Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

United Engineers Ltd (UEL) announced a pre-conditional voluntary unconditional cash offer to acquire all issued ordinary stocks of WBL Corporation that it does not own. This transaction is not exactly the outcome that we have previously envisaged. It appears that Yanlord Perennial Investment has chosen to take a more cautious, risk management approach towards its UEL investment. We view this transaction positively for the shareholders of UEL, who will get to enjoy the full benefits of the value extraction exercise for WBL.

United Engineers Ltd (UEL) announced a pre-conditional voluntary unconditional cash offer to acquire all issued ordinary stocks of WBL Corporation that it does not own. This transaction is not exactly the outcome that we have previously envisaged. It appears that Yanlord Perennial Investment has chosen to take a more cautious, risk management approach towards its UEL investment. We view this transaction positively for the shareholders of UEL, who will get to enjoy the full benefits of the value extraction exercise for WBL.

United Engineers – Pre-Conditional Voluntary Unconditional Cash Offer for WBL Corp

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

United Engineers: Life After Takeover Offer (Part 2)

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is next after the takeover offer? What could we expect with the new shareholders onboard?We think UEL will have a new lease of life under the new shareholders but things might probably take awhile to happen due to the complex shareholding structure of the group. Nonetheless, patient capital is welcomed here. We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is next after the takeover offer? What could we expect with the new shareholders onboard?We think UEL will have a new lease of life under the new shareholders but things might probably take awhile to happen due to the complex shareholding structure of the group. Nonetheless, patient capital is welcomed here. We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

United Engineers: Life After Takeover Offer (Part 1)

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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FTSE ST China Index generated 25% Total Return over Past 12M

Ying Li International Real Estate (YINGLI SP)

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore

Yanlord Land Group Limited is a real estate developer specializing in high-end residential, commercial, and integrated property projects across the People's Republic of China and Singapore. The company also provides property management services and invests in commercial properties for rental income. It is headquartered in Singapore and was founded in 1993.

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Yanlord Land (YLLG SP)

United Engineers – Pre-Conditional Voluntary Unconditional Cash Offer for WBL Corp

United Engineers Ltd (UEL) announced a pre-conditional voluntary unconditional cash offer to acquire all issued ordinary stocks of WBL Corporation...

Royston Foo

United Engineers: Life After Takeover Offer (Part 2)

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position...

Royston Foo

United Engineers: Life After Takeover Offer (Part 1)

After the recent takeover episode at United Engineers, things seem to be back to the normal quiet state at this centennial company. But what is...

Royston Foo

FTSE ST China Index generated 25% Total Return over Past 12M

Singapore Exchange Ltd (SGX)

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

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52-week Range

Market Cap (USDm)

P/E

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