In today’s briefing:
- Tuan Sing CEO and director add to stakes
- Geo Energy Group (GERL SP): The Case For a >30% Yield in FY27-28
- REIT Watch – S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year
- Vietnam Sitting Pretty As Global Prices Paint A Rosy October
Tuan Sing CEO and director add to stakes
- Over the five trading sessions from Dec 6 to Dec 12, institutions were net sellers of Singapore stocks, leading to a net institutional outflow of S$104 million, reversing a quarter of the S$418 million net inflow over the preceding five sessions.
- Stocks that led the net institutional outflow over the five sessions through to Dec 12 were DBS Group Holdings, Capitaland Investment, SATS, Singapore Exchange, Mapletree Industrial Trust, Capitaland Integrated Comm Trust, Genting Singapore, Capitaland Ascendas REIT, Singapore Telecommunications and Mapletree Pan Asia Commercial Trust.
- The five trading sessions saw more than 50 director interests and substantial shareholdings filed for close to 25 primary-listed stocks.
Geo Energy Group (GERL SP): The Case For a >30% Yield in FY27-28
- We examine Geo Energy Resources (GERL SP), an Indonesian coal producer listed in Singapore, which has an opportunity to grow production/profitability by 150%/500% in two years.
- For FY25, based on our assumptions (50 USD/ton coal price, ten million ton sales), the stock trades at 5x PE,3.7x EV-EBITDA, and a 6% dividend yield (30% payout ratio).
- Subject to execution on the new TRA mine, we will see 25 mnt sales in FY27/28, resulting in 1.3x PE and >30% dividend yield (assuming a higher payout of 40%).
REIT Watch – S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year
- 5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.
Vietnam Sitting Pretty As Global Prices Paint A Rosy October
- January-October 2024 exports yield US$2.54 billion, up 17% YoY
- 405% rise in value YoY in exports to Malaysia during Jan-Oct 2024
- Michelin plans to source rice husks from Vietnam for tire-making
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