Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating fundamentals and high level of unsold inventory. We expect vacancies to continue its uptrend and rental market continues to soften in the coming quarters. We also expect the developers to launch their projects with more reasonable prices in the next half of the year.

Singapore Property : Mid-Year Health Check

Chairman, sgtradex

Tan Chin-Hwee

Chairman

<blockquote>“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923</blockquote>My first day at <a href="https://en.wikipedia.org/wiki/Amaranth_Advisors" target="_blank">Amaranth </a>could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923My first day at Amaranth could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.<div class="content-highlight">
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…
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Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to those banks traditionally thought of as conservative and sleepy. Unfortunately for DBS, the risks does not stop here.
DBS announcement on Swiber:
DBS has a total exposure of about SGD 700 million to the Swiber group of companies, comprising loans, bonds and off-balance sheet items. As the exposure is partially secured, DBS expects to recover half of it…


We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only those in Hong Kong. We catch a glimpse of this first with OCBC’s newly released data. Our belief remains that the conservative, near-zero risk profile of Singapore banks, is not valid. At the same time, that China’s banks will face major profit contraction, some with losses, and capital will be at risk. This is only beginning, with no major China bank…

China Disappointment Is Significant at OCBC

Asia's Leading Online Property Group, PropertyGuru

Bjorn Sprengers

Asia's Leading Online Property Group

PropertyGuru

PropertyGuru Pte Ltd owns and operates a real estate property information website. The Company offers facilities to search for condominiums, apartments, Housing and Development Board (HDB) flats, serviced apartments, houses, and commercial properties to rent and buy in Singapore.

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the state’s plans for the Ophir-Rochor Corridor, the potential in this often overlooked region is great. Here’s our Guru View:<ul><li>Kampong Glam is part of the rejuvenation taking place in the Ophir-Rochor corridor, and stands to benefit from a number of developments in the area</li><li>A number of projects in the Beach Raod area have en bloc potential, and investors should consider carefully</li><li>It is likely that developers are keeping an eye on the reception for DUO and South Beach before committing to more projects in the area</li><li>Volumes and transaction prices for Q2 2016 to date have reached one of its lowest points in the past 18 quarters</li></ul>

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the state’s plans for the Ophir-Rochor Corridor, the potential in this often overlooked region is great. Here’s our Guru View:Kampong Glam is part of the rejuvenation taking place in the Ophir-Rochor corridor, and stands to benefit from a number of developments in the areaA number of projects in the Beach Raod area have en bloc potential, and investors should consider carefullyIt is likely that developers are keeping an eye on the reception for DUO and South Beach before committing to more projects in the areaVolumes and transaction prices for Q2 2016 to date have reached one of its lowest points in the past 18 quarters

Singapore Property: The Rejuvenation of Beach Road

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Singapore Property : Mid-Year Health Check

Singapore property market in the second half of 2016 continues to remain challenging with declining price index, in view of the deteriorating...

TAN Kok Keong

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences...

Tan Chin-Hwee

DBS Unraveling?

Following the bankruptcy of Swiber, DBS made a statement regarding its exposure, which we reproduce below. We are reminded of the risks, even to...

Daniel Tabbush

China Disappointment Is Significant at OCBC

We all know of the worsening economic growth in China and the higher bad loans for China’s banks. This is also affecting Singapore banks, not only...

Daniel Tabbush

Singapore Property: The Rejuvenation of Beach Road

Once just a tourist destination for the area’s history and culture, Kampong Glam has become one of Singapore’s hippest enclaves. Part of the...

PropertyGuru

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