Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Morningstar lowers Singapore banks' uncertainty ratings to 'low' after tariff scare.</li><li>Aletheia Capital sees Sing Investments, Advanced Holdings, and Koyo Int’l as undervalued.</li><li>PhillipCapital raises Singtel's target price to $4.86 due to mobile and data growth.</li></ul>

Morningstar lowers Singapore banks' uncertainty ratings to 'low' after tariff scare.Aletheia Capital sees Sing Investments, Advanced Holdings, and Koyo Int’l as undervalued.PhillipCapital raises Singtel's target price to $4.86 due to mobile and data growth.

Singapore Market Roundup (02-Sep-2025): Morningstar cuts Singapore banks' uncertainty ratings to

<ul><li>Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. </li><li>DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. </li><li>Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.</li></ul>

Q&amp;M aims to improve margins after expansion phase, says Phillip Securities, indicating positive outlook for the company. DBS remains optimistic on GuocoLand following strong 1HFY2025 performance, highlighting potential growth opportunities. Wilmar faces challenges in China operations, but UOB Kay Hian anticipates a brighter future ahead, suggesting positive changes. Analysts raise DBS target prices above $51, predicting capital returns for investors.

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

<ul><li>Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.</li><li>UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.</li><li>Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.</li></ul>

Phillip Securities believes Q&amp;M will reverse margin trends as expansion phase ends; DBS bullish on GuocoLand after strong 1HFY2025 results.UOB Kay Hian optimistic about Wilmar's improving China operations; analysts raise DBS's target prices above $51 on strong capital returns.Analysts positive on CLAR post FY2024 results; OCBC Investment Research raises DBS's target price to $50 after record profits in FY2024 under Piyush Gupta's leadership.

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For July 2026, ten new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$7bn.
The average premium for the new transactions announced (or first discussed) in July was ~51%, and a year-to-date average of ~48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent (6532 JP)</a> is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.</li>
<li>A curious development as EQT (barely) bumps indicative terms for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> in what appears to be a self destructing offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.</li>
</ul>



Baycurrent (6532 JP) is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.
A curious development as EQT (barely) bumps indicative terms for Perpetual Ltd (PPT AU) in what appears to be a self destructing offer.

Digital Garage (4819 JP) is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.


Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

Singapore

GuocoLand is an investment holding company focused on property development, investment, and management across residential, commercial, retail, hospitality, and integrated properties. The company also rents properties, operates hotels, and provides related management and marketing services. Headquartered in Singapore, GuocoLand was incorporated in 1976.

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GuocoLand (GUOL SP)

Singapore Market Roundup (02-Sep-2025): Morningstar cuts Singapore banks' uncertainty ratings to

Morningstar downgrades Singapore banks' uncertainty ratings to 'low.' Aletheia Capital finds Sing Investments, Advanced Holdings, and Koyo Int’l...

Singapore Market Roundup

Singapore Market Roundup (12-Feb-2025): Q&M aims to improve margins post expansion: Phillip Securities.

Analysts are optimistic about Q&M, GuocoLand, Wilmar, and DBS with positive outlooks on margin trends, performance, future growth, and target prices.

Singapore Market Roundup

Singapore Market Roundup (11-Feb-2025): Q&M reversing margin trends as expansion phase ends - Phillip Securities.

Analysts are optimistic about multiple Singaporean companies such as Q&M, GuocoLand, Wilmar, and DBS, with target prices rising and strong...

Singapore Market Roundup

Asia-Pac M&A [July 2026 Wrap]: Dentsu Soken, Perpetual, OFX, Ns United Kaiun, Gabia, SK Signet, Dida

For the month of July, 8 new deals were discussed on Smartkarma with an overall deal size of just ~US$5bn. The average premium for the new deals...

David Blennerhassett

Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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