W Capital Markets defends valuation for Sinarmas Land’s privatisation offer
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W Capital Markets, the independent financial advisor for Sinarmas Land, defends its valuation of S$0.35 to S$0.361 for the company's privatization offer amid concerns from the Securities Investors Association (Singapore). The firm supports its use of the Sum-of-the-Parts valuation method, addressing issues like "double discounting" and emphasizing that the 20%-22% holding company discount is standard practice. W Capital Markets asserts that its valuation methods are consistent with industry standards and based on professional judgment, and it does not speculate on post-privatization valuations.
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