Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Singapore Telecommunications / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>A wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.</li>
<li>Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are - <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/yangzijiang-financial-holding-ltd" target="_blank" data-smartkarma-citation="entities:35926:1" rel="noopener">Yangzijiang Financial (YZJFH SP)</a>. </li>
<li>The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.</li>
</ul>


A wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.
Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are - Keppel Corp (KEP SP) and Yangzijiang Financial (YZJFH SP). 
The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.


Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">Ntt Dc Reit (NTTDCR SP)</a> (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.</li>
<li>The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.</li>
<li>In this note, we look at the company's portfolio and its performance.</li>
</ul>



Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
In this note, we look at the company's portfolio and its performance.


NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

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>Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset manager with S$200bn in funds under management (FUM) by 2030.</li><li>It is unprecedented for an industrial operator to successfully transform into an asset manager of such scale.</li><li>As such, close attention ought to be given to the progress and prospects of Keppel’s transformation. </li></ul>

Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset manager with S$200bn in funds under management (FUM) by 2030.It is unprecedented for an industrial operator to successfully transform into an asset manager of such scale.As such, close attention ought to be given to the progress and prospects of Keppel’s transformation. 

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>Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows.</li><li>Global conditions tightened, with selective ETF net inflows totaling S$20 million, led by SPDR Straits Times Index ETF.</li><li>Institutional flows concentrated in Financial Services and Technology sectors, with significant inflows to UOB, OCBC, and Venture Corporation.</li></ul>

Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows.Global conditions tightened, with selective ETF net inflows totaling S$20 million, led by SPDR Straits Times Index ETF.Institutional flows concentrated in Financial Services and Technology sectors, with significant inflows to UOB, OCBC, and Venture Corporation.

Selective Flows into Financials, Tech & ETFs as Conditions Tightened Monday

Singapore

Keppel Ltd. is a Singaporean global asset manager and operator, providing critical infrastructure and services for renewables, clean energy, decarbonization, sustainable urban renewal, and digital connectivity. The company operates across Infrastructure, Real Estate, Connectivity, and Fund Management & Investment platforms. Keppel is headquartered in Singapore and was founded in 1968.

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Keppel (KEP SP)

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

Spin Offs and Non-Core Asset divestments have delivered outsized returns for shareholders of several SGX listed stocks over the past year - here...

Devi Subhakesan

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we look at its portfolio and...

Sumeet Singh

Keppel: Study on Disclosure (Report 1)

Keppel Ltd, once renowned for its offshore marine and real estate businesses, is undertaking a fundamental transformation to become a global asset...

Corporate Monitor Limited

Selective Flows into Financials, Tech & ETFs as Conditions Tightened Monday

Singapore's Financial and Technology sectors experienced selective net institutional inflows, with UOB, OCBC, SGX, and UMS leading inflows. Global...

Singapore Exchange Ltd (SGX)

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