Singapore and emerging market real estate

Royston Foo

Equity Capital Markets

SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times its NAV and 0.75 times its RNAV. Whilst SLBD offers attractive investment proposition through its exposure to diversified property segments in Singapore with a strong launch pipeline, it needs to demonstrate its ability to grow on its own without being over-reliant on other property developers and deepen its management depth. SLBD appears fully-valued and investors may find more upside potential in investing other undervalued property developers. For exposure to SLBD, Lian Beng Group may offer a better risk-reward proposition.

SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times its NAV and 0.75 times its RNAV. Whilst SLBD offers attractive investment proposition through its exposure to diversified property segments in Singapore with a strong launch pipeline, it needs to demonstrate its ability to grow on its own without being over-reliant on other property developers and deepen its management depth. SLBD appears fully-valued and investors may find more upside potential in investing other undervalued property developers. For exposure to SLBD, Lian Beng Group may offer a better risk-reward proposition.

SLB Development Ltd – Tough Justification for Premium IPO Valuation

Thematic (Sector/Industry)

The Singapore residential property market had an encouraging start to the year 2018. Private property prices were up by 3.1% in Q1 2018, registering the sharpest rise in prices since 2010. The value of collective sale transactions done in Q1 2018 was S$5.83 bil, representing a 29.3% QoQ increase from Q4 2017.In the primary sales market, 2 new condominium developments – The Tapestry and The Verandah Residences were recently launched. This insight provides a review of the sales performance of…

The Singapore residential property market had an encouraging start to the year 2018. Private property prices were up by 3.1% in Q1 2018, registering the sharpest rise in prices since 2010. The value of collective sale transactions done in Q1 2018 was S$5.83 bil, representing a 29.3% QoQ increase from Q4 2017.In the primary sales market, 2 new condominium developments – The Tapestry and The Verandah Residences were recently launched. This insight provides a review of the sales performance of…

Singapore Property – 5 Takeaways from Recent New Launches: The Tapestry and The Verandah Residences

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:<ul>
<li>GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales</li>
<li>A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals</li>
<li>The first…</li>
</ul>

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore property developers. Some of the notable property news during the month of March includes:
GuocoLand and Hong Leong acquiring Pacific Mansion for S$980 mil, setting a new high among recent collective sales
A 99-year mixed-use site a Holland Road attracted 15 bids, with some developers placing more than 1 bid with different concept proposals
The first…


Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

Equity Bottom-Up

Things are getting interesting at <a href="https://www.smartkarma.com/entities/15566" target="_blank" data-smartkarma-citation="entities:15566:1">United Engineers Ltd (UEM SP)</a> (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

United Engineers – Deeper Implications from the Failed Offer for WBL

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.

<ul>
<li>The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.</li>
<li>
After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…</li>
</ul>


The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an average market cap of S$3.0 billion, ranging from S$7.5 billion for A-REIT to S$718 million for Hong Fok Corp.

After strong performances in 2017, when all 25 stocks gained &amp; averaged a 28.5% total return, 18 of the 25 stocks declined over the first seven weeks of 2018, with average YTD price declines at 2.7%. Dividends have provided some offset, with Trusts…


Recent Highlights of Singapore-Focused Real Estate Stocks

Singapore

Oxley Holdings Ltd. develops real estate. The Company develops residential and commercial projects in accessible locations. Oxley also develops light industrial buildings that include swimming pools and other recreational amenities.

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Oxley Holdings (OHL SP)

SLB Development Ltd – Tough Justification for Premium IPO Valuation

SLB Development Ltd, the property arm of SGX-listed Lian Beng Group, is seeking to list on SGX Catalist Board at a premium valuation of 1.46 times...

Royston Foo

Singapore Property – 5 Takeaways from Recent New Launches: The Tapestry and The Verandah Residences

The Singapore residential property market had an encouraging start to the year 2018. Private property prices were up by 3.1% in Q1 2018,...

Royston Foo

Singapore Property – Large-Caps with Growth Pipeline and Strong Balance Sheet Remains in Favor

During the month of March, Singapore property market continued to deliver positive newsflow that benefited the share price performance of Singapore...

Royston Foo

United Engineers – Deeper Implications from the Failed Offer for WBL

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as...

Royston Foo

Recent Highlights of Singapore-Focused Real Estate Stocks

The 25 largest capitalised Real Estate stocks that reported more than 80% of their revenue to Singapore based on Annual Reports, maintain an...

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

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