Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

A small-cap Singapore developer with privatisation potential that has gone under the radar is <a href="https://www.smartkarma.com/entities/3498" target="_blank" data-smartkarma-citation="entities:3498:1">Sing Holdings (SING SP)</a> (“SHL”). SHL has a market capitalization of S$164.4 mil and the implied price-to-book valuation of SHL is 0.64x. RNAV estimate of SHL is S$0.95 per share and ascribing a discount of 30%, fair value of SHL is pegged at S$0.66 per share. Upside potential is attractive at 62%. Recent share price correction, weaken property market outlook and the potential for SHL to increase its cash hoard by 3.5x within 3 years could provide a compelling angle for the controlling Lee Family to privatise SHL. Insiders have been actively buying shares in the company since the beginning of the year.Initiate coverage on Sing Holdings with a BUY rating.

A small-cap Singapore developer with privatisation potential that has gone under the radar is Sing Holdings (SING SP) (“SHL”). SHL has a market capitalization of S$164.4 mil and the implied price-to-book valuation of SHL is 0.64x. RNAV estimate of SHL is S$0.95 per share and ascribing a discount of 30%, fair value of SHL is pegged at S$0.66 per share. Upside potential is attractive at 62%. Recent share price correction, weaken property market outlook and the potential for SHL to increase its cash hoard by 3.5x within 3 years could provide a compelling angle for the controlling Lee Family to privatise SHL. Insiders have been actively buying shares in the company since the beginning of the year.Initiate coverage on Sing Holdings with a BUY rating.

Sing Holdings – A Potential Privatisation Candidate in the Making?

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.

Ying Li International Real Estate (YINGLI SP)

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Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore

Operates as a holding company whose subsidiaries provides property development services

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Wing Tai Holdings (WINGT SP)

Sing Holdings – A Potential Privatisation Candidate in the Making?

A small-cap Singapore developer with privatisation potential that has gone under the radar is Sing Holdings (SING SP) (“SHL”). SHL has a market...

Royston Foo

Real Estate Managers & Developers Led the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

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