Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

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

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


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


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

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

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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

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

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

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/digico-reit" target="_blank" data-smartkarma-citation="entities:44091:1" rel="noopener">DigiCo REIT (DIGICO AU)</a> aims to raise over US$1bn in its Australian IPO.</li>
<li>DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



DigiCo REIT (DIGICO AU) aims to raise over US$1bn in its Australian IPO.
DigiCo REIT (DREIT) aims to be a diversified owner, operator and developer of data centres, with a global portfolio and broad investment mandate across stabilised, value-add and development opportunities
In this note, we talk about the not-so-positive aspects of the deal.


DigiCo REIT - The Negatives - Not All Engines Are Firing

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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


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


Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

<ul>
<li>The Keppel O&amp;M / SMM Combination and Keppel Rig Asset Restructure were announced today and the arithmetic is both tough and interesting. There's a little magic here.</li>
<li>KEP shareholders receive SMM shares worth ~1/3 of today's share price, and the rest is currently valued at well under Net Tangible Assets post-Restructuring/Transaction.</li>
<li>That suggests Keppel has upside, but one must think carefully about the exposures.</li>
</ul>


The Keppel O&amp;M / SMM Combination and Keppel Rig Asset Restructure were announced today and the arithmetic is both tough and interesting. There's a little magic here.
KEP shareholders receive SMM shares worth ~1/3 of today's share price, and the rest is currently valued at well under Net Tangible Assets post-Restructuring/Transaction.
That suggests Keppel has upside, but one must think carefully about the exposures.


The Keppel Restructuring - Forward Sum Of The Parts Makes KEP Look Cheap. And It Is... But...

Singapore

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

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Keppel Corp (KEP SP)

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

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

Corporate Monitor Limited

Keppel: Study on Disclosure (Report 1)

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

Corporate Monitor Limited

DigiCo REIT - The Negatives - Not All Engines Are Firing

DigiCo REIT (DIGICO AU) aims to raise over US$1bn in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

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

Travis Lundy

The Keppel Restructuring - Forward Sum Of The Parts Makes KEP Look Cheap. And It Is... But...

Keppel and SMM announced a complicated restructuring package which gets KEP out of the rig business and delivers shares in SMM to its own...

Travis Lundy

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