Singapore Daily Briefs

Apr 28

Daily Brief Singapore: Sheng Siong, Sinarmas Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?
Sinarmas Land (SML SP): Potential Outcomes as IFA Says NOT Fair but Reasonable

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

By Devi Subhakesan

The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant’s brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.

Sinarmas Land (SML SP): Potential Outcomes as IFA Says NOT Fair but Reasonable

By Arun George

Sinarmas Land (SML SP) IFA opined that the Widjaja family’s S$0.31 offer is NOT fair but reasonable, as it is below the valuation range of S$0.350 to S$0.361.
The independent directors have recommended that shareholders accept. Due to a breach of the 10% free float requirement, the shares will be suspended at the close of the offer.
There are four possible outcomes with a medium probability that Sinarmas will follow the Great Eastern Holdings (GE SP) and Boustead Projects (BOCJ SP) playbook.

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Apr 26

Daily Brief Singapore: STMicroelectronics NV, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.

By Nicolas Baratte

Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.
Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.

Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

By Vinod Nedumudy

RSS-4 prices near stable around INR 198/kg for past ten days
Kerala farmers engaged in rainguarding in right earnest
RRII devises process for extracting top-quality rubber from skim latex

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Apr 25

Daily Brief Singapore: Sheng Siong, OCBC and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sheng Siong Group Ltd: Inflection Point for a Great Performer
Retail Investors’ Bold Moves Amid STI’s Volatile April

Sheng Siong Group Ltd: Inflection Point for a Great Performer

By Tan Yee Peng

We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful.
It has punched its weight above its competitors with a set of strong financial metrics. Its ability to generate free cash flow and achieve a high return on equity are truly impressive.
However, Sheng Siong is at an inflection point now as its revenue and net profit have stagnated since the pandemic.

Retail Investors’ Bold Moves Amid STI’s Volatile April

By Geoff Howie

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.
Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.
IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.

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Apr 24

Daily Brief Singapore: SGX Rubber Future TSR20, Continuum Green Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs
Lucror Analytics – Morning Views Asia

Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs

By Vinod Nedumudy

85% of Lankan rubber products shipped to US, EU markets
Tariffs can diminish 28% of US rubber products export revenue
Govt allocates LKR 1500 million for rubber industry in Budget

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
US President Donald Trump has told reporters that US tariffs on China will “come down substantially, but it won’t be zero. It used to be zero”.
Meanwhile, Mr Trump stated that he has “no intention of firing” Fed Chairman Jerome Powell, but would like to see him be “a little more active” in lowering interest rates.

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Apr 23

Daily Brief Singapore: Spindex Industries and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Spindex (SPE SP) Illiquid but Very Cheap Company

Spindex (SPE SP) Illiquid but Very Cheap Company

By Punit Khanna

Spindex is an illiquid but well managed company listed in Singapore
It trades at less than 2X EV/EBDITA multiple while its competitor Innovalues got privatised at 9 X EV/EBDITA
With 60% of market cap in cash, ex-cash current assets are more than total liabilities, offering limited downside

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Apr 22

Daily Brief Singapore: SGX Rubber Future TSR20, Suntec REIT, Tokyo Century Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Farmers Lock Horns With Scientists Over Rubber Clone Yields In India
S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far
Institutions Net Buying, Stephen Riady Ups OUE Stake

Farmers Lock Horns With Scientists Over Rubber Clone Yields In India

By Vinod Nedumudy

Farmers say RRII 400 clone series performs below par
RRII Head rejects charges, tells farmers to follow guidance
Kerala farmers demand introduction of GM crops

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

By Geoff Howie

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.
Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.
Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.

Institutions Net Buying, Stephen Riady Ups OUE Stake

By Geoff Howie

Institutions were net buyers of Singapore stocks with a net inflow of S$217 million, reducing the 2025 outflow to S$1.77 billion.
United Overseas Bank led share buybacks with 1.4 million shares at S$33.34 each, totaling S$121.8 million.
OUE entered a joint venture with Tokyo Century for Hotel Indigo Changi Airport, aligning with its “asset right” strategy.

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Apr 18

Daily Brief Singapore: PEC Ltd., Grab Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

PEC Ltd. (PEC SP): 5th May Vote On Liberty’s Offer
Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI

PEC Ltd. (PEC SP): 5th May Vote On Liberty’s Offer

By David Blennerhassett

Back on the 17th Feb, PEC Ltd. (PEC SP), a plant and terminal engineering specialist, announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
Liberty offered S$0.84/share (not final), including a AS$0.20/share special dividend, a 12.8% premium to undisturbed; but more like a >35% premium. Irrevocables from the board of 63.38% had been secured.
The Scheme Doc is now out, with an EGM on the 5th May, with payment on or before the 20th June. The IFA (Deloitte) says “fair & reasonable“.

Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI

By Angus Mackintosh

Grab hosted “GrabX” in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the company.
GrabFood For One and Shared Saver both have the potential to attract significant new business, but there was also the launch of AI-assistant Maya for Merchants to drive orders.
Additionally, Grab Unlimited continues to grow and be transformed into a fully-fledged loyalty program. Valuations are attractive, and Grab is set to make a net profit this year.

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Apr 17

Daily Brief Singapore: SGX Rubber Future TSR20, Singtel and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Private Firms Step In As Indonesia Grapples With EUDR Compliance
Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

Private Firms Step In As Indonesia Grapples With EUDR Compliance

By Vinod Nedumudy

Only 10,000 ha of 3.2 million ha smallholder plantations get STDB
KoltiSkills trains around 6,000 smallholders in Indonesia
Olam Agri rolls out SNR in Lampang to empower smallholders

Institutional Investors Net Buy Telcos as STI Recovers 4.5% Over Five Sessions

By Geoff Howie

Singtel traded at S$3.65 on 16 April, marking its highest level since January 2017, with a 15.9% total return in 2025 year-to-date.
Institutions net sold S$145.5 million from STI Banks but net bought S$133 million in the rest of the market, with telecommunications seeing the highest inflow.
Singtel’s ST28 plan aims to enhance customer experiences and shareholder value, identifying S$6 billion in monetisable assets.

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Apr 16

Daily Brief Singapore: CSE Global Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

10 in 10 with CSE Global – Leveraging Urbanisation, Electrification, and AI Megatrends for Growth

10 in 10 with CSE Global – Leveraging Urbanisation, Electrification, and AI Megatrends for Growth

By Geoff Howie

CSE Global’s FY24 revenue rose 18.8% y-o-y to S$861 million, with significant growth in Electrification and Automation.
The Group’s operating profit and EBITDA grew by 41.3% and 29.1% y-o-y, supported by improved operating leverage.
CSE Global completed a share placement raising S$24 million, partially used for acquiring RFC Wireless, Inc.

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Apr 15

Daily Brief Singapore: SGX Rubber Future TSR20, Kyberlife, Mapletree Industrial Trust, Wilmar International, Flagright and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

VRG Leads Rubber Growth Across Laos Plantation Heartlands
Kyberlife lands US$3M to scale regional healthcare marketplace | e27
REIT Watch – S-REITs’ yields remain compelling for defensive investors amid market volatility
Surge in Director Acquisitions and Share Buybacks
Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27

VRG Leads Rubber Growth Across Laos Plantation Heartlands

By Vinod Nedumudy

VRG’s Lao division scripts US$14.85 million in profit in 2024
VRG’s rubber output in Laos touches 34,592 tons in 2024
Prime Minister asks VRG to start tire units in Laos

Kyberlife lands US$3M to scale regional healthcare marketplace | e27

By e27

The Kyberlife team Kyberlife, a Singapore-based B2B healthcare e-commerce platform, has announced closing a US$3 million investment round.
The funding was spearheaded by local VC firm 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.
The newly secured funding will fuel Kyberlife’s next phase of regional growth, focusing on several key initiatives: Expansion into Indonesia: Kyberlife aims to onboard Indonesian vendors onto its platform, offering them cross-border business growth opportunities.

REIT Watch – S-REITs’ yields remain compelling for defensive investors amid market volatility

By Geoff Howie

Retail investors net bought S$92.5 million in S-REITs from April 7 to 10, indicating yield hunting behavior.
Institutional investors recorded net outflows of S$42.7 million in S-REITs, with MLT and CICT experiencing significant outflows.
NikkoAM-StraitsTrading Asia ex Japan REIT ETF and Lion-Phillip S-REIT ETF saw S$25 million combined net inflows.

Surge in Director Acquisitions and Share Buybacks

By Geoff Howie

Institutions were net sellers of Singapore stocks with a S$445 million outflow, totaling S$1.99 billion in 2025.
32 companies conducted share buybacks worth S$205 million, led by DBS Group Holdings with 3 million shares.
Directors and substantial shareholders filed 28 acquisitions and one disposal, with significant transactions in Wilmar International and Frencken Group.

Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27

By e27

Singapore-based Flagright, an AI-native anti-money laundering (AML) compliance and risk management platform, has announced a US$4.3 million seed funding round.
The investment was led by Frontline Ventures, with significant participation from existing investors including Y Combinator, Pioneer Fund, and Moonfire Ventures.
Rubin Ritter (ex-co-CEO of Zalando), André Silva (ex-Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (ex-CCO of Advance.

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