In today’s briefing:
- Singapore Press Holdings – Aiyoh, Cuscaden Scheme No Chiong Finish. Sian. Money in May Agak Agak!
- Grab Earnings Preview: Recovery Ahead
- EC World REIT – DI Retention Has Been Ceased
Singapore Press Holdings – Aiyoh, Cuscaden Scheme No Chiong Finish. Sian. Money in May Agak Agak!
- The Cuscaden Scheme Composite Document is out. Finally. No points for the own time own target completion to the own time own target restructuring.
- With the electronic despatch and an approximate timetable, last traded price gives 7.7% annualised agak agak.
- At S$2.33, shareholders can lepak this to the close pretty easily.
Grab Earnings Preview: Recovery Ahead
- Grab (GRAB US) is currently trading at US$5.80 per share, more than 50.0% below its IPO price of US$13.06 per share.
- The company’s mobility business was severely impacted due to the pandemic and has not yet recovered to pre-pandemic levels. Grab is reporting 4Q2021E results on Thursday (03rd March).
- As most of the countries in the SEA region opens up economies with Omicron-related fears fading, we expect gradual recovery in mobility business which should help re-rate Grab’s shares upwards.
EC World REIT – DI Retention Has Been Ceased
- Inline 4Q21 results: 4Q21 revenue and NPI rose by 8.2% and 5.9% YoY (1.2% and 0.8% QoQ) to S$31.9m and S$28.8m, respectively, mainly due to strengthening of RMB (4.4% YoY) and positive straight line adjustments.
- Robust Port and E-Commerce Logistics: On a QoQ basis, revenues from Port Logistics and E-Commerce Logistics segments have remained robust, increasing for seven consecutive quarters, largely due to embedded step-up rents and the strengthening RMB. Meanwhile, Specialized Logistics’s performance has stabilized with revenue turned slightly +ve QoQ (+1.6%).
- Potentially lower interest cost: ECWREIT is currently in discussion with lenders to refinance ~S$708m of loans (~98% of loans outstanding) that will be due in FY22E.
Before it’s here, it’s on Smartkarma
