Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.</li><li>Jefferies starts coverage on Singapore banks, targets DBS at $91.</li><li>KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.</li></ul>

uSmart starts coverage of Azeus Systems with a 'hold' rating, target $9.45.Jefferies starts coverage on Singapore banks, targets DBS at $91.KGI keeps Q&amp;M Dental at 'outperform' due to disciplined growth.

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Jardine Matheson Southeast Asia / Event-Driven

Jardine Matheson Southeast Asia (JCNC SP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s implied stub value is at its highest-ever level, dating back to 2004. The "simple ratio" (JCNC/Astra) is the highest outside a Covid blip.</li>
<li>Preceding my comments on JCNC are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is at its highest-ever level, dating back to 2004. The "simple ratio" (JCNC/Astra) is the highest outside a Covid blip.
Preceding my comments on JCNC are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Fitch/Moody's Downgrades Further Propel JCNC's Implied Stub

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>Digital Realty, Equinix, STT GDC, and Keppel have gained rights to expand data centers in Singapore.</li>
<li>In Malaysia, DayOne has purchased a data center site for $153 million after a significant IPO filing.</li>
<li>Henderson Land reported a 41% profit increase, reflecting Hong Kong's economic recovery and growth.</li>
</ul>


Digital Realty, Equinix, STT GDC, and Keppel have gained rights to expand data centers in Singapore.
In Malaysia, DayOne has purchased a data center site for $153 million after a significant IPO filing.
Henderson Land reported a 41% profit increase, reflecting Hong Kong's economic recovery and growth.


Asia Real Estate Tracker (24-Aug-2026): Data centers in Singapore gain expansion rights.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a>'s implied stub value is around its highest-ever level, dating back to 2004, as MSCI cites Indonesia's persistent ‘fundamental investability issues’.</li>
<li>Preceding my comments on JCNC are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP)'s implied stub value is around its highest-ever level, dating back to 2004, as MSCI cites Indonesia's persistent ‘fundamental investability issues’.
Preceding my comments on JCNC are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: JCNC's "Outperformance" As MSCI Flags Indo's Investability Issues

<ul><li>Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.</li><li>RHB raises Lum Chang Creations' target price to 59 cents after contract win.</li><li>Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.</li></ul>

Solid beat, raised guidance, but 3x book discounts significantly: JP Morgan.RHB raises Lum Chang Creations' target price to 59 cents after contract win.Pang of DBS upholds 'buy' rating and $35.50 target on Jardine C&amp;C.

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

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 Matheson Southeast Asia (JCNC SP)

Singapore Market Roundup (22-Sep-2026): uSmart initiates Azeus Systems with 'hold', target $9.45.

uSmart rates Azeus Systems 'hold' with a target of $9.45. Jefferies targets DBS at $91, while KGI rates Q&M Dental 'outperform' for its growth.

Singapore Market Roundup

StubWorld: Fitch/Moody's Downgrades Further Propel JCNC's Implied Stub

Fitch's, Moody's and MSCI's Indo conclusions are a material overhang. I'd still be reluctant to reverse the stub, as Asta underperforms (down 14%...

David Blennerhassett

Asia Real Estate Tracker (24-Aug-2026): Data centers in Singapore gain expansion rights.

Digital Realty, Equinix, STT GDC, and Keppel expand in Singapore, while CapitaLand and IOI near a $1.9B deal; DayOne buys a Malaysian site for...

Asia Real Estate Tracker

StubWorld: JCNC's "Outperformance" As MSCI Flags Indo's Investability Issues

MSCI's review is a material overhang. Yet, even absent this index review fallout, I'd expect JCNC to benefit from an ongoing business review...

David Blennerhassett

Singapore Market Roundup (06-Aug-2026): Solid beat, raised guidance, but 3x book discounts: JP

JP Morgan notes solid beat but 3x book discounts. RHB raises Lum Chang Creations' target to 59 cents. DBS maintains 'buy' on Jardine C&C with...

Singapore Market Roundup

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