Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments A significant breakthrough with IBM (IBM) unveiling the world’s first chip on 2 nanometer (nm) technology.  In a nutshell, the nm represent the distance between transistors on a chip.  The less distance between transistors, the more density, performance and power efficiency.

Headline Developments A significant breakthrough with IBM (IBM) unveiling the world’s first chip on 2 nanometer (nm) technology.  In a nutshell, the nm represent the distance between transistors on a chip.  The less distance between transistors, the more density, performance and power efficiency.

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

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

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

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

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

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

Equity Bottom-Up

International Business Machines / Equity Bottom-Up

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Credit Bureau Asia, the largest provider of credit bureau services within Singapore and the sole credit bureau in Cambodia and Myanmar, made its debut on the SGX Mainboard. 
	 </li>
	<li>
Credit Bureau Asia operates two main segments: 1) FI Data Business, providing subscribing members (mainly banks and FIs) with access to credit information on individual consumers and/or registered business entities; and 2) Non-FI Data Business, providing customers with business information and risk management services, sales and marketing solutions, commercial insights and other services. 
	 </li>
	<li>The Group does not have a fixed dividend policy, however, the Board intends to recommend dividends of at least 90% of its net profit after tax attributable to shareholders for FY2021 and FY2022.</li>
</ul>
 

Credit Bureau Asia (CBA) is a leading player in the credit and risk information solutions (CRIS) market in Southeast Asia, providing CRIS to an extensive client base of banks, financial institutions (FIs), multinational companies, telecommunication companies, government bodies and public agencies, local enterprises and individuals across Singapore, Malaysia, Cambodia and Myanmar. In particular, operations in Myanmar recently commenced in the fourth quarter of 2020. 
CBA has two core business segments:

<ol>
<li>
FI Data Business: Provide subscribing members, mainly banks and financial institutions, with access to credit information on individual consumers or registered business entities, or both, all of which are generated from up-to-date credit information contributed by subscribing members.</li>
	<li>
Non-FI Data business: Provide customers with a wide range of business information and risk management services, sales and marketing solutions, commercial insights and other services.</li>
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 <img src='https://api2.sgx.com/sites/default/files/2020-12/Capture_0.PNG' alt='Revenue Breakdown' />
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 <div class='content-caption'>Revenue Breakdown</div>
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Highlights of the IPO

 1. Extensive and high-quality data as a foundation for a wide range of products and services 
 

<ul>
<li>
Long operating history and position as the first-movers in Singapore, Cambodia and Myanmar have allowed CBA to build and maintain an extensive information database which would be difficult for new market entrants to replicate. </li>
	<li>
To ensure the quality of data, CBA conducts data accuracy tests regularly and conduct investigation on any inaccuracies.</li>
	<li>
Leveraging on extensive data, CBA’s credit scores have increased predictiveness and has been endorsed by a high rate of adoption by customers. 
	 </li>
</ul>
2. Unique defensive business model with resilient revenue streams

 

<ul>
<li>
Ability to benefit from increasing volume of credit and trade transactions during an economic boom whilst maintaining resilient revenue streams during periods of economic downturn, as customers are likely to conduct more risk assessments and purchase more credit reports for risk mitigation purposes.</li>
	<li>
Increasing governmental and industry regulation, risk management requirements and the rising importance of data in decision-making, have resulted in an increasing importance and need for credit and risk information solutions. 
	 </li>
</ul>
3. Dominant market leader and well-positioned for growth  
 

<ul>
<li>CBA is the largest provider of credit bureau services within Singapore and the sole credit bureau in Cambodia and Myanmar.</li>
	<li>
CBA sees ample growth opportunities in emerging markets such as Cambodia and Myanmar, which have seen growth in the general population and urban population but generally low banked population and low credit card penetration rates.</li>
	<li>
Within two years of operations, the Cambodia business had generated a positive profit after tax and cash flows from operations. CBA believes that the demand for credit and risk information solutions in Myanmar is likely to grow in line with its growing population of approximately 53.0 million banked population and GDP per capita. 
	 </li>
</ul>
4. Long-standing and captive portfolio of customers, and experienced management team 
 

<ul>
<li>
As at 30 June 2020, the FI Data Business provides products and services to close to 200 FI members across Singapore and Cambodia, which include banks, microfinance institutions, leasing companies and rural credit operators</li>
	<li>
The Non-FI Data Business has over 6,000 customers across Singapore and Malaysia which include established corporations such as Procter &amp; Gamble, IBM, Canon, Hitachi, Samsung and Unilever and FI Data Business customers, such as American Express, Citibank, DBS Bank and Standard Chartered Bank. 
	 </li>
</ul>
5. Proven financial performance and strong cash flows 
 

<ul>
<li>
Revenue and profitability have grown significantly, with combined revenues growing at a 2 year CAGR of 6.7% between FY2017 and FY2019, and combined PATMI growing at a 2 year CAGR of 16.3% between FY2017 and FY2019. The Group recorded combined EBITDA margins ranging from 43.8% to 63.4% and combined PATMI margins ranging from 14.5% to 18.1%, both from FY2017 to HY2020.</li>
	<li>
CBA considers the nature of its business to be highly-cash generative without the need to incur a significant amount of capital expenditure. The Group has a cash conversion ratio ranging from 69.7% to 83.3% from FY2017 to FY2019. 
	 </li>
</ul>
Business Strategies and Future Plans 
 

<ul>
<li>
Continuing to drive growth within its existing market 
	 
	<ul>
<li>
Singapore: Provide corporate credit reporting for commercial bureau operator license, expand membership of credit bureau services to insurance companies, lenders, leasing companies and upcoming digital banking businesses, real-time credit data analysis, risk diligence products and service offerings in Singapore Commercial Credit Bureau platform, and develop, establish and operate the Moneylenders Credit Bureau.</li>
		<li>
Cambodia: Rollout products/services with the growth of Cambodia’s economy and its credit industry, introduce services such as know-your-customer checks, employment verification, fraud detection &amp; prevention and identity verification.  </li>
		<li>
Myanmar: Rollout product/services based on past successful strategies in Singapore and Cambodia, introduce credit reports and monitoring services to licensed FIs and widen membership to include non-bank credit providers. 
		 </li>
	</ul>
</li>
	<li>
Expanding into new markets – Explore opportunities to expand to other territories in ASEAN region and have right of first refusals in respect of certain credit bureau businesses in Indonesia.</li>
	<li>
Advancing technological capabilities – The manager will seek to use an overall risk strategy which balances the level of risk while enhancing business goals. 
	 </li>
</ul>
Key Risks (See Page 29 of the IPO Prospectus for more risk factors)

<ul>
<li>Subject to regulatory requirements and may not be able to successfully retain, renew or obtain licences and approvals required for business and expansion plans.</li>
	<li>May not be able to obtain the licences and approvals under the Credit Bureau Asia of Singapore.</li>
	<li>Products and services rely on licensing and service agreements, joint venture agreements as well as shareholder agreements with our joint venture partners with whom we may encounter difficulties.</li>
	<li>Our Non-FI Data Business depends substantially on one of our key joint venture partners, Dun &amp; Bradstreet, who is both a major customer and major supplier.</li>
</ul>
 

Financials &amp; Valuation 
 

<ul>
<li>Based on its summary combined financial statements, revenue for FY2019 was at S$40.6 million and unaudited revenue for HY2020 was S$20.5 million. Profit attributable to owners of the companies for FY2019 was S$7.0 million while HY2020 (unaudited) was S$3.7 million.</li>
	<li>According to the IPO prospectus, CBA’s adjusted earnings per share (EPS) is at 3.05 Singapore cents for FY2019 and 1.61 Singapore cents for HY2020 (unaudited). The price-to-earnings (P/E) ratio is 30.5x for FY2019 and 28.9x for HY2020 (unaudited), based on the offer price of S$0.93.</li>
	<li>The Group does not have a fixed dividend policy, however, the Board intends to recommend dividends of at least 90% of its net profit after tax attributable to shareholders for FY2021 and FY2022. Based on its FY2019 adjusted EPS of 3.05 Singapore cents, this would imply a dividend yield of 3.0% based on at least 90% of profit after tax attributable to shareholders for FY2019. However, investors should note that this should not be treated as an confirmation of the company’s future dividend payouts.</li>
</ul>
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-12/Capture%201.PNG' alt='Revenue' />
 </figure>
 <div class='content-caption'>Revenue</div>
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Additional Information from Prospectus <a href="https://links.sgx.com/FileOpen/CBA%20prospectus.ashx?App=IPO&amp;FileID=6234">(click here)</a>

 IPO details

·       Offer price at S$0.93 per Offering Share

·       Offered: 30.0 million Offering Shares

<ul>
<li>28.5 million Placement Shares</li>
	<li>1.5 million Public Offering Shares</li>
</ul>
·       Estimated IPO market capitalisation at S$214.3 million

·       Use of gross proceeds (S$27.0 million):

<ul>
<li>S$7.1 million – Organic growth initiatives such as product development, software development, and investments</li>
	<li>S$11.8 million – Strategic investments, regional expansion and acquisitions</li>
	<li>S$4.7 million – General corporate and working capital purposes</li>
	<li>S$3.3 million – Payment of underwriting and placement commissions and offering expenses</li>
</ul>
 

Cornerstone Investors

At the same time as but separate from the Offering, each of the Cornerstone Investors has entered into a cornerstone subscription agreement with our Company to subscribe for an aggregate of 28,000,000 new Shares (approx.. 12.2% of the total number of issued shares) at the Offering Price, conditional upon the Underwriting Agreement having been entered into and not having been terminated pursuant to its terms on or prior to the Listing Date. The Cornerstone Investors are:

<ul>
<li>Aberdeen Standard Investments (Asia) Limited</li>
	<li>Affin Hwang Asset Management Berhad</li>
	<li>Eastspring Investments (Singapore) Limited</li>
	<li>Tokyo Shoko Research Ltd</li>
</ul>
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Credit Bureau Asia, the largest provider of credit bureau services within Singapore and the sole credit bureau in Cambodia and Myanmar, made its debut on the SGX Mainboard. 
	 
	
Credit Bureau Asia operates two main segments: 1) FI Data Business, providing subscribing members (mainly banks and FIs) with access to credit information on individual consumers and/or registered business entities; and 2) Non-FI Data Business, providing customers with business information and risk management services, sales and marketing solutions, commercial insights and other services. 
	 
	The Group does not have a fixed dividend policy, however, the Board intends to recommend dividends of at least 90% of its net profit after tax attributable to shareholders for FY2021 and FY2022.

 

Credit Bureau Asia (CBA) is a leading player in the credit and risk information solutions (CRIS) market in Southeast Asia, providing CRIS to an extensive client base of banks, financial institutions (FIs), multinational companies, telecommunication companies, government bodies and public agencies, local enterprises and individuals across Singapore, Malaysia, Cambodia and Myanmar. In particular, operations in Myanmar recently commenced in the fourth quarter of 2020.  
CBA has two core business segments:



FI Data Business: Provide subscribing members, mainly banks and financial institutions, with access to credit information on individual consumers or registered business entities, or both, all of which are generated from up-to-date credit information contributed by subscribing members.
	
Non-FI Data business: Provide customers with a wide range of business information and risk management services, sales and marketing solutions, commercial insights and other services.




      
    
    Revenue Breakdown


Highlights of the IPO

 1. Extensive and high-quality data as a foundation for a wide range of products and services  
 



Long operating history and position as the first-movers in Singapore, Cambodia and Myanmar have allowed CBA to build and maintain an extensive information database which would be difficult for new market entrants to replicate. 
	
To ensure the quality of data, CBA conducts data accuracy tests regularly and conduct investigation on any inaccuracies.
	
Leveraging on extensive data, CBA’s credit scores have increased predictiveness and has been endorsed by a high rate of adoption by customers. 
	 

2. Unique defensive business model with resilient revenue streams

 



Ability to benefit from increasing volume of credit and trade transactions during an economic boom whilst maintaining resilient revenue streams during periods of economic downturn, as customers are likely to conduct more risk assessments and purchase more credit reports for risk mitigation purposes.
	
Increasing governmental and industry regulation, risk management requirements and the rising importance of data in decision-making, have resulted in an increasing importance and need for credit and risk information solutions. 
	 

3. Dominant market leader and well-positioned for growth   
 


CBA is the largest provider of credit bureau services within Singapore and the sole credit bureau in Cambodia and Myanmar.
	
CBA sees ample growth opportunities in emerging markets such as Cambodia and Myanmar, which have seen growth in the general population and urban population but generally low banked population and low credit card penetration rates.
	
Within two years of operations, the Cambodia business had generated a positive profit after tax and cash flows from operations. CBA believes that the demand for credit and risk information solutions in Myanmar is likely to grow in line with its growing population of approximately 53.0 million banked population and GDP per capita. 
	 

4. Long-standing and captive portfolio of customers, and experienced management team 
 



As at 30 June 2020, the FI Data Business provides products and services to close to 200 FI members across Singapore and Cambodia, which include banks, microfinance institutions, leasing companies and rural credit operators
	
The Non-FI Data Business has over 6,000 customers across Singapore and Malaysia which include established corporations such as Procter &amp; Gamble, IBM, Canon, Hitachi, Samsung and Unilever and FI Data Business customers, such as American Express, Citibank, DBS Bank and Standard Chartered Bank. 
	 

5. Proven financial performance and strong cash flows 
 



Revenue and profitability have grown significantly, with combined revenues growing at a 2 year CAGR of 6.7% between FY2017 and FY2019, and combined PATMI growing at a 2 year CAGR of 16.3% between FY2017 and FY2019. The Group recorded combined EBITDA margins ranging from 43.8% to 63.4% and combined PATMI margins ranging from 14.5% to 18.1%, both from FY2017 to HY2020.
	
CBA considers the nature of its business to be highly-cash generative without the need to incur a significant amount of capital expenditure. The Group has a cash conversion ratio ranging from 69.7% to 83.3% from FY2017 to FY2019. 
	 

Business Strategies and Future Plans 
 



Continuing to drive growth within its existing market 
	 
	

Singapore: Provide corporate credit reporting for commercial bureau operator license, expand membership of credit bureau services to insurance companies, lenders, leasing companies and upcoming digital banking businesses, real-time credit data analysis, risk diligence products and service offerings in Singapore Commercial Credit Bureau platform, and develop, establish and operate the Moneylenders Credit Bureau.
		
Cambodia: Rollout products/services with the growth of Cambodia’s economy and its credit industry, introduce services such as know-your-customer checks, employment verification, fraud detection &amp; prevention and identity verification.  
		
Myanmar: Rollout product/services based on past successful strategies in Singapore and Cambodia, introduce credit reports and monitoring services to licensed FIs and widen membership to include non-bank credit providers. 
		 
	

	
Expanding into new markets – Explore opportunities to expand to other territories in ASEAN region and have right of first refusals in respect of certain credit bureau businesses in Indonesia.
	
Advancing technological capabilities – The manager will seek to use an overall risk strategy which balances the level of risk while enhancing business goals. 
	 

Key Risks (See Page 29 of the IPO Prospectus for more risk factors)


Subject to regulatory requirements and may not be able to successfully retain, renew or obtain licences and approvals required for business and expansion plans.
	May not be able to obtain the licences and approvals under the Credit Bureau Asia of Singapore.
	Products and services rely on licensing and service agreements, joint venture agreements as well as shareholder agreements with our joint venture partners with whom we may encounter difficulties.
	Our Non-FI Data Business depends substantially on one of our key joint venture partners, Dun &amp; Bradstreet, who is both a major customer and major supplier.

 

Financials &amp; Valuation 
 


Based on its summary combined financial statements, revenue for FY2019 was at S$40.6 million and unaudited revenue for HY2020 was S$20.5 million. Profit attributable to owners of the companies for FY2019 was S$7.0 million while HY2020 (unaudited) was S$3.7 million.
	According to the IPO prospectus, CBA’s adjusted earnings per share (EPS) is at 3.05 Singapore cents for FY2019 and 1.61 Singapore cents for HY2020 (unaudited). The price-to-earnings (P/E) ratio is 30.5x for FY2019 and 28.9x for HY2020 (unaudited), based on the offer price of S$0.93.
	The Group does not have a fixed dividend policy, however, the Board intends to recommend dividends of at least 90% of its net profit after tax attributable to shareholders for FY2021 and FY2022. Based on its FY2019 adjusted EPS of 3.05 Singapore cents, this would imply a dividend yield of 3.0% based on at least 90% of profit after tax attributable to shareholders for FY2019. However, investors should note that this should not be treated as an confirmation of the company’s future dividend payouts.




      
    
    Revenue


Additional Information from Prospectus (click here)

 IPO details

·       Offer price at S$0.93 per Offering Share

·       Offered: 30.0 million Offering Shares


28.5 million Placement Shares
	1.5 million Public Offering Shares

·       Estimated IPO market capitalisation at S$214.3 million

·       Use of gross proceeds (S$27.0 million):


S$7.1 million – Organic growth initiatives such as product development, software development, and investments
	S$11.8 million – Strategic investments, regional expansion and acquisitions
	S$4.7 million – General corporate and working capital purposes
	S$3.3 million – Payment of underwriting and placement commissions and offering expenses

 

Cornerstone Investors

At the same time as but separate from the Offering, each of the Cornerstone Investors has entered into a cornerstone subscription agreement with our Company to subscribe for an aggregate of 28,000,000 new Shares (approx.. 12.2% of the total number of issued shares) at the Offering Price, conditional upon the Underwriting Agreement having been entered into and not having been terminated pursuant to its terms on or prior to the Listing Date. The Cornerstone Investors are:


Aberdeen Standard Investments (Asia) Limited
	Affin Hwang Asset Management Berhad
	Eastspring Investments (Singapore) Limited
	Tokyo Shoko Research Ltd




Credit Bureau Asia – SEA’s Leading Credit & Risk Information Solutions Provider – Lists on SGX

Director, RaaS Advisory, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Advisory

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

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<a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank">Total Brain (ASX:TTB) is the developer of a neuroscience-based mental health &amp; fitness platform powered by the largest standardized neuroscientific database in the world formed over almost two decades and with $50m of R&amp;D funding. RaaS recently had the opportunity to put questions to Nicole Gardner, the co-founder of IBM’s Mental Fitness 360 program (previously known as Thrive 360). Ms Gardner, who until earlier this year held the role of VP,&nbsp; Federal Healthcare Industry Leader, IBM Global Services, has recently joined Total Brain’s advisory board. We felt that given our view the IBM Mental Fitness 360 partnership was a breakthrough deal for Total Brain that an interview with its founder would be of interest to investors. The full interview is on the following two pages. Our base case DCF valuation for Total Brain is $138m or $1.27/share. In our view, continued momentum with cash generation together with ongoing confirmation that Total Brain’s platform is being adopted by corporates and organisations should underpin its share price performance. </a>
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Total Brain (ASX:TTB) is the developer of a neuroscience-based mental health &amp; fitness platform powered by the largest standardized neuroscientific database in the world formed over almost two decades and with $50m of R&amp;D funding. RaaS recently had the opportunity to put questions to Nicole Gardner, the co-founder of IBM’s Mental Fitness 360 program (previously known as Thrive 360). Ms Gardner, who until earlier this year held the role of VP,&nbsp; Federal Healthcare Industry Leader, IBM Global Services, has recently joined Total Brain’s advisory board. We felt that given our view the IBM Mental Fitness 360 partnership was a breakthrough deal for Total Brain that an interview with its founder would be of interest to investors. The full interview is on the following two pages. Our base case DCF valuation for Total Brain is $138m or $1.27/share. In our view, continued momentum with cash generation together with ongoing confirmation that Total Brain’s platform is being adopted by corporates and organisations should underpin its share price performance. 







ASX:TTB Interview with TTB Senior Adviser/IBM Mental Fitness 360 Co-Founder

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<a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank"></a><a target="_blank">Total Brain (ASX:TTB) is the developer of a neuroscience-based mental health &amp; fitness platform powered by the largest standardized neuroscientific database in the world formed over almost two decades and with $50m of R&amp;D funding. Total Brain has reported a 98% increase in H1FY20 revenue over H1FY19 to $2.2m, ahead of our forecast for $2.1m in half year revenue. The net loss for the period was $3.9m, a reduction of 13.4% on the previous corresponding half. Total Brain invested in human capital in the half with employment costs rising 32% in the half. We had factored in a 16% rise in staff costs in the first half and 34% growth in 2H FY20. Importantly, the result demonstrated strong growth in new revenue streams from Affinity partners, clinics providing access to Total Brain’s platform to their clients, and academic institutions and other parties wanting to licence Total Brain’s data assets. We anticipate that the next six months will see further development in these new revenue streams, in particular, from Affinity partners as IBM rolls out its Thrive 360 program with Total Brain at its core to US veterans.</a>
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Total Brain (ASX:TTB) is the developer of a neuroscience-based mental health &amp; fitness platform powered by the largest standardized neuroscientific database in the world formed over almost two decades and with $50m of R&amp;D funding. Total Brain has reported a 98% increase in H1FY20 revenue over H1FY19 to $2.2m, ahead of our forecast for $2.1m in half year revenue. The net loss for the period was $3.9m, a reduction of 13.4% on the previous corresponding half. Total Brain invested in human capital in the half with employment costs rising 32% in the half. We had factored in a 16% rise in staff costs in the first half and 34% growth in 2H FY20. Importantly, the result demonstrated strong growth in new revenue streams from Affinity partners, clinics providing access to Total Brain’s platform to their clients, and academic institutions and other parties wanting to licence Total Brain’s data assets. We anticipate that the next six months will see further development in these new revenue streams, in particular, from Affinity partners as IBM rolls out its Thrive 360 program with Total Brain at its core to US veterans.







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 <img src='https://api2.sgx.com/sites/default/files/2019-11/Nam%20Cheong.jpg' alt='Nam Cheong' />
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 <div class='content-caption'>Nam Cheong</div>
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Engineer Leong Seng Keat is a graduate of the school of hard knocks. 
The CEO of SGX-listed Offshore Support Vessel (OSV) builder Nam Cheong Ltd believes that the road to success is usually paved with struggles, obstacles and failures, all of which are the best teachers of life's lessons. 
"I always tell youngsters: Don't be afraid of challenges - it's part and parcel of the path to success. Learn to cultivate a disruptive mindset that enables you to spearhead innovation, and survive in an ever-changing world," he added. 
Nearly three decades ago, Leong himself was a positive force for change. After graduating from Australia's Chisholm Institute of Technology in 1990 with a Bachelor of Engineering degree, he began his career in the information technology sector. 
"In the mid-90s, IT was entering a new era - moving from centralised IBM Mainframes to distributed computing systems like Microsoft Windows, and the early days of the Internet in Malaysia were shaped by startups like ours," he recalled. 
"At that time, money wasn't a focus. It was about what we could create and the problems we could solve. All we wanted to do was to change the world and help people - it was a great feeling!" 
Fast-forward 15 years later, and Leong found himself out of a job after selling his online gaming firm to an investor. "That was when my father-in-law - who happens to be Nam Cheong's Executive Chairman - suggested I do some 'serious' work for a change," he grinned, referring to Sarawak-born fishmonger-turned-tycoon Tan Sri Datuk Tiong Su Kouk. 
Leong joined Nam Cheong as Executive Director in 2005, and was tasked with expanding the Group's presence in international markets. But the transition from technology to shipbuilding proved to be a rough one. 
"I found it totally mundane at first. Everything was governed by regulations and compliance, which was a 180-degree switch from the World Wide Web, where you set the rules or write them as you go along," he said. 
But Leong soldiered on, putting his international sales and marketing skills to work. Nam Cheong derived 100% of its RM50 million turnover from the domestic Malaysian market in 2005, but by 2014, it had grown its revenues to RM1.9 billion, with overseas markets contributing 70%. Leong was appointed Nam Cheong's Chief Executive Officer in 2013. Plug and Play 
The Group's history dates back to the 1960s, when it began building fishing vessels in Malaysia. Today, Kuala Lumpur-headquartered Nam Cheong is the country's largest OSV builder, constructing sophisticated and environmentally friendly OSVs equipped with the latest technology for use in the oil services, as well as offshore oil and gas exploration and production industries. 
Shipbuilding accounts for more than 90% of Group revenue, and its portfolio ranges from Anchor Handling Tug Supply Vessels and Platform Supply Vessels to Maintenance Work Vessels, Accommodation Barges and Safety Standby Vessels. 
To expand further in the offshore marine industry, Nam Cheong began vessel chartering operations in 2007. It now has a fleet of more than 30 vessels that are mainly chartered out by way of time charters. 
Listed on Singapore Exchange in May 2011, the Group has a current market capitalisation of about S$60 million. In the year-to-date, the stock has generated a total return of 33.3%, outperforming total returns of 9.7% and 11.2% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively. 
Nam Cheong constructs vessels on both a build-to-order and build-to-stock basis. Its ability to accurately identify in-demand vessels, and construct a series of build-to-stock vessels ahead of time, sets the Group apart from the competition. 
"Right from the start, I wanted Nam Cheong to be the Dell of the shipbuilding industry - to have a Lego system where we would plug and play vessel parts according to client specifications, building the asset that customers want even before they ordered it," Leong said. "This would drive down construction and engineering costs, as well as improve our delivery times." 
At first, his vision met with a wall of resistance and criticism. The industry's prevailing belief was that shipyards could only build what was commissioned - nothing more, nothing less. Over time, it dawned on customers that Nam Cheong's strategy made better financial sense. 
"The question that clients faced was: Should I wait two years for my custom-built vessel? Or should I take delivery of Nam Cheong's vessel - which meets about 80%-90% of my requirements - and start making money sooner?" Leong pointed out. 
"Once they started punching numbers into their calculators, they realised we were right. It doesn't make economic sense to place an order for a US$15-US$20 million asset, and take delivery of it four years later, only to find that the market has turned - how do you justify that investment?" Reality Bites 
Over the past decade, Nam Cheong has delivered more than 140 vessels, thanks largely to its build-to-stock strategy. "This has been instrumental in establishing the fundamentals of the Group - it's our key value proposition. During good times, we can deliver faster than anyone else and generate more orders than our peers." 
Nonetheless, this business model carries a high-risk stigma. "Only a handful of shipbuilders are willing to follow in our footsteps," Leong admitted. "Many still harbour the same fear - what if customers don't buy?" 
But reality bites, and a sector downturn is no respecter of business models, he pointed out. 
"When the market collapses, it doesn't choose the build-to-order or build-to-stock vessel - everyone gets hit equally when banks start pulling lines and orders are cancelled. Over the last five years, tell me, which oil and gas business model has done better than another?" he asked. 
"When the water recedes, all ships will be grounded, regardless whether it's a tanker or a tug boat." 
Five years after the onset of the industry slump, challenges still abound. "The debt that was created during the boom years, and the subsequent impairment of assets when the downturn hit - that's a major problem for many. Until you restructure that debt or the market recovers, you're in a bind," he said. 
"And even if your debt is restructured, can your income service your interest and operating costs? That's what most players are still struggling with." 
In September 2018, Nam Cheong successfully concluded its debt restructuring exercise through the implementation of schemes of arrangement and strong shareholder participation in its rights issue. This enabled the Group to restructure previously unsustainable liabilities and boost its net tangible assets. 
With a clean slate, Nam Cheong is now focused on diversifying income streams and growing its chartering revenues. It was named the Fastest Growing Offshore Support Vessel Company by International Finance Awards 2019. 
"We remain anchored by our three-pronged strategy in our next phase of rebuilding - expanding our vessel chartering segment, further diversifying our service-based income streams by exploring offshore construction contracts, and evolving our shipbuilding capabilities to cover a broader scope of offshore marine-related services, including fabrication work," Leong said. 
In this respect, the Group has been fortunate. "Our ship chartering rates are slightly higher than international rates because of Malaysia's cabotage policy, and our build-to-stock strategy allows us to price our vessels more cheaply, as the element of standardisation caps our manufacturing costs." 
As a result of the country's cabotage policy, preference is given to Malaysian-owned vessels over foreign-owned vessels of similar specification in the event of competing bids. The Money Trail 
While Leong offers no crystal ball for the industry's prospects, his focus is on "following the money". 
"The key thing we track is the capex and opex of the oil majors. From there, we can gather how much they are investing. Over the last two years, we've only seen about 2% increase in capex and opex, and for next year, the forecasts are for roughly 5% growth." 
Definitely, the industry is in the throes of the post-peak oil era, following the emergence of newer technologies such as renewable energy and electric vehicles, he said. "Those boom days are gone. But is the oil and gas business a sunset industry? In my opinion, as long as we have work, it's not a sunset industry." 
The human race still has a voracious appetite for fossil fuels, which are relatively difficult to replace, despite the push towards harnessing wind, solar and hydro power sources. "We are the beast," he added. 
"And if you study the investments by oil majors, you will see that 90% of their budgets remains focused on fossil fuels, and only 10% is allocated to alternative energy. As I said, follow the money!" 
According to IHS Markit, global upstream oil and gas industry spending is expected to increase by 7%-8% this year. In Malaysia, Petronas has planned higher capital expenditure of RM50 billion for 2019, up from RM46.8 billion last year. 
Another indicator of a rebound in industry activity is the operation of jack-up rigs in the country - 20 have been mobilised this year, compared with five in 2017, Leong noted. 
The OSV segment has also seen increased activity - the North Sea, Saudi Arabia, India, Brazil and Mexico have issued more charter contracts. "While majority of the charters are short term, and rates remain depressed, there're definitely pockets of growth, like in Malaysia, where daily charter rates have recovered more than 30% from lows in 2017," he added. 
Utilisation rates for Nam Cheong's vessels are also holding well. "Those levels have risen steadily to over 60% this year from around 50% in 2017, which reflects a tightening in the market." 
He believes the upturn in the OSV chartering sector - at least in Malaysia's case - has already arrived. "When utilisation rates reach 70% or more, we're pretty much back to the good old days." 
However, the OSV shipbuilding industry remains depressed, due to the overhang of excess capacity. "We don't expect a recovery in the global market before 2021. Many operators are collapsing or in the midst of restructuring, and all these tonnages need to be absorbed before new vessels can be built." 
No doubt work can be all-consuming, but when the 54-year-old isn't scouring his inbox for details of new tenders and contracts, he can be found amongst his camera equipment, experimenting with aperture, ISO and shutter speed in his photos. 
Family time is also a priority. "Our society has evolved into worshipping the philosophy of 'Take care of Thyself', and it's easy to lose sight of what it means to be a family," said the father of three daughters and a son, aged 17 to 29. 
Problem-solving is another touchstone. "I tell my kids everything in life is a problem, and the key is to solve each one, through careful study and analysis," Leong said. 
"I always ask, 'Why is it like this?' and 'How did we get here?' Such questions are helpful in dissecting the issues, and eventually finding the right solutions or opportunities."

 

Nam Cheong Ltd

Headquartered in Kuala Lumpur, Malaysia, Nam Cheong is Malaysia's largest offshore support vessel (OSV) builder, owning and operating one of the largest shipbuilding yards for OSVs in the country. The Group focuses on OSV chartering, as well as the construction and engineering of sophisticated, environmentally friendly OSVs equipped with the latest technology for use in the offshore oil and gas exploration and production and oil services industries. It has delivered over 140 vessels since 2007, which include anchor handling towing supply vessels, platform supply vessels, accommodation work boats and accommodation work barges. The Group is also expanding its vessel chartering operations, which has grown to make up 41% of its FY2018 revenue base. 

The company website is: <a href="http://edm.sgx.com/a/hBd10EpB86%24MfB90QlfAABR54dQ/link7">www.namcheong.com.my</a>. 
Click <a href="http://edm.sgx.com/a/hBd10EpB86%24MfB90QlfAABR54dQ/link8">here</a> for the company's StockFacts page. 
For the three months ended 30 Sept 2019 financial results, click <a href="http://edm.sgx.com/a/hBd10EpB86%24MfB90QlfAABR54dQ/link9">here</a>.

 

About kopi-C: the Company brew

Text: Jennifer LH Tan 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="http://edm.sgx.com/a/hBd10EpB86%24MfB90QlfAABR54dQ/link10">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="mailto:jennifer.tan@sgx.com">jennifer.tan@sgx.com</a>.
</body></html>


      
    
    Nam Cheong


Engineer Leong Seng Keat is a graduate of the school of hard knocks.  
The CEO of SGX-listed Offshore Support Vessel (OSV) builder Nam Cheong Ltd believes that the road to success is usually paved with struggles, obstacles and failures, all of which are the best teachers of life's lessons.  
"I always tell youngsters: Don't be afraid of challenges - it's part and parcel of the path to success. Learn to cultivate a disruptive mindset that enables you to spearhead innovation, and survive in an ever-changing world," he added.  
Nearly three decades ago, Leong himself was a positive force for change. After graduating from Australia's Chisholm Institute of Technology in 1990 with a Bachelor of Engineering degree, he began his career in the information technology sector.  
"In the mid-90s, IT was entering a new era - moving from centralised IBM Mainframes to distributed computing systems like Microsoft Windows, and the early days of the Internet in Malaysia were shaped by startups like ours," he recalled.  
"At that time, money wasn't a focus. It was about what we could create and the problems we could solve. All we wanted to do was to change the world and help people - it was a great feeling!"  
Fast-forward 15 years later, and Leong found himself out of a job after selling his online gaming firm to an investor. "That was when my father-in-law - who happens to be Nam Cheong's Executive Chairman - suggested I do some 'serious' work for a change," he grinned, referring to Sarawak-born fishmonger-turned-tycoon Tan Sri Datuk Tiong Su Kouk.  
Leong joined Nam Cheong as Executive Director in 2005, and was tasked with expanding the Group's presence in international markets. But the transition from technology to shipbuilding proved to be a rough one.  
"I found it totally mundane at first. Everything was governed by regulations and compliance, which was a 180-degree switch from the World Wide Web, where you set the rules or write them as you go along," he said.  
But Leong soldiered on, putting his international sales and marketing skills to work. Nam Cheong derived 100% of its RM50 million turnover from the domestic Malaysian market in 2005, but by 2014, it had grown its revenues to RM1.9 billion, with overseas markets contributing 70%. Leong was appointed Nam Cheong's Chief Executive Officer in 2013.   Plug and Play  
The Group's history dates back to the 1960s, when it began building fishing vessels in Malaysia. Today, Kuala Lumpur-headquartered Nam Cheong is the country's largest OSV builder, constructing sophisticated and environmentally friendly OSVs equipped with the latest technology for use in the oil services, as well as offshore oil and gas exploration and production industries.  
Shipbuilding accounts for more than 90% of Group revenue, and its portfolio ranges from Anchor Handling Tug Supply Vessels and Platform Supply Vessels to Maintenance Work Vessels, Accommodation Barges and Safety Standby Vessels.  
To expand further in the offshore marine industry, Nam Cheong began vessel chartering operations in 2007. It now has a fleet of more than 30 vessels that are mainly chartered out by way of time charters.  
Listed on Singapore Exchange in May 2011, the Group has a current market capitalisation of about S$60 million. In the year-to-date, the stock has generated a total return of 33.3%, outperforming total returns of 9.7% and 11.2% for the benchmark Straits Times Index (STI) and broader FTSE ST All-Share Index respectively.  
Nam Cheong constructs vessels on both a build-to-order and build-to-stock basis. Its ability to accurately identify in-demand vessels, and construct a series of build-to-stock vessels ahead of time, sets the Group apart from the competition.  
"Right from the start, I wanted Nam Cheong to be the Dell of the shipbuilding industry - to have a Lego system where we would plug and play vessel parts according to client specifications, building the asset that customers want even before they ordered it," Leong said. "This would drive down construction and engineering costs, as well as improve our delivery times."  
At first, his vision met with a wall of resistance and criticism. The industry's prevailing belief was that shipyards could only build what was commissioned - nothing more, nothing less. Over time, it dawned on customers that Nam Cheong's strategy made better financial sense.  
"The question that clients faced was: Should I wait two years for my custom-built vessel? Or should I take delivery of Nam Cheong's vessel - which meets about 80%-90% of my requirements - and start making money sooner?" Leong pointed out.  
"Once they started punching numbers into their calculators, they realised we were right. It doesn't make economic sense to place an order for a US$15-US$20 million asset, and take delivery of it four years later, only to find that the market has turned - how do you justify that investment?"   Reality Bites  
Over the past decade, Nam Cheong has delivered more than 140 vessels, thanks largely to its build-to-stock strategy. "This has been instrumental in establishing the fundamentals of the Group - it's our key value proposition. During good times, we can deliver faster than anyone else and generate more orders than our peers."  
Nonetheless, this business model carries a high-risk stigma. "Only a handful of shipbuilders are willing to follow in our footsteps," Leong admitted. "Many still harbour the same fear - what if customers don't buy?"  
But reality bites, and a sector downturn is no respecter of business models, he pointed out.  
"When the market collapses, it doesn't choose the build-to-order or build-to-stock vessel - everyone gets hit equally when banks start pulling lines and orders are cancelled. Over the last five years, tell me, which oil and gas business model has done better than another?" he asked.  
"When the water recedes, all ships will be grounded, regardless whether it's a tanker or a tug boat."  
Five years after the onset of the industry slump, challenges still abound. "The debt that was created during the boom years, and the subsequent impairment of assets when the downturn hit - that's a major problem for many. Until you restructure that debt or the market recovers, you're in a bind," he said.  
"And even if your debt is restructured, can your income service your interest and operating costs? That's what most players are still struggling with."  
In September 2018, Nam Cheong successfully concluded its debt restructuring exercise through the implementation of schemes of arrangement and strong shareholder participation in its rights issue. This enabled the Group to restructure previously unsustainable liabilities and boost its net tangible assets.  
With a clean slate, Nam Cheong is now focused on diversifying income streams and growing its chartering revenues. It was named the Fastest Growing Offshore Support Vessel Company by International Finance Awards 2019.  
"We remain anchored by our three-pronged strategy in our next phase of rebuilding - expanding our vessel chartering segment, further diversifying our service-based income streams by exploring offshore construction contracts, and evolving our shipbuilding capabilities to cover a broader scope of offshore marine-related services, including fabrication work," Leong said.  
In this respect, the Group has been fortunate. "Our ship chartering rates are slightly higher than international rates because of Malaysia's cabotage policy, and our build-to-stock strategy allows us to price our vessels more cheaply, as the element of standardisation caps our manufacturing costs."  
As a result of the country's cabotage policy, preference is given to Malaysian-owned vessels over foreign-owned vessels of similar specification in the event of competing bids.   The Money Trail  
While Leong offers no crystal ball for the industry's prospects, his focus is on "following the money".  
"The key thing we track is the capex and opex of the oil majors. From there, we can gather how much they are investing. Over the last two years, we've only seen about 2% increase in capex and opex, and for next year, the forecasts are for roughly 5% growth."  
Definitely, the industry is in the throes of the post-peak oil era, following the emergence of newer technologies such as renewable energy and electric vehicles, he said. "Those boom days are gone. But is the oil and gas business a sunset industry? In my opinion, as long as we have work, it's not a sunset industry."  
The human race still has a voracious appetite for fossil fuels, which are relatively difficult to replace, despite the push towards harnessing wind, solar and hydro power sources. "We are the beast," he added.  
"And if you study the investments by oil majors, you will see that 90% of their budgets remains focused on fossil fuels, and only 10% is allocated to alternative energy. As I said, follow the money!"  
According to IHS Markit, global upstream oil and gas industry spending is expected to increase by 7%-8% this year. In Malaysia, Petronas has planned higher capital expenditure of RM50 billion for 2019, up from RM46.8 billion last year.  
Another indicator of a rebound in industry activity is the operation of jack-up rigs in the country - 20 have been mobilised this year, compared with five in 2017, Leong noted.  
The OSV segment has also seen increased activity - the North Sea, Saudi Arabia, India, Brazil and Mexico have issued more charter contracts. "While majority of the charters are short term, and rates remain depressed, there're definitely pockets of growth, like in Malaysia, where daily charter rates have recovered more than 30% from lows in 2017," he added.  
Utilisation rates for Nam Cheong's vessels are also holding well. "Those levels have risen steadily to over 60% this year from around 50% in 2017, which reflects a tightening in the market."  
He believes the upturn in the OSV chartering sector - at least in Malaysia's case - has already arrived. "When utilisation rates reach 70% or more, we're pretty much back to the good old days."  
However, the OSV shipbuilding industry remains depressed, due to the overhang of excess capacity. "We don't expect a recovery in the global market before 2021. Many operators are collapsing or in the midst of restructuring, and all these tonnages need to be absorbed before new vessels can be built."  
No doubt work can be all-consuming, but when the 54-year-old isn't scouring his inbox for details of new tenders and contracts, he can be found amongst his camera equipment, experimenting with aperture, ISO and shutter speed in his photos.  
Family time is also a priority. "Our society has evolved into worshipping the philosophy of 'Take care of Thyself', and it's easy to lose sight of what it means to be a family," said the father of three daughters and a son, aged 17 to 29.  
Problem-solving is another touchstone. "I tell my kids everything in life is a problem, and the key is to solve each one, through careful study and analysis," Leong said.  
"I always ask, 'Why is it like this?' and 'How did we get here?' Such questions are helpful in dissecting the issues, and eventually finding the right solutions or opportunities."

 

Nam Cheong Ltd

Headquartered in Kuala Lumpur, Malaysia, Nam Cheong is Malaysia's largest offshore support vessel (OSV) builder, owning and operating one of the largest shipbuilding yards for OSVs in the country. The Group focuses on OSV chartering, as well as the construction and engineering of sophisticated, environmentally friendly OSVs equipped with the latest technology for use in the offshore oil and gas exploration and production and oil services industries. It has delivered over 140 vessels since 2007, which include anchor handling towing supply vessels, platform supply vessels, accommodation work boats and accommodation work barges. The Group is also expanding its vessel chartering operations, which has grown to make up 41% of its FY2018 revenue base. 

The company website is: www.namcheong.com.my.  
Click here for the company's StockFacts page.  
For the three months ended 30 Sept 2019 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer LH Tan 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.tan@sgx.com.



Nam Cheong Charts Steady Course as Industry Rebounds 

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Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

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