In today’s briefing:
- Keppel (KEP SP) Vote on Keppel O&M and Sembcorp Marine Transaction on 8 Dec
- SM Investments (SM PM): Retail Income Now Exceeds Pre-Covid Levels
Keppel (KEP SP) Vote on Keppel O&M and Sembcorp Marine Transaction on 8 Dec
- Keppel Corp (KEP SP)’s EGM on 8 December requires majority shareholder approval of two ordinary resolutions. The IFA notes that the transaction terms are “not prejudicial” to minorities.
- Keppel shareholders will be supportive due to attractive terms. The other key conditions precedent is Sembcorp Marine (SMM SP) shareholders and regulatory approvals (SGX-ST and Maritime Port Authority of Singapore).
- The deal is expected to close by the end of the year. Our Keppel SoTP valuation is S$8.30 per share, which is 12% above the last close.
SM Investments (SM PM): Retail Income Now Exceeds Pre-Covid Levels
- SM Investments (SM PM), the leading Filipino conglomerate, recently announced strong 9M22 earnings, buoyed by increased economic activity and strong consumer sentiment.
- The standout was the unlisted SM Retail segment which recorded net income of PHP 11.5bn, exceeding 2019 pre-pandemic levels.
- The implied stub/share – net of all listcos – of PHP 208/share compares to the five-year average of PHP 273/share, and the two-year average of PHP 252 preceding Covid.
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