In today’s briefing:
- Sea Ltd: TikTok’s Tokopedia Deal and Lazada’s Financial Boost Raise Concerns
- Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets
- Lippo Malls Indonesia – Event Flash – Tender Offer For USD Notes – Lucror Analytics
Sea Ltd: TikTok’s Tokopedia Deal and Lazada’s Financial Boost Raise Concerns
- There have been several developments in the Southeast Asian e-commerce space over the past few days that we believe will have a negative impact on Sea (SE US)’s financial performance.
- A few days ago, TikTok, owned by ByteDance (1439927D CH), announced a $1.5bn investment in Tokopedia.
- Today, Nikkei reported that Alibaba (ADR) (BABA US) has infused an additional $634m into Lazada, its Southeast Asia e-commerce unit, to enhance its competitive position in the face of escalating competition.
Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets
For our next Corporate Webinar we are glad to welcome Lendlease Global Commercial REIT’s CEO, Mr Kelvin Chow.
In the upcoming webinar, Kelvin will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh. Angus will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session.
In the spirit of the festive season, one of the attendees will also be awarded an Amazon Kindle as part of our lucky draw.
The Corporate Webinar will be hosted on Tuesday, 9 January 2024, 19:00 SGT.
About Lendlease Global Commercial REIT
Lendlease Global Commercial REIT’s portfolio comprises two leasehold properties in Singapore, Jem (office and retail property) and 313@somerset (retail property), and three freehold Grade A office buildings, Sky Complex, in Milan. It has a total net lettable area of approximately 2.1 million square feet, with an appraised value of S$3.65 billion. Other investments include a stake in Parkway Parade and the development of a multifunctional event space on a site adjacent to 313@somerset.
Lippo Malls Indonesia – Event Flash – Tender Offer For USD Notes – Lucror Analytics
Lippo Malls Indonesia Retail Trust has launched a capped tender offer for its two outstanding USD notes: the 7.25% ’24s, with USD 231.8 mn outstanding; and the 7.5% ’26s, with USD 181.7 mn outstanding. The purchase prices will be 76.5 for the ’24s, and 66.5 for the ’26s. Funding for the tender offer would be from, and capped by the size of, an INR 2.5 tn (SGD 215 mn) secured amortising term loan facility.
We recommend that holders of the ’24s and ’26s tender their notes.
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