Ghl Systems Berhad

$GHLSYS / 0021 (GHL SYSTEMS BERHAD)
Research by Maybank
Ceasing Coverage

"Stock delisted"

GHL Systems was successfully delisted on 6 Aug 2024 after NTT Data Japan Corp had secured 98.82% of GHLS shares at the close of its Mandatory General Offer (MGO). Consequently, we are ceasing research coverage of GHLS. Investors should no longer depend on our financial forecasts when making investment decisions nor infer an adverse opinion from our decision to cease coverage. Our last rating on GHLS was a HOLD, with a TP of MYR1.08. The TP was based on NTT’s offer price.

Analysts:
Anand Pathmakanthan
anand.pathmakanthan@maybank-ib.com
Arvind Jayaratnam
arvind.jayaratnam@maybank.com

$GHLSYS / 0021 (GHL SYSTEMS BERHAD)

$GHLSYS / 0021 (GHL SYSTEMS BERHAD)

NOTICE TO SHAREHOLDERS OF GHL SYSTEMS BERHAD IN RELATION TO THE UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY NTT DATA JAPAN CORPORATION ("OFFEROR") THROUGH CIMB INVESTMENT BANK BERHAD TO ACQUIRE ALL THE REMAINING ORDINARY SHARES IN GHL SYSTEMS BERHAD NOT ALREADY HELD BY THE OFFEROR FOR A CASH CONSIDERATION OF RM1.08 PER OFFER SHARE - EXTENSION OF CLOSING DATE

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

$GHLSYS / 0021 (GHL SYSTEMS BERHAD)

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

INDEPENDENT ADVICE CIRCULAR TO THE SHAREHOLDERS OF GHL SYSTEMS BERHAD IN RELATION TO THE UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY NTT DATA JAPAN CORPORATION THROUGH CIMB INVESTMENT BANK BERHAD TO ACQUIRE ALL THE REMAINING ORDINARY SHARES IN GHL SYSTEMS BERHAD NOT ALREADY HELD BY NTT DATA JAPAN CORPORATION ("OFFER SHARES") AT A CASH CONSIDERATION OF RM1.08 PER OFFER SHARE ("OFFER")

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

PUBLIC SHAREHOLDINGS SPREAD

Notice of Person Ceasing (Section 139 of CA 2016) - ALBIZIA ASEAN TENGGARA FUND

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - NTT DATA JAPAN CORPORATION

Unconditional Mandatory Take-over Offer

Change in Boardroom - MR LOH WEE HIAN

$GHLSYS / 0021 (GHL SYSTEMS BERHAD)
Research by Kenanga
Accept Offer - TP RM1.08

"Seasonally Weak 1Q"

GHLSYS’s 1QFY24 met expectations. Its net profit fell 29% due to lumpy IT infrastructure costs for future expansion. This was despite an 18% growth in top line with better performance from both transaction payment acquisition (TPA) and shared services segments. We keep our forecasts and TP of RM1.08 (offer price) and maintain our ACCEPT OFFER recommendation.

Analyst:
Samuel Tan
samueltan@kenanga.com.my

TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))

The Surge of Privatisation

Lately, there has been a resurgence of privatization proposals in the local stock market. Let's delve into three cases and explore the reasons behind this trend in the Malaysian stock market.

📌 $AIRPORT / 5014 (MALAYSIA AIRPORTS HOLDINGS BERHAD) has received a privatization proposal from a consortium led by major shareholder Khazanah Nasional. Despite the offer of RM11 per share, AIRPORT's stock price declined following the announcement due to prior significant gains and concerns about limited upside potential. Criticism towards consortium member GIP, a subsidiary of BlackRock, also raised doubts about the deal. With AIRPORT's stock price currently trading at RM10 and a potential upside of 10%, investors should weigh the risks before considering purchase. In the current bull market, diverse investment opportunities exist beyond those with only a 10% profit potential.

📌 Japanese NTT Data is acquiring $GHLSYS / 0021 (GHL SYSTEMS BERHAD), an electronic payment solutions provider, at RM1.08 per share. GHLSYS' stock price remains steady at RM1.06 to RM1.07 per share, indicating little fluctuation and suggesting the market has high confidence in the success of the privatization. GHLSYS, a promising company once backed by the private equity fund Creador. Once delists, only left $REVENUE / 0200 (REVENUE GROUP BERHAD) and $MPAY / 0156 (MANAGEPAY SYSTEMS BERHAD) remain as its peers in the stock market.

📌 Thai tycoon Tan Sri Surin intends to privatize $MPHBCAP / 5237 (MPHB CAPITAL BERHAD), offering RM1.70 per share to existing shareholders. Given the company's valuable land assets and a net asset value per share of RM2.40, a successful privatization could result in substantial profits for major shareholders.

NOTIFICATION TO SHAREHOLDERS OF GHL SYSTEMS BERHAD IN RELATION TO THE RECEIPT OF NOTICE OF UNCONDITIONAL MANDATORY TAKE-OVER OFFER DATED 27 MAY 2024 FROM CIMB INVESTMENT BANK BERHAD ON BEHALF OF NTT DATA JAPAN CORPORATION

Notice of Person Ceasing (Section 139 of CA 2016) - TOBIKIRI CAPITAL LTD

Notice of Person Ceasing (Section 139 of CA 2016) - APIS GROWTH 14 LTD

Notice of Person Ceasing (Section 139 of CA 2016) - ACTIS STARK (MAURITIUS) LIMITED

Notice of Person Ceasing (Section 139 of CA 2016) - MR LOH WEE HIAN

Changes in Director's Interest (Section 219 of CA 2016) - MR LOH WEE HIAN

Notice of Interest Sub. S-hldr (Section 137 of CA 2016) - NTT DATA JAPAN CORPORATION

TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))