Singapore and emerging market real estate

Royston Foo

Thematic (Sector/Industry)

Top Singapore property news this week that you need to know.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/055/317/original/PLQ%20AERIAL.jpg?1529220263" class="editor-image img-responsive" data-smartkarma-image-id="55317"></figure><div class="content-caption">Paya Lebar Quarter - Close to 80% leased</div>Investments<a href="https://www.businesstimes.com.sg/real-estate/blackstone-to-step-up-buying-in-asia-after-raising-us94b" target="_blank">14th Jun 2018 - Blackstone to step up buying in Asia after raising US$9.4b</a>Royston Foo: With US$15 billion to deploy to real estate, private equity and opportunities in Asia, the acceleration of Blackstone’s investments in Asia-Pacific will drive M&amp;A activities and real estate transactions in the region. Blackstone’s Asia real estate fund focuses on acquiring logistics assets and…

Top Singapore property news this week that you need to know.Paya Lebar Quarter - Close to 80% leasedInvestments14th Jun 2018 - Blackstone to step up buying in Asia after raising US$9.4bRoyston Foo: With US$15 billion to deploy to real estate, private equity and opportunities in Asia, the acceleration of Blackstone’s investments in Asia-Pacific will drive M&amp;A activities and real estate transactions in the region. Blackstone’s Asia real estate fund focuses on acquiring logistics assets and…

Singapore Property Weekly Recap (9th Jun to 15th Jun)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This week I briefly look at recent bifurcations in <a href="https://www.smartkarma.com/entities/1607" target="_blank" data-smartkarma-citation="entities:1607:1">Korea Circuit Co Ltd (007810 KS)</a>, <a href="https://www.smartkarma.com/entities/11523" target="_blank" data-smartkarma-citation="entities:11523:1">Daewoong Co Ltd (003090 KS)</a>, <a href="https://www.smartkarma.com/entities/163" target="_blank" data-smartkarma-citation="entities:163:1">Cheung Kong Infrastructure (1038 HK)</a>, <a href="https://www.smartkarma.com/entities/873" target="_blank" data-smartkarma-citation="entities:873:1">PCCW Ltd (8 HK)</a>, amongst others. These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

This week I briefly look at recent bifurcations in Korea Circuit Co Ltd (007810 KS), Daewoong Co Ltd (003090 KS), Cheung Kong Infrastructure (1038 HK), PCCW Ltd (8 HK), amongst others. These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed as a % - of at least 20%.A detailed NAV for a number of these parent/holding relationships highlighted can be found in our holdco monitor.

StubWorld - Set-Up & Unwind Extremes (27 July 2017)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

This is the 5th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by <a href="https://www.smartkarma.com/profiles/820" target="_blank">Scott Laprise/ 乐天虎</a>, <a href="https://www.smartkarma.com/profiles/803" target="_blank">Valerie Law, CFA</a>, <a href="https://www.smartkarma.com/profiles/9" target="_blank">Ke Yan, CFA, FRM</a>, and <a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> on a rotating basis. Please let us know if you would like to be included in this collaborative effort.<h2>Company Insights</h2><a href="https://www.smartkarma.com/profiles/640" target="_blank" data-smartkarma-citation="accounts:640">Andrew Lu</a> wrote about how expected changes at US semiconductor giants <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> and…

This is the 5th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by Scott Laprise/ 乐天虎, Valerie Law, CFA, Ke Yan, CFA, FRM, and Daniel Hellberg on a rotating basis. Please let us know if you would like to be included in this collaborative effort.Company InsightsAndrew Lu wrote about how expected changes at US semiconductor giants Intel Corp (INTC US) and…

The Week that Was in Greater China @Smartkarma: TSMC Wins, Chinese Housing, More on May Auto Sales

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Extending my point about more demanding transportation frameworks going forward (see <a href="https://www.smartkarma.com/insights/comfortdelgro-fy16-results-an-era-where-competition-hits-a-higher-gear" target="_blank" data-smartkarma-citation="insights:8719">ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear</a> ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a><h2>Security Costs to</h2>…

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a Higher Gear ), the recent fire-bomb attack on Hong Kong’s MTR that left 19 injured signals increasing costs for transport operators. This article presents another reason why investors should sell MTR Corp, on top of points already provided by fellow insight provider Sameer Taneja in an earlier piece MTR (66 HK): Conviction Sell ThesisSecurity Costs to…

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Reasonable port valuation supports M&amp;A activities<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/443/original/ports5.JPG?1454570524" class="editor-image img-responsive" data-smartkarma-image-id="5443"></figure>Note: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/444/original/ports6.JPG?1454570793" class="editor-image img-responsive" data-smartkarma-image-id="5444"></figure> Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Reasonable port valuation supports M&amp;A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Global Port Operators - Reasonable Valuation Supports M&A Activities

Hong Kong

Shun Tak Holdings Limited, through its subsidiaries, develops, invests  and manages properties.  The Company also provides shipping and related travel services and engages in hotel operations and securities investments.

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Shun Tak Holdings (242 HK)

Singapore Property Weekly Recap (9th Jun to 15th Jun)

Top Singapore property news this week that you need to know.Investments14th Jun 2018 - Blackstone to step up buying in Asia after raising...

Royston Foo

StubWorld - Set-Up & Unwind Extremes (27 July 2017)

This week I briefly look at recent bifurcations in Korea Circuit Co Ltd (007810 KS), Daewoong Co Ltd (003090 KS), Cheung Kong Infrastructure (1038...

David Blennerhassett

The Week that Was in Greater China @Smartkarma: TSMC Wins, Chinese Housing, More on May Auto Sales

This is the 5th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong...

Daniel Hellberg

66 HK and SBUS SP: Attack on HK Metro Signals Increases in Transport Operators' Costs

Extending my point about more demanding transportation frameworks going forward (see ComfortDelGro FY16 Results: An Era Where Competition Hits a...

Valerie Law, CFA

Global Port Operators - Reasonable Valuation Supports M&A Activities

Reasonable port valuation supports M&A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0xSource:...

Drewry Maritime Financial Research

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