Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

<p>Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?</p>

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

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

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

<p>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.</p>

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

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Guangxi Yuchai Marine and Genset Power Co Ltd / Equity Capital Markets

Guangxi Yuchai Marine and Genset Power Co Ltd (GYMGP HK)

Guangxi Yuchai Marine and Genset Power Co Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangxi-yuchai-marine-and-genset-power-co-ltd" target="_blank" data-smartkarma-citation="entities:46371:1" rel="noopener">Guangxi Yuchai Marine and Genset Power Co Ltd (GYMGP HK)</a> is a power generation and marine engine company looking to raise at least ~US$100m in its upcoming Hong Kong IPO.</li>
<li>It designs, develops, manufactures and sells power generator engines, marine engines, power generator sets and engine components.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Guangxi Yuchai Marine and Genset Power Co Ltd (GYMGP HK) is a power generation and marine engine company looking to raise at least ~US$100m in its upcoming Hong Kong IPO.
It designs, develops, manufactures and sells power generator engines, marine engines, power generator sets and engine components.
In this note, we look at the firm's past performance.


Aequitas: Guangxi Yuchai Marine and Genset Power Pre-IPO - Largest Power Engine Provider in China

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.

Equity Bottom-Up

Hutchison Port Holdings / Equity Bottom-Up

<ul><li>Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.</li><li>Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.</li><li>Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.</li></ul>

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch.Hiap Seng Industries' ADT rose significantly after Chandra Asri Group acquired an 11.87% equity interest, boosting collaboration opportunities.Singapore's SMID Industrials, including Hiap Seng Industries, Soilbuild Construction, and ASL Marine, saw significant turnover growth in 2H25.

FTSE ST Industrials Index Holds 40% YTD Total Return in November 

<ul><li>Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.</li><li>The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.</li><li>China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.</li></ul>

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.The iEdge Next 50 Index's technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.China Sunsine's ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Singapore

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

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

Hong Leong Asia (HLA SP)

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

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

Aequitas: Guangxi Yuchai Marine and Genset Power Pre-IPO - Largest Power Engine Provider in China

Guangxi Yuchai is a power generation and marine engine company looking to raise at least ~US$100m in its upcoming Hong Kong IPO. In this note, we...

Nicholas Tan

FTSE ST Industrials Index Holds 40% YTD Total Return in November

Hong Leong Asia achieved a 141% total return with S$53 million net institutional inflows, driven by MTU Series 2000 engines launch. Hiap Seng...

Singapore Exchange Ltd (SGX)

Growth in Motion: China Sunsine Married Deal & Next 50 Momentum

Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%. The iEdge Next 50 Index's technology...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)