Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016).

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016). 

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Welcome to the 22nd Edition of the Smartkarma [Guest] Editor's Cut, a weekly summary of the key themes and ideas of the last week's research on Smartkarma along with a little extra that got me interested. Smartkarma is Asia's fastest growing community of Independent and Alternative Investment Research.  In 6 short months Smartkarma has published on ~600 stocks, across 11 GIC sectors, from a community of over 50 insight providers!  Some cool new tools are in the works for Insight providers and I am sure next month will bring even more goodies from the SK team.<div class="side-comment ">  </div>Right - onto the content, there was a lot to choose from this past week..Top Down: Of course, probably the biggest news this week in Asia was on the macro side as the PBOC surprised the investing world with a devaluation of the RMB. Sam Ferraro's <a href="http://www.smartkarma.com/insights/weekly-impressions" target="_blank">Weekly Impressions</a> piece has some great graphs and some clear-cut reasoning. Hao also discusses the RMB devaluation in <a href="http://www.smartkarma.com/insights/on-rmb-what-you-should-know-and-may-expect" target="_blank">On RMB, What You Should Know and May Expect</a>. In <a href="http://www.smartkarma.com/insights/indonesia-s-outlook-marred-by-commodity-prices-and-currency-woes" target="_blank">Indonesia's outlook marred by commodity prices and currency woes</a>, Manu Bhaskaran notes higher than expected GDP but also notes inconsistent policy-making and increasing government spending pressure. Jason Tan notes the gloomy outlook for Thailand in 2015 in <a href="http://www.smartkarma.com/insights/few-joys-in-the-land-of-smiles" target="_blank">Few joys in the Land of Smiles</a> as the Bank of Thailand again downgrades its GDP growth estimates. Sam Ferraro also discusses land values driving net national wealth in <a href="http://www.smartkarma.com/insights/australia-s-land-obsession-reiterate-postive-view-on-discretionary-retailers" target="_blank">Australia's land obsession - Reiterate postive view on discretionary retailers</a>. Finally, in <a href="http://www.smartkarma.com/insights/singapore-4thtelco-progress-update" target="_blank">Singapore 4th Telco Progress Update</a> Raj discusses the launch of a 4th Telco, its effects on incumbents, and who auction winner could be.In Event Driven... <a href="http://www.smartkarma.com/insights/falling-falling-now-let-s-take-it-private" target="_blank">eLONG</a>: On August 3rd, eLong announced it had received a non-binding proposal from shareholder Tencent Holdings, proposing another in a long line of 'going private' transactions. <a href="http://www.smartkarma.com/insight_providers/16" target="_blank">Crispin Francis</a> takes us through this highly opportunistic (sound familiar?) deal.<a href="http://www.smartkarma.com/insights/white-squire-to-white-knight" target="_blank">Vision Eye Institute (VEI AU)</a>:  Crispin also discusses this interesting situation where Pulse Health Group launched a hostile bid for VEI, VEI's directors called it a lowball and sold shares representing 19.9% to <a href="http://en.jangho.com" target="_blank">Jangho Group</a> (601866 CH) creating a block against the PHG deal's conditionality. This past week saw Jangho launch a full deal for VEI at A$1.10 and just after Crispin's piece, PHG announced the lapse of their deal. In IPO's &amp; Placements, a week after ANZ's US$1.8bn placement and lackluster earnings report mentioning a rise in bad and doubtful debts, <a href="http://www.smartkarma.com/insights/cba-follows-anz-to-beef-up-capital-substantial-discount-at-lower-end" target="_blank">CBA came out with a US$3.7bn placement</a> to top up its CET1 Ratio following a $A9bn net profit number. The rights offering came well below TERP so it was going to be well-subscribed (the institutional book build came out for a measly 2.8mm shares). We ran the deal through our M.A.D.S framework, which came out borderline to participate, and recommended bids at the lower end of the range.In Bottom Up situations, <a href="http://www.smartkarma.com/insight_providers/17" target="_blank">Daniel Tabbush</a> came out with a pair of Insights. His first intriguing piece <a href="http://www.smartkarma.com/insights/vietnam-s-banks-are-intriguing" target="_blank">Vietnam's Banks Are Intriguing</a>, noted that while Vietnam's banks are smaller than other emerging countries' banks in the region, Vietnam's growth rate is strong and rising, and there is more good news to come in 2015. The math is impressive. Daniel's other piece, <a href="http://www.smartkarma.com/insights/fringe-banks-in-china-are-telling-us-something" target="_blank">Fringe Banks in China are Telling Us Something</a> is rather less sanguine. Mid-tier banks may be acting as the 'canary in the coalmine.' Raj Kapoor added a note <a href="http://www.smartkarma.com/insights/quicknote-straco-flies-high" target="_blank">Straco flies high</a> in his continuing series on this China tourism asset play. Finally, in a combination top-down/bottom-up <a href="http://www.smartkarma.com/insights/weekly-impressions" target="_blank">Weekly Impressions</a> piece, Sam Ferraro discusses why the PBOC devalued the RMB vs USD, and recommends investors avoid REA AU. All this, a comment on UNY, and much more below the fold!

Welcome to the 22nd Edition of the Smartkarma [Guest] Editor's Cut, a weekly summary of the key themes and ideas of the last week's research on Smartkarma along with a little extra that got me interested. Smartkarma is Asia's fastest growing community of Independent and Alternative Investment Research.  In 6 short months Smartkarma has published on ~600 stocks, across 11 GIC sectors, from a community of over 50 insight providers!  Some cool new tools are in the works for Insight providers and I am sure next month will bring even more goodies from the SK team.  Right - onto the content, there was a lot to choose from this past week..Top Down: Of course, probably the biggest news this week in Asia was on the macro side as the PBOC surprised the investing world with a devaluation of the RMB. Sam Ferraro's Weekly Impressions piece has some great graphs and some clear-cut reasoning. Hao also discusses the RMB devaluation in On RMB, What You Should Know and May Expect. In Indonesia's outlook marred by commodity prices and currency woes, Manu Bhaskaran notes higher than expected GDP but also notes inconsistent policy-making and increasing government spending pressure. Jason Tan notes the gloomy outlook for Thailand in 2015 in Few joys in the Land of Smiles as the Bank of Thailand again downgrades its GDP growth estimates. Sam Ferraro also discusses land values driving net national wealth in Australia's land obsession - Reiterate postive view on discretionary retailers. Finally, in Singapore 4th Telco Progress Update Raj discusses the launch of a 4th Telco, its effects on incumbents, and who auction winner could be.In Event Driven... eLONG: On August 3rd, eLong announced it had received a non-binding proposal from shareholder Tencent Holdings, proposing another in a long line of 'going private' transactions. Crispin Francis takes us through this highly opportunistic (sound familiar?) deal.Vision Eye Institute (VEI AU):  Crispin also discusses this interesting situation where Pulse Health Group launched a hostile bid for VEI, VEI's directors called it a lowball and sold shares representing 19.9% to Jangho Group (601866 CH) creating a block against the PHG deal's conditionality. This past week saw Jangho launch a full deal for VEI at A$1.10 and just after Crispin's piece, PHG announced the lapse of their deal. In IPO's &amp; Placements, a week after ANZ's US$1.8bn placement and lackluster earnings report mentioning a rise in bad and doubtful debts, CBA came out with a US$3.7bn placement to top up its CET1 Ratio following a $A9bn net profit number. The rights offering came well below TERP so it was going to be well-subscribed (the institutional book build came out for a measly 2.8mm shares). We ran the deal through our M.A.D.S framework, which came out borderline to participate, and recommended bids at the lower end of the range.In Bottom Up situations, Daniel Tabbush came out with a pair of Insights. His first intriguing piece Vietnam's Banks Are Intriguing, noted that while Vietnam's banks are smaller than other emerging countries' banks in the region, Vietnam's growth rate is strong and rising, and there is more good news to come in 2015. The math is impressive. Daniel's other piece, Fringe Banks in China are Telling Us Something is rather less sanguine. Mid-tier banks may be acting as the 'canary in the coalmine.' Raj Kapoor added a note Straco flies high in his continuing series on this China tourism asset play. Finally, in a combination top-down/bottom-up Weekly Impressions piece, Sam Ferraro discusses why the PBOC devalued the RMB vs USD, and recommends investors avoid REA AU. All this, a comment on UNY, and much more below the fold!

Best of Smartkarma: The Guest Editor's Cut #22

Singapore

Amara Holdings Limited operates hotels and restaurants, provides food and beverage catering services as well as develops and invests in properties.  The Company owns and operates Amara Hotel and invests in shares.

Banyan Tree Holdings Limited owns and manages hotels. The Company also operates spas, galleries and golf courses, and invests in property. Banyan Tree offers design and project management services as well.

Kimly Limited operates and manages coffee shops and food courts. The Company offers prepared foods and drinks for on-premise consumption. Kimly serves customers in Singapore.

Hotel Grand Central Limited owns, operates, and manages hotels. The Company also collects rent, develops properties, and provides marketing and support services.

Centurion Corporation Limited owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and purpose-built student accommodation assets in Singapore, Australia, the United Kingdom (“UK”), the United States (“US”) and South Korea.

Stamford Land Corporation Limited is an investment holding company.  The Company owns and manages hotels and travel agencies.  Stamford Land Corporation also develops and invests in properties.

Hotel Royal Limited owns and operates the Hotel Royal in Singapore.  The Company, through its subsidiaries, also manages and invests in properties in Malaysia and New Zealand.

Jumbo Group Ltd is a seafood restaurant group offering multiple dining concepts catering to all types of consumers.  The Company offers restaurants in Singapore, China, and Japan.

AF Global Limited operates as an investment holding company. The Company, through its subsidiaries, invests, develops, sells, and manages hotels and resorts.

Japan Foods Holding Ltd. operates Japanese restaurants in Singapore, Malaysia, and Indonesia. The Company franchises some of its restaurants in Malaysia and Indonesia, and serves fried rice and pan-fried noodles.

Dalian Sunasia Tourism Holding Co., Ltd. owns and operates the Dalian Shengya Ocean World, a submarine tunnel style aquarium, located in Dalian, Liaoning. The Company also provides related food services and operates souvenir stores.

Dalian Sunasia Tourism Holding (600593 CH)

SFP Dining Co Ltd operates as a holding company. The Company, through its subsidiaries, owns and operates a range of branded chain restaurants

St Marc Holdings Co Ltd manages Saint Marc Co., Ltd., a subsidiary which operates a chain of bakery restaurants, cafes, and sushi restaurants in the Okayama area.

Holiday Entertainment Co., Ltd. operates private karaoke rooms throughout Taiwan.  The Company rents rooms equipped with karaoke machines and audio systems for fees.  Holiday also serves food and drinks.

SHiDAX CORPORATION, through its subsidiaries, provides food catering services and operates restaurants.  The Company's subsidiaries provide their services to companies, hospitals, and schools.

Power Wind Health Industry Inc provides amusement and other recreation activities. The Company is incorporated in Taiwan.

AMIYAKI TEI CO., LTD. operates beef and chicken barbecue restaurants named Amiyakitei based in Aichi.

Oriental Hotels Limited owns and operates hotels and resorts.

PT Jakarta Setiabudi International Tbk develops, leases, and manages hotels, apartments, office buildings, and houses. The Company owns and manages Kuningan Apartment, Setiabudi Apartment, Mega Kuningan Estate, Setiabudi Plaza, Raddin Ancol Hotel, Raddin Sanur Bali Hotel, Menteng Plaza, Bali Hyatt, Grand Hyatt Bali, Taman Puri Permata Hijau Estate, and others.

AEON Fantasy Co., LTD. mainly operates amusement parks in shopping centers and sells snacks, drinks, and toys within the parks.  AEON Fantasy also franchises and sells amusement park equipment to the franchisees.

Straco Corporation Limited develops and operates aquatic related facilities and tourism related activities.  The Group also operates cable car facilities and provides management and consulting services.

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Straco Corporation (STCO SP)

Modest Rise in New Home Sales in 2015

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230...

Tay Hock Meng

Best of Smartkarma: The Guest Editor's Cut #22

Welcome to the 22nd Edition of the Smartkarma [Guest] Editor's Cut, a weekly summary of the key themes and ideas of the last week's research on...

Travis Lundy

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