Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

Equity Bottom-Up

Bund Center Investment / Equity Bottom-Up

<ul>
<li>Bund Center Investment (BCI) is a diversified investment vehicle with two commercial real estate assets: the landmark Westin Bund Center Hotel, and its premium office space, Bund Center Office Tower in Shanghai.</li>
<li>BCI operates under two business segments: Hotel Operations and Property Leasing.</li>
<li>Despite short-term hurdles, long-term economic growth in China provides a supportive backdrop.</li>
</ul>


Bund Center Investment (BCI) is a diversified investment vehicle with two commercial real estate assets: the landmark Westin Bund Center Hotel, and its premium office space, Bund Center Office Tower in Shanghai.
BCI operates under two business segments: Hotel Operations and Property Leasing.
Despite short-term hurdles, long-term economic growth in China provides a supportive backdrop.


Bund Center Investment (BTE SP): A Dominant Real Estate Play on the Bund

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The Ong directors tried every trick in the book to derail the <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> offer. The trump card was hiring Evercore to attract competing offers by 25 July.</li>
<li>The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.</li>
<li>The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.     </li>
</ul>


The Ong directors tried every trick in the book to derail the Hwa Hong Corp (HWAH SP) offer. The trump card was hiring Evercore to attract competing offers by 25 July.
The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.
The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.     


<ul>
<li>The IFA considers the S$0.40 per share offer for <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a> to be fair and reasonable. Consequently, the recommending directors recommend that shareholders accept the offer.  </li>
<li>The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.86% of outstanding shares.</li>
<li>Ong directors/families (29.26% stake) will not accept the offer hoping for an increasingly unlikely superior proposal. The shares are trading tight to terms (1.3% gross spread).</li>
</ul>


The IFA considers the S$0.40 per share offer for Hwa Hong Corp (HWAH SP) to be fair and reasonable. Consequently, the recommending directors recommend that shareholders accept the offer.  
The offer which closes on 28 June continues to be subject to a 50%+ minimum acceptance condition. The offeror including valid acceptances represents 24.86% of outstanding shares.
Ong directors/families (29.26% stake) will not accept the offer hoping for an increasingly unlikely superior proposal. The shares are trading tight to terms (1.3% gross spread).


Hwa Hong’s Directors Recommend Accepting the S$0.40 Voluntary Conditional Offer

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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20 Largest China Plays Returned 27% in the YTD

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

<p>On Tuesday 25th of April I attended the AGM of <a href="https://www.smartkarma.com/entities/3813" target="_blank" data-smartkarma-citation="entities:3813:1">Bund Center Investment Ltd (BCI SP)</a> in Singapore. There were about 75-80 people in attendance.</p><figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/024/966/original/25-4-2017%208-30-55%20PM.jpg?1493123481" data-smartkarma-image-id="24966"></figure><p>The CFO gave a short introduction to the company. Highlighting the decline in revenue in 2016 (-8%) which was primarily due to the RMB depreciation vs SGD. Recall that all revenue and income of this group is generated by two assets in China. Please see <a href="https://www.smartkarma.com/insights/discover-singapore-bund-center-investment-bci-sp-70-discount-to-nav-and-churning-out-dividends" target="_blank" data-smartkarma-citation="insights:10117">Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends</a> for…</p>

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The CFO gave a short introduction to the company. Highlighting the decline in revenue in 2016 (-8%) which was primarily due to the RMB depreciation vs SGD. Recall that all revenue and income of this group is generated by two assets in China. Please see Discover Singapore: Bund Center Investment (BCI SP); 70% Discount to NAV and Churning Out Dividends for…

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

Singapore

Bund Center Investment is an investment holding company that owns and manages a hotel, commercial, and retail properties in the People's Republic of China. Its portfolio includes The Westin Bund Center Shanghai, the Bund Center Office Tower in Shanghai, and the Golden Center retail complex in Ningbo. The company also engages in trading hotel supplies, property development, and provision of consultancy and management services. It was incorporated in 2009 and is based in Singapore.

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Bund Center Investment (BCI SP)

Bund Center Investment (BTE SP): A Dominant Real Estate Play on the Bund

Bund Center Investment (BCI) is a diversified investment vehicle with two commercial real estate assets: the landmark Westin Bund Center Hotel,...

Kilde

Hwa Hong Confirms No Competing Offers

It will be close but we think the offer meets the 50%+ minimum acceptance condition. The offer lapses at 5:30 pm on 1 August. At the last close,...

Arun George

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bund Center Investment (BTE SP): A Dominant Real Estate Play on the Bund

Bund Center Investment (BCI) is a diversified investment vehicle with two commercial real estate assets: the landmark Westin Bund Center Hotel,...

Kilde

Hwa Hong Confirms No Competing Offers

It will be close but we think the offer meets the 50%+ minimum acceptance condition. The offer lapses at 5:30 pm on 1 August. At the last close,...

Arun George

Hwa Hong’s Directors Recommend Accepting the S$0.40 Voluntary Conditional Offer

We think that the offer will meet the 50%+ minimum acceptance condition. At the last close, the gross spread to the offer is 1.3%.

Arun George

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

AGM Bund Center Investment (BCI SP): Chairman Prefers Dividends over Acquisitions

On Tuesday 25th of April I attended the AGM of Bund Center Investment Ltd (BCI SP) in Singapore. There were about 75-80 people in attendance.The...

Nicolas Van Broekhoven