Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Highly experienced ex-Delta One trader with 17 years of experience trading arbitrage and related strategies across Asian markets.

Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd.

It is important to note that the information provided by Periscope Analytics is based on publicly available data and own knowledge, which has been gathered and synthesized from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions.

All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include, but are not limited to, company announcements, exchange filings, ETF and other passive investment vehicle holdings, and free float and volume data from third-party data providers. Periscope Analytics does not guarantee the accuracy and completeness of the forecasts, estimates and/or other information.

Pan-Asia Index Rebalances/ Events/ Delta One

Sembcorp Marine & Keppel O&M Combination: Details & Index Implications

SATS to Buy Worldwide Flight Services (WFS) As Private Equity Exits

Event-Driven

<p>Less that a year after a massive rights issue, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> has announced a big rights issue to strengthen its financial position and accelerate its pivot towards renewable and clean energy.</p><p>The recapitalisation will be done via a 3:2 renounceable rights issue at a price of S$0.08/share, representing a 58.12% discount to the last close and a 35.69% discount to the Theoretical Ex-Rights Price (TERP).</p><p>Temasek (via Startree Investments) has committed to subscribe to its 42.6% entitlement and will underwrite part of the excess rights so that its total subscription will not exceed 67% of the rights issue. <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS (DBS SP)</a> is underwriting the remaining 33% of the rights issue.</p><p><a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> and <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> have also commenced talks on a potential combination of Keppel O&amp;M and SMM to create a stronger player and to accelerate the pivot to energy transition.</p><p>We expect <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> shares to open lower and possibly trade lower in the near-term. The stock trades at high valuations and shareholders looking at the longer term price charts have a right to be wary.</p><h3>Links</h3><table class="table table-striped"><tbody>
<tr>
<td style="width: 50%;">Detail</td>
<td style="width: 50%;">Link</td>
</tr>
<tr>
<td style="width: 50%;">SMM SP Press Release</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/Press%20Release.ashx?App=Announcement&amp;FileID=672241" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">SMM SP Announcement</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/Launch%20Announcement.ashx?App=Announcement&amp;FileID=672228" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">SMM SP Media Release</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/Media%20Release.ashx?App=Announcement&amp;FileID=672229" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">SMM SP Presentation</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/Presentation.ashx?App=Announcement&amp;FileID=672230" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">SMM SP Trading &amp; Liquidity Update</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/Trading%20and%20Liquidity%20Update.ashx?App=Announcement&amp;FileID=672231" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">KEP SP Media Release</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/MREL_KCL%20Announcement%20-%2024%20Jun%202021.ashx?App=Announcement&amp;FileID=672253" target="_blank" rel="noopener">Link</a></td>
</tr>
<tr>
<td style="width: 50%;">KEP SP Media &amp; Analyst Briefing</td>
<td style="width: 50%;"><a href="https://links.sgx.com/FileOpen/TRSCR_%20KCL%20Briefing%20to%20Media%20and%20Analysts%20-Transcript.ashx?App=Announcement&amp;FileID=672341" target="_blank" rel="noopener">Link</a></td>
</tr>
</tbody></table>

Less that a year after a massive rights issue, Sembcorp Marine (SMM SP) has announced a big rights issue to strengthen its financial position and accelerate its pivot towards renewable and clean energy.The recapitalisation will be done via a 3:2 renounceable rights issue at a price of S$0.08/share, representing a 58.12% discount to the last close and a 35.69% discount to the Theoretical Ex-Rights Price (TERP).Temasek (via Startree Investments) has committed to subscribe to its 42.6% entitlement and will underwrite part of the excess rights so that its total subscription will not exceed 67% of the rights issue. DBS (DBS SP) is underwriting the remaining 33% of the rights issue.Sembcorp Marine (SMM SP) and Keppel Corp (KEP SP) have also commenced talks on a potential combination of Keppel O&amp;M and SMM to create a stronger player and to accelerate the pivot to energy transition.We expect Sembcorp Marine (SMM SP) shares to open lower and possibly trade lower in the near-term. The stock trades at high valuations and shareholders looking at the longer term price charts have a right to be wary.Links

Detail
Link


SMM SP Press Release
Link


SMM SP Announcement
Link


SMM SP Media Release
Link


SMM SP Presentation
Link


SMM SP Trading &amp; Liquidity Update
Link


KEP SP Media Release
Link


KEP SP Media &amp; Analyst Briefing
Link



Sembcorp Marine: BIG Rights Issue & Potential Combination with Keppel O&M

Seatrium

Sembcorp Marine: BIG Rights Issue & Potential Combination with Keppel O&M