Singapore

• kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim shares how he overhauled the company’s business practices to bring it back from the brink and achieve remarkable growth.
• When Lim Ah Cheng, also known as AC Lim, became offshore oil and gas contractor Dyna-Mac’s chief executive officer in 2020, the firm was in crisis.

• Kuok Khoon Hong and George Yeo boost Wilmar stakes Institutions were net sellers of Singapore stocks in the five trading sessions up to Jun 13, with S$3.6 million of net institutional outflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$88.8 million.
• Stamford Land Corp executive chairman Ow Chio Kiat increased his total interest from 45.86 to 45.88 per cent, acquiring 246,800 shares at S$0.40 a share between Jun 6 and 11.

• Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.
• Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

• Back on the 10th May, OCBC (OCBC SP) made a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
• At a 36.9% premium to last close, the S$25.60/share Offer Price appeared fair. Yet GE has consistently traded through terms, potentially as someone seeks to block delisting, and negotiate terms.
• OCBC has now declared terms final. The IFA says “not fair, but reasonable” – and recommends shareholders accept the Offer. GE will be suspended at the close of the Offer.

• Great Eastern Holdings (GE SP) IFA opines that the OCBC (OCBC SP) S$25.60 offer is NOT fair but reasonable as it is below the valuation range of S$28.87-S$36.19 per share.
• In response, OCBC declared the price final, and the final closing date is 12 July. Great Eastern will likely breach free float requirements and be suspended when the offer closes.
• The offer will likely follow the Boustead Projects/Boustead Singapore blueprint, where SGX RegCo eventually (took seven months) enabled dissenters to receive a fair offer with a 24% uplift. 

• Singapore stocks have booked net retail inflow of S$1.01 billion in the 2024 year to 13 June, comprised of S$959 million in 1Q24 and S$50 million in 2Q24.
• While the 2Q24 net inflow looks to have slowed considerably, S$597 million of net retail outflow in the trio of Banks has offset S$646 million of net retail inflow to other Singapore stocks.
• As noted above, coinciding with price gains, UOB booked the most net selling by retail investors in the 2Q24 (to 13 June) at S$366 million, which followed S$10 million of net retail buying in 1Q24.

• AEM (AEM SP) announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.
• Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at Formfactor Inc (FORM US). 
• Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.

• SCLX is filling a much-needed area of the health care sector, that of developing non-opioid pain relief products.
• The company already has commercialized products that are proven to improve patients’ lives.
• The company recently added to its important line on non-opioid drugs by announcing the FDA approved the commercial manufacturing of Gloperba and that the product is being stocked in many national pharmacy chains and independent pharmacies.

• Institutions were net sellers of Singapore stocks over the five trading sessions through to Jun 6, with S$106.8 million of net institutional outflow, as 17 primary-listed companies conducted buybacks with a total consideration of S$55.8 million.
• Leading the net institutional outflow over the five sessions were City Developments Ltd, Seatrium, Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust, Genting Singapore , Jardine Cycle & Carriage, NetLink NBN Trust, Golden Agri-Resources, Venture Corporation and Raffles Medical Group.
• With a consideration of S$315,000, this increased his total interest in the regional premium real estate group from 74.86 to 74.97 per cent.

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
• Meituan
• Yuexiu Property

• A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the “name and shame” list. In practice, more “name” than “shame”. 
• Jardine Cycle & Carriage (JCNC SP) is trading rich to its NAV. And the simple ratio (JCNC/Astra International (ASII IJ)) is the highest level outside the 2008 GFC. 
• This is a rubbish Offer for Asia Cement China (743 HK). Given how shareholders voted at last year’s AGM, expect this Scheme to be voted down. Avoid.