Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

After months of anticipation, <a href="https://www.smartkarma.com/entities/931" target="_blank" data-smartkarma-citation="entities:931:1">Viva Industrial Trust (VIT SP)</a> and <a href="https://www.smartkarma.com/entities/10934" target="_blank" data-smartkarma-citation="entities:10934:1">ESR-REIT (EREIT SP)</a> finally announced the details of the proposed merger between the two REITs last Friday. Fellow insight provider – <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> had put up a comprehensive insight about the merger - <a href="https://www.smartkarma.com/insights/first-singapore-reit-merger-viva-industrial-and-esr-reit-to-merge" target="_blank" data-smartkarma-citation="insights:20519">First Singapore REIT Merger - Viva Industrial and ESR-REIT To Merge</a> .In my earlier insight – <a href="https://www.smartkarma.com/insights/trading-opportunity-for-the-esr-reit-and-viva-industrial-trust-merger" target="_blank" data-smartkarma-citation="insights:17200">Trading Opportunity for the ESR-REIT and Viva Industrial Trust Merger</a> , my simulation of the merger scenario seems to indicate that a fair…

After months of anticipation, Viva Industrial Trust (VIT SP) and ESR-REIT (EREIT SP) finally announced the details of the proposed merger between the two REITs last Friday. Fellow insight provider – Travis Lundy had put up a comprehensive insight about the merger - First Singapore REIT Merger - Viva Industrial and ESR-REIT To Merge .In my earlier insight – Trading Opportunity for the ESR-REIT and Viva Industrial Trust Merger , my simulation of the merger scenario seems to indicate that a fair…

Viva Industrial Trust - A DPU-Dilutive Merger but VIT Unitholders to Benefit in the Long Run

Singapore Property Analyst

Anni Kum

Listed on the SGX in July 2013, <a href="https://www.smartkarma.com/entities/5994" target="_blank" data-smartkarma-citation="entities:5994:1">SPH REIT (SPHREIT SP)</a> offers exposure to the upscale income producing retail/commercial assets in Singapore. SPH REIT has recently kickstarted its inorganic growth journey through the proposed acquisition of Rail Mall for S$63.2 million. All eyes are now on the next potential acquisition of Seletar Mall from its sponsor, Singapore Press Holdings’ (“SPH”). SPH REIT’s AUM is estimated to grow by about 14% from S$3.3bn if it acquires Seletar Mall. In the meantime, the REIT is poised to benefit from the nascent recovery of Singapore’s retail sector with its anchor asset, Paragon, which accounted for more than 80% of its NPI in FY17.  SPH REIT offers investors a stable DPU yield of 5.6%-5.8% for 2018F-19F. Initiate with Buy: Our DDM-based target price of $1.11 factors in its maiden acquisition of Rail Mall and represents a potential 12-month total return of about 18%. SPH REIT trades at P/B of 1.05x, in line with sector average.

Listed on the SGX in July 2013, SPH REIT (SPHREIT SP) offers exposure to the upscale income producing retail/commercial assets in Singapore. SPH REIT has recently kickstarted its inorganic growth journey through the proposed acquisition of Rail Mall for S$63.2 million. All eyes are now on the next potential acquisition of Seletar Mall from its sponsor, Singapore Press Holdings’ (“SPH”). SPH REIT’s AUM is estimated to grow by about 14% from S$3.3bn if it acquires Seletar Mall. In the meantime, the REIT is poised to benefit from the nascent recovery of Singapore’s retail sector with its anchor asset, Paragon, which accounted for more than 80% of its NPI in FY17.  SPH REIT offers investors a stable DPU yield of 5.6%-5.8% for 2018F-19F. Initiate with Buy: Our DDM-based target price of $1.11 factors in its maiden acquisition of Rail Mall and represents a potential 12-month total return of about 18%. SPH REIT trades at P/B of 1.05x, in line with sector average.   

SPH REIT - Riding on Retail Sector Recovery and Impending Acquisition

Things are getting interesting at <a href="https://www.smartkarma.com/entities/15566" target="_blank" data-smartkarma-citation="entities:15566:1">United Engineers Ltd (UEM SP)</a> (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as UEL sought for shareholders’ approval for the proposed interested person transaction relating to UEL’s proposed acquisition of the 10% interests in WBL held by UEL’s controlling shareholder – Yanlord Perennial Investment (Singapore) Ltd. (“YPI”) as part of UEL’s proposed voluntary unconditional cash offer for WBL Corporation Ltd. The approval of UEL…

United Engineers – Deeper Implications from the Failed Offer for WBL

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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The Home Grown Leaders of Singapore’s Industrials Sector

Bukit Sembawang Estates / Equity Bottom-Up

The near-term target price for <a href="https://www.smartkarma.com/entities/17987" target="_blank" data-smartkarma-citation="entities:17987:1">Bukit Sembawang Estates Ltd (BS SP)</a> is S$7.72 per share based on a conservative valuation approach. A successful launch of 8 St Thomas could potentially result in a special payout of S$1.27 per share. Total returns are attractive at 38.6%, with a short to mid-term investment horizon. The target price could potentially be raised to S$12.25 per share if BSEL starts divesting its landbank or the Lee Family decides to seek a buyer for its BSEL stake. Part 2 of the report provides an analysis on BSEL's balance sheet, RNAV valuation of BSEL, investment strategy and risks.

The near-term target price for Bukit Sembawang Estates Ltd (BS SP) is S$7.72 per share based on a conservative valuation approach. A successful launch of 8 St Thomas could potentially result in a special payout of S$1.27 per share. Total returns are attractive at 38.6%, with a short to mid-term investment horizon. The target price could potentially be raised to S$12.25 per share if BSEL starts divesting its landbank or the Lee Family decides to seek a buyer for its BSEL stake. Part 2 of the report provides an analysis on BSEL's balance sheet, RNAV valuation of BSEL, investment strategy and risks.

Bukit Sembawang - Riding on the High-End Property Recovery Wave (Part 2)

Singapore

United Engineers Limited is a Singaporean pioneer company that operates in property rental and hospitality, property development, engineering and distribution, and manufacturing. The company has developed numerous iconic buildings in Singapore and manages hotels, serviced apartments, and shopping malls. Headquartered in Singapore, it was founded in 1912.

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United Engineers (UEM SP)

Viva Industrial Trust - A DPU-Dilutive Merger but VIT Unitholders to Benefit in the Long Run

After months of anticipation, Viva Industrial Trust (VIT SP) and ESR-REIT (EREIT SP) finally announced the details of the proposed merger between...

Royston Foo

SPH REIT - Riding on Retail Sector Recovery and Impending Acquisition

Listed on the SGX in July 2013, SPH REIT (SPHREIT SP) offers exposure to the upscale income producing retail/commercial assets in Singapore. SPH...

Anni Kum

United Engineers – Deeper Implications from the Failed Offer for WBL

Things are getting interesting at United Engineers Ltd (UEM SP) (“UEL”).An Extraordinary General Meeting (“EGM”) was held yesterday afternoon as...

Royston Foo

The Home Grown Leaders of Singapore’s Industrials Sector

Singapore Exchange Ltd (SGX)

Bukit Sembawang - Riding on the High-End Property Recovery Wave (Part 2)

The near-term target price for Bukit Sembawang Estates Ltd (BS SP) is S$7.72 per share based on a conservative valuation approach. A successful...

Royston Foo

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