Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

The latest Urban Redevelopment Authority (URA) final statistics for the office property sector for 2015 looks set to be another bummer for 2016 with a rise of 9.4% quarter-on-quarter (qoq) in pipeline supply to 10.69 million sq ft coming in during 4Q2015 and perhaps more in 2016. If any of Insight providers are users of Bloomberg, you might have come across the “Gadfly” article by Andy Mukherjee this week that talked about how developers have outgrown their development of office spaces in Singapore without thinking about any possibility of global economic slowdown ahead.

The latest Urban Redevelopment Authority (URA) final statistics for the office property sector for 2015 looks set to be another bummer for 2016 with a rise of 9.4% quarter-on-quarter (qoq) in pipeline supply to 10.69 million sq ft coming in during 4Q2015 and perhaps more in 2016. If any of Insight providers are users of Bloomberg, you might have come across the “Gadfly” article by Andy Mukherjee this week that talked about how developers have outgrown their development of office spaces in Singapore without thinking about any possibility of global economic slowdown ahead.

Gloomy Forecast Ahead for Office Property Sector in Singapore

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/guoco-group-ltd" target="_blank" data-smartkarma-citation="entities:5290:1" rel="noopener">Guoco Group Ltd (53 HK)</a> has made a <a href="https://links.sgx.com/FileOpen/Offer%20Announcement.ashx?App=Announcement&amp;FileID=645181" target="_blank" rel="noopener">voluntary conditional cash Offer</a> for 70.84%-held <a href="https://www.smartkarma.com/entities/gl-ltd" target="_blank" data-smartkarma-citation="entities:2540:1" rel="noopener">GL Ltd (GLL SP)</a>.
The Offer Price of S$0.70/share is a 25% premium to last close and 0.73x P/NAV. The acceptance condition is 90%, including Guoco's stake, although Guoco reserves the right to reduce this to 50%. Save for the acceptance condition, the Offer is unconditional in all other respects.
This appears a relatively listless Offer premium, pitching GLL at a level below the COVID drop-off in Feb/March last year.
Of greater interest is whether this privatisation attempt is an interim step to reloading (another) take-private Offer for Guoco.
As always, more below the fold.

Guoco Group Ltd (53 HK) has made a voluntary conditional cash Offer for 70.84%-held GL Ltd (GLL SP).
The Offer Price of S$0.70/share is a 25% premium to last close and 0.73x P/NAV. The acceptance condition is 90%, including Guoco's stake, although Guoco reserves the right to reduce this to 50%. Save for the acceptance condition, the Offer is unconditional in all other respects.
This appears a relatively listless Offer premium, pitching GLL at a level below the COVID drop-off in Feb/March last year.
Of greater interest is whether this privatisation attempt is an interim step to reloading (another) take-private Offer for Guoco.
As always, more below the fold.

GL Limited (GLL SP): Privatisation Offer Renews Interest In Guoco

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.

<a href="https://www.smartkarma.com/entities/hi-p-international-ltd" target="_blank" data-smartkarma-citation="entities:9589:1" rel="noopener">Hi P International (HIP SP)</a> is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). <div class="content-highlight">The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. </div>

Hi P International (HIP SP) is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. 

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

Yao Hsiao Tung and his wife Wong Huey Fang, 83.5% shareholders in integrated contract manufacturer <a href="https://www.smartkarma.com/entities/hi-p-international-ltd" target="_blank" data-smartkarma-citation="entities:9589:1" rel="noopener">Hi P International (HIP SP)</a>, have tabled an <a href="https://links.sgx.com/FileOpen/Offer%20Announcement.ashx?App=Announcement&amp;FileID=642712" target="_blank" rel="noopener">Unconditional Offer</a> to acquire all remaining shares at $2.00/share, a 13.6% premium to last close, and a 42.3% premium to the 3-month VWAP.
The Offer price is Final.
The Offeror is YHT Venture Pte. Ltd., in which Yao/Wong hold 100%.
Should the Offeror acquire more than 90% of shares out, it will be entitled to compulsory acquisition. Yao/Wong have given an irrevocable to accept the Offer. Therefore this deal needs an additional 6.5% of shares out to be taken private.
The Offer doc is expected to be despatched within 14-21 days, at which time the Offer will be open for acceptances. Settlement will occur within 7 business days from valid acceptance. 
This is a very straightforward transaction. More below the fold.

Yao Hsiao Tung and his wife Wong Huey Fang, 83.5% shareholders in integrated contract manufacturer Hi P International (HIP SP), have tabled an Unconditional Offer to acquire all remaining shares at $2.00/share, a 13.6% premium to last close, and a 42.3% premium to the 3-month VWAP.
The Offer price is Final.
The Offeror is YHT Venture Pte. Ltd., in which Yao/Wong hold 100%.
Should the Offeror acquire more than 90% of shares out, it will be entitled to compulsory acquisition. Yao/Wong have given an irrevocable to accept the Offer. Therefore this deal needs an additional 6.5% of shares out to be taken private.
The Offer doc is expected to be despatched within 14-21 days, at which time the Offer will be open for acceptances. Settlement will occur within 7 business days from valid acceptance. 
This is a very straightforward transaction. More below the fold.

Singapore

Hi-P is a leading contract manufacturing provider offering one-stop advanced manufacturing capabilities and services, including precision tooling, plastic molding, and electro-mechanical equipment. The company serves diverse industries such as consumer electronics, telecommunications, computing, medical, and industrial devices. Hi-P was founded in 1980 and is headquartered in Singapore.

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Hi-P (HIP SP)

Gloomy Forecast Ahead for Office Property Sector in Singapore

The latest Urban Redevelopment Authority (URA) final statistics for the office property sector for 2015 looks set to be another bummer for 2016...

Tay Hock Meng

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

GL Limited (GLL SP): Privatisation Offer Renews Interest In Guoco

Pick up Guoco here, on the expectation this take-private approach for GLL is a precursor to a new Offer being tabled, or simply on the basis Guoco...

David Blennerhassett

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

HIP announced a voluntary unconditional general offer at S$2.00 per share, a 13.6% premium to the last trading price. Overall, we think that the...

Arun George

Hi-P International: Unconditional Offer

This is an unconditional Offer, so it will trade around terms. If you can get in a spread or two below terms, expect to be paid around the 19...

David Blennerhassett

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