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.

Event-Driven

<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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>After selling its Aussie-based logistics ops earlier this year, <a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a> continues to divest non-core assets and businesses.</li>
<li>The latest is the sale and leaseback of 10 Housing &amp; Development Board shophouses, which could net S$50mn. </li>
<li>SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.  </li>
</ul>


After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
The latest is the sale and leaseback of 10 Housing &amp; Development Board shophouses, which could net S$50mn. 
SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.  


SingPost (SPOST SP): More Non-Core Divestments - Slowly But Surely

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a> is selling its key asset, Australian-based Freight Management Holdings (FMH), for an enterprise value of S$897.6mn, which will generate a gain on disposal of S$312.1mn.</li>
<li>SingPost will apply the proceeds to paring down its Aussie dollar-denominated debt. SingPost will also consider, in due course, the payment of a special dividend.</li>
<li>Once the FMH transaction completes, the board will "review and reset the Group’s strategic plan, with a continued focus on shareholder value".</li>
</ul>



Singapore Post (SPOST SP) is selling its key asset, Australian-based Freight Management Holdings (FMH), for an enterprise value of S$897.6mn, which will generate a gain on disposal of S$312.1mn.
SingPost will apply the proceeds to paring down its Aussie dollar-denominated debt. SingPost will also consider, in due course, the payment of a special dividend.
Once the FMH transaction completes, the board will "review and reset the Group’s strategic plan, with a continued focus on shareholder value".


SingPost (SPOST SP): What Next After FMH Sale?

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.

<ul>
<li>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>UOBKH's Koh increases CICT target price to $3.06.</li><li>Analysts stay positive on ST Engineering; UOBKH's Chen lifts target price to $11.75.</li><li>DBS retains 'buy' rating and $12 target for CDL after Kwek Leng Peck's return.</li></ul>

UOBKH's Koh increases CICT target price to $3.06.Analysts stay positive on ST Engineering; UOBKH's Chen lifts target price to $11.75.DBS retains 'buy' rating and $12 target for CDL after Kwek Leng Peck's return.

Singapore Market Roundup (19-May-2026): Koh raises CICT target price to $3.06 at UOBKH.

Singapore

Singapore Post (SingPost) is a leading postal and eCommerce logistics provider in Asia Pacific. It offers national and international postal services, warehousing, fulfillment, international freight forwarding, and last-mile delivery, alongside mail delivery, post office services, and financial services. Headquartered in Paya Lebar, Singapore, the company traces its origins to 1858.

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Singapore Post (SPOST SP)

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

SingPost (SPOST SP): More Non-Core Divestments - Slowly But Surely

Singapore Post has divested its entire freight forwarding business, Famous Holdings, for S$177.9mn. The sale results in an realised gain on...

David Blennerhassett

SingPost (SPOST SP): What Next After FMH Sale?

SingPost is probably worth picking up here. But it's not a strong conviction trade. The muted price action after announcing the FMH sale is...

David Blennerhassett

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express' IPO linked lockup expired over the weeked. The stock has been correcting over the past few weeks, especially with the CCASS...

Sumeet Singh

Singapore Market Roundup (19-May-2026): Koh raises CICT target price to $3.06 at UOBKH.

UOBKH raises CICT target to $3.06; ST Engineering's target up to $11.75. DBS maintains 'buy' and $12 target for CDL after Kwek Leng Peck's return.

Singapore Market Roundup

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