Singapore Daily Briefs | Page 34 of 86

Feb 02

Daily Brief Singapore: Sembcorp Marine and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sembcorp Marine & Keppel O&M: STI Inclusion Possibility & Other Index Flow

Sembcorp Marine & Keppel O&M: STI Inclusion Possibility & Other Index Flow

By Brian Freitas

The Sembcorp Marine (SMM) EGM is scheduled for 16 February. If approved by shareholders, the Asset Co transaction and completion of the KOM restructuring will be done by 28 February.
We expect no market trade from FTSE trackers, buying from MSCI trackers, while there is a question mark over treatment in the FTSE Straits Times Index (STI) (STI INDEX).
There could be selling in Sembcorp Marine (SMM SP) from active Keppel Corp (KEP SP) shareholders and that could have a bigger impact on the stock.

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Feb 01

Daily Brief Singapore: Sembcorp Marine, Meta Health Limited and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sembcorp Marine-Keppel O&M Merger Circular Squeaks In Under The Wire – Next Steps
10 in 10 with Meta Health – Digitalising Healthcare

Sembcorp Marine-Keppel O&M Merger Circular Squeaks In Under The Wire – Next Steps

By Travis Lundy

Last Friday, Sembcorp Marine (SMM SP) announced it had Approval-In-Principle for its Proposed Combination with Keppel Corp (KEP SP), contingent on the Circular being despatched by 31 January 2023.
At 6:50pm local time on 31 January, Sembcorp Marine released its 679-page Circular (and EGM Announcement (16 Feb EGM)). Phew!
Now we have a deal in sight, we have to think about next steps. SMM NEWCO needs a story vs flow. Orderbook is nice but may not cut it near-term.

10 in 10 with Meta Health – Digitalising Healthcare

By Geoff Howie

10 in 10 with Meta Health – Digitalising Healthcare

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Jan 31

Daily Brief Singapore: Jardine Matheson Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Matheson To Exit Greatview Aseptic

Matheson To Exit Greatview Aseptic

By David Blennerhassett

Shandong Xinjufeng Technology Packaging (301296 CH) is seeking to acquire Jardine Matheson Holdings (JM SP)‘s 28.22% stake in Greatview Aseptic Packaging (468 HK) at HK$2.65/share.
Greatview is currently suspended “pending the release of an announcement which contains inside information“, suggesting there is no follow on Offer for remaining shares.
Elsewhere, Matheson has resumed its share repurchase program, providing near-term support.

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Jan 29

Daily Brief Singapore: Sabana Industrial REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Osstem, Warrego, Norwest Energy, Acotec, Sabana, Jafco, Toyo

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Osstem, Warrego, Norwest Energy, Acotec, Sabana, Jafco, Toyo

By David Blennerhassett

There are 43 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma in the past week: MBK and Unison Capital MBO-style Tender Offer for Osstem Implant (048260 KS).
Key updates took place for: Warrego (WGO AU), Norwest Energy NL (NWE AU), Acotec (6669 HK), Sabana Industrial REIT (SSREIT SP), Jafco (8595 JP), and Toyo Construction (1890 JP).

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Jan 27

Daily Brief Singapore: SATS and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Quiddity Leaderboard for Straits Times Index Mar 23: SMM Could Miss Addition

Quiddity Leaderboard for Straits Times Index Mar 23: SMM Could Miss Addition

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the potential index changes for the FTSE Straits Times Index (STI) (STI INDEX) between now and the March 2023 index review.
Previously, I expected the Sembcorp Marine (SMM SP) – Keppel Corp (KEP SP) deal to complete in time for SMM to be added to STI during the March 2023 review.
However, that is looking less likely. SMM’s addition could get delayed to June 2023 and there might be a longer-period overhang in SMM once the deal completes.

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Jan 26

Daily Brief Singapore: Sea Ltd, Lendlease Global Commercial REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sea Ltd: Game Over
5 in 5 with Lendlease Global Commercial REIT – The First Net Zero S-REIT

Sea Ltd: Game Over

By Oshadhi Kumarasiri

We don’t see a way for Sea Ltd (SE US)’s e-commerce business to turn profitable in the next few years.
For the moment, the Digital-Entertainment segment is capable of absorbing most of e-commerce losses, but we are expecting the segment profitability to fall 70% to $135m per-quarter over the-next two-years.
Once that happens, we think it will be game over for Sea Ltd.

5 in 5 with Lendlease Global Commercial REIT – The First Net Zero S-REIT

By Geoff Howie

5 in 5 with Lendlease Global Commercial REIT – The First Net Zero S-REIT

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Jan 25

Daily Brief Singapore: Comfortdelgro Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Comfortdelgro (CD): Now or Never

Comfortdelgro (CD): Now or Never

By Henry Soediarko

New leadership with expertise in Australia could lead to value unlocking for Australian assets.
Q3 22 ridership has gone up to 85% and 83% of pre-COVID level for NEL and DTL while in Q3 21 was only 49% for NEL and 43% for DTL.
The reopening has brought tourists back and increased ridership level while China’s reopening has just started and is not yet priced in.

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Jan 24

Daily Brief Singapore: Sabana Industrial REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Partial Tender for Sabana Industrial REIT – Large Additional Player to the Activist Mix

Partial Tender for Sabana Industrial REIT – Large Additional Player to the Activist Mix

By Travis Lundy

On Friday, after the close, 5.4% owner of Sabana Industrial REIT (SSREIT SP) announced it had offered to buy another 10.0% in a Partial Offer at a recent high price.
The Price of the Tender Offer at S$0.465/share matches a recent (and 7-year) high and a 0.88x multiple against June 2022 NAV of S$0.53/share.
It’s a small deal (US$35mm) for a small REIT (US$350mm) but there’s an activist and an engaged not-quite sponsor, and this would make a third large unitholder in the mix.

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Jan 23

Daily Brief Singapore: Golden Energy & Resources and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Merger Arb Mondays (23 Jan) – Origin Energy, Warrego, Golden Energy, Yashili, Kingston, O2Micro

Merger Arb Mondays (23 Jan) – Origin Energy, Warrego, Golden Energy, Yashili, Kingston, O2Micro

By Arun George

We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads – Alliance Aviation Services (AQZ AU), 21Vianet Group (VNET US), Golden Energy & Resources (GER SP), Genesis Minerals (GMD AU), Origin Energy (ORG AU), 111 Inc (YI US).
Lowest spreads – Essential Metals (ESS AU), Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Chip Eng Seng Corp (CHIP SP), Conexio Corp (9422 JP), Nippon Steel Trading.

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Jan 22

Daily Brief Singapore: Sabana Industrial REIT, Golden Energy & Resources and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sabana REIT (SSREIT SP): Partial Offer from Volare
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Relia, Kingston, Fengxiang, Jafco, Esso, Golden Energy

Sabana REIT (SSREIT SP): Partial Offer from Volare

By Arun George

Sabana Industrial REIT (SSREIT SP) disclosed a partial offer from Volare to acquire a maximum of 109.6 million units at $0.465 per unit, a 9.4% premium to the undisturbed price.
The partial offer is conditional on minimum acceptances representing 10.00% of outstanding units. Quarz Capital, the activist fund, says the offer is attractive.
ESR Group (1821 HK), the sponsor, is unlikely to tender. Based on a proration of 13.54% and at the last close price of S$0.425, the breakeven price is S$0.420.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Relia, Kingston, Fengxiang, Jafco, Esso, Golden Energy

By David Blennerhassett

There are 43 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma in the past week: Mitsui & Co’s tilt for Relia Inc (4708 JP).
Key updates took place for: Kingston Financial (1031 HK), Shandong Fengxiang (9977 HK), Jafco Co Ltd (8595 JP), Golden Energy & Resources (GER SP), and Esso Thailand (ESSO TB).

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Singapore

Daily Brief Singapore: Sembcorp Marine and more

Sembcorp Marine & Keppel O&M: STI Inclusion Possibility & Other Index Flow

Daily Brief Singapore: Sembcorp Marine, Meta Health Limited and more

Sembcorp Marine-Keppel O&M Merger Circular Squeaks In Under The Wire – Next Steps

10 in 10 with Meta Health – Digitalising Healthcare

Daily Brief Singapore: Jardine Matheson Holdings and more

Matheson To Exit Greatview Aseptic

Daily Brief Singapore: Sabana Industrial REIT and more

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Osstem, Warrego, Norwest Energy, Acotec, Sabana, Jafco, Toyo

Daily Brief Singapore: SATS and more

Quiddity Leaderboard for Straits Times Index Mar 23: SMM Could Miss Addition

Daily Brief Singapore: Sea Ltd, Lendlease Global Commercial REIT and more

Sea Ltd: Game Over

5 in 5 with Lendlease Global Commercial REIT – The First Net Zero S-REIT

Daily Brief Singapore: Comfortdelgro Corp and more

Comfortdelgro (CD): Now or Never

Daily Brief Singapore: Sabana Industrial REIT and more

Partial Tender for Sabana Industrial REIT – Large Additional Player to the Activist Mix

Daily Brief Singapore: Golden Energy & Resources and more

Merger Arb Mondays (23 Jan) – Origin Energy, Warrego, Golden Energy, Yashili, Kingston, O2Micro

Daily Brief Singapore: Sabana Industrial REIT, Golden Energy & Resources and more

Sabana REIT (SSREIT SP): Partial Offer from Volare

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Relia, Kingston, Fengxiang, Jafco, Esso, Golden Energy

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