS FAIR VALUE : 9.3BHT