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>Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.</li><li>Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.</li><li>KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.</li></ul>

Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest in Global Marine Group (“GMG”) for approximately S$119 million, with additional equity commitment of S$68 million.Keppel Infrastructure Fund (“KIF”), managed by Keppel Ltd., owns another 46.7% stake and the balance is held by a co-investor.KIT argues that GMG operates in a resilient, high-barrier subsea cable industry supported by strong structural demand drivers.

Keppel Infrastructure Trust (KIT) - Global Marine Group Acquisition: A Case for Rejection

<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

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

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. </li>
<li>
<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> subsidiary, <a href="https://www.smartkarma.com/entities/vicom-ltd" target="_blank" data-smartkarma-citation="entities:19020:1" rel="noopener">Vicom Ltd (VCM SP)</a> is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.</li>
<li>It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  </li>
</ul>


Public transport and taxi segments in Singapore provide much-needed stability for the group, not much downside surprise is expected. Now 54% of its revenue is generated overseas. 

Comfortdelgro Corp (CD SP) subsidiary, Vicom Ltd (VCM SP) is in charge of the OBU upgrade in Singapore, providing some high-margin incremental operating profit.
It trades at 14x PE, and its share price is almost at historical low, creating another reason to build positions on this.  


Comfortdelgro (CD): Growth Evident and Cheap

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) - Global Marine Group Acquisition: A Case for Rejection

Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest...

Corporate Monitor Limited

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

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

Comfortdelgro (CD): Growth Evident and Cheap

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Keppel Infrastructure Trust (KIT) - Global Marine Group Acquisition: A Case for Rejection

Corporate Monitor strongly recommends that unitholders of Keppel Infrastructure Trust (“KIT”) reject the proposed acquisition of a 46.7% interest...

Corporate Monitor Limited

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

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

Comfortdelgro (CD): Growth Evident and Cheap

​Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...

Henry Soediarko

Comfortdelgro 54% revenue from overseas. Vicom Ltd's OBU upgrade offers high-margin profit, trading at 14x PE near historical low. Opportunity to...