Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

<p>Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016).</p><p> </p>

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016). 

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul><li>Hospitality Rebound &amp; Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led recovery in Sabah and strategic financing initiatives by insiders.</li><li>Revenue in 1H2025 inched up +2.1% YoY to S$66.96 million, and net loss narrowed to S$4.85 million (from a S$6.95m loss a year ago).</li><li>The Pacific &amp; Magellan Sutera resorts benefitted from surging tourist arrivals (Sabah received 2.12 million visitors in Jan–Jul 2025, +20% YoY), lifting hospitality revenue and helping GSH achieve a positive operating profit of S$11.3 million in the half.</li></ul>

Hospitality Rebound &amp; Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led recovery in Sabah and strategic financing initiatives by insiders.Revenue in 1H2025 inched up +2.1% YoY to S$66.96 million, and net loss narrowed to S$4.85 million (from a S$6.95m loss a year ago).The Pacific &amp; Magellan Sutera resorts benefitted from surging tourist arrivals (Sabah received 2.12 million visitors in Jan–Jul 2025, +20% YoY), lifting hospitality revenue and helping GSH achieve a positive operating profit of S$11.3 million in the half.

GSH Corporation Update : Steady Recovery Underway, Backed by Insider Support

<ul><li>Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds the current book value.</li><li>The company’s RNAV (Revalued Net Asset Value) is estimated at ~S$0.25 per share, well above the stock price (~S$0.16), indicating a significant undervaluation of the underlying properties.</li><li>The Sutera Harbour resort alone, with its extensive land (384 acres) and facilities, is carried on the books at cost (as part of PPE of S$582M) and is likely worth substantially more if monetized or revalued.</li></ul>

Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds the current book value.The company’s RNAV (Revalued Net Asset Value) is estimated at ~S$0.25 per share, well above the stock price (~S$0.16), indicating a significant undervaluation of the underlying properties.The Sutera Harbour resort alone, with its extensive land (384 acres) and facilities, is carried on the books at cost (as part of PPE of S$582M) and is likely worth substantially more if monetized or revalued.

GSH Corporation Initiation : Hidden Gems in Hospitality and Property: A Revaluation Story

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.

<ul><li>Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit.</li><li>On Apr 12, Plato Capital chairman and non-executive non-independent director Lim Kian Onn acquired 283,000 shares at an average price of S$2.21 per share.</li></ul>

Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit.On Apr 12, Plato Capital chairman and non-executive non-independent director Lim Kian Onn acquired 283,000 shares at an average price of S$2.21 per share.

Plato Capital chairman Lim Kian Onn boosts his stake

Yangzijiang Financial Holding / Equity Bottom-Up

<ul><li>Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.</li><li>On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.</li></ul>

Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.

Managing director of Swensen’s ABR Holdings adds to his stake

Singapore

GSH Corporation is a Singapore-based property developer and investor with a focus on Southeast Asia, including Malaysia and China. The company develops residential, commercial, and mixed-use properties and operates a hospitality segment that includes hotels, resorts, marinas, and golf courses. It was incorporated in Singapore in 2001.

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GSH Corporation (GSH SP)

Modest Rise in New Home Sales in 2015

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230...

Tay Hock Meng

GSH Corporation Update : Steady Recovery Underway, Backed by Insider Support

Hospitality Rebound & Deleveraging Theme: GSH’s 1H FY2025 results show a nascent turnaround in operations, underpinned by a strong tourism-led...

Tickrs

GSH Corporation Initiation : Hidden Gems in Hospitality and Property: A Revaluation Story

Asset-rich developer unlocking value: GSH offers investors exposure to a portfolio of high-quality real estate assets whose market value exceeds...

Tickrs

Plato Capital chairman Lim Kian Onn boosts his stake

Plato Capital chairman Lim Kian Onn boosts his stake Digital Core Reit Management bought back 210,000 units of Digital Core Reit. On Apr 12, Plato...

Singapore Exchange Ltd (SGX)

Managing director of Swensen’s ABR Holdings adds to his stake

Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back...

Singapore Exchange Ltd (SGX)

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