Singapore Daily Briefs | Page 4 of 93

Nov 15

Daily Brief Singapore: Grab Holdings , AEM, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Grab Holdings (GRAB US) – High-Value Products Take the Helm
Aem: Hoping for Better 2025
Tire Industry: Premium Brands Exit Small-Rim Market Amidst Rising Competition

Grab Holdings (GRAB US) – High-Value Products Take the Helm

By Angus Mackintosh

Grab booked an impressive performance in 3Q2024, with strong evidence of its high-value products such as advance bookings gaining traction along with increasing monthly transacting users through its Saver offering.
The company’s delivery business benefitted from strong performance from GrabMart and GrabFood. Its Grab Unlimited subscription hit record new highs, with users transacting four times as frequently as non-users.
Grab also saw a strong performance from GrabFin and its digital banks, which all started lending in November plus rapid deposit growth. Guidance increased reflecting a more positive outlook.

Aem: Hoping for Better 2025

By Nicolas Van Broekhoven

AEM (AEM SP) released 3Q24 numbers and bumped its guidance higher as its key customer pulled forward some orders.
In 2025 it will be the first year where customers outside of Intel will make up the majority of AEM’s revenues. This is a big milestone for AEM.
Continued business from Intel and growth in new key accounts means we should expect FY25 revenue growth. Guidance for FY25 will come by February 2025.

Tire Industry: Premium Brands Exit Small-Rim Market Amidst Rising Competition

By Farah Miller

Premium brands focus on high-value large rims, leaving small-rim markets.
Factory closures signal overcapacity as brands exit small-rim tire production.
New players gain ground in small-rim segments in Europe and North America.

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Nov 14

Daily Brief Singapore: SGX Rubber Future TSR20, Sea , Boustead Singapore Limited, Lundin Gold Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam
Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock
Boustead: A Real Deep Value Play
kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

Thailand likely to receive less rains in the coming one-month period
Indonesia, Vietnam, Cambodia likely to have above normal rains
WMO predicts 60% chances of La Nina developing

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

By Devi Subhakesan

Sea (SE US) ‘s management expects all three business segments – ecommerce, financial services and entertainment – to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
It’s GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.

Boustead: A Real Deep Value Play

By Pyari Menon

Given Boustead Singapore Limited (BOCS SP) operating metrics just a minimal 1-2% growth through cycles should offer at least 50% upside.
Boustead is a solid investment with diversified exposure in energy, geospatial, and real estate sectors, with a focus on sustainability, and steady project pipeline supporting long-term visibility.
Boustead Singapore Limited (BOCS SP) is a deep value play, which prioritizes stability and risk mitigation over aggressive growth.

kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

By Geoff Howie

Ivan Chee, chief executive officer of iron ore producer Fortress Minerals, shares how it is innovating and diversifying into copper, a key material in green technologies, for its next stage of growth For Malaysian mining and iron ore producing company Fortress Minerals, the industrial boom since the end of the Covid-19 pandemic has been good for business.
The firm supplies iron ore to steel mills to make various products, and currently sells over 600,000 wet metric tonnes (WMT) of iron ore per year.

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Oct 22

Daily Brief Singapore: Delfi Ltd, SGX Rubber Future TSR20, Keppel DC REIT, Singapore Airlines and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Delfi Ltd (DELFI SP) – Sweeter Times Ahead?
Helixtap China Report: Declining Inventory Point At Improved Demand; Sustainability Questionable
REIT Watch – S-REITs announce their schedule for upcoming earnings season
Nokian Gifts Romania World’s First Zero CO2 Emission Tire Factory
CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

Delfi Ltd (DELFI SP) – Sweeter Times Ahead?

By Angus Mackintosh

Delfi Ltd (DELFI SP) saw some impact from the weaker IDR and higher cocoa prices in 1H2024 but prospects for 2H2024 look more promising with less expected disruption.
The company continues to roll out new distribution across modern trade independent and general trade as well as new variants for existing best-selling brands such as Silver Queen chocolate.
The company remains confident that the cocoa price will decline from current levels although it may remain higher than historic levels. Valuations remain attractive.

Helixtap China Report: Declining Inventory Point At Improved Demand; Sustainability Questionable

By Arusha Das

Inventory lowest since February 2024
Arbitrage widens for African and Indonesian rubber
Expansion in imports & exports in August

REIT Watch – S-REITs announce their schedule for upcoming earnings season

By Geoff Howie

Schedule of S-REITs & Property Trusts Earnings or Business Updates ParkwayLife REIT 16-Oct After Market Business Update 18-Oct Before Market Business Update CapitaLand Integrated Commercial Trust 5-Nov Before Market Business Update 5-Nov Before Market Business Update 5-Nov Before Market Financial Results.

Nokian Gifts Romania World’s First Zero CO2 Emission Tire Factory

By Vinod Nedumudy

EUR 650 mn Oradea plant to start commercial production in 2025
EUR 250 million for plant comes in EC-approved state aid and EIB loan
Nokian sets up new production line for heavy tire inner tubes at Nokia

CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

By Geoff Howie

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Oct 11 to Oct 17, with S$144 million of net institutional outflow, partially reversing the preceding 10 sessions of S$251 million net inflow.
This has brought net institutional flow in the 2024 year to Oct 17, back to a net outflow of S$21 million.
Leading the net institutional outflow over the five sessions through to Oct 17 were United Overseas Bank, Singapore Telecommunications, Singapore Airlines, Capitaland Ascendas REIT, Keppel, Capitaland Integrated Commercial Trust, Genting Singapore, Seatrium, Mapletree Pan Asia Commercial Trust and Jardine Matheson Holdings.

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Oct 19

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back

Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back

By Arusha Das

Requests for retraction in contracts by buyers
Oversupply of spot cargoes feeds pessimistic expectations

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Oct 18

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

By Farah Miller

Short-term 20-day MA remained elevated through September to mid-October 2024
SIR20 traded at a discount to futures
Processors in Thailand and Indonesia faced more margin pressure due to high raw material costs
The forward curve shows October 2024 prices at their highest for the year

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Oct 17

Daily Brief Singapore: SGX Rubber Future TSR20, Suntec REIT, COSCO SHIPPING International (Singapore) and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes
S-REIT Ebb & Flow: From Q3 Gains to Recent Declines
kopi-C with COSCO SHIPPING International (Singapore)’s Chairman and President: ‘Success comes to those who are prepared’

Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes

By Vinod Nedumudy

Consumption declines by .3% to 356,000 tons in Q1 FY 25
ATMA says April-Sept 2024 production 37% lower year on year
ATMA asks Rubber Board to expedite data publishing

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

By Geoff Howie

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.
The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.
Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.

kopi-C with COSCO SHIPPING International (Singapore)’s Chairman and President: ‘Success comes to those who are prepared’

By Geoff Howie

Integrated logistics company COSCO SHIPPING International (Singapore) is combining acquisitions and other investments with a focus on digitalisation and sustainability to grow.
Since 2018, the company has invested significantly, including acquiring logistics company Cogent Holdings, to shift its main business from ship building, ship repairing and marine engineering to integrated logistics.
COSCO SHIPPING International (Singapore) Co., Ltd. aims to become the best integrated logistics service provider in South and Southeast Asia.

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Oct 16

Daily Brief Singapore: Keppel Corp, Dyna Mac Holdings, CNMC Goldmine Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Keppel: Study on Disclosure (Report 1)
Dyna-Mac (DMHL SP): Hanwha’s Final Offer Could Get the Deal Done
10 in 10 – CNMC Goldmine Holdings – Mining more Gold

Keppel: Study on Disclosure (Report 1)

By Tan Yee Peng

Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset manager with S$200bn in funds under management (FUM) by 2030.
It is unprecedented for an industrial operator to successfully transform into an asset manager of such scale.
As such, close attention ought to be given to the progress and prospects of Keppel’s transformation.

Dyna-Mac (DMHL SP): Hanwha’s Final Offer Could Get the Deal Done

By Arun George

Dyna Mac Holdings (DMHL SP) disclosed a revised conditional offer from Hanwha Aerospace (012450 KS) and Hanwha Ocean (042660 KS) at S$0.67, an 11.7% premium to the initial S$0.60 offer.
The Estate (largest shareholder) stated that the previous S$0.60 offer was not compelling. The final offer addresses most of the Estate’s valuation concerns.
The Estate’s view and IFA opinion in the circular (despatched by 23 October) will be crucial to the acceptance rate. They are likely to support the final offer.

10 in 10 – CNMC Goldmine Holdings – Mining more Gold

By Geoff Howie

10 Questions for CNMC Goldmine Holdings What is CNMC Goldmine’s business about and what are some of its key business segments? Our flagship project, the Sokor Gold Field, spans 10 square kilometers and has been producing gold for more than a decade.
Given that a large portion of CNMC Goldmine’s revenue is tied to gold prices, how does the Group manage the potential volatility?.

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Oct 15

Daily Brief Singapore: Dyna Mac Holdings, SGX Rubber Future TSR20, Yangzijiang Shipbuilding and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps
Malaysia Raring To Cross RM30 Bn In Rubber And Products Exports In 2024
Indian Tire Players In Bid To Expand Reach Within And Outside
Substantial shareholder Thomas Clive Khoo takes his Zixin stake to above 9%

Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps

By David Blennerhassett

On the 11th September, Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance.
The transaction stalled on the 24th September, when the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong (holding ~35% currently) reckoned the Offer “does not adequately reflect” Dyna-Mac’s value.
Hanwha Group has now bumped terms by 11.67% to S$0.67/share, best & final. That’s a 35.4% premium to undisturbed, and a decade high. No word, yet, from the Lim estate.

Malaysia Raring To Cross RM30 Bn In Rubber And Products Exports In 2024

By Vinod Nedumudy

USTR clamping 50% duty on Chinese gloves from Jan comes in handy
Over 35% Malaysian rubber glove exports directed to the US
Malaysia’s rubber and products exports rise to RM15.5 bn in H1 2024

Indian Tire Players In Bid To Expand Reach Within And Outside

By Vinod Nedumudy

JK Tyres to pump in INR 1400 crore in two-three years
Apollo Tyres consolidates R&D in Europe
Gravita India to acquire waste tire recycling plant in Romania

Substantial shareholder Thomas Clive Khoo takes his Zixin stake to above 9%

By Geoff Howie

Institutions were net buyers of Singapore stocks over the five trading sessions spanning Oct 4 to Oct 10, with S$211 million of net institutional inflow, adding to the preceding five sessions of S$50 million net inflow.
Leading the net institutional inflow over the five sessions through to Oct 10 were DBS Group Holdings, Seatrium, Hongkong Land Holdings, Wilmar International, iFAST Corporation, Genting Singapore, SATS, Sembcorp Industries, Singapore Exchange and Frasers Logistics & Commercial Trust.
Its 1HFY24 (ended June 30) net profit of S$0.3 million compared to a net profit of S$0.4 million for 1HFY23.

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Oct 13

Daily Brief Singapore: SDAX and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

Oman firm leads US$50M financing round of Singapore’s digital asset exchange SDAX | e27

By e27

Singapore-headquartered digital asset exchange SDAX has closed its US$50 million Series B2 funding round led by Oman-based Muscat Precious Metals Refining Company.
This follows a US$18 million Series B round in 2021 led by PSA International, Straits Trading Company, and New Horizon Global.
The new funds will be used for client acquisition and adding new business lines, such as wealth and fund management.

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