Real Estate, General Equities

Will Tan

Thematic (Sector/Industry)

There are polarising views on the Singapore residential market currently, with developers positive with their bullish land bids not taking a back seat despite cautionary statements from both Redas and MAS seemingly putting spanner in the works. These cautionary statements may pose near term risk by paving the way for cooling measures in some form, perhaps more supply to the market with more confirmed sites in the GLS. However we maintain our view this property up-cycle will last a few years with positive demand supply dynamics before supply glut set in when completed units from redeveloped enbloc sites are back in the market. We remain positive on Singapore developers, and believe that the share price correction on the back of recent negative newsflow leaves more on the table for investors. We continue to like <a href="https://www.smartkarma.com/entities/142" target="_blank" data-smartkarma-citation="entities:142:1">Uol Group Ltd (UOL SP)</a> and <a href="https://www.smartkarma.com/entities/6441" target="_blank" data-smartkarma-citation="entities:6441:1">Chip Eng Seng Corp Ltd (CHIP SP)</a>, while from a valuation perspective we recommend investors to take a look at <a href="https://www.smartkarma.com/entities/17467" target="_blank" data-smartkarma-citation="entities:17467:1">Guocoland Ltd (GUOL SP)</a>.

There are polarising views on the Singapore residential market currently, with developers positive with their bullish land bids not taking a back seat despite cautionary statements from both Redas and MAS seemingly putting spanner in the works. These cautionary statements may pose near term risk by paving the way for cooling measures in some form, perhaps more supply to the market with more confirmed sites in the GLS. However we maintain our view this property up-cycle will last a few years with positive demand supply dynamics before supply glut set in when completed units from redeveloped enbloc sites are back in the market. We remain positive on Singapore developers, and believe that the share price correction on the back of recent negative newsflow leaves more on the table for investors. We continue to like Uol Group Ltd (UOL SP) and Chip Eng Seng Corp Ltd (CHIP SP), while from a valuation perspective we recommend investors to take a look at Guocoland Ltd (GUOL SP). 

Singapore Residential Property: Recent Negative Newsflow Leaves More on the Table

Deciphering real estate markets globally., Rems Advisors

TAN Kok Keong

Deciphering real estate markets globally.

Rems Advisors

The positive momentum of the primary home sales market has triggered positive responses from developers. Developers have been aggressively bidding for Government Land Sale Sites and are likely to take on the relatively more cumbersome process of purchasing private land for redevelopment. <h2>One of the largest private estate put up for redevelopment</h2>Within a space of 2 weeks, two rather large private estates were put up for redevelopment. Rio Casa in Hougang (a heartland locality) and the latest and…

The positive momentum of the primary home sales market has triggered positive responses from developers. Developers have been aggressively bidding for Government Land Sale Sites and are likely to take on the relatively more cumbersome process of purchasing private land for redevelopment. One of the largest private estate put up for redevelopmentWithin a space of 2 weeks, two rather large private estates were put up for redevelopment. Rio Casa in Hougang (a heartland locality) and the latest and…

Transport Sector, China and Asia-focused Research

Charles De Trenck

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>. </li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a>, <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/ihara-science-corp" target="_blank" data-smartkarma-citation="entities:9870:1" rel="noopener">Ihara Science (5999 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a>.        </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - Alliance Aviation Services (AQZ AU), 21Vianet Group (VNET US), Origin Energy (ORG AU), 111 Inc (YI US), Golden Energy &amp; Resources (GER SP), Toyo Construction (1890 JP). 
Lowest spreads - Tyro Payments (TYR AU), Boustead Projects (BOCJ SP), Essential Metals (ESS AU), Nitro Software Ltd (NTO AU), Ihara Science (5999 JP), Nissin Electric (6641 JP).        


Merger Arb Mondays (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

Singapore

Chip Eng Seng Corporation Ltd. is a multinational conglomerate engaged in construction, civil infrastructure, property development, property investment, hospitality, and education. The company provides general building, civil engineering, property development and management, investment property leasing, hotel operations, and education services. It was founded in 1960 and is headquartered in Singapore.

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Chip Eng Seng (CHIP SP)

Singapore Residential Property: Recent Negative Newsflow Leaves More on the Table

There are polarising views on the Singapore residential market currently, with developers positive with their bullish land bids not taking a back...

Will Tan

Mother of All Enbloc Sale on the Market

The positive momentum of the primary home sales market has triggered positive responses from developers. Developers have been aggressively bidding...

TAN Kok Keong

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

Merger Arb Mondays (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

This week, the highest gross spreads are Alliance Aviation (37.3%), VNET (30.0%), Origin Energy (27.5%), 111 (23.2%), Golden Energy (21.1%), Toyo...

Arun George

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