Singapore

Today is the last day of trading for Mapletree North Asia Commercial Trust (MAGIC SP) also known as MNACT.
That means today is index deletion day for any number of global indices, even though MNACT is not in many of the major ones.
Payment will be S$1.949/unit plus a Clean-Up Distribution. There may be opportunities at the close. Strategy below.

Before it’s here, it’s on Smartkarma

Jun 08

Singapore: Hwa Hong Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Hwa Hong’s Revised Voluntary Conditional Offer at S$0.40
Hwa Hong Corp (HWAH SP): The Consortium Bumps And Declares Offer Final

Hwa Hong’s Revised Voluntary Conditional Offer at S$0.40

By Arun George

Sanjuro United has increased its voluntary conditional cash offer for Hwa Hong Corp (HWAH SP) by 8.1% to S$0.40 per share. The offer may be revised in a competitive situation.
The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.70% of outstanding shares.
The shares are trading in line with the revised offer price. The brewing family feud for the control of Hwa Hong suggests a possibility of a counterbid.

Hwa Hong Corp (HWAH SP): The Consortium Bumps And Declares Offer Final

On the 1 June, a consortium comprising Ong Choo Eng, his son Ong Eng Yaw, Roswell Assets, Dymon Asia, and Crytalic Star dispatched the Offer for Hwa Hong (HWAH SP).
With shares trading through terms, there was no tendering. The consortium has now bumped the Offer to S$0.40 from S$0.37/share and declared the terms final.
The revised Offer price is a 37.9% premium to last close and a 9-year high. The question is whether this is enough to settle Hwa Hong’s intergenerational shareholder squabble.

Before it’s here, it’s on Smartkarma

Jun 07

Singapore: Jardine Cycle & Carriage and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Tunas Ridean (TURI IJ): JCNC & Tunas Andolan’s Quasi Delisting Proposal

Tunas Ridean (TURI IJ): JCNC & Tunas Andolan’s Quasi Delisting Proposal

Tunas Ridean (TURI IJ) announced a plan to change its status from an open company to a closed company.
In effect, TURI will undertake a buyback of its shares at Rp1,700/share, a lifetime high. Those who do not tender will be left holding unlisted scrip.
Jardine Cycle & Carriage (JCNC SP) and Tunas Andalan both hold 46.24%, leaving 7.52% in public hands. The proposal requires a shareholder vote. It appears no shareholder needs to abstain.

Before it’s here, it’s on Smartkarma

Jun 05

Singapore: SPH REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Asia-Pac Weekly Risk Arb Wrap: Australian Unity Office, Nissui Pharma, Virtus, SPH REIT, Cocoaland

Asia-Pac Weekly Risk Arb Wrap: Australian Unity Office, Nissui Pharma, Virtus, SPH REIT, Cocoaland

There are 45 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four news deals this week: Australian Unity Office (AOF AU)‘s Aliro bid, Xiamen International Port (3378 HK)‘s parent buyout; Nissui Pharmaceutical (4550 JP)‘s Offer, and Cocoaland (COLA MK)‘s F&N’s Offer.
Key updates took place for: Virtus Health (VRT AU), AKM Industrial (1639 HK), Kito Corporation (6409 JP), and SPH REIT (SPHREIT SP).

Before it’s here, it’s on Smartkarma

Jun 03

Singapore: SPH REIT, Genting Singapore and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

SPH REIT Offer Goes Unconditional – The Option Now and Index Impacts To Come
StubWorld: Genting’s TauRx Boost. Also Hanhwa Solutions, Semirara Mining

SPH REIT Offer Goes Unconditional – The Option Now and Index Impacts To Come

Yesterday, it appears that a large holder of SPH REIT (SPHREIT SP) accepted the Cuscaden Chain Offer for the REIT.
This morning just after midnight, the Cuscaden consortium announced that the Chain Offer had become Unconditional.
This makes the 4-week option unconditional, and it means index impacts to come.

StubWorld: Genting’s TauRx Boost. Also Hanhwa Solutions, Semirara Mining

Genting Bhd (GENT MK) gains 10.3% following the completion of TauRx’s Alzheimer’s drug trial. That’s an RM1.9bn lift in its market cap, or US$0.43bn.
Preceding my comments on Genting, Hanwha Solutions (009830 KS), and Semirara Mining And Power Corp (SCC PM) are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Before it’s here, it’s on Smartkarma

Jun 02

Singapore: Hwa Hong Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Hwa Hong’s Conditional Offer Open For Acceptances

Hwa Hong’s Conditional Offer Open For Acceptances

On the 17 May, Ong Choo Eng, his son Ong Eng Yaw, along with Roswell Assets, Dymon Asia, and Crytalic Star launched an Offer for Hwa Hong Corp (HWAH SP).
The Offer Doc is now out and is open for acceptances. The first close is the 28th June.
This Doc does not include an IFA opinion. That will be included in the Circular which is expected to be despatched on or before the 14 June.

Before it’s here, it’s on Smartkarma

May 29

Singapore: SPH REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

There are 43 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two news deals this week: Yankuang Energy Group Company (1171 HK)‘s tilt for Yancoal Australia (YAL AU); SAIC Motor (600104 CH)‘s Offer for Dongzheng Automotive Finance (2718 HK).
Key updates took place for: Virtus Health (VRT AU), Toyo Construction (1890 JP), SPH REIT (SPHREIT SP), Mapletree Commercial Trust (MCT SP)/ Mapletree North Asia Commercial Trust (MAGIC SP)

Before it’s here, it’s on Smartkarma

May 25

Singapore: Grab, Far East Hospitality Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Grab (GRAB US) – Rolling Recovery in Motion
Southeast Asia Tourism: Who Are the Beneficiaries

Grab (GRAB US) – Rolling Recovery in Motion

By Angus Mackintosh

Grab‘s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this.
Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.

Southeast Asia Tourism: Who Are the Beneficiaries

By Henry Soediarko

Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore.
Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound.
Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore.

Before it’s here, it’s on Smartkarma

May 24

Singapore: Mapletree Commercial Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

MCT and MNACT Unitholders Approve Merger To Become MPACT

MCT and MNACT Unitholders Approve Merger To Become MPACT

The merger between Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) (a.k.a. “MNACT”) was approved by both sets of unitholders today.
MCT unitholders offered 85.7-92.1% approval rates for the four measures. MNACT unitholders offered 98-99% approval rates (but high 80s in terms of unitholder count).
Now we move forward, with the election of terms and

Before it’s here, it’s on Smartkarma

May 23

Singapore: SPH REIT, Grab and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

SPH Offer Open – Starts to Look Interesting
GoTo: A Private Placement Larger Than the IPO and a 10% Potential Dilution

SPH Offer Open – Starts to Look Interesting

By Shifara Samsudeen, ACMA, CGMA

The SPH REIT (SPHREIT SP) Chain Offer was launched on Thursday 19 May.
The Chain Offer Price has been revised lower from the original level to be S$0.9372/unit, as discussed a few times in these pages.
The units have underperformed Peer Baskets for the last few months and have now fallen to the Chain Offer Price. That presents opportunities

GoTo: A Private Placement Larger Than the IPO and a 10% Potential Dilution

Superapp GoTo (GOTO IJ) on Friday announced that it plans to issue 118.4bn shares through a private placement subject to shareholder approval.
This fresh issue accounts for 9.9% of the total outstanding shares of the company and the announcement comes 2-months after the company’s US$1.1bn IPO in March this year.
GoTo’s shares are down 20.4% since its IPO and the shares are trading IDR304 a piece, well below its IPO price of IDR338 per share.

Before it’s here, it’s on Smartkarma