Roshan Padamadan presented his in-depth investment thesis on Can-One (Malaysia: CAN) at Asian Investing Summit 2014.
Can-One: Special situation with an imminent catalyst for value recognition. In addition to having an operating business, Can-One owns a stake in competitor Kian Joo Can (Malaysia: KJC), with the stake worth US$146 million – equivalent to Can-One’s recent market value. As KJC is selling itself, Can-One and other KJC shareholders will get cash for their stakes. Can-One shareholders therefore get the valuable Can-One operating business for free. Can-One manufactures tin cans (~25% of profits), produces condensed milk (~45 of profits) and has property-related activities (~30% of profits). Can-One’s controlling family led by Yeoh Jin Hoe (66) has proven to be shrewd capital allocators and may return some of the cash to be received from its KJC stake to shareholders.
About the instructor:
Roshan Padamadan is Fund Manager of Luminance Global Fund, which has a global unconstrained investment strategy with a focus on special situations. Prior to launching Luminance in 2013, Roshan spent more than five years with HSBC Asset Management, including working for the highly commended Offshore Indian Equity team which ran US$5+ billion from Singapore, including a US$100 million award-winning India hedge fund. Roshan has earned an MBA in Management from Indian Institute of Management, Ahmedabad.
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