Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

Gorilla Technology Group  / Equity Bottom-Up

<ul><li>Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.</li><li>This multi-billion-dollar initiative is not only the world’s first, but also the world’s largest deployment of environmental biodegradable sensors, creating an unprecedented real-time intelligence network across the Amazon.</li><li>The Internet of the Forest (IoF™) platform, powered by Gorilla’s AI, IoT, and sensor technologies, provides real-time monitoring of the Amazon rainforest, enabling proactive conservation efforts and empowering indigenous communities through data-driven insights and sustainable economic opportunities.</li></ul>

Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.This multi-billion-dollar initiative is not only the world’s first, but also the world’s largest deployment of environmental biodegradable sensors, creating an unprecedented real-time intelligence network across the Amazon.The Internet of the Forest (IoF™) platform, powered by Gorilla’s AI, IoT, and sensor technologies, provides real-time monitoring of the Amazon rainforest, enabling proactive conservation efforts and empowering indigenous communities through data-driven insights and sustainable economic opportunities.

Gorilla Technology Group, Inc. - Partnering with AECOM, MIT, & Goldman Sachs on ONE AMAZON

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<h3>Corporate &amp; Investment Highlights</h3>
<p>Goldman Sachs Group, Inc. is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing &amp; Lending, and Investment Management. The Investment Banking segment consists of financial advisory and underwriting. The Institutional Client Services segment makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. The investing and lending activities, which are typically longer-term, include its investing and relationship lending activities across various asset classes, primarily debt securities and loans, public and private equity securities, infrastructure and real estate. The Investment Management segment provides investment and wealth advisory services. [Source: Thomson Reuters]</p>
<section class="figure">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/251/329/original/Screenshot%202022-01-12%20at%203.42.17%20PM.png?1641973426" class="editor-image img-responsive" data-smartkarma-image-id="251329"></figure>
</section>

Corporate &amp; Investment Highlights
Goldman Sachs Group, Inc. is an investment banking, securities and investment management company that provides a range of financial services to corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Institutional Client Services, Investing &amp; Lending, and Investment Management. The Investment Banking segment consists of financial advisory and underwriting. The Institutional Client Services segment makes markets and facilitates client transactions in fixed income, equity, currency and commodity products. The investing and lending activities, which are typically longer-term, include its investing and relationship lending activities across various asset classes, primarily debt securities and loans, public and private equity securities, infrastructure and real estate. The Investment Management segment provides investment and wealth advisory services. [Source: Thomson Reuters]




Goldman Sachs Group Inc: Equity Research Flash Note

<h2>Technical Analysis on Goldman Sachs</h2>
<div>
<h3>Financial Highlights &amp; Investment Considerations</h3>
<div>
<ul>
<li>The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Global Markets, Asset Management, and Consumer &amp; Wealth Management. The Investment Banking segment consists of financial advisory, underwriting and corporate lending activities. The Global Markets segment consists of fixed income, currency and commodities (FICC) and equities, and intermediation and financing activities.</li>
<li>On July 24th, the company’s prime brokerage division cleared and settled cryptocurrency exchange-traded products (ETPs) for some of its European hedge fund clients. On August 19th, the Goldman Sachs Group, Inc. announced that it has entered into an agreement to acquire NN Investment Partners from NN Group N.V. for approximately €1.6 billion. Later, on September 15th, Goldman Sachs announced the acquisition of Greensky, the largest fintech platform for home improvement consumer loan originations, for $2.24 billion. On September 21st, eVisit closed $45 Million in Series B Funding Round Led by Goldman Sachs Asset Management. On September 21st, Bloomberg Philanthropies and Goldman Sachs announced the launch of the Climate Innovation Fund, a fund worth $25 Million with the aim to advance clean energy solutions in South and Southeast Asia.</li>
</ul>
<p>[Note: Financial Year end is on December 31st.]</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/240/680/original/image_77643220541636467114835.png?1636467123" class="editor-image img-responsive" data-smartkarma-image-id="240680"></figure>
<div>
<div>
<div>
<div>
<p>Over the last three months, it can be observed that the green candlesticks surpass the red ones on Goldman Sachs stock. The stock price exceeded the upper Bollinger Band three times during the examined period, on July 16th and crossed below the lower band on September 17th, providing potential signs of an overbought and oversold market respectively. On July 19th, the MACD line crossed below the signal line, indicating a potential sell sign but it rebounded on October 7th. From October 7th until the end of the examined period, the MACD line was moving above its signal line in the oversold area. On July 10th, the Stochastic RSI crossed above the threshold of 70, indicating an overbought market while on July 13th, until the end of the examined period it has been indicating a neutral position.</p>
<p><strong>Important Note:</strong></p>
<div>
<div>
<div>
<div>
<p>Information contained herein is based on data obtained from recognized statistical services, issue reports or communications, or other sources, believed to be reliable. However, such information has not been verified by VRS, and VRS does not make any representation as to its accuracy and completeness. Opinions, estimates, and statements nonfactual in nature expressed in its research represent VRS’s judgment as of the date of its reports, are subject to change without notice and are provided in good faith and without legal responsibility. In addition, there may be instances when fundamental, technical and quantitative opinions, estimates, and statements may not be in concert. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation of an offer to buy any shares, warrants, convertible securities or options of “covered companies” by no means. Valuation &amp; Research Specialists (VRS) are the sole creators and distributors of this report.</p>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>
</div>

Technical Analysis on Goldman Sachs

Financial Highlights &amp; Investment Considerations


The Goldman Sachs Group, Inc. is a global financial institution that delivers a range of financial services across investment banking, securities, investment management and consumer banking to a diversified client base that includes corporations, financial institutions, governments and individuals. The Company operates in four business segments: Investment Banking, Global Markets, Asset Management, and Consumer &amp; Wealth Management. The Investment Banking segment consists of financial advisory, underwriting and corporate lending activities. The Global Markets segment consists of fixed income, currency and commodities (FICC) and equities, and intermediation and financing activities.
On July 24th, the company’s prime brokerage division cleared and settled cryptocurrency exchange-traded products (ETPs) for some of its European hedge fund clients. On August 19th, the Goldman Sachs Group, Inc. announced that it has entered into an agreement to acquire NN Investment Partners from NN Group N.V. for approximately €1.6 billion. Later, on September 15th, Goldman Sachs announced the acquisition of Greensky, the largest fintech platform for home improvement consumer loan originations, for $2.24 billion. On September 21st, eVisit closed $45 Million in Series B Funding Round Led by Goldman Sachs Asset Management. On September 21st, Bloomberg Philanthropies and Goldman Sachs announced the launch of the Climate Innovation Fund, a fund worth $25 Million with the aim to advance clean energy solutions in South and Southeast Asia.

[Note: Financial Year end is on December 31st.]





Over the last three months, it can be observed that the green candlesticks surpass the red ones on Goldman Sachs stock. The stock price exceeded the upper Bollinger Band three times during the examined period, on July 16th and crossed below the lower band on September 17th, providing potential signs of an overbought and oversold market respectively. On July 19th, the MACD line crossed below the signal line, indicating a potential sell sign but it rebounded on October 7th. From October 7th until the end of the examined period, the MACD line was moving above its signal line in the oversold area. On July 10th, the Stochastic RSI crossed above the threshold of 70, indicating an overbought market while on July 13th, until the end of the examined period it has been indicating a neutral position.
Important Note:




Information contained herein is based on data obtained from recognized statistical services, issue reports or communications, or other sources, believed to be reliable. However, such information has not been verified by VRS, and VRS does not make any representation as to its accuracy and completeness. Opinions, estimates, and statements nonfactual in nature expressed in its research represent VRS’s judgment as of the date of its reports, are subject to change without notice and are provided in good faith and without legal responsibility. In addition, there may be instances when fundamental, technical and quantitative opinions, estimates, and statements may not be in concert. Neither the information nor any opinion expressed shall constitute an offer to sell or a solicitation of an offer to buy any shares, warrants, convertible securities or options of “covered companies” by no means. Valuation &amp; Research Specialists (VRS) are the sole creators and distributors of this report.











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.

Manulife US REIT (MUST) / Equity Bottom-Up

<figure>
      <img src='https://api2.sgx.com/sites/default/files/2021-06/Capture_19.PNG' alt='8 SREIT with exposes to US assets' />
    </figure>
    <div class='content-caption'>8 SREIT with exposes to US assets</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<p>SGX lists eight actively traded S-Reits with properties in the United States (US). Five out of the eight S-Reits have pure exposure to the US and among them are three US office S-Reits.<br><br>
The US Centres for Disease Control and Prevention (CDC) on May 13 announced that fully vaccinated individuals do not need to wear masks outdoors and can avoid wearing masks indoors in most places, and updated that life can begin to return to normal despite caution issued by the World Health Organization (WHO).</p>

<p>Nonetheless, US Office S-Reits remain sanguine about companies' return-to-office plans and are adapting to agile and "new normal" arrangements as the US continues to push for normalcy and re-opening of sectors and industries.<br><br>
The three US Office S-Reits trade at an average price-to-book ratio of 0.98 times and average 7.8 per cent in distribution yield. All of the three have average committed occupancy rates of over 90 per cent, above the average Class A US office average of 84 per cent, and have weighted average lease expiry (WALE) that range from 4.3 to 5.3 years.<br><br>
Manulife US Reit (MUST), which has an occupancy rate of 92 per cent, has observed more tenants gradually returning to the office with May 2021's portfolio physical occupancy at 20.0 per cent, versus 13.3 per cent seen in Jan 2021. The Reit notes that offices continue to remain relevant as companies adopt a hybrid model and the majority of employers do require the same if not more office space post Covid-19, driven by the demand for rising headcount and social distancing needs.</p>

<p>MUST sees post-Covid-19 themes such as the acceleration of population and company migration to magnet cities, growing tech sector, strong demand for health care, and fast developing knowledge economy to provide uplift for the Reit. MUST has a focus to target magnet cities which are defined as having attributes such as growing tech tenants, population growth, business friendly and lower costs of living.</p>

<p>Prime US Reit (Prime) sees interest in its assets pick up as tenants make longer-term leasing decisions, despite the current low physical occupancy. Its current portfolio occupancy rate is at 91.7 per cent. Some of its tenants which include Goldman Sachs and Wells Fargo have also made plans for employees to return to the office by July 2021.</p>

<p>In securing new leases, Prime notes that its new tenants are largely from diverse established and technology sectors. The Reit observes that the US office transaction market has shown signs of activity in recent weeks and it is actively exploring acquisition opportunities in its target markets.</p>

<p>Keppel Pacific Oak US Reit (KORE) has a 91.6 per cent portfolio committed occupancy rate and believes that the rollout of vaccines and removal of restrictions is raising confidence and optimism. LaSalle Network's Office Re-Entry Index shows that 70 per cent of CEOs, human resources and finance leaders are planning for employees to return to the office by fall 2021.</p>

<p>KORE has a focus in markets with exposure to technology hubs and tech-tenancy. Its recent leasing activities are driven mainly by demand from professional services, finance and insurance, and technology. Over 37 per cent of its current portfolio by net lettable area comprises tenants from technology and medical and healthcare. <br><br><strong><em>REIT Watch is a weekly column on The Business Times, <a href="https://www.businesstimes.com.sg/companies-markets/us-office-s-reits-half-empty-or-half-full">read</a> the original version.</em></strong></p>
</body></html>



      
    
    8 SREIT with exposes to US assets


SGX lists eight actively traded S-Reits with properties in the United States (US). Five out of the eight S-Reits have pure exposure to the US and among them are three US office S-Reits.  
The US Centres for Disease Control and Prevention (CDC) on May 13 announced that fully vaccinated individuals do not need to wear masks outdoors and can avoid wearing masks indoors in most places, and updated that life can begin to return to normal despite caution issued by the World Health Organization (WHO).

Nonetheless, US Office S-Reits remain sanguine about companies' return-to-office plans and are adapting to agile and "new normal" arrangements as the US continues to push for normalcy and re-opening of sectors and industries.  
The three US Office S-Reits trade at an average price-to-book ratio of 0.98 times and average 7.8 per cent in distribution yield. All of the three have average committed occupancy rates of over 90 per cent, above the average Class A US office average of 84 per cent, and have weighted average lease expiry (WALE) that range from 4.3 to 5.3 years.  
Manulife US Reit (MUST), which has an occupancy rate of 92 per cent, has observed more tenants gradually returning to the office with May 2021's portfolio physical occupancy at 20.0 per cent, versus 13.3 per cent seen in Jan 2021. The Reit notes that offices continue to remain relevant as companies adopt a hybrid model and the majority of employers do require the same if not more office space post Covid-19, driven by the demand for rising headcount and social distancing needs.

MUST sees post-Covid-19 themes such as the acceleration of population and company migration to magnet cities, growing tech sector, strong demand for health care, and fast developing knowledge economy to provide uplift for the Reit. MUST has a focus to target magnet cities which are defined as having attributes such as growing tech tenants, population growth, business friendly and lower costs of living.

Prime US Reit (Prime) sees interest in its assets pick up as tenants make longer-term leasing decisions, despite the current low physical occupancy. Its current portfolio occupancy rate is at 91.7 per cent. Some of its tenants which include Goldman Sachs and Wells Fargo have also made plans for employees to return to the office by July 2021.

In securing new leases, Prime notes that its new tenants are largely from diverse established and technology sectors. The Reit observes that the US office transaction market has shown signs of activity in recent weeks and it is actively exploring acquisition opportunities in its target markets.

Keppel Pacific Oak US Reit (KORE) has a 91.6 per cent portfolio committed occupancy rate and believes that the rollout of vaccines and removal of restrictions is raising confidence and optimism. LaSalle Network's Office Re-Entry Index shows that 70 per cent of CEOs, human resources and finance leaders are planning for employees to return to the office by fall 2021.

KORE has a focus in markets with exposure to technology hubs and tech-tenancy. Its recent leasing activities are driven mainly by demand from professional services, finance and insurance, and technology. Over 37 per cent of its current portfolio by net lettable area comprises tenants from technology and medical and healthcare.   REIT Watch is a weekly column on The Business Times, read the original version.



REIT Watch - US office S-Reits - half empty or half full?

<figure>
      <img src='https://api2.sgx.com/sites/default/files/2021-05/UnUsUaL-CEO.jpg' alt='UnUsUaL - CEO' />
    </figure>
    <div class='content-caption'>UnUsUaL - CEO</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<p class="gmail-p1">When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education.<br><br>
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic. <br><br>
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams.<br><br>
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.”<br><br>
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!”<br><br>
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region.<br><br>
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event. <br><br>
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator. <br><br>
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted.<br><br>
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said.<br><br>
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments.<br><br>
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added.<br><br>
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.”<br><br><strong>Emerging Mandopop Wave </strong><br><br>
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco. <br><br>
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted.<br><br>
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added. <br><br>
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said.<br><br>
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.”<br><br>
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities. <br><br>
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience.<br><br>
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh. <br><br><strong>Virtual With Live</strong><br><br>
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume.<br><br>
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts.<br><br>
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019. <br><br>
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added.<br><br>
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted.<br><br>
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.”<br><br>
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said.<br><br>
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.”<br><br>
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted.<br><br>
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths.<br><br>
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.”<br><br>
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years. <br><br>
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.”<br><br>
 </p>

<p><strong>UnUsUaL Ltd</strong></p>

<p>Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.  <br><br>
The company website is: <a href="http://www.unusual.com.sg/"><strong>www.unusual.com.sg</strong></a><br><br>
Click <a href="https://www.sgx.com/securities/equities/1D1"><strong>here</strong> </a>for the company's StockFacts page.<br><br>
For the half year ended 30 September 2020 financial results, click <a href="https://links.sgx.com/1.0.0/corporate-announcements/HC30OSZSKT8CWMPJ/639309_UnUsUaL_1HFY2021%20Press%20Release.pdf"><strong>here</strong></a>.</p>

<p> </p>

<p><strong>About kopi-C: the Company brew</strong></p>

<p><strong>Text: Jennifer Tan-Stanisic</strong><br><strong>Photo: Company file</strong><br><br><em>kopi-C </em>is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.<br><br>
For previous editions of <em>kopi-C: the Company brew,</em> please click <a href="https://www.sgx.com/research-education/market-dialogues">here</a>.  <br><br>
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to <a href="https://www.sgx.com/jennifer.t@sgx.com">jennifer.t@sgx.com</a>.</p>
</body></html>



      
    
    UnUsUaL - CEO


When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and lighting equipment rental business, aimed at financing the pair’s tertiary education.  
“Coming from a low-income family, we initially started this company so that we could support ourselves through school,” recalled Ong, who holds a diploma in Electronic Engineering from Singapore’s Ngee Ann Polytechnic.   
However, 24 years later, SGX-listed UnUsUaL has grown into one of Asia’s leading concert promotion as well as event production companies, and is now in the business of fulfilling dreams.  
“I get a lot of joy and satisfaction when fans thank me, when they shake my hand in gratitude, or write in to compliment us on the events,” noted Ong, who is the Group's Chief Executive Officer. “I’m really thrilled to be able to help them realise their dreams of meeting or seeing their idols in the flesh.”  
He also gets a high from sold-out concerts and events. “When you see an auditorium or stadium at full capacity, and all 20,000 or 40,000 fans singing and dancing along with their pop idols, their light sticks all aglow, you know you did good. That feeling is indescribable, which money cannot buy!”  
Listed on SGX Catalist in April 2017, the UnUsUaL Group is an established producer and promoter of large-scale live events and concerts in Singapore and in the region.  
Under its production business segment, it provides support to the artiste’s team or event organiser in terms of stage and set design creation, as well as the installation of sound, light and video. The Group’s promotion business segment focuses on the planning and managing of concerts and events, including the coordination of ticketing matters, as well as marketing activities leading up to the opening of the concert/event.   
In 2016, the Group was acquired by mm2 Asia Ltd, a Singapore-based, SGX Mainboard-listed producer of films, TV and online content and cinema operator.   
With more than 20 years of proven operational track record and established trusted relationships with artistes, UnUsUaL is well-positioned to weather the fallout from the COVID-19 pandemic, Ong noted.  
“We were lucky in that when COVID struck, most of our large gigs and tours had already been completed,” he said.  
During this period, the Group has taken measures to boost its balance sheet, including implementing cost-cuts, such as a reduction in payroll and discretionary expenses, as well as negotiating for revised payment terms on its existing commitments.  
“Our concerts were not cancelled, just postponed a few times. We’re now looking at a pipeline of events in the second half of 2021, both in Singapore and the region,” Ong added.  
“We’ve also been in close touch with the relevant venues to manage the various seat planning, social distancing and SafeEntry procedures, including temperature screening for large crowds. Just like us, our audiences are eagerly looking forward to the return of live shows.”  Emerging Mandopop Wave   
Looking ahead, UnUsUaL will leverage on its strength in Asian concerts, with a focus on the Mandopop genre, which has emerged as a powerhouse in world music. The Group plans to continue expanding into selected Western markets with sizeable Asian populations that include permanent residents and students. Examples in 2019 include JJ Lin’s gigs in Melbourne and Sydney, as well as GEM Tang’s concert in San Francisco.   
“This gives UnUsUaL a competitive edge against local organisers in these markets, who may not have the expertise to identify profitable Mandopop concerts,” Ong noted.  
When live shows are eventually given the green light, they will also be conducted in tandem with online screenings. The Group is working on digital distribution and live streaming of such shows, he added.   
“Fans who cannot physically be present at the live concert can watch it online, so they don’t miss out. This hybrid approach will also give us an additional revenue stream,” he said.  
“In the past, artistes were not keen to take up the online option, for fear of poor attendance at these screenings, but with COVID-19, all of that has changed.”  
In March, JJ Lin announced that his “Sanctuary Finale” virtual concert would be streamed live to a global audience on 6 June 2021. This marks the conclusion to his successful Sanctuary World Tour, which kicked off in March 2018 and spanned 43 cities.   
This groundbreaking concert, organised jointly by UnUsUaL and Lin’s production company, will feature new hits and a specially curated, state-of-the-art extended reality (XR), combined with an immersive performance and stage, giving the viewer an unparalleled four-dimensional musical experience.  
The Group also plans to unveil La Clique, a cabaret circus entertainment show, to Singapore audiences at Sands Theatre Marina Bay Sands from 29 May to 18 July 2021. A theatrical experience featuring a unique blend of circus, cabaret, comedy and live music, La Clique has toured cities such as New York, Melbourne, Sydney, Brighton, Montreal and Edinburgh.   Virtual With Live  
According to data from a Goldman Sachs Equity Research report “Music in the Air” published last July, 79% of fans expect to return to live events within four months of the lifting of COVID-19 restrictions, and 74% of concert fans said they would continue to watch live streaming events even after physical events resume.  
A 2020 US Music 360 report, published last September by MRC Data, also showed that 47% of music listeners feel it’s important for the industry to offer live stream performances or virtual concerts.  
Over the medium to long term, Goldman Sachs has forecast live events to rebound to a 4%-5% annual growth rate, reaching US$39 billion by 2030, from US$28 billion in 2019.   
This is driven by “a number of demand and supply side tailwinds”, including the “millennial experience economy” boosting demand for live events, new monetisation opportunities through live streaming, ticket sales, merchandise and sponsorship, as well as artistes’ greater dependence on touring income, the report added.  
Another potential revenue source UnUsUaL is exploring is an e-ticketing platform for the sale of concert and event tickets. “Online ticketing is gradually becoming the norm, and has been made easier and more convenient with a variety of online payment options,” Ong noted.  
“With this e-ticketing platform, we also get to retain all the customer data. This in turn allows us to create a marketing tool for future artiste merchandise sales.”  
At the same time, the Group is working hard to manage some of its key risks and challenges. “Key man risk is a challenge in our line of work, where the firm’s projects are often dependent on the founders’ or owners’ relationships with artistes or artiste managers to secure the rights to promote and produce these shows,” Ong said.  
“To mitigate such risks, UnUsUaL has been actively grooming the next generation of management, who have been able to secure new contracts by cultivating new relationships with key stakeholders.”  
Another risk is the Group’s reliance on Singapore for half its total revenue. “We’ve actively taken steps to mitigate this concentration risk by venturing overseas, into countries such as the US, Australia, and will also progressively expand into regional markets, such as Thailand, Philippines, and Indonesia,” Ong noted.  
Meanwhile, as part of the Group’s environmental, social and governance (ESG) efforts, UnUsUaL makes it a point to re-use and recycle its platforms, stage and design sets, rather than throwing and rebuilding new ones. It is also focused on using solar energy for its lighting needs in outdoor venues and ticketing booths.  
Not surprisingly, there’s much to keep the 54-year-old up till the wee hours. “Organising large-scale shows is always challenging,” he admitted. “What keeps me up are unforeseen events like typhoons, riots, floods and bush fires - all of these involve cancellations, change of venues, insurance claims and/or refunds.”  
At the end of the day, what continues to inspire this father of two is his passion for the industry and the team he has built up over the years.   
“UnUsUaL is not a one-man show - it’s a team effort, and I value my staff, many of whom have been with me for a decade or more,” he added. “It will require everyone’s contributions to ensure that our business remains sustainable over the long term.”  
 

UnUsUaL Ltd

Established in 1997, UnUsUaL started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia. Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong. Its ability to deliver a complete technical solution has seen the company working on large scale events such as the Singapore Arts Festival, the Chingay Parade, SG50 Youth Celebrate! and the Formula One Singapore Grand Prix. The company also promotes and organises world-class concerts and events for artistes such as Air Supply, Andy Lau, Cesar Millan, Chang Hui Mei, G.E.M, Hillsong, Jacky Cheung, Jay Chou, JJ Lin, Kim Soo Hyun, Lee Min Ho, Lionel Richie, Mariah Carey, Michael Bublé, Park Bo Gum, Pet Shop Boys, S.H.E., Stefanie Sun, Rain and Yanni in Singapore and the region.    
The company website is: www.unusual.com.sg  
Click here for the company's StockFacts page.  
For the half year ended 30 September 2020 financial results, click here.

 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  
For previous editions of kopi-C: the Company brew, please click here.    
For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.



UnUsUaL Celebrates Emerging Era in Live Music

United States

The Goldman Sachs Group, Inc., a bank holding company, is a global investment banking and securities firm specializing in investment banking, trading and principal investments, asset management and securities services.  The Company provides services to corporations, financial institutions, governments, and high-net worth individuals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Goldman Sachs Group (GS US)

Gorilla Technology Group, Inc. - Partnering with AECOM, MIT, & Goldman Sachs on ONE AMAZON

Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.

Water Tower Research

Goldman Sachs Group Inc: Equity Research Flash Note

Corporate & Investment Highlights Goldman Sachs Group, Inc. is an investment banking, securities and investment management company that...

VRS (Valuation & Research Specialists)

Technical Analysis on Goldman Sachs

Technical Analysis on Goldman Sachs Financial Highlights & Investment Considerations The Goldman Sachs Group, Inc. is a global financial...

VRS (Valuation & Research Specialists)

REIT Watch - US office S-Reits - half empty or half full?

SGX lists eight actively traded S-Reits with properties in the United States (US). Five out of the eight S-Reits have pure...

Singapore Exchange Ltd (SGX)

UnUsUaL Celebrates Emerging Era in Live Music

When engineer-turned-entrepreneur Leslie Ong founded UnUsUaL with his brother Johnny in 1997, it began as a stage, sound and...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)