Category

Singapore

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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Oct 26
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel and Other Potential Index Changes

Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel and Other Potential Index Changes

By Janaghan Jeyakumar, CFA

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Oct 25
0

Daily Brief Singapore: LHT Holdings, SPH REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • LHT’s Yap Mui Kee takes interest above 16%
  • REIT Watch – S-Reits confirm schedule for latest results and updates

LHT’s Yap Mui Kee takes interest above 16%

By Geoff Howie

  • FOR the five trading sessions that spanned Oct 14 to 20, the Straits Times Index (STI) declined 0.6 per cent, with the Hang Seng Index falling 1.4 per cent and the FTSE Bursa Malaysia KLCI gaining 3.1 per cent.
  • Overall, institutions were net sellers of Singapore stocks for the five sessions ended Oct 20, with close to S$40 million of net outflows.
  • On Oct 18, LHT Holdings managing director, Yap Mui Kee, acquired 460,700 shares at 70 cents per share.

REIT Watch – S-Reits confirm schedule for latest results and updates

By Geoff Howie

  • REIT Watch – S-REIT earnings and updates schedule for this reporting season Some 33 S-Reits and property trusts have confirmed dates of their upcoming financial results or business updates for this reporting season, with SPH Reit 0% kicking off the release of its full year FY22 financial results, along with Sabana Industrial Reit’s +1.28% Q3 FY22 business update.
  • Sabana Industrial Reit updated that it reached portfolio occupancy levels of 89.1 per cent, a new high since Q3FY17.

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Oct 19
0

Daily Brief Singapore: Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

Singapore Medical’s VGO: IFA Says It Is Not Fair but Reasonable

By Arun George

  • The IFA has declared the Singapore Medical (SMG SP) VGO (S$0.37 cash or one new share in the offeror) from management (chairman, CEO, exec director) is “not fair but reasonable.” 
  • The offer is light, and hitting the 90% minimum acceptance condition will be challenging. There is a remote chance of a bump as the offer has not been declared final.
  • Irrevocables remain at 51.67% of outstanding shares. The current gross spread of 1.4% is not an attractive risk/reward profile. Take profits and head for the exit.

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Oct 16
0

Daily Brief Singapore: Golden Energy & Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Elmo Software; Golden Energy, Kingston Financial, Pushpay

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Elmo Software; Golden Energy, Kingston Financial, Pushpay

By David Blennerhassett

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Oct 12
0

Daily Brief Singapore: Golden Energy & Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Golden Energy & Resources: Widjaja Family Betting Ridiculous Cashflow Continues

Golden Energy & Resources: Widjaja Family Betting Ridiculous Cashflow Continues

By David Blennerhassett

  • Golden Energy & Resources (GER SP), an Indonesian/Australian energy/met coal play, may be subject to an acquisition from its controlling shoulder, the Widjaja Family.
  • GEAR reported 1H22 (to June) earnings of US$279mn, an 859% gain yoy, as contributions from the newly acquired stake in an Australian coal mine from BHP (BHP AU) kicked in.
  • The family is potentially betting on one to two more years of outsized cashflow as the world’s coal habit remains healthy.

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Oct 09
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Last Week in Event SPACE: Shinsei Bank, Jardine Cycle, Keppel Corp, Eagle Cement, Hitachi Transport

Last Week in Event SPACE: Shinsei Bank, Jardine Cycle, Keppel Corp, Eagle Cement, Hitachi Transport

By David Blennerhassett

  • SBI Holdings (8473 JP)‘s subsidiary has reportedly filed its application to become a Bank Holding Company, the definition being a company holding a 50% or greater stake in a bank.
  • Jardine Cycle & Carriage (JCNC SP) is expensive here – relative to historical values –  and from an implied stub perspective, has only briefly been exceeded twice in the last decade.
  • Expect Keppel (KEP SP) to re-rate after the spinoff. The Sembcorp Marine (SMM SP) distribution supported by both better profitability and much larger order books can be managed reasonably cleanly. 

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Oct 05
0

Daily Brief Singapore: SATS, Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • SATS: If Three Different P/E Firms Can’t Create Value for 8 Years, Can SATS?
  • Singapore Medical’s VGO Acceptance Condition Fixed at 90%
  • Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

SATS: If Three Different P/E Firms Can’t Create Value for 8 Years, Can SATS?

By Nicolas Van Broekhoven

  • SATS (SATS SP) is almost back to 2020 Covid lows after announcing the WFS acquisition.
  • Buying from PE firms is always problematic as they have already skinned the proverbial cat, in the case of WFS, it has been passed around many times since 2006.
  • At a time of rising interest rates, SATS is assuming a large pile of debt and will need to dilute shareholders significantly. Would this deal have happened under Alex?

Singapore Medical’s VGO Acceptance Condition Fixed at 90%

By Arun George

  • Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) at S$0.37 cash per share or one new share in the offeror will close on 1 November.
  • The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.
  • The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.

Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

By David Blennerhassett

  • Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a low-balled voluntary exit offer from TLW Success, an entity equally controlled by three senior members of management.
  • TLW is offering S$0.37/share, a 13.8% premium to last close. TLW shareholders plus irrevocables hold 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror
  • In the Offer Doc, the Offeror has, surprisingly, waived its right to lower the acceptance condition. It will not be lowered. There is no IFA opinion in the Offer Doc.

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Sep 28
0

Daily Brief Singapore: QT Vascular Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

By Geoff Howie

10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

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Sep 21
0

Daily Brief Singapore: Keppel Corp, Smartsheet Inc and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
  • Smartsheet Inc- Initiation of Coverage – The Outfit Acquisition & Other Drivers

Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes

By Janaghan Jeyakumar, CFA

  • The FTSE Straits Times Index (STI) (STI INDEX) has a quarterly rebalancing cycle with index reviews performed in March, June, September, and December every year.
  • The March and September reviews are complete index reviews while the June and December reviews are only for new listings. 
  • In this insight, we take a look at the potential index changes that can take place between now and the end of the March 2023 index review.

Smartsheet Inc- Initiation of Coverage – The Outfit Acquisition & Other Drivers

By Baptista Research

  • This is our first report on Smartsheet, a well-known cloud-based enterprise platform for workflow automation and various other features.
  • The company had a successful second quarter and managed to surpass Wall Street expectations in terms of revenues and earnings.
  • Their new business movement also had another successful quarter in Q2, with new business bookings establishing a new quarterly high.

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