Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<p>The death of <a href="http://www.rememberingleekuanyew.sg/" target="_blank">Lee Kuan Yew</a>&nbsp;takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep sadness for all Singaporeans including those of us at <a href="http://www.centennialasia.com/" target="_blank">Centennial Asia</a>.</p><p>His extraordinary leadership at crucial moments in Singapore&rsquo;s history - the traumatic merger and then separation with Malaysia, the confrontation with Indonesia, ethnic tensions, and countless economic challenges and crises - made what is Singapore today. His record of decisiveness and pragmatism and his success in creating strong institutions and a durable national consensus that unites the country mark him out from other leaders of developing nations.</p><blockquote><p>Some analysts have suggested that his passing could weaken Singapore, perhaps even create some political instability. The evidence suggests otherwise.</p></blockquote>

The death of Lee Kuan Yew&nbsp;takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep sadness for all Singaporeans including those of us at Centennial Asia.His extraordinary leadership at crucial moments in Singapore&rsquo;s history - the traumatic merger and then separation with Malaysia, the confrontation with Indonesia, ethnic tensions, and countless economic challenges and crises - made what is Singapore today. His record of decisiveness and pragmatism and his success in creating strong institutions and a durable national consensus that unites the country mark him out from other leaders of developing nations.Some analysts have suggested that his passing could weaken Singapore, perhaps even create some political instability. The evidence suggests otherwise.

Singapore: Lee Kuan Yew's enduring legacy of strong institutions will see Singapore through

Founder of Innovation Research & Advisory firm, Lightbulb Capital

Daniel Liebau

Founder of Innovation Research & Advisory firm

Lightbulb Capital

Thematic (Sector/Industry)

<p>Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp; <br></p><p>Some examples include <a target="_blank" href="http://aia-accelerator.com/">AIA</a>, <a target="_blank" href="http://www.3m.com.hk/intl/hk/english/in_hongkong/innovation_center.html">3M</a>, <a target="_blank" href="http://www.mis-asia.com/tech/industries/metlife-announces-futurelab-in-singapore/">MetLife</a> and <a target="_blank" href="https://www.edb.gov.sg/content/edb/en/news-and-events/news/2014-news/p-and-g-opens-250-million-innovation-centre.html">P&amp;G</a> amongst others.&nbsp;</p><p>While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind.<br></p>

Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp;  Some examples include AIA, 3M, MetLife and P&amp;G amongst others.&nbsp;While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind. 

Can Innovation labs be assessed to pick stocks for your portfolio?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<p>Back on the 6 January 2010, the SGX issued a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> on the "<em>Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC</em>", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).</p>
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<p>Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in <em><a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a>.</em></p>
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<p>The SGX <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. </p>
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<p>Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.</p>
<p>With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.</p>
<p>More below the fold.</p>
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Back on the 6 January 2010, the SGX issued a consultation paper on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC", and following the feedback at that time, SGX determined the timing was not ideal to introduce special purpose acquisition company (SPACs).


Following a flurry of SPAC listings in the US in 2020, my discussion with the SGX late last year indicated a white paper on SPACs was expected to be issued in the first half of this year. This was discussed in Virtual IPOs/Direct Listings: Uninhibited Price Discovery.


The SGX announced on the 31 March a regulatory framework for SPACs to list on the SGX and subsequent to the feedback phase ending on the 28 April, the framework may be finalised by the middle of this year. 


Media reports are now emerging that Temasek-backed Vertex Holdings is set to be Singapore's first SPAC.
With US$5bn of assets under management, 30-year old Vertex has the necessary pedigree to establish the country's first (successful) listing.
More below the fold.







Vertex Holdings: Singapore's Showcasing SPAC

<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.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Biosensors International / Equity Bottom-Up

<p style="text-align: justify;">Biosensors' Q3FY16 results referenced by Travis Lundy <a href="https://www.smartkarma.com/insights/biosensors-docs-out-deal-really-on" target="_blank" data-smartkarma-citation="insights:2915">Biosensors: Docs Out Deal Really On</a> don't help any arguments for a higher valuation (nine month results):</p><ol>
<li>Revenue -18% with product revenue -15% and licensing revenue -48%</li>
<li>Operating income -15% with across-the-board expense reductions mitigating the damage</li>
<li>Profit before exceptional items and charges -7% (mitigated by F/X gains and lower interest expense)</li>
</ol><p style="text-align: justify;">Fundamentally, the company continues to struggle with the usual intense competition with a…</p>

Biosensors' Q3FY16 results referenced by Travis Lundy Biosensors: Docs Out Deal Really On don't help any arguments for a higher valuation (nine month results):
Revenue -18% with product revenue -15% and licensing revenue -48%
Operating income -15% with across-the-board expense reductions mitigating the damage
Profit before exceptional items and charges -7% (mitigated by F/X gains and lower interest expense)
Fundamentally, the company continues to struggle with the usual intense competition with a…

Singapore

Biosensors International Group Ltd. manufactures medical devices.  The Company produces drug-eluting stents used to widen narrowing arteries, critical care catheter systems, and blood pressure transducers.

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Biosensors International (BIG SP)

Singapore: Lee Kuan Yew's enduring legacy of strong institutions will see Singapore through

The death of Lee Kuan Yew takes away from Singapore the presence of the most important personality in its modern history and is a moment of deep...

Manu Bhaskaran

Can Innovation labs be assessed to pick stocks for your portfolio?

Companies across different industries are building Innovation centers in Singapore, Hong Kong and other cities across Asia and the rest of the...

Daniel Liebau

Vertex Holdings: Singapore's Showcasing SPAC

Vertex, Temasek's venture capital arm, appears to tick all the right boxes towards instilling a modicum of confidence in Singapore's initial foray...

David Blennerhassett

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

Updated Thoughts on Valuation

Biosensors' Q3FY16 results referenced by Travis Lundy Biosensors: Docs Out Deal Really On don't help any arguments for a higher valuation (nine...

Kemp Dolliver, CFA

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