Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Equity Bottom-Up

<p>The taxi population in Singapore continued to slide in January and February this year, lending weight to my thesis that carpooling features (eg GrabHitch) and private-hailing apps continue to take market share. In February, ComfortDelgro's taxi fleet shrunk by 3.5% YoY from a year ago, compared to 4.3%YoY decline for the industry.</p><figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/024/520/original/Taxi%20fleet%20Feb%202017.png?1492590530" data-smartkarma-image-id="24520"></figure><p>Source: LTA</p><p>The average daily number of taxi trips had a soft 'bounce' from January, probably due to the exit of taxi fleet from the industry.</p><figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/024/521/original/Average%20daily%20number%20of%20taxi%20trips%20Feb%202017.png?1492590681" data-smartkarma-image-id="24521"></figure><p>Source: LTA</p><ul><li>While I do not…</li></ul>

The taxi population in Singapore continued to slide in January and February this year, lending weight to my thesis that carpooling features (eg GrabHitch) and private-hailing apps continue to take market share. In February, ComfortDelgro's taxi fleet shrunk by 3.5% YoY from a year ago, compared to 4.3%YoY decline for the industry.Source: LTAThe average daily number of taxi trips had a soft 'bounce' from January, probably due to the exit of taxi fleet from the industry.Source: LTAWhile I do not…

Carpooling Apps Are Silently Taking Market Share from Taxis (Part 2); Maybe Buses & Trains Next?

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.

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Event-Driven

<p><em>We at Smartkarma Special Situations put out a weekly update on trade ideas we like, key events from the week gone by and what to look out for in the week ahead.</em></p><p>Risk arbitrage trades we have our eyes on are:</p><ul><li><a href="https://www.smartkarma.com/entities/687" target="_blank" data-smartkarma-citation="entities:687:1">Vitaco Holdings Ltd (VIT AU)</a> / <a href="https://www.smartkarma.com/entities/228" target="_blank" data-smartkarma-citation="entities:228:1">Shanghai Pharmaceuticals H (2607 HK)</a> and Primavera Capital</li><li><a href="https://www.smartkarma.com/entities/12803" target="_blank">TCL Communication (2618 HK)</a> / T.C.L. Industries Holdings (H.K.) Limited</li><li><a href="https://www.smartkarma.com/entities/17002" target="_blank" data-smartkarma-citation="entities:17002:1">Hermes Microvision Inc (3658 TT)</a> / <a href="https://www.smartkarma.com/entities/21097" target="_blank" data-smartkarma-citation="entities:21097:1">ASML Holding NV (ASML NA)</a></li><li><a href="https://www.smartkarma.com/entities/7464" target="_blank">Money Square (8728 JP)</a> / Carlyle Japan</li><li><a href="https://www.smartkarma.com/entities/9877" target="_blank">China Minzhong Food (MINZ SP)</a> / Marvellous Glory (Anthoni Salim's SPV)</li></ul><p><em>Have a great weekend!</em></p>

We at Smartkarma Special Situations put out a weekly update on trade ideas we like, key events from the week gone by and what to look out for in the week ahead.Risk arbitrage trades we have our eyes on are:Vitaco Holdings Ltd (VIT AU) / Shanghai Pharmaceuticals H (2607 HK) and Primavera CapitalTCL Communication (2618 HK) / T.C.L. Industries Holdings (H.K.) LimitedHermes Microvision Inc (3658 TT) / ASML Holding NV (ASML NA)Money Square (8728 JP) / Carlyle JapanChina Minzhong Food (MINZ SP) / Marvellous Glory (Anthoni Salim's SPV)Have a great weekend!

Smartkarma - Special Situations Weekly Update (12 Sep 2016)

<p>Early this morning, 6 September 2016, SMRT released the <a href="http://infopub.sgx.com/FileOpen/Scheme%20Document%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420331" target="_blank">scheme document</a> and <a href="http://infopub.sgx.com/FileOpen/Notice%20of%20Scheme%20Meeting%20dated%206%20Sep%202016.ashx?App=Announcement&amp;FileID=420330" target="_blank">notice of the scheme meeting</a> pursuant to Temasek privatization of SMRT.</p><div class="content-highlight"><p><strong>The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. </strong></p></div><p>For the scheme to pass, SMRT will need</p><ol>
<li>75<em>% of votes (Temasek cannot vote); and </em>
</li>
<li><em>Majority in number (Headcount rule)</em></li>
</ol><h2>Key Dates</h2><table class="table table-striped"><tbody>
<tr>
<td><strong>Date</strong></td>
<td><strong>Event</strong></td>
</tr>
<tr>
<td>29 September 2016</td>
<td>Scheme meeting</td>
</tr>
<tr>
<td>14 October 2016</td>
<td>Court hearing to sanction the scheme</td>
</tr>
<tr>
<td>by 1 November 2016</td>
<td>Expected payment date</td>
</tr>
</tbody></table><h2>IFA's Report</h2><p>Rothschild…</p>

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of SMRT.The scheme meeting will take place at 3.30 pm (SG time) on 29 September 2016. For the scheme to pass, SMRT will need
75% of votes (Temasek cannot vote); and 

Majority in number (Headcount rule)
Key Dates

Date
Event


29 September 2016
Scheme meeting


14 October 2016
Court hearing to sanction the scheme


by 1 November 2016
Expected payment date

IFA's ReportRothschild…

<h2>LTA Announces Details of the Bus Contracting Model</h2><blockquote>
<p>Bus industry to complete transition to bus contracting model on <strong>1 Sept 2016, </strong>the agreement involves <strong>11 bus packages</strong> with estimated total contract fees of <strong>S$5.322 billion for SBS Transit</strong> and S$1.865 billion for SMRT Buses. It added that the sums were reached through negotiations with the operators.</p>
<p>Of the 11 packages, <strong>SBS Transit will operate eight packages with 196 services </strong>while SMRT Buses will operate three packages with 77 services.</p>
<p>The…</p>
</blockquote>

LTA Announces Details of the Bus Contracting Model
Bus industry to complete transition to bus contracting model on 1 Sept 2016, the agreement involves 11 bus packages with estimated total contract fees of S$5.322 billion for SBS Transit and S$1.865 billion for SMRT Buses. It added that the sums were reached through negotiations with the operators.
Of the 11 packages, SBS Transit will operate eight packages with 196 services while SMRT Buses will operate three packages with 77 services.
The…


Securities Investors Association Singapore (SIAS)

General Manager, Securities Investors Association Singapore (SIAS)

Richard Christopher Dyason

General Manager

Investor Education, Corp Governance & Transparency

Securities Investors Association (Singapore) or SIAS, was founded unexpectedly in June 1999 to champion the CLOB issue. 172,000 retail investors were suddenly stranded when the Malaysian Government froze their investments on Malaysian stocks in September 1998, amounting to US$5 billion. A group of civic-minded citizens lead by Mr David Gerald got together and took on the challenge to help free the frozen shares with an initial backing by 49,880 retail investors as members of the non-profit organisation. Their resoluteness and unity helped to resolve the issue on our terms.

Today, SIAS is a Charity and an Institution of Public Character (IPC), and the largest organized investor group in Asia, with almost 71,000 retail investors as members. It is run by an elected Management Committee comprising of professionals who are volunteers. It actively promotes Investor Education, Corporate Governance and Transparency and is the advocate for Investor rights in Singapore. To-date, SIAS has successfully organized over 1000 investor education programmes ranging from basic investment seminars for novices to certificate courses for investment savvy investors. Thus far, more than 140,000 retail investors have benefited from these programmes that are offered largely free. Members are educated on the features of investment products, and the attendant risks involved in each product. Investors are taught to make informed decisions on investing. SIAS is able to provide a variety of investor education programmes to its members and the investing community at large through collaborative arrangements with financial institutions and listed companies interested in investor education as part of its corporate social responsibility agenda.
SIAS is "the voice" for minority shareholders and has already engaged with corporations falling short of good Corporate Governance practices. However, its preferred approach to resolve investors’ right issues is to do so in the boardroom and not in the courtroom. Many SIAS investors have sought protection also from errant traders. SIAS conducts dispute resolution sessions regularly to assist investors to resolve issues. Annually, SIAS tracks and grades listed companies for their Corporate Governance practices and rewards those who have excelled with the Singapore Corporate Governance Award. 

SIAS also works with Public Listed Companies to reach out to retail investors through its corporate communication programme to enable investors to determine the fundamentals of a company and take a long-term view of the company for investment.

<p><a href="https://www.smartkarma.com/entities/622" target="_blank" data-smartkarma-citation="entities:622:1">SMRT</a> and Temasek recently announced the privatisation of SMRT with the rationale that while the New Rail Financing Framework (NRFF) would relieve SMRT from heavy capital expenditure requirements and reduce the risk of the company, there are still other business risks and uncertainties that SMRT faces and privatisation would provide SMRT with greater flexibility to focus on providing safe and high quality rail service, without short term pressures of being a listed company.</p><p>SIAS has received…</p>

SMRT and Temasek recently announced the privatisation of SMRT with the rationale that while the New Rail Financing Framework (NRFF) would relieve SMRT from heavy capital expenditure requirements and reduce the risk of the company, there are still other business risks and uncertainties that SMRT faces and privatisation would provide SMRT with greater flexibility to focus on providing safe and high quality rail service, without short term pressures of being a listed company.SIAS has received…

Press Statement: SMRT Privatisation Offer

Singapore

SMRT Corporation is a multi-modal public transport operator in Singapore, primarily providing bus and rail services. The company also offers taxi and automotive services, retail property leasing, advertising, and engineering services. It was founded on August 6, 1987, and is headquartered in Singapore, Singapore.

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SMRT Corporation (MRT SP)

Smartkarma - Special Situations Weekly Update (12 Sep 2016)

We at Smartkarma Special Situations put out a weekly update on trade ideas we like, key events from the week gone by and what to look out for in...

Crispin Francis

SMRT - Analysis of the Scheme Document

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of...

Crispin Francis

SBUS - Details of Bus Contracting Model

LTA Announces Details of the Bus Contracting Model Bus industry to complete transition to bus contracting model on 1 Sept 2016, the agreement...

Crispin Francis

Press Statement: SMRT Privatisation Offer

SMRT and Temasek recently announced the privatisation of SMRT with the rationale that while the New Rail Financing Framework (NRFF) would relieve...

Securities Investors Association Singapore (SIAS)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carpooling Apps Are Silently Taking Market Share from Taxis (Part 2); Maybe Buses & Trains Next?

The taxi population in Singapore continued to slide in January and February this year, lending weight to my thesis that carpooling features (eg...

Valerie Law, CFA

Smartkarma - Special Situations Weekly Update (12 Sep 2016)

We at Smartkarma Special Situations put out a weekly update on trade ideas we like, key events from the week gone by and what to look out for in...

Crispin Francis

SMRT - Analysis of the Scheme Document

Early this morning, 6 September 2016, SMRT released the scheme document and notice of the scheme meeting pursuant to Temasek privatization of...

Crispin Francis

SBUS - Details of Bus Contracting Model

LTA Announces Details of the Bus Contracting Model Bus industry to complete transition to bus contracting model on 1 Sept 2016, the agreement...

Crispin Francis

Press Statement: SMRT Privatisation Offer

SMRT and Temasek recently announced the privatisation of SMRT with the rationale that while the New Rail Financing Framework (NRFF) would relieve...

Securities Investors Association Singapore (SIAS)