Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Econ Healthcare Asia Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/econ-healthcare-asia-ltd" target="_blank" data-smartkarma-citation="entities:33015:1" rel="noopener">Econ Healthcare Asia Ltd (ECON SP)</a> received a privatization offer from TPG Capital on 14th Feb 25. </li>
<li>Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. </li>
<li>While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.</li>
</ul>



Econ Healthcare Asia Ltd (ECON SP) received a privatization offer from TPG Capital on 14th Feb 25. 
Per the announcement, TPG is offering S$0.33 per share in cash, representing a 20% premium over the last undisturbed price of S$0.275 / share on 14th Jan 25. 
While the deal is hardly a fantastic one, we would still recommend that minority shareholders accept the deal and redeploy their funds.


Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

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.

Jardine Matheson Holdings / Equity Bottom-Up

<ul><li>Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.</li><li>This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.</li><li>Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.</li></ul>

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.

ABR Holdings managing director continues to grow interest

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional outflow, reducing total net inflows from the 20 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 26, to S$1.165 billion.</li><li>Leading the net institutional outflow over the five sessions through to Sep 26 were Singapore Telecommunications, Yangzijiang Shipbuilding Holdings, CapitaLand Investment, Singapore Exchange, Mapletree Logistics Trust, Capitaland Ascendas REIT, City Developments, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust and Mapletree Industrial Trust.</li><li>Between Sep 24 and 25, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.15 million shares at S$0.89 per share.</li></ul>

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional outflow, reducing total net inflows from the 20 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 26, to S$1.165 billion.Leading the net institutional outflow over the five sessions through to Sep 26 were Singapore Telecommunications, Yangzijiang Shipbuilding Holdings, CapitaLand Investment, Singapore Exchange, Mapletree Logistics Trust, Capitaland Ascendas REIT, City Developments, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust and Mapletree Industrial Trust.Between Sep 24 and 25, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.15 million shares at S$0.89 per share.

Raffles Medical executive chairman expands interest; First REIT independent director cashes in

<ul>
<li>Low-Cost retailer <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a> has <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0923/2024092301478.pdf" target="_blank" rel="noopener">entered into SPAs to acquire a 29.4% stake</a> in supermarket chain <a href="https://www.smartkarma.com/entities/yonghui-superstores-co-ltd" target="_blank" data-smartkarma-citation="entities:15910:1" rel="noopener">Yonghui (601933 CH)</a> from <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI (DFI SP)</a> and two units of <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>. </li>
<li>Upon the completion of this US$890mn transaction, which is subject to regulatory and shareholder approvals, MINISO would become Yonghui's largest shareholder. And DFI would exit its entire stake.</li>
<li>Ye Guofu, MINISO's founder/chairman, views the transaction “<a href="https://thelowdown.momentum.asia/miniso-spends-us890-million-to-challenge-sams-club-in-china/" target="_blank" rel="noopener">With a brave heart, start a new world!</a>”. Yonghui has been spilling red ink since FY21. Perhaps "brave soul" is more apt.</li>
</ul>


Low-Cost retailer MINISO (9896 HK) has entered into SPAs to acquire a 29.4% stake in supermarket chain Yonghui (601933 CH) from DFI (DFI SP) and two units of JD.com (9618 HK). 
Upon the completion of this US$890mn transaction, which is subject to regulatory and shareholder approvals, MINISO would become Yonghui's largest shareholder. And DFI would exit its entire stake.
Ye Guofu, MINISO's founder/chairman, views the transaction “With a brave heart, start a new world!”. Yonghui has been spilling red ink since FY21. Perhaps "brave soul" is more apt.


DFI Exits Yonghui, MINISO Enters: Who Got The Short End Of The Stick?

Singapore

Jardine Cycle & Carriage Limited operates as an investment holding company. The Company, through its subsidiaries, invests in automotive, consumer finance, utilities and infrastructure, heavy equipment and mining, property, agribusiness, cement, and consumer products businesses. Jardine Cycle & Carriage serves customers in South East Asia.

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Jardine Cycle & Carriage (JCNC SP)

Econ Healthcare (Asia) - Not the Best but Still an Exit Opportunity

Econ Healthcare Asia Ltd received a privatization offer from TPG Capital on 14th Feb 25. While the deal is hardly fantastic , we would still...

Evolve Capital Advisory Pte Ltd

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

ABR Holdings managing director continues to grow interest

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

Raffles Medical executive chairman expands interest; First REIT independent director cashes in

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional...

Singapore Exchange Ltd (SGX)

DFI Exits Yonghui, MINISO Enters: Who Got The Short End Of The Stick?

DFI doesn't appear too demanding here; but has already run up ~9% on the news. I 'd get involved on any weakness. JMH does look attractive here....

David Blennerhassett

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