DELTA falls over 6% after parent company issues 1.5 billion dollars in convertible bonds

Corporate ActionPrice Action
โดย สำนักข่าวอีไฟแนนซ์ไทย·THSG·Read original
Summary · why it matters

DELTA shares dropped sharply by 5.95%, or 15 baht, to 237 baht, with trading value of 4.446 billion baht, after parent company DELTA (Singapore) prepared to offer 1.5 billion dollars in convertible bonds that can be exchanged for DELTA (Thailand) shares in the future. Phillip Securities (Thailand) noted that the conversion comes from existing shares held, so there is no EPS dilution, and viewed the second tranche with a 5-year maturity as offering an average annual premium of 6%-8%, close to the previous bond issuance, which caused the share price to fall as much as 7.7% the following day. It also viewed the low premium set to attract investors to convert as not reflecting the fundamental price, and said that if the share price weakens it should be seen as an opportunity to accumulate, giving a target price of 276 baht. Krungsri Securities noted that DELTA may face short-term negative factors from the 1.5 billion dollar Exchangeable Bond issuance, setting the conversion price for the new bond round at a premium of 15-20% for a 1-year maturity at 289-302 baht, and 30-40% for a 5-year maturity at 327-353 baht.

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Off-coverage companies 1

Delta Electronics International (Singapore) Pte LtdPrivate▼ Negative
Capitalrelevance

Delta Electronics (Singapore) is issuing $1.5B in convertible/exchangeable bonds tied to DELTA (Thailand) shares.

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