Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

Kerry Logistics Network / Equity Bottom-Up

<h2>Overview</h2><p>For a stock that seemingly has a lot going for it -- attractive valuations, exposure to Chinese domestic logistics, overwhelmingly positive ratings from the sell side -- <a href="https://www.smartkarma.com/entities/367" target="_blank" data-smartkarma-citation="entities:367:1">Kerry Logistics Network Ltd (636 HK)</a> sure has performed poorly since we launched coverage of the name here on Smartkarma last year. And although KLN has fallen by only about 7% (including dividends) since we published our note on August 21st, it has underperformed just about every conceivable comp.</p><p>In this note we aim to…</p>

OverviewFor a stock that seemingly has a lot going for it -- attractive valuations, exposure to Chinese domestic logistics, overwhelmingly positive ratings from the sell side -- Kerry Logistics Network Ltd (636 HK) sure has performed poorly since we launched coverage of the name here on Smartkarma last year. And although KLN has fallen by only about 7% (including dividends) since we published our note on August 21st, it has underperformed just about every conceivable comp.In this note we aim to…

Kerry Logistics Network: An Attractively Diverse Portfolio...Or Just Maddeningly Unfocused?

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

Thematic (Sector/Industry)

<p>The Grandeur Park Residences was launched over the weekend and was met with overwhelming response. It was reported in The Straits Times that more than 10,000 people visited the showflat over the weekend. One of the sale agents shared that the longest queueing time to view the showflat was up to 20 mins.</p><h2>About the project</h2><p>The project is developed by CEL Development, the same developer as High Park Residences, which is one of the best-selling projects in 2015. Grandeur Park has 720 units and two…</p>

The Grandeur Park Residences was launched over the weekend and was met with overwhelming response. It was reported in The Straits Times that more than 10,000 people visited the showflat over the weekend. One of the sale agents shared that the longest queueing time to view the showflat was up to 20 mins.About the projectThe project is developed by CEL Development, the same developer as High Park Residences, which is one of the best-selling projects in 2015. Grandeur Park has 720 units and two…

10,000 Visitors to a New Launch in 2 Days

<div><h2>Private Residential Primary Sales Status (Excluding Executive Condominiums)</h2></div><p>Singapore primary home sales in January saw a slight improvement after two consecutive months of decline. Developers sold a total of 381 units of new homes in January, a slight increase of 4% month-on-month and 18% year-on-year (see Figure 1). This may due to the higher number of units launched for sale in the month. Developers released another 108 units into the market in January, 20% more than the previous month but…</p>

Private Residential Primary Sales Status (Excluding Executive Condominiums)Singapore primary home sales in January saw a slight improvement after two consecutive months of decline. Developers sold a total of 381 units of new homes in January, a slight increase of 4% month-on-month and 18% year-on-year (see Figure 1). This may due to the higher number of units launched for sale in the month. Developers released another 108 units into the market in January, 20% more than the previous month but…

Singapore Primary Home Sales Inched Up 4% in January

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.

<ul>
<li><strong>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</strong></li>
<li>
<strong>Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit</strong>…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Global Logistic Properties / Event-Driven

<p><a href="https://www.smartkarma.com/profiles/605" target="_blank" data-smartkarma-citation="accounts:605">Daniel Hellberg</a> has been all over <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> since May last year when it traded at S$1.82/share.</p><p>There are now currently 3 known potential bidders, one of which includes a substantial shareholder and the CEO.</p><p>Major shareholder, GIC, has requested a strategic review, wherein a sale of the company is just one option.</p><p>In all likelihood, a firm offer will be tabled. Inside I take a look at possible deal structures, regulatory approvals, valuations and other musings.</p>

Daniel Hellberg has been all over Global Logistic Properties Ltd (GLP SP) since May last year when it traded at S$1.82/share.There are now currently 3 known potential bidders, one of which includes a substantial shareholder and the CEO.Major shareholder, GIC, has requested a strategic review, wherein a sale of the company is just one option.In all likelihood, a firm offer will be tabled. Inside I take a look at possible deal structures, regulatory approvals, valuations and other musings.

Singapore

Global Logistic Properties Limited develops, owns and leases modern logistics facilities across China and Japan.  The Company's customers include global retailers and third party logistics companies. GLP offers various solutions to customers to help improve their supply chain efficiency and fulfill their strategic expansion goals.

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Global Logistic Properties (GLP SP)

Kerry Logistics Network: An Attractively Diverse Portfolio...Or Just Maddeningly Unfocused?

OverviewFor a stock that seemingly has a lot going for it -- attractive valuations, exposure to Chinese domestic logistics, overwhelmingly positive...

Daniel Hellberg

10,000 Visitors to a New Launch in 2 Days

The Grandeur Park Residences was launched over the weekend and was met with overwhelming response. It was reported in The Straits Times that more...

TAN Kok Keong

Singapore Primary Home Sales Inched Up 4% in January

Private Residential Primary Sales Status (Excluding Executive Condominiums)Singapore primary home sales in January saw a slight improvement after...

TAN Kok Keong

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

GLP – A Moving Target

Daniel Hellberg has been all over Global Logistic Properties Ltd (GLP SP) since May last year when it traded at S$1.82/share.There are now...

David Blennerhassett

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