Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is next after the takeover offer? What could we expect with the new shareholders onboard?We think UEL will have a new lease of life under the new shareholders but things might probably take awhile to happen due to the complex shareholding structure of the group. Nonetheless, patient capital is welcomed here. We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is next after the takeover offer? What could we expect with the new shareholders onboard?We think UEL will have a new lease of life under the new shareholders but things might probably take awhile to happen due to the complex shareholding structure of the group. Nonetheless, patient capital is welcomed here. We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

United Engineers: Life After Takeover Offer (Part 1)

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.

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FTSE ST China Index generated 25% Total Return over Past 12M

Real Estate Managers & Developers Led the STI in 2017 YTD

SGX’s 20 Biggest China-Related Enterprises Returned 39.8% in YTD

23 Companies Buyback Shares in Sep, Yanlord Commences Buybacks

Singapore

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

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Yanlord Land (YLLG SP)

United Engineers: Life After Takeover Offer (Part 1)

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is...

Royston Foo

FTSE ST China Index generated 25% Total Return over Past 12M

Singapore Exchange Ltd (SGX)

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

23 Companies Buyback Shares in Sep, Yanlord Commences Buybacks

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)