Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

Thematic (Sector/Industry)

<p>How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.</p>

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.</li>
<li>We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).</li>
<li>Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.</li>
</ul>


Singapore's stellar performance has been propelled primarily by large caps. We think investors should focus on SMID now, as MAS's S$5bn EQDP incentivizes fund managers to look outside index stocks.
We screen SMID stocks in SGX with above-market forecast earnings growth, EPS estimate upgrades over past 6 months, low leverage and reasonable growth adjusted valuations (PEG&lt;1.4x).
Eight SMID stocks come up on our screen, spread across various sectors, but tilted towards Energy and Minerals and Mining. Most are net cash companies with ROEs higher than COEs.


Asian Equities: A Few Singapore Small and Mid-Cap Jewels

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. </li>
<li>If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.</li>
<li>We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. </li>
</ul>


UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more attractive. 
If the global semiconductor cycle undergoes a major downtrend, UMS Holdings would not be immune from such downturn and the company is likely to experience lower sales and profit growth.
We believe that UMS Holdings has 20% to 40%+ upside from current levels over the next one year, based on historical valuation multiples in the past three years. 


UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

<ul>
<li>UMS Holdings is a beneficiary of continued strong global demand for semiconductor chips and equipment. </li>
<li>The company had excellent results in 3Q 2021. Its total sales rose by 50% YoY to SGD 67.6 million net profit also increased by 17% YoY in 3Q 2021.</li>
<li>There has been an increasing bullish sentiment on the global aerospace sector and the company's tuck-in acquisitions in the aerospace sector in the past several years now appear more attractive.</li>
</ul>


UMS Holdings is a beneficiary of continued strong global demand for semiconductor chips and equipment. 
The company had excellent results in 3Q 2021. Its total sales rose by 50% YoY to SGD 67.6 million net profit also increased by 17% YoY in 3Q 2021.
There has been an increasing bullish sentiment on the global aerospace sector and the company's tuck-in acquisitions in the aerospace sector in the past several years now appear more attractive.


UMS Holdings: Attractive Valuations & Continued Strong Global Demand for Semiconductor Equipment

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<p><a href="https://www.smartkarma.com/entities/hi-p-international-ltd" target="_blank" data-smartkarma-citation="entities:9589:1" rel="noopener">Hi P International (HIP SP)</a> is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). </p><div class="content-highlight"><p>The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. </p></div>

Hi P International (HIP SP) is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. 

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

Singapore

UMS Integration is a precision engineering group specializing in manufacturing high-precision front-end semiconductor components and providing electromechanical assembly and final testing services. The company's core business involves producing modular and integration systems for original semiconductor equipment manufacturers, also serving the aerospace, electronics, machine tools, and oil and gas industries. Headquartered in Singapore, it was incorporated on January 17, 2001.

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UMS Integration (UMSH SP)

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more...

Douglas Kim

UMS Holdings: Attractive Valuations & Continued Strong Global Demand for Semiconductor Equipment

Three key catalysts of UMS Holdings include continued strong global demand for semiconductor chips, bullish sentiment on the global aerospace...

Douglas Kim

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

HIP announced a voluntary unconditional general offer at S$2.00 per share, a 13.6% premium to the last trading price. Overall, we think that the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

Asian Equities: A Few Singapore Small and Mid-Cap Jewels

​SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...

Manishi Raychaudhuri

UMS Holdings: Excellent Results in 2021 & Valuation Has Become More Attractive After Recent Sell-Off

UMS Holdings' stock price has been oversold in the past several weeks. It posted excellent results in 4Q 2021 and its valuations have become more...

Douglas Kim

UMS Holdings: Attractive Valuations & Continued Strong Global Demand for Semiconductor Equipment

Three key catalysts of UMS Holdings include continued strong global demand for semiconductor chips, bullish sentiment on the global aerospace...

Douglas Kim

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

HIP announced a voluntary unconditional general offer at S$2.00 per share, a 13.6% premium to the last trading price. Overall, we think that the...

Arun George

SG investors should focus on SMID stocks with strong growth potential & attractive valuations, as MAS's EQDP incentivizes fund managers to look...