Daily Brief Singapore: OUE Healthcare, Princeton Digital Group, Grab, Tonik, Rubber Future SGX TSR20 and more

• OUE Healthcare (OUEHC SP) disclosed a scheme offer from OUE (OUE SP) at S$0.05 per share, a 28.2% premium to the undisturbed price of S$0.039 (21 August). 
• The offer represents a 6-year high and is attractive compared to precedent transactions and peer multiples.
• The scheme vote is low risk as no disinterested shareholder holds a blocking stake. At the last close and for a 31 December payment, the gross/annualised spread was 4.2%/11.7%.

• Investment Theses Review: The baseline investment theses are tracking as expected or accelerating, driven by a US$856.0m green loan to fund Indonesian expansion and a 210 MW acquisition in India that pushes the regional portfolio toward 1.0 GW. However, this aggressive capital deployment into high-density artificial intelligence infrastructure introduces heightened leverage and refinancing risks in a tightening credit environment.
• Aggressive Capacity Expansion and Strategic Asset Rotation: The company executed significant footprint expansions across India and Indonesia while concurrently exploring a potential US$1.0b divestment of its 219.3 MW China portfolio. This asset rotation strategy aims to optimise capital allocation toward less geopolitically constrained Southeast Asian markets, though it underscores the persistent regulatory complexities of operating across fragmented sovereign jurisdictions.
• Commercial Quality Rising, Sustainability Held Back by Disclosure:

  PDG’s Fundamental score edged higher on genuine business gains, with stronger unit economics from premium long-dated AI contracts and deeper regional management, though a reportedly unsettled ownership register warrants caution. The Sustainability score fell only because our approach now weighs demonstrated execution against global best practice rather than design intent, so the environmental profile is constrained by disclosure rather than capability, a gap fuller reporting would close.

• Grab Holdings Inc. reported strong second quarter 2026 results, marked by significant growth in adjusted EBITDA and active user metrics.
• Adjusted EBITDA increased 54% year-over-year to $168 million, expanding margins to 16.9% of revenue from 13.3%, representing the 18th consecutive quarter of EBITDA growth.
• On-demand gross merchandise value (GMV) rose 21% year-over-year to $6.5 billion, supported by a record 54 million monthly transacting users (MTUs), despite continued elevated fuel prices in the region.

Executive Summary

• Licensed digital-only bank with a credit-first model: One of only six standalone digital banks licensed by the BSP, Tonik launched as the Philippines’ first neobank and has since become a standalone, cash-flow profitable digital bank through a high-margin, credit-led strategy targeting the country’s unbanked credit gap.
• AI-enabled consumer lending strategy: Tonik acquires customers through employer payroll loans, offline POS/BNPL finance, and digital cash loans, then layers on deposits and accounts to deepen engagement and fuel AI-driven underwriting, producing industry-leading unit economics.
• Scaling into an underpenetrated credit market: With the vast majority of Filipinos never having had a bank loan, Tonik converts underbanked customers into repeat credit users through data-driven underwriting, a strategy validated by its recent transition to cash-flow profitability as a standalone digital bank.

Highlights

• Indonesia May rubber exports hit a recent low of over 99,400 tons

• May returns at over US$206 million, supported by higher prices

• Area under rubber cultivation declines by about 17% in five years until 2026