Category

Singapore

Nov 10
0

Daily Brief Singapore: Golden Energy & Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Golden Energy & Resources (GER SP)’s Lacking Offer from the Widjaja Family

Golden Energy & Resources (GER SP)’s Lacking Offer from the Widjaja Family

By Arun George

  • Golden Energy & Resources (GER SP)‘s proposal from the Widjaja family – The distribution proposal (1.3936 GEMS share per share or IDR5,500 per GEMS share) and the delisting proposal (S$0.160).
  • For minorities, the good news is that the distribution share ratio is in line with the control ratio and offers are at a premium to historical share prices/multiples. 
  • The bad news is that the distribution cash alternative is unattractive and the delisting offer values GEAR at a discount to the Stanmore Coal (SMR AU) stake adjusted for debt.

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Nov 09
0

Daily Brief Singapore: Jardine Cycle & Carriage and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jardine C&C (JCNC SP): Potential MSCI Inclusion as NAV Discount Shrinks

Jardine C&C (JCNC SP): Potential MSCI Inclusion as NAV Discount Shrinks

By Brian Freitas

  • Jardine Cycle & Carriage (JCNC SP) was deleted from the SIMSCI Index in November 2020 and could be added back to the index at the upcoming SAIR.
  • If added to the index, we estimate passive MSCI trackers will need to buy 7.9m shares (US$176m; 11 days of ADV) at the close on 30 November.
  • Jardine Cycle & Carriage (JCNC SP) is trading at a tight discount to its listed holdings and the spread could widen post the MSCI implementation.

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Nov 08
0

Daily Brief Singapore: AEM and more

By | Daily Briefs, Singapore

In today’s briefing:

  • AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

AEM: Another Solid Earnings Report, but Mr. Market Remains Worried on Outlook

By Nicolas Van Broekhoven

  • AEM reported its best PBT 3Q and 9M22 results ever, yet investors remain skeptical of its FY23 outlook
  • Management reiterated guidance and provided a bullish statement about the coming years
  • AEM EPS likely to reach at least 0.42 SGD leaving the stock trading at only 7.8x P/E FY22 

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Nov 07
0

Daily Brief Singapore: Ascendas India Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • REIT Watch – CapitaLand Reits see operational growth in Q3

REIT Watch – CapitaLand Reits see operational growth in Q3

By Geoff Howie

  • REIT Watch – CapitaLand Reits see operational growth in Q3 CLI’s funds business comprises five real estate investment trusts (Reits) and business trusts listed on the Singapore Exchange (SGX).
  • Ascendas Reit is now known as CapitaLand Ascendas Reit; Ascott Residence Trust is now known as CapitaLand Ascott Trust; while Ascendas India Trust is changed to CapitaLand India Trust.

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Nov 05
0

Daily Brief Singapore: American Rebel Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • American Rebel Holdings Inc.: Interesting Set Of Updates With Respect To The Champion Acquisition & Diversification

American Rebel Holdings Inc.: Interesting Set Of Updates With Respect To The Champion Acquisition & Diversification

By Baptista Research

  • American Rebel is a manufacturer a high-tech safes and vaults provider for the modern American consumer.
  • The American Rebel brand has been known for its distinctly American flavor and a strong level of patriotism associated with its practices.
  • Over the past months, the management has been extremely active in terms of executing its inorganic growth strategy and also diversifying its offerings.

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Nov 04
0

Daily Brief Singapore: Singapore Medical, Hg Exchange (HGX), GRP Ltd, Lazada Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singapore Medical: TTW Bumps To S$0.40
  • Alternative Assets Marketplace Fundnel Buys Hg Exchange, Rebrands as Alta
  • Luminor Financial Leverages Asian SME Growth Engine
  • Lazada Group Publishes First ESG Report

Singapore Medical: TTW Bumps To S$0.40

By David Blennerhassett

  • I should have stuck to my guns.  Singapore Medical (SMG SP)‘s original Exit Offer was low-balled. The IFA all but conceded this. I mused that TTW probably needed to bump.
  • And now TTW has, bumping the Offer by 8.1% to S$0.40/share, and declaring the terms final.
  • The Offer remains subject to TTW holding 90% (with 77.42% in the bag already). The Offer has been extended to the 5 December. 

Alternative Assets Marketplace Fundnel Buys Hg Exchange, Rebrands as Alta

By e27

  • Singapore-based Fundnel, a leading digital marketplace for alternative investments, has acquired the blockchain-powered private digital securities exchange Hg Exchange (HGX).
  • According to a press release, the acquisition will enable Alta to support the tokenisation and digital custody of alternative assets.
  • This will create an end-to-end solution that makes it cheaper and faster to trade private securities, funds, and asset-backed securities like real estate and luxury assets.

Luminor Financial Leverages Asian SME Growth Engine

By Geoff Howie

  • Luminor Financial Leverages Asian SME Growth Engine “That’s where Luminor Financial has stepped in – we identified a huge gap in the market where SMEs are unable to obtain financing from traditional banks for various reasons,” she noted.
  • Luminor is a financial solutions business that aims to provide innovative financing solutions to SMEs across the region.

Lazada Group Publishes First ESG Report

By Tech in Asia

  • Singapore-based ecommerce giant Lazada has released its first environmental, social, and governance (ESG) report.
  • As a largely unexplored concept in Southeast Asia, the firm enlisted the help of an independent consultant to map out its ESG priorities.
  • The core tenets of the firm’s ESG framework are “empowering communities, developing a future-ready workforce, ensuring responsible stewardship, and effective governance.”

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Nov 03
0

Daily Brief Singapore: Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

Singapore Medical’s VGO: Revised Offer of S$0.40 Is Good to Go

By Arun George

  • Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) has been increased from S$0.37 to S$0.40 per share (share option unchanged). 
  • The revised offer is final unless there is a competitive situation. The offeror came to the realisation that a bump was required to meet the 90% minimum acceptance condition.
  • Acceptances stand at 77.42% of outstanding shares. The revised offer is now reasonable and should be sufficient to nudge holdouts to accept. At last close, the gross spread is 5.3%.

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Nov 02
0

Daily Brief Singapore: Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov
  • Singapore Medical Extends Offer As Tendering Surprises

Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

By Arun George

  • Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
  • The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
  • The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.

Singapore Medical Extends Offer As Tendering Surprises

By David Blennerhassett

  • Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a  voluntary MBO from TLW at S$0.37/share.  The IFA concluded the Offer was “not fair but reasonable”. 
  • The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. 
  • As of the first close, TLW now has 77.37%. The Offer has been extended by a fortnight. The Offer price has NOT been declared final.

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Oct 31
0

Daily Brief Singapore: Moya Holdings Asia, Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Moya Holdings: 21 Nov EGM For Salim’s Exit Offer
  • Moya Holding’s EGM for S$0.092 Offer on 21 November
  • Weekly Deals Digest (30 Oct) – Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Moya Holdings: 21 Nov EGM For Salim’s Exit Offer

By David Blennerhassett

  • On the 14 September, Indonesian water treatment play Moya Holdings Asia (MHAL SP) announced a S$0.092/share Exit Offer from an Anthoni Salim-controlled entity. The Offer price will not be increased.
  • The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.
  • The Circular is now out. The EGM takes place on the 21 November. The IFA reckons the Offer is fair and reasonable. 

Moya Holding’s EGM for S$0.092 Offer on 21 November

By Arun George

  • Moya Holdings Asia (MHAL SP) released its delisting circular. The EGM to approve the delisting proposal from Tamaris Infrastructure (Anthoni Salim) at S$0.092 per share is on 21 November.
  • The IFA says the offer is fair and reasonable. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.
  • The offer price is attractive and will likely succeed. At the last close price, the gross and annualised spread for a 30 November payment is 3.4% and 45.8%, respectively.

Weekly Deals Digest (30 Oct) – Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

By Arun George

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Oct 30
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

By David Blennerhassett

  • Under revised terms, Sembcorp (SMM SP) will issue fewer shares to Keppel (KEP SP). It’s now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  
  • Stay cautiously positive on Socionext (6526 JP) until the stock starts trading as if those who bought on momentum look like they are getting out. 
  • With investors chucking in the towel and the HSI touching a thirteen-year low, it’s time for some old-school perspective applying Benjamin Graham’s Net Nets

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