Goodpack - Roadblock too small to bother | I3investor

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Goodpack - Roadblock too small to bother

StockFanatic

Publish date: Thu, 10 Jul 2014, 01:16 PM

Goodpack's share price was down earlier this week on market rumours that a fund which recently bought its MTN notes would not give its consent to the early redemption of the bond. This was confirmed at yesterday's bondholders' meeting, at which Goodpack received consent from all but its Series 006 bondholders. We believe the market has overreacted to the news, and KKR will work something out at the end of the day, given the small size of the bond relative to the deal.

The stock's price weakness presents a buying opportunity, hence our upgrade from Hold to Add. We adjust our target price to S$2.50 (KKR's offer price; previously based on 15x FY15 P/E), after SGX gave its nod of approval on 7 Jul.

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