In today’s briefing:
- Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part
- Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand
Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part
- Dian Swastatika Sentosa (DSSA IJ)/DSS shareholders have approved the sale of DSS’ 77.49% stake in Golden Energy & Resources (GER SP) to the Widjaja family.
- No objection has also been received from the OJK and IDX. The make-for-break condition is the GEAR shareholder approval of the distribution resolution, which DSS will abstain from voting on.
- Minorities and SIAS rightly claim that the revised offer remains light. A bump to the offer, particularly to the delisting offer price is S$0.181, is required for a done deal.
Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand
- The ramp-up in public housing supply in Singapore could be an opportunity for Kimly Ltd to fast-track expansion given its outlets, food-stalls are mostly located in public housing blocks.
- Bigger F&B retail players like Kimly are better positioned versus others to weather the multiple headwinds faced by Singapore F&B retail sector today.
- Upcoming 1H FY2023 results can trigger an up move in the stock if the company reports a meaningful margin recovery. Current undemanding valuations reflect heightened investor concerns.
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