Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

Wheelock Properties (S) / Equity Bottom-Up

Wheelock Properties has always been targeted by the investment community as one of the top candidates for privatisation. Discussion on opportunities to unlock value in Wheelock Properties are not something new and market has always noticed the value in the company. Timing might be right to revisit this company as recent market developments, company’s circumstances and outlook have made the current situation more conducive than before for Wheelock and Company to unlock the value in Wheelock Properties. My fair value estimate for Wheelock Properties is S$2.66 per share, which is pegged to its RNAV at parity. Implied upside potential is attractive at 59%. Stable dividend payout and yield of 3.6% will provide good support to the share price at current level.

Wheelock Properties has always been targeted by the investment community as one of the top candidates for privatisation. Discussion on opportunities to unlock value in Wheelock Properties are not something new and market has always noticed the value in the company. Timing might be right to revisit this company as recent market developments, company’s circumstances and outlook have made the current situation more conducive than before for Wheelock and Company to unlock the value in Wheelock Properties. My fair value estimate for Wheelock Properties is S$2.66 per share, which is pegged to its RNAV at parity. Implied upside potential is attractive at 59%. Stable dividend payout and yield of 3.6% will provide good support to the share price at current level.

Wheelock Properties – Deep Value to Be Unlocked but the Question Is…when?

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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Biggest Hospitality Stocks Average 20% YTD Gains

Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Biggest Hotel, Restaurant & Leisure Stocks Extend Average YTD Gain to 20%

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:  1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

 The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies such as Google, LinkedIn and Tencent all have their fingers in the pie. With so many Edtech companies out there seeking funds, how should we pick which ones to invest in?As part of an Edtech series, this first article provides an overview of Edtech firms' business model, and examines the key advantages that traditional education institutions have, against which Edtech firms will be measured:   1. Trust that they can deliver ‘quality’ outcomes 2. Discipline offered within a physical classroom 3. Customized diagnosis by a teacher/instructor 4. Modelling – a universal way by which humans learn 5. Stimulation of various parts of the brain

Ed or Tech, Edtech Firms Must Cross These Moats

Singapore

Hotel Properties Limited, through its subsidiaries, operates and manages hotels. The Company also operates restaurants and retails and distributes food and fashion merchandise.  In addition, Hotel Properties trades shares, develops and invests in properties, hotels, and resorts.

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Hotel Properties Limited (HPL SP)

Wheelock Properties – Deep Value to Be Unlocked but the Question Is…when?

Wheelock Properties has always been targeted by the investment community as one of the top candidates for privatisation. Discussion on...

Royston Foo

Biggest Hospitality Stocks Average 20% YTD Gains

Singapore Exchange Ltd (SGX)

Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Singapore Exchange Ltd (SGX)

Biggest Hotel, Restaurant & Leisure Stocks Extend Average YTD Gain to 20%

Singapore Exchange Ltd (SGX)

Ed or Tech, Edtech Firms Must Cross These Moats

The global edtech market is expected to grow 17% a year - hitting USD 252bn by 2020, according to research by IBIS Capital. Global tech companies...

Valerie Law, CFA

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