Singapore

• Motorist Motorist, a Singapore-based automotive tech firm, has raised a strategic investment from Tokyo Century Leasing (Singapore), a subsidiary of the Japanese auto financing group.
• The startup did not disclose the round’s size but said that it was raised at a US$60 million valuation.
• Founded in 2015, Motorist facilitates vehicle-related transactions, including car valuations, second-hand car listings, and applications for loans and insurance.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Alam Sutera Realty
• Lippo Malls Indonesia Retail Trust
• Vista Land & Lifescapes
• Wynn Macau Ltd

• kopi-C with Sasseur REIT’s CEO: “Consumption downgrade benefits us” Sasseur REIT, which focuses on outlet malls in China, has achieved strong growth despite the country’s economic slowdown.
• Sasseur REIT is the first retail outlet mall REIT listed in Asia.

• UOL Group (UOL SP) has underperformed its Singapore peers and the drop in market cap could result in the stock being deleted from global passive portfolios in February.
• UOL Group (UOL SP) has traded higher since end October and there has been a steady increase in cumulative excess volume on the stock since then.
• UOL Group (UOL SP) trades richer than its closest peer, City Developments (CIT SP), on EV/Sales and EV/EBITDA. The recent outperformance presents a trading opportunity.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Lippo Malls Indonesia Retail Trust
• Road King Infrastructure

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• JSW Steel Ltd
• Lippo Malls Indonesia Retail Trust
• Sands China
• Tata Steel Thailand
• Vedanta Resources
• Vista Land & Lifescapes

• Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.
• On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.

• REIT Watch – Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.
• Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Lippo Malls Indonesia Retail Trust
• SK Hynix

• Frasers Centrepoint Trust (FCT SP) aims to raise around US$152m in order to partly fund its purchase of an additional stake in NEX mall.
• The company had purchased its initial stake in the property nearly a year ago.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• A Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets revealed a global commercial REIT with high-quality retail and office properties in Singapore and Italy.
• LREIT saw rental reversions of +16.3% YoY in its 1Q2024 with a portfolio committed occupancy of 99.9% and a weighted average lease expiry of 8.0 years by NLA.
• Management remains optimistic about the coming year with a strong capital position, a high level of sustainably linked finance, a low cost of debt, and an eye on potential acquisitions.

• Sam Goi adds to PSC, JB Foods and GSH stakes CapitaLand Investment again led the buyback consideration tally, buying back 13,197,700 shares at an average price of S$2.98 per share over the five sessions.
• The principal activities of GSH corporation are its property development business, hospitality business, in addition to its frozen food trading business.

• Schedule of S-Reits earnings or business update Lendlease Global Commercial REIT 1-Feb Frasers Centrepoint Trust (FCT) will kick off the current financial reporting season for S-Reits with the release of its first quarter (ended Dec 31, 2023) business update after the close of trading on Jan 22, 2024.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Lippo Malls Indonesia Retail Trust
2. Vedanta Resources
3. ReNew Energy Global
4. China Jinmao Holdings
5. Geely Auto

and more…

• In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.
• This list has been compiled on a best effort basis from tracking the company filings and through various other sources
• The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

• While Singapore’s exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.
• External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index’s most traded stocks.
• Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.