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mm2 Asia
08-03-2017, 11:33 AM, (This post was last modified: 08-03-2017, 11:34 AM by weijian.)
Post: #61
RE: mm2 Asia
hi YMPL,
The last rejection that i can remember off my head was coming from Centurion Corp, who wanted to spin off their dorm businesses into a REIT. it was rejected by SGX as it was considered a chain listing.

Definition of chain listing: A subsidiary or parent company of an existing listed issuer will not normally be considered suitable for listing if the assets and operations of the applicant are substantially the same as those of the existing issuer. In arriving at a decision, the Exchange will consider the applicant's business or commercial reasons for listing.
http://rulebook.sgx.com/en/display/displ...69&print=1

I don't follow mm2 closely but i took a quick look at its AR2016, which may answer the question:
- mm2 accquired a 51% stake in UnUsUal in May 2016 (pg 7 of AR16)
- A chart of mm2 operations (pg 13 of AR16) suggest that it is mainly a producer/distributor of TV/movie content and also operates cinemas in Malaysia.
- Based on UnUsUal website, it seems like it is a concert organizer/promoter, which is different from mm2's businesses --> So i think that explains it.

mm2 AR16: http://repository.shareinvestor.com/rpt_...filename/1

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29-03-2017, 09:12 PM, (This post was last modified: 29-03-2017, 09:13 PM by weijian.)
Post: #62
RE: mm2 Asia
So, it will only be shown on pay-TV (for now), when we could watch the China version on free-to-air channels. I wonder whom will be the judges? (arguably, the judges and their camaraderie are one of the biggest attraction in this show)

MM2, ASTRO AND STARHUB TO CO-PRODUCE THE VOICE (SIN/MAL)

mm2 Entertainment (a wholly-owned subsidiary of mm2 Asia Ltd.) announced today that The Voice, Talpa’s flagship talent format, will be coproduced by mm2, StarHub, and Astro. This is the first time the highly successful format is produced and broadcast for two territories in one version.

http://infopub.sgx.com/FileOpen/mm2%20-%...eID=445191

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14-06-2017, 12:22 AM, (This post was last modified: 14-06-2017, 12:25 AM by karlmarx.)
Post: #63
RE: mm2 Asia
mm2 has been making steady moves into the stable movie distribution businesses and this is its biggest acquisition yet. Given the large acquisition cost, perhaps there might be a rights issue to provide partial financing. After all, its high share price makes issuing shares less costly.

http://infopub.sgx.com/FileOpen/Proposed...eID=457693

It is paying $184m for $11m of earning from a 50% ownership of Singapore GV. This p/e is higher than its previous cinema acquisitions:

http://www.businesstimes.com.sg/companie...ar-cinemas

http://www.businesstimes.com.sg/companie...n-malaysia

Now mm2 can be considered to be more of a cinema operator, than a movie producer. A stable, but no/low growth business. I will value the cinema business at a p/e of 10. Looking at the share price, the run up has certainly been amazing. Bloomberg shows it has a p/e of 51. I will look at this when it becomes cheap again.

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01-07-2017, 03:17 PM,
Post: #64
RE: mm2 Asia
To partially pay for the cinema acquisitions, mm2 has done 2 placements - ~50mil (brokers to place it out) and ~15mil (to StarHub) at 57cents.

50mil: http://infopub.sgx.com/FileOpen/mm2%20-%...eID=457837
15mil: http://infopub.sgx.com/FileOpen/mm2%20-%...eID=459527

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01-07-2017, 08:03 PM,
Post: #65
RE: mm2 Asia
Good for mm2. But too bad for shareholders who didn't get to participate in the discounted offering.

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11-08-2017, 09:38 PM,
Post: #66
RE: mm2 Asia
They sure know how to keep things interesting for shareholders!

http://infopub.sgx.com/FileOpen/mm2%20-%...eID=466726

Now that the GV cinema acquisition deal fell through, they have plenty of cash...

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