In today’s briefing:
- Capitaland Ascendas REIT Placement – Good Track Record and Most Deals Have Performed Well
- AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24
- Penguin Int’l (PBS SP): Chairman & Dymon’s Bumped & Final Offer
- 5 in 5 with Singtel – Empowering Every Generation
Capitaland Ascendas REIT Placement – Good Track Record and Most Deals Have Performed Well
- CapitaLand Ascendas REIT (CLAR SP) is looking to raise up to S$459m (US$344m) in its primary placement. The proceeds will be used for acquisition, redevelopment and debt repayment purposes.
- The deal will be a large one to digest at 15.8 days of three month ADV and 3.9% dilution.
- In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.
AEM Holding: Weak 1Q23 Not a Surprise, Hoping for Better FY24
- AEM reported weak 1Q23 showing significant revenue and margin pressure across the board
- The company mentioned it was an indirect beneficiary of AI and ChatGPT hype going forward
- AEM could achieve 0.40 EPS in FY24 once the semiconductor industry rebounds. Fair Value of 6 SGD is unchanged.
Penguin Int’l (PBS SP): Chairman & Dymon’s Bumped & Final Offer
- On the 4 May, Singapore-based builder and operator of aluminum high-speed boats Penguin International (PBS SP) announced a Voluntary Unconditional Offer from its Chairman and Dymon Group at S$.82/share.
- The Offer Price was a lifetime high and likely sufficient to push for compulsory acquisition. However, the Offerors have now sweetened terms to S$0.83/share.
- As to be expected, this is trading to terms. Volume remains light.
5 in 5 with Singtel – Empowering Every Generation
5 in 5 with Singtel – Empowering Every Generation
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