Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. </li>
<li>Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?</li>
<li>SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?</li>
</ul>


For the better part of two decades, Singaporean real estate investment trusts (REITs) have provided an efficient and popular exposure to quality large-scale commercial properties. 
Yet as global central banks hike interest rates to address inflationary pressures, can REITs retain their attractiveness?
SREITs have corrected as Singaporean interest rates have increased. The question is whether higher interest rates are baked in, and which SREITs will hold up; and which ones will not?


S-REITs: Investing In An Inflationary Environment

Travis Lundy

Event-Driven

<ul>
<li>Keppel Corp and Sembcorp Marine have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.</li>
<li>Separately, there is the potential for more index inclusion flow based on the conclusion of the combination in Q4.</li>
<li>The light at the end of the tunnel used to be far away, and one was never sure if it wasn't an oncoming train. It's closer and clearer now.</li>
</ul>


Keppel Corp and Sembcorp Marine have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.
Separately, there is the potential for more index inclusion flow based on the conclusion of the combination in Q4.
The light at the end of the tunnel used to be far away, and one was never sure if it wasn't an oncoming train. It's closer and clearer now.


Sembcorp Marine and the Keppel O&M Business Combination - Brighter Light at the End of the Tunnel

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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.

<ul>
<li>Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.</li>
<li>At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.
At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> announced a privatisation proposal from Cuscaden Peak at S$1.0033 per unit (S$0.98 cash per unit and the 2H FY2024 distribution of S$0.0233 per unit).  </li>
<li>The offer price is attractive compared to historical trading ranges, peer multiples and precedent privatisations.  It represents an all-time high. </li>
<li>No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised spread was 1.3%/4.6%. </li>
</ul>



Paragon REIT (PGNREIT SP) announced a privatisation proposal from Cuscaden Peak at S$1.0033 per unit (S$0.98 cash per unit and the 2H FY2024 distribution of S$0.0233 per unit).  
The offer price is attractive compared to historical trading ranges, peer multiples and precedent privatisations.  It represents an all-time high. 
No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised spread was 1.3%/4.6%. 


Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

S-REITs: Investing In An Inflationary Environment

Suntec, with one of the highest gearings in the office subsector, may need to go to the market cap in hand. That or divest some assets - in what is...

David Blennerhassett

Sembcorp Marine and the Keppel O&M Business Combination - Brighter Light at the End of the Tunnel

Keppel Corp and Sembcorp Marine have announced the combination of their O&M business after the restructuring of Keppel O&M, asset disposal, etc....

Travis Lundy

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price. The lockup release...

Sumeet Singh

Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer

This is a done deal. No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised...

Arun George

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