Singapore

• A recent webinar hosted by Smartkarma with Golden Agri Resources revealed a company confident in the outlook for both its plantation and its value-added processing businesses.
• Golden Agri Resources leads the industry in terms of the yields on its plantations versus both Indonesia and Malaysia and continues to replant with higher-yielding varieties.
• The company has plentiful processing capacity for its own needs and those of third parties, which will help maintain margins. Management is confident in the outlook for palm oil prices.

• There are 45 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• One new deal this week: Pipedo HD Inc (3919 JP)‘s MBO
• Key updates took place for: Link Administration (LNK AU), Tassal (TGR AU),Giordano (709 HK)Hwa Hong (HWAH SP), SPH REIT (SPHREIT SP), and Mapletree Commercial Trust (MCT SP).

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Times China
2. Powerlong Real Estate Holdings
3. Kwg Property Holding
4. Country Garden Holdings Co
5. China South City

and more…

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• CIFI Holdings
• Lippo Malls Indonesia Retail Trust
• Times China

• As a result of market acquisitions, the Offeror for Hwa Hong Corp (HWAH SP) now holds 30.0%, triggering a mandatory general offer (MGO). 
• Including shares tendered, the Offeror controls 38.24%. The Offer remains subject to a 50% acceptance condition. HWAH directors holding 29.26% of shares still do not intend to accept the Offer. 
• The S$0.40/share Offer price has been declared final. The final closing date is 1 August. This transaction will go down to the wire.

• The SPH REIT Mandatory Chain Offer resulted in Cuscaden owning 61.68% of SPH REIT (SPHREIT SP) 
• As per SPH REIT Offer Goes Unconditional – The Option Now and Index Impacts To Come, that meant substantial index downweights to come.  
• One of those is today. Watch for a chunk of selling at the close.

• Mapletree Commercial Trust (MCT SP) has crept higher vs the Peer Baskets, especially in the last 4-6 weeks as Other S-REITs have weakened. 
• This sets the stage for a potentially large flowback into S-REITs as a class coming in a few weeks.
• It may be time to reconsider positioning, looking at where MPACT has been and will be.

• Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.
• ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.
• All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region’s climate transition.

For our next Corporate Webinar we are glad to welcome IREIT Global (IREIT SP) CEO, Louis d’Estienne d’Orves.

In the upcoming Webinar, Louis will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst Jesus Rodriguez Aguilar. A live Q&A session will follow.

The Corporate Webinar will be hosted on Tuesday, 12 July 2022, 17:00 SGT.

• For the month of June, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$8bn.
• The average premium for the new deals announced (or first discussed) in June was ~32%.
• This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.

• Rex will soon close a disappointing 1H22 as equipment upgrades and maintenance hamper production in Oman. Recently production was halted again due to a small oil leak in its flowline.
• Norway’s production has been declining in 1H. Rebound hopefully in 2H. New bond financing was announced for more Norwegian M&A. Malaysian assets to get the green light in 2H22.
• Rex remains very cheap but needs to deliver on operational milestones to unlock value. YTD share price performance has lagged sector peers substantially.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
• ECM – Thai Life Insurance (TLI TB) is set to launch a US$1bn IPO; BeerCo and Sichuan Tianqi Lithium Industries, Inc (002466 CH) are premarketing US$0.8-1.0bn and US$1.0-1.5bn IPOs, respectively.
• Event-Driven developments at Giordano International (709 HK), Link Net (LINK IJ), Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger, Infomedia Ltd (IFM AU), Resapp Health (RAP AU).