Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last week, <strong><a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a></strong>, a leading inflight catering and gateway service provider in Asia, <a href="https://links.sgx.com/FileOpen/Clarification%20Announcement_21092022.ashx?App=Announcement&amp;FileID=732064" target="_blank" rel="noopener">confirmed</a> media reports it was in talks to buy Cerberus Capital Management-backed Worldwide Flight Services.</li>
<li>Yesterday, SATS <a href="https://links.sgx.com/FileOpen/SATS_Chapter_10_Announcement_on_Proposed_WFS_Acquisition_20220928.ashx?App=Announcement&amp;FileID=732670" target="_blank" rel="noopener">announced</a> it will acquire WFS, the world's largest air cargo handler, for €1.187bn or S$1.639bn (9.7x EV/EBITDA). Funding is to be primarily sourced from a S$1.7bn equity fundraising. </li>
<li>The transaction appears all stitched up with SATS' 40% shareholder Temasek backing the deal. The acquisition is expected to close in March 2023, subject to regulatory clearance.   </li>
</ul>


Last week, SATS (SATS SP), a leading inflight catering and gateway service provider in Asia, confirmed media reports it was in talks to buy Cerberus Capital Management-backed Worldwide Flight Services.
Yesterday, SATS announced it will acquire WFS, the world's largest air cargo handler, for €1.187bn or S$1.639bn (9.7x EV/EBITDA). Funding is to be primarily sourced from a S$1.7bn equity fundraising. 
The transaction appears all stitched up with SATS' 40% shareholder Temasek backing the deal. The acquisition is expected to close in March 2023, subject to regulatory clearance.   


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

<ul><li>Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.</li><li>While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.</li><li>For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.</li></ul>

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.

Industrial Sector Led Institutional Fund Inflows in July

<ul><li>Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional inflow, as 20 primary-listed companies conducted buybacks by way of market acquisition with a total consideration of S$37.9 million.</li><li>Meanwhile Mapletree Pan Asia Commercial Trust, Singapore Airlines, Mapletree Logistics Trust, Jardine Cycle & Carriage, CapitaLand Ascendas Reit, Sembcorp Industries, UOL Group, Jardine Matheson Holdings, Mapletree Industrial Trust, and Keppel Reit led the net institutional outflow over the five sessions.</li><li>In addition to the 9.3 per cent interest that the Tang group owns in ARA H-Trust, the proposed acquisition increases the Tangs’ holding in ARA H-Trust to 28.3 per cent.</li></ul>

Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional inflow, as 20 primary-listed companies conducted buybacks by way of market acquisition with a total consideration of S$37.9 million.Meanwhile Mapletree Pan Asia Commercial Trust, Singapore Airlines, Mapletree Logistics Trust, Jardine Cycle & Carriage, CapitaLand Ascendas Reit, Sembcorp Industries, UOL Group, Jardine Matheson Holdings, Mapletree Industrial Trust, and Keppel Reit led the net institutional outflow over the five sessions.In addition to the 9.3 per cent interest that the Tang group owns in ARA H-Trust, the proposed acquisition increases the Tangs’ holding in ARA H-Trust to 28.3 per cent.

The Tang group ventures into the S-Reit sector

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets </li>
<li>We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies</li>
<li>Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward</li>
</ul>


In this insight we present GHG emissions and energy consumption metrics of select SGX-listed transport companies relative to their revenue and assets 
We also relate certain balance sheet characteristics to higher levels of GHG emissions and energy consumption among these companies
Finally, we offer a framework investors can use to evaluate a transport company's ability to significantly lower emissions and energy consumption going forward


How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900 shares at an average of S$5.93 per share.</li><li>Between Apr 19 and 23, LHT Holdings managing director Yap Mui Kee acquired 138,000 shares at an average price of S$1.186 per share.</li></ul>

LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900 shares at an average of S$5.93 per share.Between Apr 19 and 23, LHT Holdings managing director Yap Mui Kee acquired 138,000 shares at an average price of S$1.186 per share.

LHT, Bumitama and JB Foods directors add to stakes

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

SATS/WFS: The Future Is Cargo

I estimate a proforma, normalised, EV/EBITDA of 9.7x. Not too demanding. But not what I would consider "cheap". I would not be jumping into SATS...

David Blennerhassett

Industrial Sector Led Institutional Fund Inflows in July

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include...

Singapore Exchange Ltd (SGX)

The Tang group ventures into the S-Reit sector

Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional...

Singapore Exchange Ltd (SGX)

How They Roll: Emissions and Energy Consumption of SGX-Listed Transport Companies

In this insight we analyze the emissions and energy consumption characteristics of a range of SGX-listed transport companies.

Tracking Traffic

LHT, Bumitama and JB Foods directors add to stakes

LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)