In today’s briefing:
- Mapletree Commercial Trust – Heads I Win Tails I Win?
- SPH Shareholders – A Good Deal For Waiting (After a Good Deal of Waiting)
- Singapore Exchange – No Real Progress
Mapletree Commercial Trust – Heads I Win Tails I Win?
- Then-Underperforming Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) announced a merger on the last day of 2021. Then it underperformed some more.
- The price uplift for MAGIC unitholders was lost. FYQ3 Earnings announced in late January were good for both (better for MNACT), but MCT is still underperforming the sector.
- That seems to set MCT buyers up for a Heads I Win Tails I Win scenario.
SPH Shareholders – A Good Deal For Waiting (After a Good Deal of Waiting)
- The Combination Cuscaden – Keppel Scheme Offer Meetings for Singapore Press Holdings (SPH SP) shareholders should come imminently.
- Time has passed and that should be worth something. Astute shareholders have likely already made their feelings known. Everyone should.
- In the meantime, there is a good spread, with a put option on a portion of it, and the possibility of a little upside.
Singapore Exchange – No Real Progress
- SGX FY 1H22 core results were not robust, coming in at SGD 216 mn, improving just SGD 1.0 mn (0.5%) HOH and reflected weakened revenues;
- Derivatives revenue improved 3.4% HOH, resultant of slightly higher contract volumes, and higher rates and lower discounts. HKEX’s foray into the A50 will ultimately eat away at SGX’s business; and
- Significant strategic alternatives are needed at SGX, if it is to avoid being hollowed out by the HKEX.
Before it’s here, it’s on Smartkarma
