Singapore Daily Briefs

Nov 20

Daily Brief Singapore: Keppel DC REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

KDC REIT Placement – Accretive Acquisitions Should Garner Strong Support

KDC REIT Placement – Accretive Acquisitions Should Garner Strong Support

By Clarence Chu

Keppel DC REIT (KDCREIT SP) is looking to raise S$600m (US$450m) from a primary placement. The proceeds will be used to acquire interest in two data centers in Singapore.
The deal will be a large one to digest, accounting for 47 days of the stock’s three month ADV. That said, the acquisitions appear to be accretive to bottomline.
In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 19

Daily Brief Singapore: Professional Computer Tech, Yangzijiang Financial Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

PC Partner – Leading Manufacturer of Computer Electronics – Debuts on SGX
CapitaLand Investment leads buyback consideration tally in 2024 till Nov 13

PC Partner – Leading Manufacturer of Computer Electronics – Debuts on SGX

By Geoff Howie

Last Friday, SGX welcomed the secondary listing of PC Partner on the SGX Mainboard by way of introduction.
PC Partner is a leading provider of innovative and reliable products, with a focus on video graphics cards (VGA Cards) and electronics manufacturing services (EMS) solutions offerings.
PC Partner shares are primary listed on the HKEX and secondary listed on the SGX following the introduction.

CapitaLand Investment leads buyback consideration tally in 2024 till Nov 13

By Geoff Howie

Share buybacks can be used for employee compensation plans, such as share option schemes or employee share purchase plans, as well as for long-term capital management.
As at Nov 13, nearly 80 primary-listed companies have repurchased their shares on-market this year, amounting to S$1.03 billion in buyback consideration.
In 2024 to Nov 13, CLI bought back 126.2 million shares at an average price of S$2.72 per share.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 18

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Kerala Smallholders Turn The Heat On Tire Makers; To Cut Supply

Kerala Smallholders Turn The Heat On Tire Makers; To Cut Supply

By Vinod Nedumudy

Consortium appeals to farmers not to sell below INR 200/kg
Supply to market expected to fall by 30% in coming days
Compound rubber imports go up by 47.5% YoY until Sept

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 17

Daily Brief Singapore: Sea and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sea Ltd (SE US) – Firing Profitability On All Segments

Sea Ltd (SE US) – Firing Profitability On All Segments

By Angus Mackintosh

In 3Q2024, Sea Ltd demonstrated its ability to turn a profit at Shopee, whilst booking strong growth, with sales & marketing kept well in check and active users increasing substantially.
E-Commerce registered higher take rates, through higher commissions, more paid advertising, and increasing levels of self-fulfilment through SPX Express, whilst Digital Financial Services saw a rapid acceleration in loan growth.
Digital Entertainment was back on form with strong growth in bookings, active users, ARPU, and adjusted EBITDA. Management remains confident about 4Q2024 and the outlook for 2025.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 15

Daily Brief Singapore: Grab Holdings , AEM, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Grab Holdings (GRAB US) – High-Value Products Take the Helm
Aem: Hoping for Better 2025
Tire Industry: Premium Brands Exit Small-Rim Market Amidst Rising Competition

Grab Holdings (GRAB US) – High-Value Products Take the Helm

By Angus Mackintosh

Grab booked an impressive performance in 3Q2024, with strong evidence of its high-value products such as advance bookings gaining traction along with increasing monthly transacting users through its Saver offering.
The company’s delivery business benefitted from strong performance from GrabMart and GrabFood. Its Grab Unlimited subscription hit record new highs, with users transacting four times as frequently as non-users.
Grab also saw a strong performance from GrabFin and its digital banks, which all started lending in November plus rapid deposit growth. Guidance increased reflecting a more positive outlook.

Aem: Hoping for Better 2025

By Nicolas Van Broekhoven

AEM (AEM SP) released 3Q24 numbers and bumped its guidance higher as its key customer pulled forward some orders.
In 2025 it will be the first year where customers outside of Intel will make up the majority of AEM’s revenues. This is a big milestone for AEM.
Continued business from Intel and growth in new key accounts means we should expect FY25 revenue growth. Guidance for FY25 will come by February 2025.

Tire Industry: Premium Brands Exit Small-Rim Market Amidst Rising Competition

By Farah Miller

Premium brands focus on high-value large rims, leaving small-rim markets.
Factory closures signal overcapacity as brands exit small-rim tire production.
New players gain ground in small-rim segments in Europe and North America.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 14

Daily Brief Singapore: SGX Rubber Future TSR20, Sea , Boustead Singapore Limited, Lundin Gold Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam
Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock
Boustead: A Real Deep Value Play
kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

Thailand likely to receive less rains in the coming one-month period
Indonesia, Vietnam, Cambodia likely to have above normal rains
WMO predicts 60% chances of La Nina developing

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

By Devi Subhakesan

Sea (SE US) ‘s management expects all three business segments – ecommerce, financial services and entertainment – to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
It’s GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.

Boustead: A Real Deep Value Play

By Pyari Menon

Given Boustead Singapore Limited (BOCS SP) operating metrics just a minimal 1-2% growth through cycles should offer at least 50% upside.
Boustead is a solid investment with diversified exposure in energy, geospatial, and real estate sectors, with a focus on sustainability, and steady project pipeline supporting long-term visibility.
Boustead Singapore Limited (BOCS SP) is a deep value play, which prioritizes stability and risk mitigation over aggressive growth.

kopi-C with Fortress Minerals’ CEO: ‘Our goal is to be a great Malaysian mining company’

By Geoff Howie

Ivan Chee, chief executive officer of iron ore producer Fortress Minerals, shares how it is innovating and diversifying into copper, a key material in green technologies, for its next stage of growth For Malaysian mining and iron ore producing company Fortress Minerals, the industrial boom since the end of the Covid-19 pandemic has been good for business.
The firm supplies iron ore to steel mills to make various products, and currently sells over 600,000 wet metric tonnes (WMT) of iron ore per year.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 22

Daily Brief Singapore: Delfi Ltd, SGX Rubber Future TSR20, Keppel DC REIT, Singapore Airlines and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Delfi Ltd (DELFI SP) – Sweeter Times Ahead?
Helixtap China Report: Declining Inventory Point At Improved Demand; Sustainability Questionable
REIT Watch – S-REITs announce their schedule for upcoming earnings season
Nokian Gifts Romania World’s First Zero CO2 Emission Tire Factory
CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

Delfi Ltd (DELFI SP) – Sweeter Times Ahead?

By Angus Mackintosh

Delfi Ltd (DELFI SP) saw some impact from the weaker IDR and higher cocoa prices in 1H2024 but prospects for 2H2024 look more promising with less expected disruption.
The company continues to roll out new distribution across modern trade independent and general trade as well as new variants for existing best-selling brands such as Silver Queen chocolate.
The company remains confident that the cocoa price will decline from current levels although it may remain higher than historic levels. Valuations remain attractive.

Helixtap China Report: Declining Inventory Point At Improved Demand; Sustainability Questionable

By Arusha Das

Inventory lowest since February 2024
Arbitrage widens for African and Indonesian rubber
Expansion in imports & exports in August

REIT Watch – S-REITs announce their schedule for upcoming earnings season

By Geoff Howie

Schedule of S-REITs & Property Trusts Earnings or Business Updates ParkwayLife REIT 16-Oct After Market Business Update 18-Oct Before Market Business Update CapitaLand Integrated Commercial Trust 5-Nov Before Market Business Update 5-Nov Before Market Business Update 5-Nov Before Market Financial Results.

Nokian Gifts Romania World’s First Zero CO2 Emission Tire Factory

By Vinod Nedumudy

EUR 650 mn Oradea plant to start commercial production in 2025
EUR 250 million for plant comes in EC-approved state aid and EIB loan
Nokian sets up new production line for heavy tire inner tubes at Nokia

CNMC, Travelite, Noel Gifts and LMS Compliance directors raise stakes

By Geoff Howie

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Oct 11 to Oct 17, with S$144 million of net institutional outflow, partially reversing the preceding 10 sessions of S$251 million net inflow.
This has brought net institutional flow in the 2024 year to Oct 17, back to a net outflow of S$21 million.
Leading the net institutional outflow over the five sessions through to Oct 17 were United Overseas Bank, Singapore Telecommunications, Singapore Airlines, Capitaland Ascendas REIT, Keppel, Capitaland Integrated Commercial Trust, Genting Singapore, Seatrium, Mapletree Pan Asia Commercial Trust and Jardine Matheson Holdings.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 19

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back

Market Commentary Snapshot: Delaying EUDR Likely To Bring Supply Glut Back

By Arusha Das

Requests for retraction in contracts by buyers
Oversupply of spot cargoes feeds pessimistic expectations

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 18

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

October 2024 Price Signals: Multiple Year Highs And EUDR-phoria Could Be Curtailed In Q4 2024

By Farah Miller

Short-term 20-day MA remained elevated through September to mid-October 2024
SIR20 traded at a discount to futures
Processors in Thailand and Indonesia faced more margin pressure due to high raw material costs
The forward curve shows October 2024 prices at their highest for the year

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Oct 17

Daily Brief Singapore: SGX Rubber Future TSR20, Suntec REIT, COSCO SHIPPING International (Singapore) and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes
S-REIT Ebb & Flow: From Q3 Gains to Recent Declines
kopi-C with COSCO SHIPPING International (Singapore)’s Chairman and President: ‘Success comes to those who are prepared’

Rubber Board Says Q1 FY25 Production Near Stable But ATMA Disputes

By Vinod Nedumudy

Consumption declines by .3% to 356,000 tons in Q1 FY 25
ATMA says April-Sept 2024 production 37% lower year on year
ATMA asks Rubber Board to expedite data publishing

S-REIT Ebb & Flow: From Q3 Gains to Recent Declines

By Geoff Howie

Over the past 4 weeks, the iEdge S-REIT Index declined 2.1% after a rally anticipating the 50 bps rate cut on Sep 18, with a total 3Q24 gain of 17.5%.
The S-REIT Sector is now among the top four Singapore stock sectors for net institutional inflows since June 30.
Mapletree Logistics Trust has seen the fifth highest net institutional inflow within the Sector, while Suntec REIT, Keppel DC REIT and Acrophyte Hospitality Trust make up the five trusts with the highest 2H24 to Oct 15 net institutional inflow.

kopi-C with COSCO SHIPPING International (Singapore)’s Chairman and President: ‘Success comes to those who are prepared’

By Geoff Howie

Integrated logistics company COSCO SHIPPING International (Singapore) is combining acquisitions and other investments with a focus on digitalisation and sustainability to grow.
Since 2018, the company has invested significantly, including acquiring logistics company Cogent Holdings, to shift its main business from ship building, ship repairing and marine engineering to integrated logistics.
COSCO SHIPPING International (Singapore) Co., Ltd. aims to become the best integrated logistics service provider in South and Southeast Asia.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Singapore

Recent Posts

SOLUTIONS

ABOUT

LEGAL

Contact

DOWNLOAD