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>
<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> announced a scheme privatisation from <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> at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).</li>
<li>The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.</li>
<li>Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.</li>
</ul>



Frasers Hospitality Trust (FHT SP) announced a scheme privatisation from Frasers Property Ltd (FPL SP) at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).
The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.
Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.


Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<strong><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></strong> (FHT) has <a href="https://links.sgx.com/FileOpen/Joint%20Announcement.ashx?App=Announcement&amp;FileID=845322" target="_blank" rel="noopener">announced</a> a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsor, Frasers Property Limited.</li>
<li>The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).</li>
<li>Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC's S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed. </li>
</ul>



Frasers Hospitality Trust (FHT SP) (FHT) has announced a Scheme Implementation Deed was signed for the S-REIT's privatisation by its current sponsor, Frasers Property Limited.
The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).
Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC's S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed. 


Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme

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.

Equity Bottom-Up

Frasers Hospitality Trust / Equity Bottom-Up

<ul><li>In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million.</li><li>ParkwayLife REIT, CapitaLand Integrated Commercial Trust, and Frasers Hospitality Trust were the top three year-to-date gainers in 2025.</li><li>Stoneweg European REIT obtained unitholders' approval for stapling to form Stoneweg European Stapled Trust, enhancing tax efficiency and investment scope.</li></ul>

In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million.ParkwayLife REIT, CapitaLand Integrated Commercial Trust, and Frasers Hospitality Trust were the top three year-to-date gainers in 2025.Stoneweg European REIT obtained unitholders' approval for stapling to form Stoneweg European Stapled Trust, enhancing tax efficiency and investment scope.

REIT Watch - S-REITs rebound 9.5% from Apr 9 lows, tracking volatility in global markets

Travis Lundy

<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

Far East Hospitality Trust / Equity Bottom-Up

<ul><li>The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.</li><li>The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.</li><li>Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.</li></ul>

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

REIT Watch - 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

Singapore

Frasers Hospitality Trust operates as a real estate investment trust. The Trust owns, operates and invests in hotels and serviced residences.

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Frasers Hospitality Trust (FHT SP)

Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer

The current offer is light compared to the 2022 failed offer in several ways. The offer has not been declared final, and a bump is possible.

Arun George