Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGSI raises Sheng Siong target price to $3.40, citing increased cost of living support.</li><li>Tickrs keeps 'buy' rating and 58-cent target for Hafary after price pullback.</li><li>Tan of DBS keeps US$2 target on UltraGreen.ai; tariffs create buy opportunity.</li></ul>

CGSI raises Sheng Siong target price to $3.40, citing increased cost of living support.Tickrs keeps 'buy' rating and 58-cent target for Hafary after price pullback.Tan of DBS keeps US$2 target on UltraGreen.ai; tariffs create buy opportunity.

Singapore Market Roundup (08-Apr-2026): CGSI raises Sheng Siong target price to $3.40 amid higher

<ul><li>Tickrs keeps 'buy' rating on Hafary, with a target price of 58 cents post pullback.</li><li>DBS keeps US$2 target on UltraGreen.ai; tariffs create buying opportunity.</li><li>CGSI and DBS uphold bullish targets for Nam Cheong after RM102.5 mil contracts.</li></ul>

Tickrs keeps 'buy' rating on Hafary, with a target price of 58 cents post pullback.DBS keeps US$2 target on UltraGreen.ai; tariffs create buying opportunity.CGSI and DBS uphold bullish targets for Nam Cheong after RM102.5 mil contracts.

Singapore Market Roundup (07-Apr-2026): Tickrs maintains 'buy' on Hafary, target price 58 cents.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>, <a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources Nl (MEI AU)</a>, <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">Zheneng Jinjiang Environment (ZJE SP)</a>, and <a href="https://www.smartkarma.com/entities/goodbaby-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9467:1" rel="noopener">Goodbaby International (1086 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>, and <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deal was discussed on Smartkarma this week: Northern Star Resources (NST AU), Meteoric Resources Nl (MEI AU), Zheneng Jinjiang Environment (ZJE SP), and Goodbaby International (1086 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), oOh!Media Ltd (OML AU), Get Nice (64 HK), and Yinson Holdings (YNS MK).


Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

<ul>
<li>We know that Bain knew that their mid-September overbid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).</li>
<li>IF <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.</li>
<li>Despite the lower-than-expected bid optics compared to prior negotiations, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.</li>
</ul>


We know that Bain knew that their mid-September overbid for Kakaku.com Inc (2371 JP) did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).
IF Sankei Real Estate (2972 JP) trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.
Despite the lower-than-expected bid optics compared to prior negotiations, ReNew Energy Global (RNW US)'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.


Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

<ul><li><a href="https://www.smartkarma.com/entities/yanlord-land-group-ltd" target="_blank" data-smartkarma-citation="entities:14152" rel="noopener">Yanlord Land (YLLG SP)</a> sold out 100% of Suhe Century in Shanghai at launch</li><li>CK Holdings selling Tampines HQ building at guided price of S$32m</li><li>Another entire floor at Suntec City T2 is on market at record-breaking S$3,600psf</li></ul>

Yanlord Land (YLLG SP) sold out 100% of Suhe Century in Shanghai at launchCK Holdings selling Tampines HQ building at guided price of S$32mAnother entire floor at Suntec City T2 is on market at record-breaking S$3,600psf

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

Singapore

Hafary Holdings Limited is a leading supplier, importer, distributor, and wholesaler of building materials. The company specializes in a wide range of products including tiles, stone, mosaic, wood-flooring, quartz tops, and sanitary ware and fittings, serving homeowners, interior designers, architects, contractors, and property developers. Hafary was established in 1980 and is headquartered in Singapore.

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Hafary (HAFA SP)

Singapore Market Roundup (08-Apr-2026): CGSI raises Sheng Siong target price to $3.40 amid higher

CGSI raises Sheng Siong target to $3.40; Tickrs maintains 'buy' on Hafary at 58 cents; DBS keeps US$2 target on UltraGreen.ai amid tariff...

Singapore Market Roundup

Singapore Market Roundup (07-Apr-2026): Tickrs maintains 'buy' on Hafary, target price 58 cents.

Tickrs maintains 'buy' on Hafary with a 58-cent target. DBS holds US$2 on UltraGreen.ai; tariffs offer a buying chance. CGSI and DBS remain bullish...

Singapore Market Roundup

Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

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

ASEAN Builder's Scoop (13Jul22) - YLLG Sold 100% of Suhe Century Shanghai at Launch

CK Holdings selling Tampines HQ; Suntec T2 entire floor on market at record S$3,600psf; Phils FDI inflows surge to 4mo high; Thai prop support...

SCCM Asia Research

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