Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul>
<li>Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests.</li>
<li>This is all the more important in Singapore’s REIT and Business Trust sector, where the use of external manager and Trustee Manager is the norm.</li>
<li>This is in sharp contrast to all for profit companies, where internal management teams manage the businesses for the benefit of all (or most) shareholders.</li>
</ul>


Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests.
This is all the more important in Singapore’s REIT and Business Trust sector, where the use of external manager and Trustee Manager is the norm.
This is in sharp contrast to all for profit companies, where internal management teams manage the businesses for the benefit of all (or most) shareholders.


Keppel Infrastructure Trust (KIT) – An Erosion of Trust

<ul>
<li>KEPPEL INFRASTRUCTURE TRUST (KIT) is an infrastructure trust listed in Singapore. KIT is managed by Keppel Infrastructure Fund Management Pte Ltd (KIFM) and is sponsored by Keppel, a global asset manager and operator. KIFM is a wholly-owned subsidiary of Keppel.</li>
<li>The Trustee-Manager, KIFM, has dual responsibility of safeguarding the interests of KIT Unitholders, and managing the business conducted by KIT.</li>
<li>The Trustee-Manager has general powers of management over the business and the assets of KIT and its main responsibility is to manage KIT’s assets and liabilities for the benefit of Unitholders as a whole.</li>
</ul>


KEPPEL INFRASTRUCTURE TRUST (KIT) is an infrastructure trust listed in Singapore. KIT is managed by Keppel Infrastructure Fund Management Pte Ltd (KIFM) and is sponsored by Keppel, a global asset manager and operator. KIFM is a wholly-owned subsidiary of Keppel.
The Trustee-Manager, KIFM, has dual responsibility of safeguarding the interests of KIT Unitholders, and managing the business conducted by KIT.
The Trustee-Manager has general powers of management over the business and the assets of KIT and its main responsibility is to manage KIT’s assets and liabilities for the benefit of Unitholders as a whole.


Keppel Infrastructure Trust – Desalination Plant Disappears into Murky Off Balance Sheet Waters

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Keppel Infrastructure Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-infrastructure-trust" target="_blank" data-smartkarma-citation="entities:456:1" rel="noopener">Keppel Infrastructure Trust (KIT SP)</a> is looking to raise around S$206m (US$158m) in its primary placement.</li>
<li>Proceeds will be used to pay down its bridge loan facility linked to its Ventura acquisition. KIT also appears to have secured its unitholders’ approval for the raising earlier. </li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Keppel Infrastructure Trust (KIT SP) is looking to raise around S$206m (US$158m) in its primary placement.
Proceeds will be used to pay down its bridge loan facility linked to its Ventura acquisition. KIT also appears to have secured its unitholders’ approval for the raising earlier. 
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Keppel Infra Trust Placement - While the Raising Is Relatively Large, Its past Deals Have Done Well

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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

<ul><li>American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.</li><li>The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.</li><li>In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.</li></ul>

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares.The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF 

Singapore

Keppel Infrastructure Trust is a listed business trust that provides investors with the opportunity to invest in a large and well-diversified portfolio of core infrastructure assets located in jurisdictions with well-developed legal frameworks that support infrastructure investment. The Trust aims to provide long-term, regular, and sustainable distributions to its unit holders.

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Keppel Infrastructure Trust (KIT SP)

Keppel Infrastructure Trust (KIT) – An Erosion of Trust

Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests. This is all the more important...

Corporate Monitor Limited

Keppel Infrastructure Trust – Desalination Plant Disappears into Murky Off Balance Sheet Waters

KEPPEL INFRASTRUCTURE TRUST (KIT) is an infrastructure trust listed in Singapore. KIT is managed by Keppel Infrastructure Fund Management Pte Ltd

Corporate Monitor Limited

Keppel Infra Trust Placement - While the Raising Is Relatively Large, Its past Deals Have Done Well

Keppel Infrastructure Trust (KIT SP) is looking to raise around S$206m (US$158m) in its primary placement. In this note, we run the deal through...

Clarence Chu

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex's shares. The AVDV ETF...

Singapore Exchange Ltd (SGX)

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52-week Range

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