Category

Singapore

Sep 07
0

Daily Brief Singapore: Jardine Matheson Holdings, Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV
  • Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

Jardine Matheson (JM SP): Squeezing More Life Out Of The NAV

By David Blennerhassett

  • After publishing my insight (Jardine Matheson (JM SP): Trading “Cheap”) last week, my NAV calcs were called into question by some readers, when compared to street estimates.
  • Which is cool. I’m big enough to admit mistakes, where needed. So I’ve done some digging, including a back and forth with Jardine Matheson Holdings (JM SP).
  • The upshot? I have not lead you astray. You’ve been coming to the right place.

Crude Oil Breaking 1.5-Year Support, Failed Breakouts on $EFA $ACWX; Still Expecting More Downside

By Joe Jasper

  • The latest recessionary signal we see: WTI and Brent crude oil prices violating 1.5-year supports, only adding to our prior concerns about a weakening labor market (Sahm rule, SRI triggered)
  • We also discussed last week (August 29) how we were expecting the S&P 500, Japan’s TOPIX, and Europe’s EURO STOXX 50 to “roll over near current or marginally higher levels.”
  • Ongoing belief (since July 25) is that $ACWI is going through a 1- to 4-month pullback/consolidation that could end up being a topping pattern. All have since reacted lower.

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Sep 05
0

Daily Brief Singapore: Scilex Holding , Far East Orchard and more

By | Daily Briefs, Singapore

In today’s briefing:

  • SCLX: Company Sets up Spinoff
  • kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’

SCLX: Company Sets up Spinoff

By Zacks Small Cap Research

  • SCLX is filling a much-needed area of the health care sector, that of developing non-opioid pain relief products.
  • The company already has commercialized products that are proven to improve patients’ lives.
  • The company announced a merger between a SPAC and a Scilex subsidiary that is developing a non-opioid novel injectable corticosteroid, which will set up a spinoff of the combined entity in early 2025.

kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’

By Geoff Howie

  • kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’ Nearly a decade after entering the student housing market in the United Kingdom in 2015, Singaporean real estate company Far East Orchard continues to see massive potential for growth.
  • Established since 1967, Far East Orchard has a track record in real estate development, investment and management across residential, commercial, hospitality and Purpose-Built Student Accommodation (“PBSA”) properties in Australia, Japan, Malaysia, Singapore, and the United Kingdom (“UK”).

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Sep 04
0

Daily Brief Singapore: Capitaland Integrated Commercial Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders

CICT Placement – Accretive Acquisition, Should Be Favored by Existing Unitholders

By Clarence Chu

  • Capitaland Integrated Commercial Trust (CICT SP) is looking to raise around S$350m (US$267m) in its primary placement. Included in the issuance is a preferential offering to raise an additional S$757m.
  • The proceeds will be geared towards acquiring a 50% interest in the ION Orchard mall from its Sponsor.
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

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Sep 03
0

Daily Brief Singapore: Hiap Hoe Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Hiap Hoe chairman Teo Ho Beng raises his interest in company

Hiap Hoe chairman Teo Ho Beng raises his interest in company

By Geoff Howie

  • Institutions were net buyers of Singapore stocks over the five trading sessions spanning August 23 through to August 29, with S$69.5 million of net institutional inflow, adding to the S$184.7 million of net inflow over the preceding five sessions.
  • This followed the buy back of 3.4 million shares at an average price of S$2.56 per share over the preceding five sessions.
  • Zheneng Jinjiang Environment Holding Company also bought back 0.5 million shares at an average price of S$0.34 per share.

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Sep 01
0

Daily Brief Singapore: Jardine Matheson Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

By David Blennerhassett

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Aug 30
0

Daily Brief Singapore: Willas Array Electronics and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Manufacturing and Trade Show Signs of Improvement in August

Manufacturing and Trade Show Signs of Improvement in August

By Geoff Howie

  • In August, multiple signs of an improving outlook for manufacturing and trade, have included a four-month high in ASEAN Manufacturing PMI expectations, a projected recovery in Singapore’s manufacturing sector driven by strong electronics demand, and a significant month-to-month rebound in Singapore’s Industrial Production in July.
  • Since 6 August, the iEdge SG Adv Manufacturing Index has rebounded 5%, recovering most of the declines in the first week of the month.
  • For the month through to 28 August, the top-performing actively traded stocks in the iEdge SG Adv Manufacturing Index included SATS, UG Healthcare Corporation, Medtecs International Corporation, Thai Beverage, and Willas-Array Electronics (Holdings).

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Aug 29
0

Daily Brief Singapore: Jardine Matheson Holdings, Silverlake Axis and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jardine Matheson (JM SP): Trading “Cheap”
  • Silverlake Axis (SILV SP): Goh’s Hybrid Offer

Jardine Matheson (JM SP): Trading “Cheap”

By David Blennerhassett

Silverlake Axis (SILV SP): Goh’s Hybrid Offer

By David Blennerhassett

  • Goh Peng Ooi, the Executive Chairman and founder, has made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
  • The S$0.36/share cash Offer for the software solutions play is a 20% premium to last close. Or a 31.9% premium to the 12-month VWAP.
  • The quirk in the terms is the option to receive A$0.30/share (in cash), plus one new redeemable preference share in the Offeror, to be redeemed at A$0.18/share after five years. 

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Aug 28
0

Daily Brief Singapore: Keppel Infrastructure Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well

Keppel Infra Trust Placement – While the Raising Is Relatively Large, Its past Deals Have Done Well

By Clarence Chu

  • Keppel Infrastructure Trust (KIT SP) is looking to raise around S$206m (US$158m) in its primary placement.
  • Proceeds will be used to pay down its bridge loan facility linked to its Ventura acquisition. KIT also appears to have secured its unitholders’ approval for the raising earlier. 
  • In this note, we run the deal through our ECM framework and comment on deal dynamics.

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Aug 27
0

Daily Brief Singapore: Silverlake Axis , ST Engineering, Mapletree Industrial Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Silverlake Axis (SILV SP): Voluntary Unconditional Offer
  • Director acquisitions rebound after earnings reporting season
  • REIT Watch – Industrial Reits maintain resilience despite sector’s slowdown

Silverlake Axis (SILV SP): Voluntary Unconditional Offer

By Arun George

  • Silverlake Axis (SILV SP) has disclosed a voluntary unconditional offer from the Goh family and Ikhlas Capital. The default cash consideration is S$0.36, a 20.0% premium to the undisturbed price.
  • The combi consideration is S$0.30 in cash and one new redeemable preference share (RPS) in the offeror, which will be mandatorily redeemed after five calendar years at S$0.18 per RPS.
  • While not declared final, the offer is reasonable but not a knockout bid. The offeror is likely to use the voluntary delisting method to privatise Silverlake.

Director acquisitions rebound after earnings reporting season

By Geoff Howie

  • Institutions were net buyers of Singapore stocks over the five trading sessions spanning Aug 16 to 22, with S$184.7 million of net institutional inflow.
  • Leading the net institutional inflow were DBS, Singapore Exchange (SGX), Sats, UOB, Jardine Cycle & Carriage, Seatrium, Mapletree Industrial Trust, OCBC, Singtel and Singapore Technologies Engineering.
  • Between Aug 15 and 16, Wee Investments acquired two million shares of UOL at an average price of S$5.21 per share.

REIT Watch – Industrial Reits maintain resilience despite sector’s slowdown

By Geoff Howie

  • In JTC’s latest market report for the second quarter of 2024, it noted that industrial rents rose 1 per cent quarter on quarter, recording the slowest rate of increase since Q1 2022 following the Covid-pandemic recovery.
  • On a year-on-year (yoy) basis, industrial rents are still up 6.6 per cent.
  • Overall occupancy rates rose 0.3 percentage point to 89 per cent as new demand continues to outpace supply increases.

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Aug 23
0

Daily Brief Singapore: Suntec REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Steady STI Trading Reflects Smooth Economic Landing Focus

Steady STI Trading Reflects Smooth Economic Landing Focus

By Geoff Howie

  • Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.
  • Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.
  • Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.

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