Category

Singapore

Dec 05
0

Daily Brief Singapore: Chip Eng Seng Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weekly Deals Digest (04 Dec) – Chip Eng Seng, Bigtincan, Genex, ReadyTech, Warrego, Sunshine,Growatt

Weekly Deals Digest (04 Dec) – Chip Eng Seng, Bigtincan, Genex, ReadyTech, Warrego, Sunshine,Growatt

By Arun George

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Dec 04
0

Daily Brief Singapore: Chip Eng Seng Corp, Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Chip Eng Seng (CHIP SP)’s Revised S$0.75 VGO from the Tangs
  • Last Week in Event SPACE: Keppel/Sembcorp, Carbon Revolution, Toyo Construction, Fuji Oil, Toshiba
  • Offer Price for Chip Eng Seng Bumped And Declared Final

Chip Eng Seng (CHIP SP)’s Revised S$0.75 VGO from the Tangs

By Arun George

  • Chip Eng Seng Corp (CHIP SP) disclosed a revised conditional VGO from the Tangs at S$0.75, a 4.2% premium to the previous offer of S$0.72. The offer is final.
  • The offeror (47.27% of outstanding shares) and immediate family represent 50.49% of outstanding shares or 48.63% of diluted shares, which is just shy of the 50%+ minimum acceptance condition. 
  • The bump was to increase the chances of privatisation rather than hitting the 50%+ minimum acceptance condition. At the last close, the gross spread is 1.4%. 

Last Week in Event SPACE: Keppel/Sembcorp, Carbon Revolution, Toyo Construction, Fuji Oil, Toshiba

By David Blennerhassett

  • Keppel Corp (KEP SP) shareholders vote next week. Sembcorp Marine (SMM SP) shareholders are awaiting their Circular. Expect both sets of shareholders will approve. The optics and performance look good.
  • Carbon Revolution Ltd (CBR AU)  SPAC Offer is a high-cost red-herring. Management who support this takeover should be fired.
  • Nintendo Founder Family Office “YFO” bought 25+% of Toyo Construction (1890 JP), then offered to buy it out. Negotiations are ongoing. We still don’t really know what is going on. 

Offer Price for Chip Eng Seng Bumped And Declared Final

By David Blennerhassett

  • In Chip Eng Seng: Low-Balled MBO At $0.72/Share, I thought there was scope for a bump. But then the Tang family bought a 9.02% stake on market.
  • The Tangs have now bumped the Offer Price for Chip Eng Seng Corp (CHIP SP) to S$0.75/share, up from S$0.72/share, and declared the terms final.
  • The Offer remains conditional on a 50% acceptance hurdle. With 47.27% in the bag, this is done.

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Dec 03
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • ASEAN Utilities: From Tap To Socket

ASEAN Utilities: From Tap To Socket

By David Blennerhassett

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Dec 02
0

Daily Brief Singapore: Igloo and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Igloo Scores US$27M More to Extend Series B Financing Round to US$46M

Igloo Scores US$27M More to Extend Series B Financing Round to US$46M

By e27

  • Igloo provides “competitively-priced” insurance for delivery riders in Thailand, Singapore, and the Philippines, and Vietnam
  • Singapore-headquartered insurtech startup Igloo announced an additional US$27 million to close its Series B round at US$46 million
  • The additional funds will provide Igloo with a comfortable multi-year runway

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Dec 01
0

Daily Brief Singapore: Esco Lifesciences Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Esco Lifesciences Pre-IPO Tearsheet

Esco Lifesciences Pre-IPO Tearsheet

By Ethan Aw

  • Esco Lifesciences Group (1891571D SP) is looking to raise about US$300m in its upcoming HK IPO. The deal will be run by JP Morgan, BofA and Jefferies.
  • Esco Lifesciences (EL) is a global provider of life sciences, pharmaceutical and bioprocessing tools, with an aim to develop, discover and commercialize technology-driven life sciences, pharmaceutical and bioprocessing tools. 
  • According to CIC, it is the second largest supplier of biosafety cabinets and the third largest supplier of time-lapse incubators globally as measured by revenue in 2021.

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Nov 30
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singtel: Demand Surge

Singtel: Demand Surge

By Steven Holden

  • Sentiment switch for Singtel after surge in buying among Asia Ex-Japan funds
  • New positions from Fullerton Asia Focus, Jupiter Asian Fund and Fullerton Asia Growth & Income head a total of 14 funds opening exposure between 01/31/2022 and 10/31/2022.
  • Follows broader rotation in to key Singapore names despite heavy selling in Sea Ltd.

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Nov 28
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sembcorp Marine Takeover of Keppel O&M – Almost There

Sembcorp Marine Takeover of Keppel O&M – Almost There

By Travis Lundy

  • Last Wednesday, Keppel Corp (KEP SP) announced 8 Dec as the EGM date for shareholders to approve the AssetCo Transfer, the Keppel O&M/SMM combo, and the distribution of SMM shares.
  • This should probably sail through. Investors who want to submit questions in advance can email [email protected] by 3pm 30 Nov.
  • I still like Keppel. I think investors will find it attractive post-spin.

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Nov 27
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weekly Deals Digest (27 Nov) – Keppel, Chip Eng Seng, Link Admin, DTAC/True, Growatt, Weilong

Weekly Deals Digest (27 Nov) – Keppel, Chip Eng Seng, Link Admin, DTAC/True, Growatt, Weilong

By Arun George

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Nov 26
0

Daily Brief Singapore: Chip Eng Seng Corp, Sea Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Chip Eng Seng: Low-Balled MBO At $0.72/Share
  • Sea Ltd (SE US) – Wind Back in the Sails

Chip Eng Seng: Low-Balled MBO At $0.72/Share

By David Blennerhassett

  • Conglomerate Chip Eng Seng Corp (CHIP SP) (CES) has announced a voluntary Offer of S$0.72/share from a Tang family-owned entity. The price is a 1.4% premium to last close.
  • The Tang’s hold 38.23% and the Offer is conditional on a 50% acceptance condition. 
  • The Offer price is a 27.3% discount to CES’ NAV as of 30 June 2022 – no such mention in the announcement. The Offer price has not been declared final.

Sea Ltd (SE US) – Wind Back in the Sails

By Angus Mackintosh

  • Sea Ltd 3Q2022 results should be seen as the poster child for the rest of the space given a crystal clear focus on profitability and pragmatic approach to future growth.
  • The fact that the company is now contribution margin positive in ASEAN and even Adjusted EBITDA positive in Malaysia and Taiwan is a testament to its success in controlling costs. 
  • Sea Ltd (SE US) has seen a significant compression in valuations and now looks attractive on 2.1x FY2023V EV/Sales and 1.7x FY2024E EV/Sales.

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Nov 24
0

Daily Brief Singapore: Keppel Corp, Grab and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Keppel (KEP SP) Vote on Keppel O&M and Sembcorp Marine Transaction on 8 Dec
  • Grab (GRAB US) – Shifting Down a Gear for A Steep Ascent

Keppel (KEP SP) Vote on Keppel O&M and Sembcorp Marine Transaction on 8 Dec

By Arun George

  • Keppel Corp (KEP SP)’s EGM on 8 December requires majority shareholder approval of two ordinary resolutions. The IFA notes that the transaction terms are “not prejudicial” to minorities.
  • Keppel shareholders will be supportive due to attractive terms. The other key conditions precedent is Sembcorp Marine (SMM SP) shareholders and regulatory approvals (SGX-ST and Maritime Port Authority of Singapore). 
  • The deal is expected to close by the end of the year. Our Keppel SoTP valuation is S$8.30 per share, which is 12% above the last close.

Grab (GRAB US) – Shifting Down a Gear for A Steep Ascent

By Angus Mackintosh

  • Grab‘s recent results reflect a change of pace in terms of moving along the path to profitability with a more disciplined approach to incentives and a focus on cost controls. 
  • Deliveries segment adjusted EBITDA turned positive for the first time, 3Qs ahead of previous guidance, and food 2Qs ahead of guidance both of which are positives.
  • A continuing drag will likely continue to come from expenses related to the buildout of its three digibanks. Grab‘s headline EBITDA is not forecast to be positive until 2025. 

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