Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<h2>FY2016 Results</h2>UG Healthcare ("UGHC") <a href="http://infopub.sgx.com/FileOpen/UG%20Healthcare%20FY2016%20Full%20Year%20Results_Final.ashx?App=Announcement&amp;FileID=418672" target="_blank">posted</a> FY2016 results last night, and in their <a href="http://infopub.sgx.com/FileOpen/UG%20Heatlhcare%20FY2016%20Results%20News%20Release_Final.ashx?App=Announcement&amp;FileID=418673" target="_blank">news release</a> the Group announced that they have:<ul>
<li>Achieved 72% increase in net profit to SGD 5.5m for FY 2016</li>
<li>Achieved planned production capacity of 1.9 billion gloves per annum, representing a 27% increase
</li>
<li>They have also proposes a final dividend of S$0.00587 per share amounting in aggregate to 20% of net profit of the Group for FY2016</li>
<li>80% of issued shares have committed to elect new shares in lieu of share dividend…</li>
</ul>

FY2016 ResultsUG Healthcare ("UGHC") posted FY2016 results last night, and in their news release the Group announced that they have:
Achieved 72% increase in net profit to SGD 5.5m for FY 2016
Achieved planned production capacity of 1.9 billion gloves per annum, representing a 27% increase

They have also proposes a final dividend of S$0.00587 per share amounting in aggregate to 20% of net profit of the Group for FY2016
80% of issued shares have committed to elect new shares in lieu of share dividend…


UG Healthcare - FY16 Results; Capacity Increase to Continue to Drive Growth

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. <ul><li>1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 months</li><li>The company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)</li><li>Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017</li><li>UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium products</li><li>Stock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples</li></ul>

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results indicates a healthy performance as it managed to improve both top and bottom line over the last 6 monthsThe company is on track to achieve a production capacity of 1.9 billion gloves per annum by end FY 2016 (June 2016)Management is targeting a further increase in annual production capacity of 400-500 million gloves per annum by FY 2017UG has plans to further expand their surgical glove distribution in emerging markets, in order to increase share of premium productsStock remains attractive versus peers who are trading at higher EV/EBITDA and PE multiples

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

Transport Sector, China and Asia-focused Research

Charles De Trenck

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global leader Maersk. NOL&rsquo;s shares rose some 6% to $1.05 and closer to book NAV per share around&nbsp;S$1.4 (and higher when the US dollar drifts higher). But what would make a potential transaction more interesting, if at all, keeping in mind the Hapag IPO pricing was about 25% below the original high end of the range?

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Singapore

Riverstone Holdings Limited produces, sells, and distributes clean-room products for use in highly controlled and critical environments. The Company's products include nitrite and natural rubber gloves and clean-room packaging materials and finger cots, as well as face masks, face pouches, hoods, caps, jumpsuits, and swabs.

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Riverstone Holdings (RSTON SP)

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

UG Healthcare - FY16 Results; Capacity Increase to Continue to Drive Growth

FY2016 ResultsUG Healthcare ("UGHC") posted FY2016 results last night, and in their news release the Group announced that they have: Achieved 72%...

Crispin Francis

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure...

Rajan Govil

Bottom Line Delivers, Plans on the Anvil for Further Capacity Expansion and Premiumisation

UG Healthcare (Mcap: US$42m) reported a 20.1% YoY increase in 1H16 revenue to S$30.1m and a 31.0% YoY increase in 1H16 Net Profits. 1H16 results...

Crispin Francis

NOL's Latest Potential Merger Discussions... Where is the [Partial] Exit for Temasek?

Another report of potential suitors made it to market on Friday, forcing NOL to disclose there have been talks with French carrier CMA and global...

Charles De Trenck

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