Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<p>Early this morning, 6 September 2016, SMRT released the <a href="http://infopub.sgx.com/FileOpen/Scheme%20Document%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420331" target="_blank">scheme document</a> and <a href="http://infopub.sgx.com/FileOpen/Notice%20of%20Scheme%20Meeting%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420330" target="_blank">notice of the scheme meeting</a> pursuant to Temasek privatization of SMRT.</p><div class="content-highlight"><p><strong>The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. </strong></p></div><p>For the scheme to pass, SMRT will need</p><ol>
<li>75<em>% of votes (Temasek cannot vote); and </em>
</li>
<li><em>Majority in number (Headcount rule)</em></li>
</ol><h2>Key Dates</h2><table class="table table-striped"><tbody>
<tr>
<td><strong>Date</strong></td>
<td><strong>Event</strong></td>
</tr>
<tr>
<td>29 September 2016</td>
<td>Scheme meeting</td>
</tr>
<tr>
<td>14 October 2016</td>
<td>Court hearing to sanction the scheme</td>
</tr>
<tr>
<td>by 1 November 2016</td>
<td>Expected payment date</td>
</tr>
</tbody></table><h2>IFA's Report</h2><p>Rothschild…</p>

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of SMRT.The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. For the scheme to pass, SMRT will need
75% of votes (Temasek cannot vote); and 

Majority in number (Headcount rule)
Key Dates

Date
Event


29 September 2016
Scheme meeting


14 October 2016
Court hearing to sanction the scheme


by 1 November 2016
Expected payment date

IFA's ReportRothschild…

<h2>LTA Announces Details of the Bus Contracting Model</h2><blockquote>
<p>Bus industry to complete transition to bus contracting model on <strong>1 Sept 2016, </strong>the agreement involves <strong>11 bus packages</strong> with estimated total contract fees of <strong>S$5.322 billion for SBS Transit</strong> and S$1.865 billion for SMRT Buses. It added that the sums were reached through negotiations with the operators.</p>
<p>Of the 11 packages, <strong>SBS Transit will operate eight packages with 196 services </strong>while SMRT Buses will operate three packages with 77 services.</p>
<p>The…</p>
</blockquote>

LTA Announces Details of the Bus Contracting Model
Bus industry to complete transition to bus contracting model on 1 Sept 2016, the agreement involves 11 bus packages with estimated total contract fees of S$5.322 billion for SBS Transit and S$1.865 billion for SMRT Buses. It added that the sums were reached through negotiations with the operators.
Of the 11 packages, SBS Transit will operate eight packages with 196 services while SMRT Buses will operate three packages with 77 services.
The…


<p>As widely expected, Temasek and SMRT have jointly <a href="http://infopub.sgx.com/FileOpen/Press%20Release.ashx?App=Announcement&amp;FileID=413485" target="_blank">announced</a> a privatization of SMRT via a scheme of arrangement.</p><p>This announcement came on the back of SMRT remaining suspended following the earlier announcement that LTA, under the New Rail Financing Framework ("NRFF"), would acquire certain rail assets for a total consideration of SGD 991 Mn.</p><p><em>In this insight, we look at what the terms and conditions of the offer are, and certain other nuances of the transaction.</em></p>

As widely expected, Temasek and SMRT have jointly announced a privatization of SMRT via a scheme of arrangement.This announcement came on the back of SMRT remaining suspended following the earlier announcement that LTA, under the New Rail Financing Framework ("NRFF"), would acquire certain rail assets for a total consideration of SGD 991 Mn.In this insight, we look at what the terms and conditions of the offer are, and certain other nuances of the transaction.

Equity Bottom-Up

<p>On 15 July 2016, SMRT <a href="https://www.smrt.com.sg/Portals/0/Announcement/2016/2016-07-15%20-%20Media%20Release.pdf" target="_blank">announced </a>that it had completed the transition of three MRT lines to the New Rail Financing Framework (NRFF).</p><p>As part of the transition, Singapore's Land Transport Authority (LTA) would acquire associated operating assets at the estimated Net Book Value as at 30 September 2016 of SGD 991mm, thus transforming SMRT into an asset-light OpCo.</p><p>In this insight, I examine the transaction in detail and present its net impact on minority shareholders. </p><p>I admit: the transaction is fancy, the results might not be so.</p>

On 15 July 2016, SMRT announced that it had completed the transition of three MRT lines to the New Rail Financing Framework (NRFF).As part of the transition, Singapore's Land Transport Authority (LTA) would acquire associated operating assets at the estimated Net Book Value as at 30 September 2016 of SGD 991mm, thus transforming SMRT into an asset-light OpCo.In this insight, I examine the transaction in detail and present its net impact on minority shareholders. I admit: the transaction is fancy, the results might not be so.

SMRT: Once a Landlord; Now a (Mere) Lessee

Singapore

SBS Transit Limited provides public bus services, advertisement on its bus fleet, and bus chartering.

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SBS Transit Ltd (SBUS SP)

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

SMRT - Analysis of the Scheme Document

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of...

Crispin Francis

SBUS - Details of Bus Contracting Model

LTA Announces Details of the Bus Contracting Model Bus industry to complete transition to bus contracting model on 1 Sept 2016, the agreement...

Crispin Francis

SMRT - Privatization Offer from Temasek

As widely expected, Temasek and SMRT have jointly announced a privatization of SMRT via a scheme of arrangement.This announcement came on the back...

Crispin Francis

SMRT: Once a Landlord; Now a (Mere) Lessee

On 15 July 2016, SMRT announced that it had completed the transition of three MRT lines to the New Rail Financing Framework (NRFF).As part of the...

Crispin Francis

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