Freelance Research Analyst

Tay Hock Meng

Thematic (Sector/Industry)

The Housing and Development Board (HDB) has formally launched another batch of flats comprising of 3,770 new built-to-order (BTO) and 5,170 sale of balance flats (SBF) in both non-mature and mature housing estates in Singapore on May 24, 2016. According to HDB, with the second BTO launch for 2016, this brings the total number of BTO flats offered this year to 7,940 units. Including the 5,170 balance flats offered in the May exercise, HDB has offered a total of 13,110 flats for sale in 1H2016…

The Housing and Development Board (HDB) has formally launched another batch of flats comprising of 3,770 new built-to-order (BTO) and 5,170 sale of balance flats (SBF) in both non-mature and mature housing estates in Singapore on May 24, 2016. According to HDB, with the second BTO launch for 2016, this brings the total number of BTO flats offered this year to 7,940 units. Including the 5,170 balance flats offered in the May exercise, HDB has offered a total of 13,110 flats for sale in 1H2016…

HDB Launched a Total of 8,940 New and Balance Flats for May 2016 Exercise

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3 (Parcel B) after beating out seven other competitors with a bid of $419.38 million, or $761 psf per plot ratio (psf ppr). However, when facing an existing supply of 2,056 units coming mainly from three relatively new condominium projects, including Eco, Urban Vista, and The Glades, CES might need to price the units that will at least allow them to at least breakeven, or earn a small profit.

Chip Eng Seng Wins Site at New Upper Changi Road

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

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.</li><li>Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.</li><li>The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.</li></ul>

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.


Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in November 2015 is quite impressive given Singapore government&rsquo;s commitment to make every public flat affordable. The pace of incoming supply in 2016 with 20,000 more new HDB flats launched is also starting to cause some HDB home buyers feeling concerned about their chances of getting a flat, and questions about competition and disappointments could arise given such a pace of supply growth.

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in November 2015 is quite impressive given Singapore government&rsquo;s commitment to make every public flat affordable. The pace of incoming supply in 2016 with 20,000 more new HDB flats launched is also starting to cause some HDB home buyers feeling concerned about their chances of getting a flat, and questions about competition and disappointments could arise given such a pace of supply growth.

Bumper Year for HDB Flat Launches in FY2014/2015

Singapore

Singapore Telecommunications is Asia's leading communications technology group, providing next-generation communication, 5G, technology services, and infotainment to consumers and businesses. It offers mobile, broadband, TV, fixed-line telephony, IT and network services, data centers, managed cloud, IoT, and cybersecurity solutions. The company is headquartered in Singapore and was founded in 1879.

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Singapore Telecommunications (ST SP)

HDB Launched a Total of 8,940 New and Balance Flats for May 2016 Exercise

The Housing and Development Board (HDB) has formally launched another batch of flats comprising of 3,770 new built-to-order (BTO) and 5,170 sale of...

Tay Hock Meng

Chip Eng Seng Wins Site at New Upper Changi Road

Chip Eng Seng Corporation Limited (CES) was declared as the winner for the 262,577 sq ft land site at New Upper Changi Road/Bedok South Avenue 3...

Tay Hock Meng

STI Books 5.6% Total Return in 1Q26

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion. Share buybacks in...

Singapore Exchange Ltd (SGX)

Soon Hock Enterprise - FY25 Earnings Update - Stellar Delivers, Skye Presales in Focus

We revise our TP downwards on Soon Hock Enterprise based on a 20% discount to its RNAV of S$268.8m, representing an upside of 12.2%.

Evolve Capital Advisory Pte Ltd

Bumper Year for HDB Flat Launches in FY2014/2015

A record year for new Housing and Development Board (HDB) flat launches with 19,184 units in FY2014/2015, along with 12,411 units launched in...

Tay Hock Meng

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