Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>The six Malaysian banks have healthy capital adequacy ratios, healthy credit quality and adequate NPL coverage; increased tourism should support GDP, positive cost of risk trends and loan growth demand</li>
<li>We like RHB, with its attractive post-provision profitability and sound cost of risk trends, whilst also trading on attractive multiples versus peers and on a relatively low PEG</li>
<li>We also like big-cap Maybank with its reasonable valuations; combined with a prospective earnings recovery due to contained risk costs, this could drive a re-rating, after lacklustre share returns</li>
</ul>


The six Malaysian banks have healthy capital adequacy ratios, healthy credit quality and adequate NPL coverage; increased tourism should support GDP, positive cost of risk trends and loan growth demand
We like RHB, with its attractive post-provision profitability and sound cost of risk trends, whilst also trading on attractive multiples versus peers and on a relatively low PEG
We also like big-cap Maybank with its reasonable valuations; combined with a prospective earnings recovery due to contained risk costs, this could drive a re-rating, after lacklustre share returns


Malaysian Banks Screener; RHB Bank Is Our Top Pick

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CIMB Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/khazanah-nasional-bhd" target="_blank" data-smartkarma-citation="entities:28815:1" rel="noopener">Khazanah Nasional Bhd (KNBZ MK)</a> aims to raise around US$104m via selling 0.8% of <a href="https://www.smartkarma.com/entities/cimb-group-holdings-bhd" target="_blank" data-smartkarma-citation="entities:68:1" rel="noopener">CIMB Group Holdings (CIMB MK)</a>. </li>
<li>The deal is a routine one, where the vendor had previously sold multiple times, with the most recent selldown in Sept 2021.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Khazanah Nasional Bhd (KNBZ MK) aims to raise around US$104m via selling 0.8% of CIMB Group Holdings (CIMB MK). 
The deal is a routine one, where the vendor had previously sold multiple times, with the most recent selldown in Sept 2021.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


CIMB Holdings Placement - Routine Selldown, Past Deals Have Held onto Deal Price

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>Maybank reported 4Q21 NPAT of MYR 2.1 bn, improving MYR 372 mn (22.1%) linked quarter, reflecting revenue improvement across the board and a provision cut; </li>
<li>Net new NPLs aggregate MYR 2.3 bn, intimates an 83.4% QOQ increase in problem loans on an annualized basis; and  </li>
<li>Maybank was less than aggressive provisioning, and now an MYR 8.0 bn reserve shortfall exists today in its loan loss reserve or three quarters of NPAT. </li>
</ul>


Maybank reported 4Q21 NPAT of MYR 2.1 bn, improving MYR 372 mn (22.1%) linked quarter, reflecting revenue improvement across the board and a provision cut; 
Net new NPLs aggregate MYR 2.3 bn, intimates an 83.4% QOQ increase in problem loans on an annualized basis; and  
Maybank was less than aggressive provisioning, and now an MYR 8.0 bn reserve shortfall exists today in its loan loss reserve or three quarters of NPAT. 


Malayan Banking – Heightened Credit Risk

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.

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2022-01/BengKuangMarine-CEO_0.jpg' alt='Beng Kuan CEO' />
 </figure>
 <div class='content-caption'>Beng Kuan CEO</div>
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Convinced that the best is yet to come, banking and finance veteran Yong Jiunn Run has made it his life’s goal to achieve his optimum potential. 
"Psychologist Abraham Maslow's theory of self-actualisation argues that individuals are motivated to maximise their personal development and growth, and this concept lies at the top of the Maslow hierarchy of needs,” said the Chief Executive Officer of oil and gas solutions provider Beng Kuang Marine Ltd. 
“For myself, I continue to strive to become everything that I am capable of becoming. As Maslow said, “One's only failure is failing to live up to one's own possibilities”. I believe I’ve not realised my full potential yet.” 
A Bachelor of Arts graduate in Economics from the National University of Singapore, Yong has spent nearly three decades of his career in the financial services industry.  
He held senior management roles in enterprise and commercial banking with CIMB Bank and OCBC Bank, with oversight of operations across Singapore, Malaysia, Thailand, Indonesia and Cambodia. In June 2021, he was appointed CEO of Beng Kuang Group.  
“My banking journey has equipped me with the necessary skills to chart the Group’s turnaround strategy,” he said. “This includes shifting away from lumpy investments and piling up cash reserves to take on market and economic cycles, cultivating a strong risk management culture, as well as strengthening corporate governance in day-to-day and investment activities.” 
Founded in 1994 and listed on SGX since October 2004, Beng Kuang Group aims to be the “Preferred Partner” in providing total solutions for the marine and offshore industries. It has operations in Singapore, Malaysia and Indonesia. 
The Group’s four key business segments are: Infrastructure Engineering, Corrosion Prevention, Supply &amp; Distribution and Shipping. As a testament to its commitment to quality, health and safety, many of its subsidiaries have been accredited with the relevant ISO certifications. 
Amidst rising challenges in the oil and gas industry, the Group is focused on stabilising and strengthening its business operations, and has undertaken a strategic review of its business model. 
“Our immediate focus is on restructuring and transformation, as well as refining our value propositions,” Yong pointed out. 
“Our additional priorities are cost-cutting and deleveraging initiatives, particularly in key areas like lease rentals and loans, while focusing on monetising fixed assets and high-potential business segments to create new growth catalysts.” Signs of Recovery 
The Group is looking to revamp and divest unprofitable operations that continue to drag on its cashflow, while seeking to incubate new joint ventures, especially at its 30,000-hectare yard in Batam, to boost efficiency and asset utilisation rates. 
It will also focus its resources on high-potential business segments, such as its 51%-owned subsidiary, Asian Sealand Offshore &amp; Marine (ASOM). Specialising in asset integrity solutions, ASOM provides a wide range of on-site services such as repairs, engineering services, maintenance and decommissioning.  
ASOM’s key customers are mainly operators and asset owners of Floating Production Storage and Offloading (FPSO) platforms and Floating Storage and Offloading (FSO) vessels.  
“Developing an asset-light and service-centric approach provides greater financial flexibility, and allows us to scale promising propositions within our business model,” Yong added. 
“We’ve seen signs of turnaround with our strong revenue growth in the first nine months of 2021, which reinforces our confidence in the strategies we have implemented.” 
For 9M 2021, the Group’s revenue rose 34% to S$41.2 million, with gross profit jumping 241% to S$5.0 million and adjusted EBITDA surging 546% to S$2.5 million. With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$6.2 million over the period. It also generated a net cash inflow of S$1.9 million from operating activities during 9M 2021. 
To accelerate its growth plans and strengthen its balance sheet, the Group announced a placement exercise of 37.2 million new ordinary shares at S$0.09 apiece in October 2021 to raise gross proceeds of approximately S$3.4 million. New Growth Catalysts 
In the meantime, the COVID-19 pandemic has provided a boost to the Group’s transformation efforts, Yong noted. 
“COVID has presented us with the opportunity to rework, reposition and revamp our business model, and we’re now talking to various technology partners to improve processes, as well as reshape our core operations. These initiatives will lower our cost structure and improve our speed-to-market,” he added. 
“We’re evaluating new business ventures that are aligned with sustainability, which will provide fresh growth catalysts for the Group. We’re confident of becoming more agile, with a stronger business foundation that creates sustainable, long-term value for our stakeholders.” 
In November 2021, Beng Kuang Group unveiled a specialised dredging equipment, designed by its in-house team, for offshore tin mining activities. Installed on barges, the equipment has been tested for operational efficiency in various offshore tin mining sites in Indonesia. 
With this equipment, the Group aims to develop new value propositions for offshore tin mining activity and create new revenue streams 
“There are strong demand drivers in the global tin industry, and while there are significant tin ore deposits within Indonesia’s offshore regions, there are various operational challenges involved in such offshore mining activity,” Yong said. 
“Leveraging our technical expertise from multiple business areas, we’re excited to showcase how our specialised dredging equipment, technology and services can enable tin concession owners in Asia to gain greater access to these offshore tin ore deposits and create more efficiency in their operations.” 
Apart from building the Group’s operational resilience, Yong is also focused on its Environmental, Social and Governance (ESG) priorities.  
“As sustainability is a crucial factor in remaining competitive in today’s market, we’re determined to reduce our carbon footprint and instil sustainability awareness in all our employees,” Yong said. 
Apart from implementing initiatives such as the National Environment Agency’s “Reduce, Reuse, Recycle” programme, Beng Kuang Group continuously explores new technologies to cut energy and water consumption, as well as waste generated, during its daily operations. It also emphasises the occupational safety of its employees, and aims to achieve zero cases of work-related serious injuries or death.  
“We also work with our customers, suppliers and staff in implementing environmentally responsible measures, such as promoting e-invoice and reducing packaging wherever possible,” he added. 
At the end of the day, what inspires this 57-year-old is people - to build and nurture an expanding pool of talent for the Group’s long-term growth. 
“My passion is to create a winning team that can punch above its weight in the market. I want to establish bench strength to lead Beng Kuang Group into the next lap,” he said. “People and talents will remain key.” 
And when he is out of the office, this father of four children, aged five to 25, can be found jogging or golfing, and occasionally, indulging his love for hawker food.  
“I always tell my kids: It’s important to stay committed to your endeavours or end-game. Throughout my banking career, I’ve experienced numerous ups and downs, but I remained steadfast, and focused on my end goals,” he said. Beng Kuang Marine Ltd 
Beng Kuang Marine was founded in 1994 and has been listed on SGX since October 2004. Over the years, the Group has been striving to be the “Preferred Partner” in providing total solutions for the marine as well as offshore oil and gas industries. As a testament to its commitment to quality, health and safety, many of its subsidiaries have been accredited with the relevant ISO certifications.   Leveraging on its strong track record and established business networks, the Group continues to strategically grow its key businesses in Infrastructure Engineering, Corrosion Prevention, Supply &amp; Distribution and Shipping. 
The company website is: <a href="http://www.bkmgroup.com.sg">www.bkmgroup.com.sg</a> 
Click <a href="https://www.sgx.com/securities/equities/BEZ">here </a>for the company's StockFacts page. 
For the half year ended 30 June 2021 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/SURYK1VKKYSMF7QM/679045_PressRelease.pdf">here</a>. 
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. 
For previous editions of kopi-C: the Company brew, please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.   
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.
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    Beng Kuan CEO


Convinced that the best is yet to come, banking and finance veteran Yong Jiunn Run has made it his life’s goal to achieve his optimum potential.  
"Psychologist Abraham Maslow's theory of self-actualisation argues that individuals are motivated to maximise their personal development and growth, and this concept lies at the top of the Maslow hierarchy of needs,” said the Chief Executive Officer of oil and gas solutions provider Beng Kuang Marine Ltd.  
“For myself, I continue to strive to become everything that I am capable of becoming. As Maslow said, “One's only failure is failing to live up to one's own possibilities”. I believe I’ve not realised my full potential yet.”  
A Bachelor of Arts graduate in Economics from the National University of Singapore, Yong has spent nearly three decades of his career in the financial services industry.   
He held senior management roles in enterprise and commercial banking with CIMB Bank and OCBC Bank, with oversight of operations across Singapore, Malaysia, Thailand, Indonesia and Cambodia. In June 2021, he was appointed CEO of Beng Kuang Group.   
“My banking journey has equipped me with the necessary skills to chart the Group’s turnaround strategy,” he said. “This includes shifting away from lumpy investments and piling up cash reserves to take on market and economic cycles, cultivating a strong risk management culture, as well as strengthening corporate governance in day-to-day and investment activities.”  
Founded in 1994 and listed on SGX since October 2004, Beng Kuang Group aims to be the “Preferred Partner” in providing total solutions for the marine and offshore industries. It has operations in Singapore, Malaysia and Indonesia.  
The Group’s four key business segments are: Infrastructure Engineering, Corrosion Prevention, Supply &amp; Distribution and Shipping. As a testament to its commitment to quality, health and safety, many of its subsidiaries have been accredited with the relevant ISO certifications.  
Amidst rising challenges in the oil and gas industry, the Group is focused on stabilising and strengthening its business operations, and has undertaken a strategic review of its business model.  
“Our immediate focus is on restructuring and transformation, as well as refining our value propositions,” Yong pointed out.  
“Our additional priorities are cost-cutting and deleveraging initiatives, particularly in key areas like lease rentals and loans, while focusing on monetising fixed assets and high-potential business segments to create new growth catalysts.”  Signs of Recovery  
The Group is looking to revamp and divest unprofitable operations that continue to drag on its cashflow, while seeking to incubate new joint ventures, especially at its 30,000-hectare yard in Batam, to boost efficiency and asset utilisation rates.  
It will also focus its resources on high-potential business segments, such as its 51%-owned subsidiary, Asian Sealand Offshore &amp; Marine (ASOM). Specialising in asset integrity solutions, ASOM provides a wide range of on-site services such as repairs, engineering services, maintenance and decommissioning.   
ASOM’s key customers are mainly operators and asset owners of Floating Production Storage and Offloading (FPSO) platforms and Floating Storage and Offloading (FSO) vessels.   
“Developing an asset-light and service-centric approach provides greater financial flexibility, and allows us to scale promising propositions within our business model,” Yong added.  
“We’ve seen signs of turnaround with our strong revenue growth in the first nine months of 2021, which reinforces our confidence in the strategies we have implemented.”  
For 9M 2021, the Group’s revenue rose 34% to S$41.2 million, with gross profit jumping 241% to S$5.0 million and adjusted EBITDA surging 546% to S$2.5 million. With a substantial amount of fixed assets in the balance sheet, the Group registered a depreciation expense (non-cash component) of S$6.2 million over the period. It also generated a net cash inflow of S$1.9 million from operating activities during 9M 2021.  
To accelerate its growth plans and strengthen its balance sheet, the Group announced a placement exercise of 37.2 million new ordinary shares at S$0.09 apiece in October 2021 to raise gross proceeds of approximately S$3.4 million.  New Growth Catalysts  
In the meantime, the COVID-19 pandemic has provided a boost to the Group’s transformation efforts, Yong noted.  
“COVID has presented us with the opportunity to rework, reposition and revamp our business model, and we’re now talking to various technology partners to improve processes, as well as reshape our core operations. These initiatives will lower our cost structure and improve our speed-to-market,” he added.  
“We’re evaluating new business ventures that are aligned with sustainability, which will provide fresh growth catalysts for the Group. We’re confident of becoming more agile, with a stronger business foundation that creates sustainable, long-term value for our stakeholders.”  
In November 2021, Beng Kuang Group unveiled a specialised dredging equipment, designed by its in-house team, for offshore tin mining activities. Installed on barges, the equipment has been tested for operational efficiency in various offshore tin mining sites in Indonesia.  
With this equipment, the Group aims to develop new value propositions for offshore tin mining activity and create new revenue streams  
“There are strong demand drivers in the global tin industry, and while there are significant tin ore deposits within Indonesia’s offshore regions, there are various operational challenges involved in such offshore mining activity,” Yong said.  
“Leveraging our technical expertise from multiple business areas, we’re excited to showcase how our specialised dredging equipment, technology and services can enable tin concession owners in Asia to gain greater access to these offshore tin ore deposits and create more efficiency in their operations.”  
Apart from building the Group’s operational resilience, Yong is also focused on its Environmental, Social and Governance (ESG) priorities.   
“As sustainability is a crucial factor in remaining competitive in today’s market, we’re determined to reduce our carbon footprint and instil sustainability awareness in all our employees,” Yong said.  
Apart from implementing initiatives such as the National Environment Agency’s “Reduce, Reuse, Recycle” programme, Beng Kuang Group continuously explores new technologies to cut energy and water consumption, as well as waste generated, during its daily operations. It also emphasises the occupational safety of its employees, and aims to achieve zero cases of work-related serious injuries or death.   
“We also work with our customers, suppliers and staff in implementing environmentally responsible measures, such as promoting e-invoice and reducing packaging wherever possible,” he added.  
At the end of the day, what inspires this 57-year-old is people - to build and nurture an expanding pool of talent for the Group’s long-term growth.  
“My passion is to create a winning team that can punch above its weight in the market. I want to establish bench strength to lead Beng Kuang Group into the next lap,” he said. “People and talents will remain key.”  
And when he is out of the office, this father of four children, aged five to 25, can be found jogging or golfing, and occasionally, indulging his love for hawker food.   
“I always tell my kids: It’s important to stay committed to your endeavours or end-game. Throughout my banking career, I’ve experienced numerous ups and downs, but I remained steadfast, and focused on my end goals,” he said.  Beng Kuang Marine Ltd  
Beng Kuang Marine was founded in 1994 and has been listed on SGX since October 2004. Over the years, the Group has been striving to be the “Preferred Partner” in providing total solutions for the marine as well as offshore oil and gas industries. As a testament to its commitment to quality, health and safety, many of its subsidiaries have been accredited with the relevant ISO certifications.   Leveraging on its strong track record and established business networks, the Group continues to strategically grow its key businesses in Infrastructure Engineering, Corrosion Prevention, Supply &amp; Distribution and Shipping.  
The company website is: www.bkmgroup.com.sg  
Click here for the company's StockFacts page.  
For the half year ended 30 June 2021 financial results, click here.  
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



Beng Kuang Marine Charts Transformation Journey 

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US equity markets ended higher with the S&amp;P and Nasdaq up 0.3% and 0.2% respectively. Most sectors were in the green led by Materials, up 1% and Consumer Discretionary up 0.6%. US 10Y Treasury yields were up 1bp to 1.75%. European markets were also higher with the DAX, CAC and FTSE up 0.4%, 0.8% and 0.8% respectively. Brazil’s Bovespa was up 1.8%. In the Middle East, UAE’s ADX was up 0.1% while Saudi TASI was up 1%. Asian markets have opened broadly lower – Shanghai, STI and Nikkei were down 0.2%, 0.1% and 0.9% while HSI was up 0.3% respectively. US IG CDS spreads were 0.4bp tighter and HY CDS spreads also tightened 1.5bp. EU Main CDS spreads were 0.6bp tighter and Crossover CDS spreads were 1.9bp tighter. Asia ex-Japan CDS spreads tightened 0.6bp.

6 New $ Deals incl. CIMB, IRFC, CCB; Macro; Rating Changes; New Issues; Talking Heads; Top Gainer...

Malaysia

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

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CIMB Group Holdings (CIMB MK)

Malaysian Banks Screener; RHB Bank Is Our Top Pick

From our Malaysian banks screener report, we like RHB for its attractive post-provision returns and undemanding multiples, and Maybank for its...

Victor Galliano

CIMB Holdings Placement - Routine Selldown, Past Deals Have Held onto Deal Price

Khazanah Nasional Bhd aims to raise around US$104m via selling 0.8% of CIMB Group Holdings (CIMB MK). In this note, we will talk about the deal...

Clarence Chu

Malayan Banking – Heightened Credit Risk

MAYBANK: Maybank reported QOQ 4Q21 NPAT increase of 22.1%, reflecting revenue improvement and a provision cut. NPLs accelerated while reserves...

Thomas J. Monaco

Beng Kuang Marine Charts Transformation Journey

Convinced that the best is yet to come, banking and finance veteran Yong Jiunn Run has made it his life’s goal to achieve his...

Singapore Exchange Ltd (SGX)

6 New $ Deals incl. CIMB, IRFC, CCB; Macro; Rating Changes; New Issues; Talking Heads; Top Gainer...

US equity markets ended higher with the S&P and Nasdaq up 0.3% and 0.2% respectively. Most sectors were in the green led by Materials, up 1%...

BondEvalue

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