Singapore

• The long-stop date for the satisfaction of the offer conditions has been extended from 9 April to 9 August, to help Dian Swastatika Sentosa (DSSA IJ) obtain shareholder approval.
• An alternative explanation is that the Widjaja family’s offer for Golden Energy & Resources (GER SP) is increasingly looking unattractive in light of Stanmore Coal (SMR AU)’s share price rally. 
• The offer remains light and we think that there is a good chance that the Widjaja family will raise its offer (likely a bump to the delisting price) to succeed.  

• On 10 January, Olam Group (OLG SP) announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. 
• The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.
• The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.

• Singapore-based cybersecurity firm Blackpanda, which specialises in incident response and digital forensics, has secured US$15 million in its Series A funding round.
• The company will use the capital to expand its technology-enabled cybersecurity services, including digital forensics and incident response.
• It will also develop its underlying Artificial Intelligence and Machine Learning cybersecurity insurtech platform.

• After a gap of over fifteen years from formal coverage of Venture Corp (VMS SP), I took a look again this week, not much seems to have changed.
• Venture Corp’s management hankering for “charm” in its contracts, with respect to NOT just return on investment but also return on effort will be the primary risk for growth
• Excellent anchor customers have boosted margins. The tech slowdown might entice larger EMS to be more aggressive and chase these businesses placing margins at risk.

• There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• Two new deals were discussed on Smartkarma in the past week: Bangchak Corporation (BCP TB)‘s takeunder for Esso Thailand (ESSO TB); Tianqi/OGO’s Offer for Essential Metals (ESS AU).
• Key updates took place for: Norwest Energy NL (NWE AU) and Halcyon Agri (HACL SP).

• Singapore-based parenting network Supermom has closed its “oversubscribed” SG$8 (US$6) million Series A fundraising round, led by Qualgro, with participation from AC Ventures
• The startup will use the money to enhance its data and product capabilities and accelerate regional expansion

• Supermom provides data and consumer insights for over 200 consumer brands, including mother & child, education, FMCG, fashion, and beauty

• After selling a 35.43% stake in Olam Agri to Saudi Arabia’s Public Investment Fund last month, Olam Group (OLG SP) intends to dual list the company in Singapore and Saudi Arabia. 
• The stake sale implied a US$3.5bn value for the agricultural arm, or ~50% of OGL’s current market cap based on its remaining position in Olam Agri. 
• Olam Agri may raise up to US$1bn via the listing. A separate London listing of OGL’s food ingredient business is expected to occur subsequent to Olam Agri’s listing.

• Rex International Holding (REXI SP) has announced further investments outside of its core oil&gas portfolio both related to its major shareholder. A major red flag.
• It is unclear whether these investments will bring real value to Rex as minority investors generally hate related party transactions without clear justification.
• The latest drilling campaign in Oman again encountered operational issues giving fuel to the bears that Rex is not capable of successfully operating its own fields.

• Sim Wong Hoo, founder, and CEO of Creative Technology (CREAF SP), passed away last week.
• Sim Wong Hoo controls 33% of Creative. He has two children but they are not involved in the company. What will happen to his stake is a big unknown. 
• The IP portfolio of Creative Technology (CREAF SP) could be appealing to other technology companies. Given its large cash position, the Enterprise Value is only 34M USD.

• 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), Genesis Minerals (GMD AU), 21Vianet Group (VNET US), Golden Energy & Resources (GER SP), Tyro Payments (TYR AU), Origin Energy (ORG AU).
• Lowest spreads – Norwest Energy NL (NWE AU), Nitro Software Ltd (NTO AU), Chip Eng Seng Corp (CHIP SP), Conexio Corp (9422 JP), Nippon Steel Trading Corporation (9810 JP). 

• There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• No new deals were discussed on Smartkarma in the past week. 
• Key updates took place for: Warrego Energy (WGO AU), Acotec Scientific Holdings (6669 HK), Halcyon Agri (HACL SP), and Thaicom Pcl (THCOM TB).

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. Fosun International
2. Lippo Karawaci
3. Agile Property Holdings
4. China Jinmao Holdings
5. Lifestyle International Holdings

and more…