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#ThanHoon – Bualuang Securities evaluated SABUY stock, stating in its analysis that SABUY held AS for 24.84% on March 29 and would make a tender offer for a combined AS and AS-W2 share of 75.40%.
It will make a tender offer for AS at a price of 18.50 baht and AS-W2 at a price of 15 baht, worth 7.1 billion baht, with the source of funds coming from bank loans. The company will decide on the SPG on 1 June.
The research department estimates SABUY’s incremental profit, based on the assumption of AS profit at 300 million baht and the loan interest at 3% will be an incremental profit of 50 million baht or 5% of the research department’s 2023 core profit forecast, which is not has Includes SABUY Expected Synergies Relatively Healthy Financially, End 2022 IBD/E of only 0.48x if previous owners do not sell. The research department estimates that the value of the deal will decrease to about 4 billion baht. In addition, SABUY has guarantees converted to aid, so it is expected that the loan will not be fully used.
The research department sees the acquisition of AS to complement Synergeddau. And he is expected to be the leader of the group in terms of payment and innuendo, as well as helping to combine forces in regional business expansion.
However, the research department is looking at this deal. Be positive and reinforce SABUY’s 20 billion revenue target path in 2023. In addition, the deal that is happening is caused by the cooperation that both parties already have together. Recommended purchase **
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