anthony wong

[anthony wong @wongant]

@DavidTaggart @Jesse_Livermore Is this the same in Australia?

[anthony wong @wongant]

@Sagasta15 @ToffCap I’m a subscriber but that’s because they gave me $45 to subscribe for $20. The subscription and service is pretty useless I can really find a good deal on eDreams

[Japan Guru (to be deleted soon) @japan_guru_x]

"Since late 2024, I am busy like never seen before. Japan now in spiral where hostile TOBs embolden activists, which in turn embolden hostile TOBs. This trend will only accelerate in 2025"

ーYo Ohta, Japan's star activist defense lawyer at Nishimura & Asahi

[ToffCap @ToffCap]

Our friend @ValueSituations shared this interesting SOTP case 👇

$DCC is a UK-listed conglomerate break-up event situation. I estimate the stock offers 95% upside from here vs. -12% downside, implying a highly asymmetric risk/return profile.

Long-regarded as a high-quality, serial-acquirer/compounder name, DCC’s share price has stalled in recent years as investors lost interest in the stock amid concerns around the prospects for its Energy division and headwinds impacting its smaller Healthcare and Technology businesses.

However, recently management surprised the market with the news that it intends to break-up DCC’s long-standing conglomerate structure to focus on its highest-growth, highest return division, DCC Energy.

The break-up has the potential to unlock significant value for shareholders.

I estimate the divestments of the Healthcare and Technology divisions could raise ~£2.2bn / 41% of DCC’s entire market cap.

This implies that the remaining DCC Energy business (which accounts for c.75% of DCC’s operating profits) is valued at just 6.8x EBITDA (a near trough multiple for the stock and compares to DCC’s historic average multiple of 11.8x).

This just seems too low for a c. 19% ROIC, c. 10% earnings growth business with strong FCF generation (~7.5% FCFE yield).

Management have stated that surplus cash from the break-up will be returned to shareholders, with the RemainCo well positioned for a market re-rating as a simplified energy-growth story, supported by energy security and energy transition tailwinds.

$DCC was highlighted recently in our Toffcap Monday Monitor, our overview of interesting event-driven trades and special sits. Find it @ToffCap (no paywall)

[anthony wong @wongant]

@psimpsonmorgan Too hard to get to and not much to do !

[anthony wong @wongant]

@psimpsonmorgan @BBCNews Return to office demand?

[anthony wong @wongant]

@forager_gareth They want you to buy in person so they can sell you popcorn and drinks mate

[anthony wong @wongant]

@psimpsonmorgan Time for some pintxos and cerveza

[anthony wong @wongant]

@CommBank Unfortunately Twitter does not let me start PM with you because I am an unverified account !

I wish the person on instant chat would take feedback as willingly !

[anthony wong @wongant]

@CommBank - you have 1 day delay on payments to new payees! Including scheduled payments! Missed the payment date now! Useless

[anthony wong @wongant]

@CommBank - service levels are subpar. 1 hour wait on the phone has to give up. Online chat takes hours to reply

[Rishi Sunak @RishiSunak]

There is one clear message from Vilnius today: @NATO is more confident and more united than ever.

3⃣ reasons why 👇

[anthony wong @wongant]

@ForagerSteve Foreseeing an Aldi Whisky on the stocks neat podcast ! 🤣

[anthony wong @wongant]

@JKempEnergy Does that mean the US needs to buy more oil and the price of oil likely to be up?

[anthony wong @wongant]

@rabbit_wealth Paid too much in the 2017 auction ?

[anthony wong @wongant]

@forager_gareth Busier than now!

[Johnny Brown @johnnyxbrown]

Tired of going into the office? Here are 10 websites to help you build a career in remote work:

[anthony wong @wongant]

@bookingcom Yes I replied also but not one responded to my last message? 🤷🏽‍♂️ seems like no one cares these days

[anthony wong @wongant]

@bookingcom the customer service is pretty crap 💩these days. Can’t fix messaging issue on the app and tells customer to just try fix it yourself. Like wtf