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20Jul

Metrica Partners sends letter to board of NBI Industrial Finance

By |20 July 2020|Categories: Open letters|

https://www.businesswire.com/news/home/20200719005001/en/Metrica-Partners-Sends-Letter-Board-NBI-Industrial

  • Requesting explanation for zero dividend payout despite extremely strong balance sheet
  • Asking why company persists with a structure that causes double taxation for shareholders
  • Seeking to understand purpose of listing with almost 95% of assets in Shree Cement shares

SINGAPORE–(BUSINESS WIRE)–Metrica Partners Pte. Ltd. (“Metrica”) manages investment funds that are among the largest minority shareholders of NBI Industrial Finance Co. Ltd. (“NBI”, NSE: NBIFIN, Bloomberg: NBI IN).

NBI is a Shree Cement (“Shree”, NSE: SHREECEM, Bloomberg: SRCM IN) group company and shares its headquarters with Shree. According to Metrica’s research, almost 95% of NBI’s assets are represented by its holding in Shree and NBI has no debt. (more…)

6Jul

Deal activity still resilient in Asia-Pacific

By |6 July 2020|Categories: Newsletter|

Recent headlines such as “With M&A Hit, Wall Street Bankers Keep Busy With Stock Sales” (Bloomberg, 28 May), “Bankers fear sustained M&A slump: ‘It’s impossible without face-to-face meetings’” (Financial News, 8 June) and “Pandemic fears grip M&A as deal making slumps to 23-year low in Europe” (MarketWatch, 30 June) suggest a very depressed market for corporate transactions this year.

However, the numbers in Asia-Pacific tell a different story: (more…)

1Jul

Metrica Partners AUM reaches a new high

By |1 July 2020|Categories: Metrica news|

Metrica Partners is pleased to announce that assets under management have today risen to a record high, equivalent to more than thirteen times the level at which Metrica started three years ago.

The increase puts the business on a firm footing for long-term growth. Metrica would like to offer sincere thanks to everyone who worked hard throughout the various lock-downs to make this possible.

27May

Current trends in Asia-Pacific M&A

By |27 May 2020|Categories: Newsletter|

We look at the current opportunity set in Asia-Pacific M&A, and how it has changed since the onset of the pandemic.

The figure below shows the cancellation / completion ratio of Asia-Pacific deals going back twenty years. The chart shows how this year has been a huge outlier, with the ratio moving well above two times, compared with a historical range rarely exceeding one. In other words, in 2020, more than two deals have been cancelled for every deal that has completed. This indicates the scale of the disruption in the M&A space this year.

M&A cancel / complete ratio (x)

What does this imply for M&A investment returns for the rest of the year? We think they will be strongly positive for the following reasons: (more…)

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