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

Goodwill Entertainment Holding / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/goodwill-entertainment-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:44296:1" rel="noopener">Goodwill Entertainment Holding (GWEH SP)</a> is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.</li>
<li>It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.</li>
<li>We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.</li>
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Goodwill Entertainment Holding (GWEH SP) is a multi-entertainment concept operator, comprising a network of family friendly karaoke facilities with F&amp;B concepts, performance halls and dance clubs.
It operates under the brand names HaveFun Family Karaoke, FATEbyhavefun and HaveFun Live Show.
We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.


Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>To avoid a political landmine, on the 4th March <strong><a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>  </strong><a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0304/2025030402128.pdf" target="_blank" rel="noopener">announced</a> a deal with Blackrock to offload its entire port ops, including the contentious Panama ports.</li>
<li>It's an astute deal selling to a buyer, ostensibly backed by the Trump administration, at the top of the market, knowing global trade could fall under a new tariff regime.</li>
<li>The risk to the transaction is one of timing. US/Panama approvals are a shoo-in. But it's a complex deal, which will take time to work through the system.</li>
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To avoid a political landmine, on the 4th March CK Hutchison Holdings (1 HK)  announced a deal with Blackrock to offload its entire port ops, including the contentious Panama ports.
It's an astute deal selling to a buyer, ostensibly backed by the Trump administration, at the top of the market, knowing global trade could fall under a new tariff regime.
The risk to the transaction is one of timing. US/Panama approvals are a shoo-in. But it's a complex deal, which will take time to work through the system.


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>Cambridge, a Singapore-based firm, purchases a Sydney office block for $70M from a former Tysan boss, expanding its real estate portfolio</li><li>Hong Kong Land reports a significant increase in losses, totaling $1.4B, attributed to challenges within its Central Portfolio</li><li>M&amp;G Real Estate invests $62M in student housing in Melbourne, Australia, highlighting their focus on the Australian real estate market. Warburg Pincus forms a partnership with SK Group to develop Korean senior living facilities, tapping into the growing demand for elderly care in South Korea.</li></ul>

Cambridge, a Singapore-based firm, purchases a Sydney office block for $70M from a former Tysan boss, expanding its real estate portfolioHong Kong Land reports a significant increase in losses, totaling $1.4B, attributed to challenges within its Central PortfolioM&amp;G Real Estate invests $62M in student housing in Melbourne, Australia, highlighting their focus on the Australian real estate market. Warburg Pincus forms a partnership with SK Group to develop Korean senior living facilities, tapping into the growing demand for elderly care in South Korea.

Asia Real Estate Tracker (11-Mar-2025): Singapore buying Sydney office for $70M.

<ul><li>Hotel Indigo Auckland is up for sale by McVay Real Estate and Whillans Realty Group, offering a prime investment opportunity.</li><li>CDL Chairman accuses son of attempted coup, but Kwek remains CEO, ensuring stability within the company's leadership.</li><li>Mapletree makes a strategic move by buying a Hong Kong site for $473M at a significant discount, positioning itself for future growth.</li></ul>

Hotel Indigo Auckland is up for sale by McVay Real Estate and Whillans Realty Group, offering a prime investment opportunity.CDL Chairman accuses son of attempted coup, but Kwek remains CEO, ensuring stability within the company's leadership.Mapletree makes a strategic move by buying a Hong Kong site for $473M at a significant discount, positioning itself for future growth.

Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale - McVay & Whillans Realty.

Econ Healthcare Asia Ltd / Equity Bottom-Up

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<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>
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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

Singapore

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

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Jardine Matheson Holdings (JM SP)

Goodwill Entertainment Holding - FY24 Earnings Update - Broadening Reach Within F&B and Nightlife

We maintain our BUY rating on GEH with a TP of S$0.23, pegged to 4.6x FY25E EV/EBITDA, representing an upside of approximately 42.9%.

Evolve Capital Advisory Pte Ltd

CK Hutch (1 HK): Still Trading Cheap

It's an astute deal selling to a buyer eager to please Trump at the top of the market, knowing that global trade could fall under a new tariff...

David Blennerhassett

Asia Real Estate Tracker (11-Mar-2025): Singapore buying Sydney office for $70M.

Real estate deals in Asia-Pacific: Singapore's Cambridge buys Sydney office block, Hong Kong Land's losses double, M&G Real Estate acquires student...

Asia Real Estate Tracker

Asia Real Estate Tracker (27-Feb-2025): Hotel Indigo Auckland for Sale - McVay & Whillans Realty.

Hotel Indigo Auckland is for sale by McVay Real Estate & Whillans Realty Group, while CDL Chairman accuses son of coup attempt, Kwek stays CEO....

Asia Real Estate Tracker

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

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