Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul>
<li>This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030.</li>
<li>CML has earlier issued two reports on this subject. The first examines the lack of disclosure by Keppel on critical information and data pertaining to its asset management business.</li>
<li>This is disappointing as Keppel is almost halfway to its fund under management (‘FUM”) target of S$200bn, and we include peers which are similar in size.</li>
</ul>


This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030.
CML has earlier issued two reports on this subject. The first examines the lack of disclosure by Keppel on critical information and data pertaining to its asset management business.
This is disappointing as Keppel is almost halfway to its fund under management (‘FUM”) target of S$200bn, and we include peers which are similar in size.


Keppel: Strategic Transformation to Asset Manager (Report 3)

<ul>
<li>If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager.</li>
<li>Given the industry’s history, the objective of this report is to examine Keppel’s claim that its unique position as an operator gives it a competitive pathway to success within Asset Management.</li>
<li>Keppel’s acquisition and running of M1 will serve as a lens to evaluate Keppel’s claim.</li>
</ul>


If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager.
Given the industry’s history, the objective of this report is to examine Keppel’s claim that its unique position as an operator gives it a competitive pathway to success within Asset Management.
Keppel’s acquisition and running of M1 will serve as a lens to evaluate Keppel’s claim.


Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)

<ul><li>Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset manager with S$200bn in funds under management (FUM) by 2030.</li><li>It is unprecedented for an industrial operator to successfully transform into an asset manager of such scale.</li><li>As such, close attention ought to be given to the progress and prospects of Keppel’s transformation. </li></ul>

Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset manager with S$200bn in funds under management (FUM) by 2030.It is unprecedented for an industrial operator to successfully transform into an asset manager of such scale.As such, close attention ought to be given to the progress and prospects of Keppel’s transformation. 

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Jardine Matheson Holdings / Equity Bottom-Up

<ul><li>Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.</li><li>This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.</li><li>Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.</li></ul>

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.

ABR Holdings managing director continues to grow interest

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> made an <a href="https://links.sgx.com/FileOpen/SCM%20Press%20Release%2027.10.2022.ashx?App=Announcement&amp;FileID=735575" target="_blank" rel="noopener">announcement</a> of revised structure and revised terms.</li>
<li>Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. </li>
<li>Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. </li>
</ul>


Today, Keppel Corp (KEP SP) and Sembcorp Marine (SMM SP) made an announcement of revised structure and revised terms.
Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. 
Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. 


Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

Keppel: Strategic Transformation to Asset Manager (Report 3)

This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030. CML has earlier issued two reports...

Corporate Monitor Limited

Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)

If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager. Given the industry’s history,...

Corporate Monitor Limited

Keppel: Study on Disclosure (Report 1)

Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset...

Corporate Monitor Limited

ABR Holdings managing director continues to grow interest

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

Keppel and SMM have amended the transaction structure and terms, and it is a win-win, but perhaps more of a win for SMM as it catches up with...

Travis Lundy

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