mm2 Asia: (S$0.685) Downgraded to Hold (from Add) with TP of $0.73
- Proposed listing of Unusual Group unlocks value for mm2 but stake dilution would dent mm2’s FY3/17 earnings slightly.
- To recap, mm2 proposed to acquire 51% in Unusual for $26m (US$19m) via a mix of cash and new shares; positive on synergies for content production.
- The spinoff would position Unusual for the next phase of growth, while unlocking value for mm2.
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