Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.</li>
<li>uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.</li>
<li>Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.</li>
</ul>


RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.
uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.
Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.


Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

<ul>
<li>Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.</li>
<li>UBS values Sembcorp Industries at $7.65 due to a value unlock.</li>
<li>Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia's 2HFY2025 earnings fall 5% y-o-y to $52.2 million.</li>
</ul>


Morningstar maintains US$7.10 target on undervalued Hongkong Land. Singapore tourism benefits from China trip cancellations, says DBS.
UBS values Sembcorp Industries at $7.65 due to a value unlock.
Analysts maintain ‘buy’ ratings on Centurion Corp after 3QFY2025 update. BRC Asia's 2HFY2025 earnings fall 5% y-o-y to $52.2 million.


Singapore Market Roundup (24-Nov-2025): Morningstar keeps US$7.10 target on Hongkong Land.

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. </li>
<li>Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.</li>
<li>Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.</li>
</ul>


While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. 
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.


Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.</li><li>Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.</li><li>Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.</li></ul>

Brookfield is launching a $100 billion AI infrastructure initiative with Nvidia and KIA to boost tech capabilities.Link REIT is pursuing acquisitions of Australian malls while facing a 3.4% income decline from Greater China.Hongkong Land experienced a 13% profit drop in Q3, primarily due to lower contributions from its central operations.

Asia Real Estate Tracker (21-Nov-2025): Brookfield unveils $100B AI infrastructure plan.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mandarin Oriental International / Event-Driven

<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> is seeking to privatise <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> at US$3.35/share by way of a Scheme.</li>
<li>The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. </li>
<li>The <a href="https://links.sgx.com/FileOpen/Shareholder%20Circular.ashx?App=Announcement&amp;FileID=867134" target="_blank" rel="noopener">Scheme Doc is now out</a> for MAND. The Court Meeting is the 8th December. As with <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic Holdings (JS SP)</a>'s 2021 takeover, there is no independent assessment report. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) is seeking to privatise Mandarin Oriental (MAND SP) at US$3.35/share by way of a Scheme.
The Offer Price is a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Clean deal. And MAND has consistently traded tight to terms. 
The Scheme Doc is now out for MAND. The Court Meeting is the 8th December. As with Jardine Strategic Holdings (JS SP)'s 2021 takeover, there is no independent assessment report. 


Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Hong Kong

Hongkong Land is a major listed property investment, management and development group. 

The Group owns and manages more than 850,000 sq. m. of prime office and luxury retail property in key Asian cities, principally in Hong Kong, Singapore, Beijing and Jakarta.  The Group also has a number of high quality residential, commercial, and mixed-use projects under development in cities across Greater China and Southeast Asia.  In Singapore, its subsidiary, MCL Land, is a well-established residential developer.  

Hongkong Land Holdings Limited is incorporated in Bermuda and has a standard listing on the London Stock Exchange, with secondary listings in Bermuda and Singapore.  The Group’s assets and investments are managed from Hong Kong by Hongkong Land Limited.  Hongkong Land is a member of the Jardine Matheson Group.

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Hongkong Land (HKL SP)

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

Singapore Market Roundup (24-Nov-2025): Morningstar keeps US$7.10 target on Hongkong Land.

Morningstar sets a $7.10 target for Hongkong Land. DBS notes Singapore tourism gains from China trip cancellations, while UBS values Sembcorp...

Singapore Market Roundup

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

Focusing on secular DPS growth over the past decade, we screen 50 Asian stocks, from JP (24), HK (10), CN (6), India (6), SG (2) & TW (2). They...

Manishi Raychaudhuri

Asia Real Estate Tracker (21-Nov-2025): Brookfield unveils $100B AI infrastructure plan.

Brookfield launches a $100 billion AI initiative with Nvidia and KIA, while Link REIT bids for Australian malls amid a 3.4% income drop, and...

Asia Real Estate Tracker

Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Clean, full Offer. MAND is trading around ~2.1%/10.8% gross/annualised, assuming late Jan 2026 payment. Expect more accretion/recycling to come in...

David Blennerhassett

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Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

Singapore Market Roundup (24-Nov-2025): Morningstar keeps US$7.10 target on Hongkong Land.

Morningstar sets a $7.10 target for Hongkong Land. DBS notes Singapore tourism gains from China trip cancellations, while UBS values Sembcorp...

Singapore Market Roundup

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

​Focusing on secular DPS growth over the past decade, we screen 50 Asian stocks, from JP (24), HK (10), CN (6), India (6), SG (2) & TW (2). They...

Manishi Raychaudhuri

Asia Real Estate Tracker (21-Nov-2025): Brookfield unveils $100B AI infrastructure plan.

Brookfield launches a $100 billion AI initiative with Nvidia and KIA, while Link REIT bids for Australian malls amid a 3.4% income drop, and...

Asia Real Estate Tracker

Mandarin Oriental (MAND SP): 8th Dec Vote On Matheson's Offer

Clean, full Offer. MAND is trading around ~2.1%/10.8% gross/annualised, assuming late Jan 2026 payment. Expect more accretion/recycling to come in...

David Blennerhassett

Focusing on secular DPS growth over the past decade, we screen 50 Asian stocks, from JP (24), HK (10), CN (6), India (6), SG (2) & TW (2). They...