Wheelock: OSK-DMG last wk had mooted the idea that the privatization scenario by parent Wheelock & Co, could be revisited, following the demise of its CEO David Lawrence.
OSK has a Trading Buy rating with TP $1.87, 30% discount to its RNAV estimate of $2.67.
Under a privatisation scenario, OSK assumes a takeout price of $2.18, based on a 10% discount to NAV. Notes that in 2010, the parent had privatised the immediate holdco of Wheelock, Wheelock HK at a 144% premium to its last traded price and at a 3% discount to book value, in a move to streamline the group's shareholding structure.
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