Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>400+ days ago, the TCC Group bid for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.</li>
<li>FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.</li>
<li>Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.</li>
</ul>


400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.


Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>Food Empire prepares for growth with a financial war chest.             </li>
<li>DBS raises MPACT target price to $1.60 as earnings hit bottom.</li>
<li>SATS positioned well to benefit from trade redirection, says CGSI.</li>
</ul>


Food Empire prepares for growth with a financial war chest.             
DBS raises MPACT target price to $1.60 as earnings hit bottom.
SATS positioned well to benefit from trade redirection, says CGSI.


Singapore Market Roundup (25-Sep-2025): Food Empire gears up for growth with funds ready.

<ul>
<li>RHB lowers CDLHT target price due to market challenges.         </li>
<li>RHB calls ST Engineering a high-quality, defensive growth opportunity.</li>
<li>Ready-to-eat at 7-Eleven could prompt a re-rating for DFI Retail.</li>
</ul>


RHB lowers CDLHT target price due to market challenges.         
RHB calls ST Engineering a high-quality, defensive growth opportunity.
Ready-to-eat at 7-Eleven could prompt a re-rating for DFI Retail.


Singapore Market Roundup (24-Sep-2025): RHB cuts CDLHT target price amid market challenges.

David Blennerhassett

<ul>
<li>Back on the 14th May 2025, S-REIT <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> entered into a Scheme with its current sponsor, Frasers Property Limited, <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=845322" target="_blank" rel="noopener">@ S$0.71/share</a>.</li>
<li>The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC's S$0.70/unit failed Offer back in September 2022.</li>
<li>
<a href="https://links.sgx.com/FileOpen/Scheme%20Document.ashx?App=Announcement&amp;FileID=852799" target="_blank" rel="noopener">The Scheme Doc is now out</a>, with a shareholder vote on the 13th August. The IFA says fair and reasonable. </li>
</ul>


Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC's S$0.70/unit failed Offer back in September 2022.

The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable. 


Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> IFA opines that <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a>’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.</li>
<li>While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.</li>
<li>On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.  </li>
</ul>


The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.  


Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

Singapore

CDL Hospitality Trusts is a stapled group compromising H-REIT and HBT. H-REIT is a real estate investment trust that invest in a portfolio of income-producing properties and HBT is a business trust.

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CDL Hospitality Trusts (CDREIT SP)

Frasers Hospitality - Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings

Frasers Hospitality Trust is trading as if TCC might make another offer. But peers in Singapore/Asia are getting crushed, and globally CRE is in...

Travis Lundy

Singapore Market Roundup (25-Sep-2025): Food Empire gears up for growth with funds ready.

Food Empire gears up for growth with financial support. DBS raises MPACT target to $1.60 as earnings stabilize. SATS set to gain from trade...

Singapore Market Roundup

Singapore Market Roundup (24-Sep-2025): RHB cuts CDLHT target price amid market challenges.

RHB reduces CDLHT target price amid market challenges, views ST Engineering as a strong growth opportunity, and sees 7-Eleven's ready-to-eat...

Singapore Market Roundup

Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

Trading at a gross/annualised spread of 1.4%/8%, excluding any clean-up divi; perhaps 1.7%/10% with one. The Offerors need to rustle up apathetic...

David Blennerhassett

Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces...

Arun George

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