Singapore Daily Briefs | Page 41 of 86

Sep 20

Daily Brief Singapore: Pfizer Inc, Splunk Inc, Under Armour and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Pfizer Inc.: The Global Blood Therapeutics Acquisition & Other Drivers
Splunk Inc: Enhancement Of The Partnerverse Program & Other Developments
Under Armour Inc: Digital Strategy & Other Drivers

Pfizer Inc.: The Global Blood Therapeutics Acquisition & Other Drivers

By Baptista Research

While operating in a difficult foreign exchange environment, Pfizer maintained a good operational performance in the second quarter and delivered an all-around beat, exceeding Wall Street expectations on all counts.
The chance of a future variety that combines the severity of the original virus with the contagiousness of Omicron nevertheless persists.
Among major updates, Pfizer went on to acquire Global Blood Therapeutics to strengthen its commitment to sickle cell disease.

Splunk Inc: Enhancement Of The Partnerverse Program & Other Developments

By Baptista Research

Splunk had a robust set of results with a top-line outperformance and it also exceeded the operating margin and earnings expectations for the quarter.
Positive consumer engagement was seen by the management with robust competitive win rates, good business momentum, and a high net retention rate.
In spite of the solid top and bottom line, the total ARR and cloud ARR came short of management expectations.

Under Armour Inc: Digital Strategy & Other Drivers

By Baptista Research

Under Armour’s brand strength helped the company deliver an all-around beat while navigating the present environment.
The company’s financial performance has been decent as its wholesale revenue increased while the eCommerce revenue and direct-to-consumer revenue decreased.
The company is planning to launch a new footwear platform, Kevin, that can change the landscape of athletic footwear.

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Sep 19

Daily Brief Singapore: Sembcorp Marine and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

FTSE Straits Times Index (STI): Quiddity Primer

FTSE Straits Times Index (STI): Quiddity Primer

By Janaghan Jeyakumar, CFA

FTSE Straits Times Index (STI) (STI INDEX) consists of the 30 largest companies listed in the Singapore Stock Exchange (SGX).
This is one of the well-known national blue-chip indices in the Asia-Pacific region.
In this insight, we will have a look at the selection criteria and the historical price performance of past Rebalance Events.

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Sep 18

Daily Brief Singapore: Frasers Hospitality Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

By David Blennerhassett

NTT (9432 JP) results were better than Softbank Corp’s and KDDI’s. The good “drift trade” may still be to be long NTT vs a basket of KDDI and Softbank Corp.
The Frasers Hospitality (FHT SP) Scheme failed. The non-vocal minority simply didn’t show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.
In a surprise move, Genting Bhd (GENT MK)– or Genting Malaysia (GENM MK) – has joined the six incumbents in bidding for new casino licences in Macau.

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Sep 16

Daily Brief Singapore: Genting Singapore, Glife Technologies, M-DAQ and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Genting Fancies A Flutter In Macau
Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers
SG Fintech Firm M-Daq Expands into Japan with New Office

Genting Fancies A Flutter In Macau

By David Blennerhassett

In a surprise move, Genting Bhd (GENT MK) – or Genting Malaysia (GENM MK) – has joined the six incumbents in bidding for new casino licences in Macau.
The bidding process follows Macau’s record low monthly gaming revenue in July after casinos were closed for 12 days in response to a Covid outbreak.
Casinos have re-opened, yet there is little to cheer about as business remains muted. The six winners are expected to be announced by the end of November or early December.

Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers

By e27

Glife Technologies aggregates demand for food produce from restaurants and match it with suppliers, giving restaurants better access to a variety of products
Singapore-headquartered Glife Technologies, a B2B marketplace to connect restaurants with farmers, has extended its Series round with a US$3 million investment from Tin Men Capital.
Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022 and enlarge its market share in the Indonesian market.

SG Fintech Firm M-Daq Expands into Japan with New Office

By Tech in Asia

M-Daq Global, a Singapore-based fintech firm that provides forex solutions, has opened an office in Japan as part of its international expansion plans.
The move comes after the company expanded into European markets by signing an agreement with London-based trading platform Turquoise to provide multiasset services.
The company has processed over US$32 billion in cross-border transactions over 45 markets since the launch of its Aladdin FX ecommerce solution in 2016.

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Sep 15

Daily Brief Singapore: Moya Holdings Asia, Singapore Medical and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Moya Holding’s S$0.092 Delisting Offer
Moya Holdings: Anthoni Salim’s Exit Offer
Singapore Medical’s Light VGO Offer from Top Management
Singapore Medical: Management’s Low-Balled Buyout

Moya Holding’s S$0.092 Delisting Offer

By Arun George

Moya Holdings Asia (MHAL SP) received a delisting proposal from Tamaris Infrastructure (a 72.84% shareholder) at S$0.092 per share, a 41.5% premium to the undisturbed price (8 September).
The key condition is shareholder approval. 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. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.

Moya Holdings: Anthoni Salim’s Exit Offer

By David Blennerhassett

Indonesian water treatment play Moya Holdings Asia (MHAL SP) has announced an Exit Offer from Tamaris Infrastructure, an Anthoni Salim-controlled entity.
The Offer price is S$0.092/share, a 41.5% premium to last close. The Offer price will not be increased.
The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.

Singapore Medical’s Light VGO Offer from Top Management

By Arun George

Singapore Medical (SMG SP) received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).
The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.
The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional.

Singapore Medical: Management’s Low-Balled Buyout

By David Blennerhassett

Healthcare provider Singapore Medical (SMG SP) has announced a voluntary conditional general offer from TLW Success, an entity equally controlled by three senior members of management.
TLW is offering A$0.37/share, a 13.8% premium to last close. Shareholders are afforded an unlisted scrip option.
TLW shareholders hold 16.49%. Irrevocables another 35.18%, or 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror. The acceptance level condition may be reduced.

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Sep 14

Daily Brief Singapore: Frasers Hospitality Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Frasers Hospitality Trust Scheme Vote Fail – Minority Apathy Meets Vocal Minority. Units Drop Hard.

Frasers Hospitality Trust Scheme Vote Fail – Minority Apathy Meets Vocal Minority. Units Drop Hard.

By Travis Lundy

In a somewhat extraordinary turn of events, the Scheme Meeting for the Frasers Hospitality Trust (FHT SP) takeover did not garner enough votes to get to YES.
About 3% of units (about 8% of minorities) came out against. But only 18.8% of minorities actually voted. The deal has failed. The bidders can’t come back for a while.
The units are trading down nearly 25% today as a result. This is cheap against both hospitality and major S-REIT peers. Inside, I discuss Overhang and Divs.

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Sep 13

Daily Brief Singapore: Frasers Hospitality Trust, PropertyGuru and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short
PropertyGuru SPAC Lock-Up – Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short

By Arun George

Frasers Hospitality Trust (FHT SP)’s scheme just fell shy of clearing the value test as 74.88% of the total votes cast approved the scheme resolution vs the 75% requirement.
The shares were trading tight to terms as Frasers Property Ltd (FPL SP)’s offer of S$0.714 comprising of S$0.70 cash per share + permitted distributions (estimated 1.356 cents) was attractive.
We estimate that the surprising deal break will likely lead to a 15-20% share price fall. The last close price is around 24% higher than the undisturbed price (S$0.57).

PropertyGuru SPAC Lock-Up – Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

By Sumeet Singh

PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.
The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.
In this note, we will talk about the lock-up dynamics and updates since our last note.

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Sep 10

Daily Brief Singapore: Crowdstrike Holdings Inc, Enphase Energy, Ralph Lauren and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

CrowdStrike Holdings: Increasing Cybercrime & Ransomware Upside & Other Drivers
Enphase Energy: The GreenCom Networks Acquisition & Other Drivers
Ralph Lauren: Increased Digital Marketing Efforts

CrowdStrike Holdings: Increasing Cybercrime & Ransomware Upside & Other Drivers

By Baptista Research

CrowdStrike saw its quarterly revenue exceed the $500 million threshold for the first time in the last quarter and delivered an all-around beat.
For the second consecutive quarter, gross retention increased to a new high, and dollar-based net retention soared to its highest point in seven quarters.
In the quarter, the public sector also became stronger, fueled by record-breaking success in U.S. federal and international government agencies.

Enphase Energy: The GreenCom Networks Acquisition & Other Drivers

By Baptista Research

Enphase had a good quarter and managed to exceed Wall Street expectations on all counts.
Its total revenue for the second quarter was $530.2 million, an increase of 20% from the previous quarter.
In the third quarter, they supplied microinverters rated at about 1,213 megawatts DC and actuators rated at 132.4-megawatt hours.

Ralph Lauren: Increased Digital Marketing Efforts

By Baptista Research

Ralph Lauren delivered strong results this quarter surpassing revenue expectations of Wall Street as a result of solid growth across all key regions.
Ralph delivered solid consumer metrics, which include increased net promoter scores, purchase intent, and global brand consideration through an engaging mix of performance marketing and purpose-led investments.
We provide the stock of Ralph Lauren with a ‘Hold’ rating and a revision in the target price.

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Sep 09

Daily Brief Singapore: Circles.Life, Sea Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives
Reneging on Job Offers Underscores Sea’s Retrenchment

Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives

By Alec Tseung

A fully virtual mobile operator which leases its 4G/5G networks to provide digital mobile services targeting mainly young digital natives.
Circles.Life is known for offering very flexible plans with highly competitive pricing; it also offers its proprietary tech platform, Circles Global, as a B2B SaaS product.
It was reported to be in early talks with a SPAC for a potential merger in July this year.

Reneging on Job Offers Underscores Sea’s Retrenchment

By Caixin Global

Southeast Asian conglomerate Sea Ltd. has pumped the brakes on its e-commerce unit Shopee’s expansion, resorting to measures such as reneging on jobs offers to Chinese employees at the last minute.
The strategy shift came as the Singaporean company backed by Chinese tech giant Tencent Holdings Ltd. tries to slash costs to shore up its bottom line amid widening losses.
The red ink has followed several years of aggressive expansion by Shopee, which has piled pressure on its balance sheet this year, just as challenges raising money abroad mounted.

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Sep 08

Daily Brief Singapore: Sea Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sea Ltd – Just About Doomed

Sea Ltd – Just About Doomed

By Oshadhi Kumarasiri

It was reported yesterday that Sea Ltd (SE US)‘s e-commerce arm “Shopee” has begun rescinding job offers.
Having burnt around $2.0bn during the first six months of 2022 pursuing e-commerce and fintech growth aspirations, this seems like an extreme measure to ensure the company’s survival.
With the gaming profitability fading, we are starting to think that even the extreme cost-cutting could be insufficient to overturn Sea’s e-commerce and fintech cash burn.

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