Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<h3>Corporate &amp; Investment Highlights</h3>
Goldman Sachs Group, Inc. is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing &amp; Lending, and Investment Management. The Investment Banking segment consists of financial advisory and underwriting. The Institutional Client Services segment makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. The investing and lending activities, which are typically longer-term, include its investing and relationship lending activities across various asset classes, primarily debt securities and loans, public and private equity securities, infrastructure and real estate. The Investment Management segment provides investment and wealth advisory services. [Source: Thomson Reuters]
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Corporate &amp; Investment Highlights
Goldman Sachs Group, Inc. is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing &amp; Lending, and Investment Management. The Investment Banking segment consists of financial advisory and underwriting. The Institutional Client Services segment makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. The investing and lending activities, which are typically longer-term, include its investing and relationship lending activities across various asset classes, primarily debt securities and loans, public and private equity securities, infrastructure and real estate. The Investment Management segment provides investment and wealth advisory services. [Source: Thomson Reuters]




Goldman Sachs Group Inc: Equity Research Flash Note

<h2>Technical Analysis on Goldman Sachs</h2>
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<h3>Financial Highlights &amp; Investment Considerations</h3>
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<li>The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Global Markets, Asset Management, and Consumer &amp; Wealth Management. The Investment Banking segment consists of financial advisory, underwriting and corporate lending activities. The Global Markets segment consists of fixed income, currency and commodities (FICC) and equities, and intermediation and financing activities.</li>
<li>On July 24th, the company’s prime brokerage division cleared and settled cryptocurrency exchange-traded products (ETPs) for some of its European hedge fund clients. On August 19th, the Goldman Sachs Group, Inc. announced that it has entered into an agreement to acquire NN Investment Partners from NN Group N.V. for approximately €1.6 billion. Later, on September 15th, Goldman Sachs announced the acquisition of Greensky, the largest fintech platform for home improvement consumer loan originations, for $2.24 billion. On September 21st, eVisit closed $45 Million in Series B Funding Round Led by Goldman Sachs Asset Management. On September 21st, Bloomberg Philanthropies and Goldman Sachs announced the launch of the Climate Innovation Fund, a fund worth $25 Million with the aim to advance clean energy solutions in South and Southeast Asia.</li>
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[Note: Financial Year end is on December 31st.]
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Over the last three months, it can be observed that the green candlesticks surpass the red ones on Goldman Sachs stock. The stock price exceeded the upper Bollinger Band three times during the examined period, on July 16th and crossed below the lower band on September 17th, providing potential signs of an overbought and oversold market respectively. On July 19th, the MACD line crossed below the signal line, indicating a potential sell sign but it rebounded on October 7th. From October 7th until the end of the examined period, the MACD line was moving above its signal line in the oversold area. On July 10th, the Stochastic RSI crossed above the threshold of 70, indicating an overbought market while on July 13th, until the end of the examined period it has been indicating a neutral position.
Important Note:
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Information contained herein is based on data obtained from recognized statistical services, issue reports or communications, or other sources, believed to be reliable. However, such information has not been verified by VRS, and VRS does not make any representation as to its accuracy and completeness. Opinions, estimates, and statements nonfactual in nature expressed in its research represent VRS’s judgment as of the date of its reports, are subject to change without notice and are provided in good faith and without legal responsibility. In addition, there may be instances when fundamental, technical and quantitative opinions, estimates, and statements may not be in concert. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation of an offer to buy any shares, warrants, convertible securities or options of “covered companies” by no means. Valuation &amp; Research Specialists (VRS) are the sole creators and distributors of this report.
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Technical Analysis on Goldman Sachs

Financial Highlights &amp; Investment Considerations


The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Global Markets, Asset Management, and Consumer &amp; Wealth Management. The Investment Banking segment consists of financial advisory, underwriting and corporate lending activities. The Global Markets segment consists of fixed income, currency and commodities (FICC) and equities, and intermediation and financing activities.
On July 24th, the company’s prime brokerage division cleared and settled cryptocurrency exchange-traded products (ETPs) for some of its European hedge fund clients. On August 19th, the Goldman Sachs Group, Inc. announced that it has entered into an agreement to acquire NN Investment Partners from NN Group N.V. for approximately €1.6 billion. Later, on September 15th, Goldman Sachs announced the acquisition of Greensky, the largest fintech platform for home improvement consumer loan originations, for $2.24 billion. On September 21st, eVisit closed $45 Million in Series B Funding Round Led by Goldman Sachs Asset Management. On September 21st, Bloomberg Philanthropies and Goldman Sachs announced the launch of the Climate Innovation Fund, a fund worth $25 Million with the aim to advance clean energy solutions in South and Southeast Asia.

[Note: Financial Year end is on December 31st.]





Over the last three months, it can be observed that the green candlesticks surpass the red ones on Goldman Sachs stock. The stock price exceeded the upper Bollinger Band three times during the examined period, on July 16th and crossed below the lower band on September 17th, providing potential signs of an overbought and oversold market respectively. On July 19th, the MACD line crossed below the signal line, indicating a potential sell sign but it rebounded on October 7th. From October 7th until the end of the examined period, the MACD line was moving above its signal line in the oversold area. On July 10th, the Stochastic RSI crossed above the threshold of 70, indicating an overbought market while on July 13th, until the end of the examined period it has been indicating a neutral position.
Important Note:




Information contained herein is based on data obtained from recognized statistical services, issue reports or communications, or other sources, believed to be reliable. However, such information has not been verified by VRS, and VRS does not make any representation as to its accuracy and completeness. Opinions, estimates, and statements nonfactual in nature expressed in its research represent VRS’s judgment as of the date of its reports, are subject to change without notice and are provided in good faith and without legal responsibility. In addition, there may be instances when fundamental, technical and quantitative opinions, estimates, and statements may not be in concert. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation of an offer to buy any shares, warrants, convertible securities or options of “covered companies” by no means. Valuation &amp; Research Specialists (VRS) are the sole creators and distributors of this report.











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.

Manulife US REIT (MUST) / Equity Bottom-Up

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 <div class='content-caption'>8 SREIT with exposes to US assets</div>
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SGX lists eight actively traded S-Reits with properties in the United States (US). Five out of the eight S-Reits have pure exposure to the US and among them are three US office S-Reits. 
The US Centres for Disease Control and Prevention (CDC) on May 13 announced that fully vaccinated individuals do not need to wear masks outdoors and can avoid wearing masks indoors in most places, and updated that life can begin to return to normal despite caution issued by the World Health Organization (WHO).

Nonetheless, US Office S-Reits remain sanguine about companies' return-to-office plans and are adapting to agile and "new normal" arrangements as the US continues to push for normalcy and re-opening of sectors and industries. 
The three US Office S-Reits trade at an average price-to-book ratio of 0.98 times and average 7.8 per cent in distribution yield. All of the three have average committed occupancy rates of over 90 per cent, above the average Class A US office average of 84 per cent, and have weighted average lease expiry (WALE) that range from 4.3 to 5.3 years. 
Manulife US Reit (MUST), which has an occupancy rate of 92 per cent, has observed more tenants gradually returning to the office with May 2021's portfolio physical occupancy at 20.0 per cent, versus 13.3 per cent seen in Jan 2021. The Reit notes that offices continue to remain relevant as companies adopt a hybrid model and the majority of employers do require the same if not more office space post Covid-19, driven by the demand for rising headcount and social distancing needs.

MUST sees post-Covid-19 themes such as the acceleration of population and company migration to magnet cities, growing tech sector, strong demand for health care, and fast developing knowledge economy to provide uplift for the Reit. MUST has a focus to target magnet cities which are defined as having attributes such as growing tech tenants, population growth, business friendly and lower costs of living.

Prime US Reit (Prime) sees interest in its assets pick up as tenants make longer-term leasing decisions, despite the current low physical occupancy. Its current portfolio occupancy rate is at 91.7 per cent. Some of its tenants which include Goldman Sachs and Wells Fargo have also made plans for employees to return to the office by July 2021.

In securing new leases, Prime notes that its new tenants are largely from diverse established and technology sectors. The Reit observes that the US office transaction market has shown signs of activity in recent weeks and it is actively exploring acquisition opportunities in its target markets.

Keppel Pacific Oak US Reit (KORE) has a 91.6 per cent portfolio committed occupancy rate and believes that the rollout of vaccines and removal of restrictions is raising confidence and optimism. LaSalle Network's Office Re-Entry Index shows that 70 per cent of CEOs, human resources and finance leaders are planning for employees to return to the office by fall 2021.

KORE has a focus in markets with exposure to technology hubs and tech-tenancy. Its recent leasing activities are driven mainly by demand from professional services, finance and insurance, and technology. Over 37 per cent of its current portfolio by net lettable area comprises tenants from technology and medical and healthcare.  REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/us-office-s-reits-half-empty-or-half-full">read</a> the original version.
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    8 SREIT with exposes to US assets


SGX lists eight actively traded S-Reits with properties in the United States (US). Five out of the eight S-Reits have pure exposure to the US and among them are three US office S-Reits.  
The US Centres for Disease Control and Prevention (CDC) on May 13 announced that fully vaccinated individuals do not need to wear masks outdoors and can avoid wearing masks indoors in most places, and updated that life can begin to return to normal despite caution issued by the World Health Organization (WHO).

Nonetheless, US Office S-Reits remain sanguine about companies' return-to-office plans and are adapting to agile and "new normal" arrangements as the US continues to push for normalcy and re-opening of sectors and industries.  
The three US Office S-Reits trade at an average price-to-book ratio of 0.98 times and average 7.8 per cent in distribution yield. All of the three have average committed occupancy rates of over 90 per cent, above the average Class A US office average of 84 per cent, and have weighted average lease expiry (WALE) that range from 4.3 to 5.3 years.  
Manulife US Reit (MUST), which has an occupancy rate of 92 per cent, has observed more tenants gradually returning to the office with May 2021's portfolio physical occupancy at 20.0 per cent, versus 13.3 per cent seen in Jan 2021. The Reit notes that offices continue to remain relevant as companies adopt a hybrid model and the majority of employers do require the same if not more office space post Covid-19, driven by the demand for rising headcount and social distancing needs.

MUST sees post-Covid-19 themes such as the acceleration of population and company migration to magnet cities, growing tech sector, strong demand for health care, and fast developing knowledge economy to provide uplift for the Reit. MUST has a focus to target magnet cities which are defined as having attributes such as growing tech tenants, population growth, business friendly and lower costs of living.

Prime US Reit (Prime) sees interest in its assets pick up as tenants make longer-term leasing decisions, despite the current low physical occupancy. Its current portfolio occupancy rate is at 91.7 per cent. Some of its tenants which include Goldman Sachs and Wells Fargo have also made plans for employees to return to the office by July 2021.

In securing new leases, Prime notes that its new tenants are largely from diverse established and technology sectors. The Reit observes that the US office transaction market has shown signs of activity in recent weeks and it is actively exploring acquisition opportunities in its target markets.

Keppel Pacific Oak US Reit (KORE) has a 91.6 per cent portfolio committed occupancy rate and believes that the rollout of vaccines and removal of restrictions is raising confidence and optimism. LaSalle Network's Office Re-Entry Index shows that 70 per cent of CEOs, human resources and finance leaders are planning for employees to return to the office by fall 2021.

KORE has a focus in markets with exposure to technology hubs and tech-tenancy. Its recent leasing activities are driven mainly by demand from professional services, finance and insurance, and technology. Over 37 per cent of its current portfolio by net lettable area comprises tenants from technology and medical and healthcare.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - US office S-Reits - half empty or half full?

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 <div class='content-caption'>UnUsUaL - CEO</div>
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When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education. 
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic.  
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams. 
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.” 
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!” 
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region. 
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event.  
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator.  
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted. 
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said. 
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments. 
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added. 
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.” Emerging Mandopop Wave  
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco.  
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted. 
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added.  
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said. 
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.” 
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities.  
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience. 
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh.  Virtual With Live 
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume. 
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts. 
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019.  
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added. 
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted. 
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.” 
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said. 
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.” 
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted. 
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths. 
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.” 
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years.  
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.” 
 

UnUsUaL Ltd

Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.   
The company website is: <a href="http://www.unusual.com.sg/">www.unusual.com.sg</a> 
Click <a href="https://www.sgx.com/securities/equities/1D1">here </a>for the company's StockFacts page. 
For the half year ended 30 September 2020 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/HC30OSZSKT8CWMPJ/639309_UnUsUaL_1HFY2021%20Press%20Release.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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    UnUsUaL - CEO


When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education.  
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic.   
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams.  
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.”  
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!”  
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region.  
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event.   
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator.   
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted.  
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said.  
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments.  
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added.  
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.”  Emerging Mandopop Wave   
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco.   
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted.  
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added.   
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said.  
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.”  
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities.   
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience.  
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh.   Virtual With Live  
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume.  
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts.  
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019.   
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added.  
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted.  
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.”  
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said.  
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.”  
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted.  
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths.  
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.”  
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years.   
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.”  
 

UnUsUaL Ltd

Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.    
The company website is: www.unusual.com.sg  
Click here for the company's StockFacts page.  
For the half year ended 30 September 2020 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.



UnUsUaL Celebrates Emerging Era in Live Music

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For property veteran Barbara Cambon, buildings are not just a heap of bricks and concrete. Instead, they are dynamic structures where people learn, work, play and dream. 
"Real estate is viewed as solid structures, but we must also understand the dynamism and diversity that goes on within these physical assets, and how they can meet the constantly evolving needs of their occupants," said the Chief Executive Officer of the Manager of SGX-listed Prime US REIT (PRIME). 
Cambon, who began her real estate career in the early 1980s, is no stranger to forces of transformation within the industry. 
"The way that tenants use our buildings will continue to change, as will the type and nature of the tenants who want to use our buildings," she added. 
The 65-year-old, who is also Chief Investment Officer of the Manager, has accumulated experience in institutional real estate advisory, including roles with a US-based private real estate investment firm and real estate consulting company. 
A Master of Business Administration graduate from Southern Methodist University, Cambon also holds a Bachelor of Science degree in Education from the University of Delaware. 
She sits on the Policy Advisory Board of the University of San Diego Burnham-Moores Real Estate Institute. Previous board positions include the Pension Real Estate Association, National Council of Real Estate Investment Fiduciaries and Amstar Advisers. 
"Helping clients identify how real estate fits their needs, how they should build their investment platforms, as well as develop the fundamentals of their asset selection strategies - all of that has shaped my experience," she said. 
Today, those skillsets stand Cambon in good stead to drive expansion at PRIME. 
Listed on 19 July 2019 on SGX Mainboard, PRIME is focused on stabilised, income-producing US office assets. It owns a high-quality, geographically diversified portfolio of 11 prime and freehold office properties, strategically located in nine primary markets in the US, with a total appraised value of approximately US$1.25 billion. 
The portfolio is well-diversified - no primary market contributes more than 14.6%, and no single trade sector accounts for more than 16.6%, of total portfolio value. Portfolio occupancy rates remain high at over 95%, with a long average weighted average lease expiry (WALE) of 5.1 years as at 31 December 2019. 
The REIT has an average debt to maturity of 5.2 years at a weighted average interest rate of 3.3%. Its gearing ratio remains healthy, at 33.7%. 
PRIME has gained about 9.1% since listing at an initial public offer (IPO) price of 88 US cents. For its fourth quarter ended 31 December 2019, the REIT posted a distribution per unit (DPU) of 1.77 US cents, 9.3% higher than its IPO forecast of 1.62 US cents.

Stable Resilience 
"We're focused on the markets where corporate America wants to grow," Cambon said. "Employees of today are looking for live-work environments with shorter commutes, and those that include a balanced work-play dynamic." 
PRIME is focused on identifying US markets with signs of robust jobs expansion, and large numbers of highly educated employees. Other criteria include areas with higher than national average population growth rates, as well a relatively lower cost of living to attract in-migration of talent. 
Corporations are no longer just focusing on major gateway cities. This can be seen from how Salt Lake City has grown in importance for Goldman Sachs, or how Amazon nixed New York in favour of Northern Virginia for its HQ2, she noted. 
"Key factors that matter today include a lower cost of living, a balanced live-work-play environment, as well as proximity to major universities with access to a talented workforce." 
Last month, PRIME acquired the Park Tower office building, situated in the prime central business district (CBD) of Sacramento, California, for US$165.5 million. The property is a freehold, 24-storey Class A office tower with a five-storey, mixed-use retail or parking garage, comprising a net lettable area of 489,171 square feet. 
"Sacramento is a new market that diversifies our geographical exposure, and introduces a new industry sector - Government - that adds stability to the portfolio," Cambon pointed out. 
"The real estate market in California's capital is also robust, with low vacancy rates, healthy rent growth, high demand and limited new supply." 
PRIME's maiden acquisition is yield-accretive, boosting its portfolio value to approximately US$1.42 billion. On a pro forma basis, it provides an uplift of 2.7% and 0.1% to DPU and net asset value (NAV) respectively. 
To further grow these two closely watched industry metrics, the REIT will focus on both organic and inorganic strategies. "For our portfolio, 98% of the leases have built-in rental escalations that range from 1% to 3%," Cambon said. 
Active asset management is another route. "The construction of our portfolio is focused on resilience and stability - we want to ensure we don't have the bulk of our leases maturing in the space of any one year, and there is diversity in terms of tenant-industry mix," she added. 
"We also want to manage the space dynamics within each asset - for tenants looking to grow within the building, we want to accommodate their needs, and at the same time, help other tenants whose needs may be best-served by moving elsewhere." 
All of these require a thorough understanding of the office real estate space, and application of the right criteria to asset selection, she added. 
As for growth via acquisitions, PRIME is targeting yield-accretive assets in strategic markets where US corporations are expanding their operations. 
"We're able to leverage on the organisational resources of our sponsor, KBS Asia Partners, whose shareholders include the founding members of KBS," Cambon said. 
KBS is one of the largest US commercial real estate managers with more than US$41.8 billion of transactional volumes since its inception in 1992. "Having that depth of experience in these markets and being well-known in the community, they can identify and open up suitable opportunities for us." 
Apart from its sponsor's support, PRIME also has flexibility to focus on assets owned by third parties, as in the case of the Sacramento Park Tower acquisition, she added.

Space Optimisation 
With the spread of the COVID-19 coronavirus, PRIME is closely monitoring the pandemic's impact on the US economy. Several major cities, including New York, have ordered schools, bars and restaurants to shut, while some retailers have closed stores, as authorities urged social distancing in a bid to stem the outbreak. 
The office market, on the other hand, has been resilient. "There's a limited supply of Class A offices, with the key office-using sectors of Financial Services, Professional Services and Information increasing jobs by 150,000 in the fourth quarter of last year," Cambon noted. 
"With a similar amount of new supply added, vacancy rates remained stable in view of the tight labour market." 
Segments that enjoy long-term leases may see less of an impact from the pandemic, the Washington, DC-based National Association of Real Estate Investment Trusts (Nareit) said in a recent blog post. 
"An apartment REIT with low vacancy rates will still have their tenants paying rent, and may not suffer any lost income. Similarly, an office REIT with investment grade tenants is not likely to experience a drop in occupancy or rent receipts," it added. 
Meanwhile, the tenant-industry mix in PRIME's portfolio is evolving. "In the past, Financial Services tenants made up the majority of our tenants. But in the past year, Technology has seen the biggest take-up rates for office space among all sectors, and is expected to continue its outperformance through 2020," Cambon said. 
This benefits PRIME, which has a more than 37% exposure to the rapidly expanding STEM (Science, Technology, Engineering and Mathematics) and TAMI (Technology, Advertising, Media and Information) segments. 
Nonetheless, one of the biggest challenges PRIME faces comes from identifying and meeting continually changing needs of tenants within its portfolio. 
"We need to understand how space use is changing, and provide our tenants with the most contemporary amenities to keep our buildings modern and fresh." 
Examples include conferencing facilities for remote workers, as well as strategically located fitness centres, bicycle parking and storage lockers for those with more active lifestyles. 
"There's also increasing demand for collaborative spaces, such as tenant lounges, where staff can relax, hang out or work with their laptops near their offices," she added. 
And when Cambon is not immersed in the day-to-day operations of the REIT, she enjoys interacting with the young - and hopefully - future leaders of the real estate industry. 
"One of the cool things I get to do is to teach a class," she smiled, referring to her role on policy advisory boards of US educational institutions. 
To the young, she has this advice to offer: Stay current as the world continues to evolve, and the industry along with it. 
"The next generation will have access to more resources, such as technology and knowledge, compared to the previous generation," she said. "So the onus is on you to pull together all these experiences, and harness available resources, to become the best operator you can be of any asset." 
Education should also be a priority, she added. "Learning never stops, whether at an individual or industry level. So make sure you are constantly learning, and learning something new every day."

Prime US REIT

Listed on 19 July 2019 on SGX Mainboard, Prime US REIT (PRIME) is a diversified Singapore REIT with a focus on stabilised income-producing office assets in the US. PRIME offers investors a unique exposure to a high-quality portfolio of 11 prime and freehold office properties, strategically located in nine primary markets in the US, with a total appraised value of US$1.25 billion. KBS Asia Partners Pte Ltd (KAP) is the sponsor of PRIME. KAP's shareholders include founding members of KBS, which is one of the largest US commercial real estate managers with US$11.6 billion of assets under management as at 31 December 2019, and more than US$41.8 billion of transactional volume since inception in 1992.

The company website is: <a href="http://edm.sgx.com/a/hBefV4jB86%24MfB91genAAAAAAmP/link7">primeusreit.com</a>. 
Click <a href="http://edm.sgx.com/a/hBefV4jB86%24MfB91genAAAAAAmP/link8">here</a> for the company's StockFacts page. 
For fourth quarter ended 31 Dec 2019 financial results, click <a href="http://edm.sgx.com/a/hBefV4jB86%24MfB91genAAAAAAmP/link9">here</a>.
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    Prime US REIT CEO


For property veteran Barbara Cambon, buildings are not just a heap of bricks and concrete. Instead, they are dynamic structures where people learn, work, play and dream.  
"Real estate is viewed as solid structures, but we must also understand the dynamism and diversity that goes on within these physical assets, and how they can meet the constantly evolving needs of their occupants," said the Chief Executive Officer of the Manager of SGX-listed Prime US REIT (PRIME).  
Cambon, who began her real estate career in the early 1980s, is no stranger to forces of transformation within the industry.  
"The way that tenants use our buildings will continue to change, as will the type and nature of the tenants who want to use our buildings," she added.  
The 65-year-old, who is also Chief Investment Officer of the Manager, has accumulated experience in institutional real estate advisory, including roles with a US-based private real estate investment firm and real estate consulting company.  
A Master of Business Administration graduate from Southern Methodist University, Cambon also holds a Bachelor of Science degree in Education from the University of Delaware.  
She sits on the Policy Advisory Board of the University of San Diego Burnham-Moores Real Estate Institute. Previous board positions include the Pension Real Estate Association, National Council of Real Estate Investment Fiduciaries and Amstar Advisers.  
"Helping clients identify how real estate fits their needs, how they should build their investment platforms, as well as develop the fundamentals of their asset selection strategies - all of that has shaped my experience," she said.  
Today, those skillsets stand Cambon in good stead to drive expansion at PRIME.  
Listed on 19 July 2019 on SGX Mainboard, PRIME is focused on stabilised, income-producing US office assets. It owns a high-quality, geographically diversified portfolio of 11 prime and freehold office properties, strategically located in nine primary markets in the US, with a total appraised value of approximately US$1.25 billion.  
The portfolio is well-diversified - no primary market contributes more than 14.6%, and no single trade sector accounts for more than 16.6%, of total portfolio value. Portfolio occupancy rates remain high at over 95%, with a long average weighted average lease expiry (WALE) of 5.1 years as at 31 December 2019.  
The REIT has an average debt to maturity of 5.2 years at a weighted average interest rate of 3.3%. Its gearing ratio remains healthy, at 33.7%.  
PRIME has gained about 9.1% since listing at an initial public offer (IPO) price of 88 US cents. For its fourth quarter ended 31 December 2019, the REIT posted a distribution per unit (DPU) of 1.77 US cents, 9.3% higher than its IPO forecast of 1.62 US cents.

Stable Resilience  
"We're focused on the markets where corporate America wants to grow," Cambon said. "Employees of today are looking for live-work environments with shorter commutes, and those that include a balanced work-play dynamic."  
PRIME is focused on identifying US markets with signs of robust jobs expansion, and large numbers of highly educated employees. Other criteria include areas with higher than national average population growth rates, as well a relatively lower cost of living to attract in-migration of talent.  
Corporations are no longer just focusing on major gateway cities. This can be seen from how Salt Lake City has grown in importance for Goldman Sachs, or how Amazon nixed New York in favour of Northern Virginia for its HQ2, she noted.  
"Key factors that matter today include a lower cost of living, a balanced live-work-play environment, as well as proximity to major universities with access to a talented workforce."  
Last month, PRIME acquired the Park Tower office building, situated in the prime central business district (CBD) of Sacramento, California, for US$165.5 million. The property is a freehold, 24-storey Class A office tower with a five-storey, mixed-use retail or parking garage, comprising a net lettable area of 489,171 square feet.  
"Sacramento is a new market that diversifies our geographical exposure, and introduces a new industry sector - Government - that adds stability to the portfolio," Cambon pointed out.  
"The real estate market in California's capital is also robust, with low vacancy rates, healthy rent growth, high demand and limited new supply."  
PRIME's maiden acquisition is yield-accretive, boosting its portfolio value to approximately US$1.42 billion. On a pro forma basis, it provides an uplift of 2.7% and 0.1% to DPU and net asset value (NAV) respectively.  
To further grow these two closely watched industry metrics, the REIT will focus on both organic and inorganic strategies. "For our portfolio, 98% of the leases have built-in rental escalations that range from 1% to 3%," Cambon said.  
Active asset management is another route. "The construction of our portfolio is focused on resilience and stability - we want to ensure we don't have the bulk of our leases maturing in the space of any one year, and there is diversity in terms of tenant-industry mix," she added.  
"We also want to manage the space dynamics within each asset - for tenants looking to grow within the building, we want to accommodate their needs, and at the same time, help other tenants whose needs may be best-served by moving elsewhere."  
All of these require a thorough understanding of the office real estate space, and application of the right criteria to asset selection, she added.  
As for growth via acquisitions, PRIME is targeting yield-accretive assets in strategic markets where US corporations are expanding their operations.  
"We're able to leverage on the organisational resources of our sponsor, KBS Asia Partners, whose shareholders include the founding members of KBS," Cambon said.  
KBS is one of the largest US commercial real estate managers with more than US$41.8 billion of transactional volumes since its inception in 1992. "Having that depth of experience in these markets and being well-known in the community, they can identify and open up suitable opportunities for us."  
Apart from its sponsor's support, PRIME also has flexibility to focus on assets owned by third parties, as in the case of the Sacramento Park Tower acquisition, she added.

Space Optimisation  
With the spread of the COVID-19 coronavirus, PRIME is closely monitoring the pandemic's impact on the US economy. Several major cities, including New York, have ordered schools, bars and restaurants to shut, while some retailers have closed stores, as authorities urged social distancing in a bid to stem the outbreak.  
The office market, on the other hand, has been resilient. "There's a limited supply of Class A offices, with the key office-using sectors of Financial Services, Professional Services and Information increasing jobs by 150,000 in the fourth quarter of last year," Cambon noted.  
"With a similar amount of new supply added, vacancy rates remained stable in view of the tight labour market."  
Segments that enjoy long-term leases may see less of an impact from the pandemic, the Washington, DC-based National Association of Real Estate Investment Trusts (Nareit) said in a recent blog post.  
"An apartment REIT with low vacancy rates will still have their tenants paying rent, and may not suffer any lost income. Similarly, an office REIT with investment grade tenants is not likely to experience a drop in occupancy or rent receipts," it added.  
Meanwhile, the tenant-industry mix in PRIME's portfolio is evolving. "In the past, Financial Services tenants made up the majority of our tenants. But in the past year, Technology has seen the biggest take-up rates for office space among all sectors, and is expected to continue its outperformance through 2020," Cambon said.  
This benefits PRIME, which has a more than 37% exposure to the rapidly expanding STEM (Science, Technology, Engineering and Mathematics) and TAMI (Technology, Advertising, Media and Information) segments.  
Nonetheless, one of the biggest challenges PRIME faces comes from identifying and meeting continually changing needs of tenants within its portfolio.  
"We need to understand how space use is changing, and provide our tenants with the most contemporary amenities to keep our buildings modern and fresh."  
Examples include conferencing facilities for remote workers, as well as strategically located fitness centres, bicycle parking and storage lockers for those with more active lifestyles.  
"There's also increasing demand for collaborative spaces, such as tenant lounges, where staff can relax, hang out or work with their laptops near their offices," she added.  
And when Cambon is not immersed in the day-to-day operations of the REIT, she enjoys interacting with the young - and hopefully - future leaders of the real estate industry.  
"One of the cool things I get to do is to teach a class," she smiled, referring to her role on policy advisory boards of US educational institutions.  
To the young, she has this advice to offer: Stay current as the world continues to evolve, and the industry along with it.  
"The next generation will have access to more resources, such as technology and knowledge, compared to the previous generation," she said. "So the onus is on you to pull together all these experiences, and harness available resources, to become the best operator you can be of any asset."  
Education should also be a priority, she added. "Learning never stops, whether at an individual or industry level. So make sure you are constantly learning, and learning something new every day."

Prime US REIT

Listed on 19 July 2019 on SGX Mainboard, Prime US REIT (PRIME) is a diversified Singapore REIT with a focus on stabilised income-producing office assets in the US. PRIME offers investors a unique exposure to a high-quality portfolio of 11 prime and freehold office properties, strategically located in nine primary markets in the US, with a total appraised value of US$1.25 billion. KBS Asia Partners Pte Ltd (KAP) is the sponsor of PRIME. KAP's shareholders include founding members of KBS, which is one of the largest US commercial real estate managers with US$11.6 billion of assets under management as at 31 December 2019, and more than US$41.8 billion of transactional volume since inception in 1992.

The company website is: primeusreit.com.  
Click here for the company's StockFacts page.  
For fourth quarter ended 31 Dec 2019 financial results, click here.



Prime US REIT: Harnessing the Live-Work-Play Dynamic

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

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