Since my junior year, I have been asking myself (and been asked) a lot about what I shall do in the finance world. To a majority of local students I’ve met, finance involves numbers, and that’s it. The picture gradually became clearer as I had the chance to talk to more senior people and experienced…
Category: Journal Report
Journal Report 32: ThaiBev – Sabeco acquisition (4): Divestment strategy
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Sabeco’s perfomance 3 years after the transaction Revenue Sabeco’s revenue increased by 5.1% in 2018 and 5.4% in 2019, but there was a sharp decline of 26.2% in 2020. This decrease largely came from:…
Journal Report 31: ThaiBev – Sabeco acquisition (3): Sabeco valuation
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy About ThaiBev Business overview In FY17, ThaiBev’s consolidated financial results are as below: Revenue: ฿189,997b, ~ US$6.2b; Net profit: ฿22,799b, ~ US$746m; EBITDA: ฿32,675b, ~ US$1x. ThaiBev has four main business lines: (1) Spirits,…
Journal Report 30: ThaiBev – Sabeco acquisition (2): Capital structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Capital sources overview With a size of US$4.8b, the biggest M&A deal ever in Vietnam was funded by 5 loans from 5 Thai banks; ThaiBev also facilitated for Beerco to borrow US$1.95b from 2…
Journal Report 29: ThaiBev – Sabeco acquisition (1): Legal structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Transaction overview Indirect acquirer: ThaiBev – Thailand’s largest and one of SEA’s largest beverage companies Direct Acquirer: VietBev – founded in 2017 – the year the deal takes place Acquiree: Sabeco – a leading…
Journal Report 28: Vietnam’s Mobile money outlook
What’s going on here? Mobile money definition Simply put, imagine that you have reached the payment step for your online shopping experience, and instead of going through multiple verification steps for your bank account to confirm the payment/transfer the money, you only have to click one button on your phone to do the same thing….
Journal Report 27: Vietnam’s Banking digitalization trend
2020 has seen many banks performing digitalization in Vietnam. I’ll summarize my understanding of the implications of this trend. Increase Customer experience Imagine us having to drive to a physical bank branch, park the bike, wait in queue for hours, just to do something super simple (e.g: bank account sign up, borrowing), we would appreciate…
Journal Report 26: Vietnam’s being labeled a currency manipulator
What’s going on here? On December 16, the Treasury issued the Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. Accordingly, Vietnam was identified as a currency manipulator. “Forced” criteria Criteria include: A trade surplus with the US is over 20 billion USD within 12 months. The current account…
Journal Report 25: Vietnam Banks report Summary
Summary of Vietnam Banks report by JPMorgan published on Dec 14, 2020 Investment thesis Increasing EPS and PT EPS change: driven by lower provisions & higher volume growth thanks to higher GDP. PT increase: broadly following the EPS shifts. Foreign Ownership Limit (FOL) gap Banks have set at 22-23%, below the regulatory limit of 30%…
Journal Report 24: Just Eat Takeaway – Grubhub acquisition
This was written by Hoang Minh – Cambridge Econ Student and me Just Eat Takeaway (JET), a European food delivery service, announced to buy Grubhub for $7.3 billion on June 10, 2020. This deal would allow JET to set a foothold in the United States and create one of the world’s largest meal-delivery companies as…
with HT 