In today’s briefing:
- UOB & DBS – Major Divergence In Bad Loans Over Past 2 Crises
- Amara Holdings (AMA SP): Key Shareholders Ponder an Offer
- SE/Tiktok:Chinese Practitioners’ Discussions About TikTok’s E-Commerce Business in Southeast Asia
- REIT Watch – S-REITs rally on sigh of relief post June FOMC pause
UOB & DBS – Major Divergence In Bad Loans Over Past 2 Crises
- UOB saw bad loans rise 22% during the GFC where DBS saw bad loans rise 146%
- During oil price collapse at FY16, DBS saw NPLs up 83%, UOB saw NPLs up 41%
- In current downturn, a market capitalization decline may be less at UOB vs DBS
Amara Holdings (AMA SP): Key Shareholders Ponder an Offer
- Amara Holdings (AMA SP) received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they mulling an offer.
- The shares entered a trading halt on 16 June as the share price increased 23.9% from S$0.355 on 14 June to S$0.440 per share on 16 June.
- Recent SGX privatisation proposals have shown that offerors tend to be miserly with their premiums. The sharp share price rally makes it challenging to launch an offer.
SE/Tiktok:Chinese Practitioners’ Discussions About TikTok’s E-Commerce Business in Southeast Asia
- Recently, there has been more discussion about TikTok’s e-commerce business in Southeast Asia on Chinese media and social networks.
- Many service providers and entrepreneurs in China have also been inspired and hope to take the lead in the market with their domestic experience.
- We estimate that TikTok’s 2023 GMV in Southeast Asia will reach 20%~ of Shopee, and this is one of the key reasons why we are bearish to SE.
REIT Watch – S-REITs rally on sigh of relief post June FOMC pause
- Top 10 S-Reits & property trusts that gained during the week of FOMC June 2023 meeting Key news last week was the US Federal Reserve’s decision to put a pause on interest rates, keeping them unchanged as announced during this month’s Federal Open Market Committee (FOMC) meeting.
- The top 5 gainers among S-REITs & Property Trusts during the week until Thursday’s close were: Keppel REIT (5.9 per cent), Mapletree Pan Asia Commercial Trust (5.6 per cent), Mapletree Logistics Trust (5.5 per cent), CapitaLand India Trust (4.7 per cent), and CapitaLand Ascendas REIT (3.8 per cent).
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