Singapore

• Healthcare S-Reits stay defensive with robust fundamentals JLL’s latest Healthcare Real Estate Outlook report also identified that healthcare-related assets remain one of the most resilient commercial real estate sectors.
• Notably, Parkway Life Reit (PLife) and First Reit are two listed healthcare Singapore Reits (S-Reits) that invest in income-producing, healthcare-related commercial properties in both Singapore and overseas markets such as Japan, Indonesia and Malaysia.

Key points

• Delfi, the leading chocolate company in Indonesia, is experiencing challenges due to rising cocoa prices
• Despite a decrease in share price, analysts remain optimistic about Delfi’s future prospects
• The company’s management team is implementing strategic measures to protect profit margins and improve financial performance, with initiatives planned for 2024 expected to mitigate the impact of cocoa price increases

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

MoneyHero has made a promising start to FY24, with robust levels of revenue growth in Q124 across several core markets and all product verticals. Investment in the platform has resulted in improved application conversion rates, while several senior hires have been made, including the new CFO, Hao Qian, and a head of AI. Although the EBITDA loss widened in the quarter, management expects profitability to improve to a break-even run rate by end FY24. Our estimates are unchanged, anticipating sequential quarterly revenue growth as management accelerates investment in its user base and benefits from operational leverage.

• Grab Holdings (GRAB US) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
• Competition from new players in Singapore is evident but given Grab’s market position, which allows it to virtually guarantee driver’s daily income, whilst competition often affects smaller players more.
• Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold. 

• Our bullish outlook (since early-November 2023) remains intact. We continue to recommend buying dips as long as MSCI $ACWI and $EEM remain above important supports at $110 and $41-$42, respectively.
• We are reiterating Japan as an Overweight — Add Exposure; Nikkei 225, TOPIX, TOPIX Small All Breaking Out. And 2+ year RS uptrends remain intact on TOPIX and Nikkei 225
• We take a break from recommending Technology (though we are still bullish) and highlight buys within global Energy, Health Care, Telecommunications, and Utilities

• Two years of suspension, an “okay” Offer (following the bump), family members selling prior to and after the Offer – Best World International (BEST SP) is anything but dull. 
• The Circular is now out for the $2.56/share Exit Offer from Best World’s founders Dora Hoan and Doreen Tan. The Offer Price will not be increased. 
• Independent shareholders go to the vote on the 19th July. The IFA says fair & reasonable. Payment is possible late-July. But the vote is by no means a sure thing.

• The Best World International (BEST SP) IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. 
• The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
• The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.

• LMS Compliance directors augment interests OCBC led the buyback consideration tally for the abbreviated four-session week, acquiring 125 million shares at an average price of S$14.21 per share.
• His total interest in Bonvests Holdings is 84.71 per cent.
• His preceding acquisition was on Jun 11, with 11,300 shares purchased also at S$0.96 per share.

• As of 20 June, the FTSE ST All-Share Index generated a 3.9% total return in 2Q24, outpacing the FTSE Asia Pacific Index (+2.7%) and FTSE ASEAN All-Share Index (-1.9%).
• The 10 strongest performers of the FTSE ST All-Share Index in 2Q24 (to 20 June) averaged 37% total returns, and were led by Yoma Strategic, Samudera Shipping and Yangzijiang Shipbuilding.
• On the other side of the FTSE ST All-Share Index constituent performances, Food Empire Holdings has declined 19% in 2Q24 (to 20 June), reducing its total return since the end of 2019 to 95%.

• kopi-C with Dyna-Mac’s CEO: ‘We went from near-bankruptcy to having a record order book’ Offshore oil and gas contractor Dyna-Mac’s CEO AC Lim shares how he overhauled the company’s business practices to bring it back from the brink and achieve remarkable growth.
• When Lim Ah Cheng, also known as AC Lim, became offshore oil and gas contractor Dyna-Mac’s chief executive officer in 2020, the firm was in crisis.

• Kuok Khoon Hong and George Yeo boost Wilmar stakes Institutions were net sellers of Singapore stocks in the five trading sessions up to Jun 13, with S$3.6 million of net institutional outflow, as 23 primary-listed companies conducted buybacks with a total consideration of S$88.8 million.
• Stamford Land Corp executive chairman Ow Chio Kiat increased his total interest from 45.86 to 45.88 per cent, acquiring 246,800 shares at S$0.40 a share between Jun 6 and 11.

• Singapore-based retail S-Reits record growth on higher sales, positive rent reversion The seven are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (Lendlease Reit), Mapletree Pan Asia Commercial Trust : N2IU (MPACT), Paragon Reit, Starhill Global Reit and Suntec Reit.
• Suntec Reit’s retail portfolio reported a 3 per cent yoy growth in gross revenue and 1.3 per cent growth in NPI for Q1 2024.

• Back on the 10th May, OCBC (OCBC SP) made a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
• At a 36.9% premium to last close, the S$25.60/share Offer Price appeared fair. Yet GE has consistently traded through terms, potentially as someone seeks to block delisting, and negotiate terms.
• OCBC has now declared terms final. The IFA says “not fair, but reasonable” – and recommends shareholders accept the Offer. GE will be suspended at the close of the Offer.