Category

Singapore

Aug 06
0

Daily Brief Singapore: AEM, Capitaland Integrated Commercial Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • AEM Holdings: Another CEO, Another Kitchen Sink?
  • Capitaland Integrated Commercial Trust Placement: DPU Accretive Acquisition for a Familiar Asset

AEM Holdings: Another CEO, Another Kitchen Sink?

By Nicolas Van Broekhoven

  • AEM (AEM SP) announced a new CEO, Samer Kabbani, would take over with immediate effect.
  • The previous CEO, Amy Leong, had only been in the job for about a year. The rapid change of CEO does not instill confidence going into 2Q25 results next week.
  • New CEO’s frequently kitchen sink upon their appointment, will Samer continue this trend?

Capitaland Integrated Commercial Trust Placement: DPU Accretive Acquisition for a Familiar Asset

By Nicholas Tan

  • Capitaland Integrated Commercial Trust (CICT SP) is looking to raise at least S$500M (US$388m) in a primary placement.
  • The deal represents 9.7 days of 3 month ADV and ~3% of market cap.
  • In this note, we comment on the deal dynamics and run the deal through our ECM framework.

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Aug 05
0

Daily Brief Singapore: CDL Hospitality Trusts, Raffles Medical Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • REIT Watch – Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification
  • iFAST Books S$50M Net Institutional Inflow 5 Five sessions

REIT Watch – Mixed 1H 2025 performance, but Hospitality S-REITs push ahead with portfolio reconstitution and diversification

By Geoff Howie

  • CapitaLand Ascott Trust’s 1H 2025 revenue rose 3% to S$398.5 million, with gross profit up 6% to S$182.5 million.
  • Far East Hospitality Trust’s 1H 2025 gross revenue declined 4.2% to S$51.6 million, with NPI falling 7.7% to S$45.6 million.
  • CDL Hospitality Trusts’ NPI fell 11.9% to S$58.6 million, with total distribution after retention declining 20.2% to S$25.1 million.

iFAST Books S$50M Net Institutional Inflow 5 Five sessions

By Geoff Howie

  • Institutions were net sellers of Singapore stocks with a S$351 million outflow, reversing the prior S$334 million inflow.
  • iFAST Corporation saw S$50.3 million net institutional inflow, reversing its year-to-date outflow to S$42.9 million inflow.
  • Raffles Medical and Keppel led share buybacks, with Raffles purchasing 3.3 million shares and Keppel announcing a S$500 million program.

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Aug 04
0

Daily Brief Singapore: Spindex Industries and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Spindex Potential Privatisation

Spindex Potential Privatisation

By Punit Khanna

  • Spindex has announced that they have been approached by a third party on a possible transaction in relation to shares of the company.
  • The discussions are ongoing and transaction may or may not happen
  • We have published insight on 22nd April highlighting that the stock trades below 2x EV/EBDITA and has 60% of market cap

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Jul 30
0

Daily Brief Singapore: Delfi Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

55 SGX Stocks Up >15% in a Month – EQDP Attracting Investor Attention

By Devi Subhakesan

  • Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
  • The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
  • A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.

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Jul 29
0

Daily Brief Singapore: Ohmyhome , Rex International Holding, Yanlord Land, Starhill Global REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • OMH: Terminating Coverage
  • New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries
  • 30 Singapore Stocks Through the Lens of a US Small Cap Value ETF
  • REIT Watch – S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

OMH: Terminating Coverage

By Zacks Small Cap Research

  • Ohmyhome Ltd(OMH) Company Sponsored Research Report

New Substantial Shareholders in ISOTeam, Rex International & Hiap Seng Industries

By Geoff Howie

  • Institutions were net buyers of Singapore stocks with a net inflow of S$334 million from July 18 to 24.
  • Four primary-listed companies conducted share buybacks totaling S$29.8 million, led by United Overseas Bank’s repurchase of 800,000 shares.
  • Ginko-AGT Global Growth Fund increased its stake in ISOTeam, acquiring 5,986,600 shares at S$0.086 each.

30 Singapore Stocks Through the Lens of a US Small Cap Value ETF

By Geoff Howie

  • American Century Investment increased its stake in Rex International to over 5% through the AVDV ETF, holding 5.3% of Rex’s shares.
  • The AVDV ETF targets small-cap stocks in non-US developed markets, focusing on low valuations and strong profitability.
  • In 2025, 22 of 30 SGX-listed stocks in the AVDV ETF saw increased average daily turnover compared to 2024.

REIT Watch – S-REITs earnings season kicks off, with 37 trusts scheduled to report their results in coming weeks

By Geoff Howie

  • Sabana REIT’s DPU increased 26.9% year-on-year to S$0.017 in H1 2025, driven by higher revenue and NPI.
  • Digital Core REIT maintained a stable DPU of US$0.018 in H1 2025, with 1.8 million units repurchased.
  • OUE REIT’s DPU rose 5.4% in H1 2025, aided by a 17.3% reduction in finance costs.

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Jul 25
0

Daily Brief Singapore: Frasers Hospitality Trust, QAF Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
  • QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield
  • Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August

By Arun George

  • The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
  • While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
  • On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.  

QAF: Regional Consumer Stock with Appealing 5.6% Dividend Yield

By Punit Khanna

  • Singapore small-mid cap stocks are having a good run in anticipation of Market Equity Development Programme. QAF may appeal to yield investors
  • QAF is a well run number 1 bread company in Singapore, Malaysia and Philippines
  • Business is stable and mature making it difficult for a new player to enter the market

Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer

By David Blennerhassett

  • Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
  • The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC’s S$0.70/unit failed Offer back in September 2022.
  • The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable. 

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Jul 24
0

Daily Brief Singapore: DFI Retail Group Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

By Devi Subhakesan

  • DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
  • Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health & Beauty segment.
  • On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.

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Jul 22
0

Daily Brief Singapore: Yangzijiang Shipbuilding, Oxley Holdings, Asian Pay Television Trust, Lion-Phillip S-Reit ETF and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Which Dividend Diamonds Will Sparkle?
  • Markets in Motion: Turnover Gains Spark Sharper Spreads
  • Aberdeen Extends CLINT Deemed Interest to 6%
  • REIT Watch – REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

Which Dividend Diamonds Will Sparkle?

By GEMS Research – Aletheia Capital

  • Singapore’s yield superiority is not restricted to the REIT and Banking Sectors.
  • There are 13 stocks (that are not REITs or Banks) that have been identified as high performing dividend stocks.
  • These stocks trade more than US$3m ADT in the last six months and are outside the REIT and Banking sectors. 

Markets in Motion: Turnover Gains Spark Sharper Spreads

By Geoff Howie

  • Sanli Environmental and mDR saw significant increases in average daily trading turnover, with returns of 98.9% and 137.5% respectively.
  • Q&M Dental led net institutional inflows with S$7.68 million, alongside increased CEO ownership and active share buybacks.
  • OKP Holdings secured a S$258 million contract, boosting its order book to S$736 million, with visibility to 2031.

Aberdeen Extends CLINT Deemed Interest to 6%

By Geoff Howie

  • Institutions were net buyers of Singapore stocks, with a net inflow of S$113 million from July 11 to 17.
  • Aberdeen Group plc increased its interest in CapitaLand India Trust to 6.15% after acquiring over 2.5 million units.
  • United Overseas Bank led share buybacks, purchasing 1 million shares at an average price of S$36.80.

REIT Watch – REIT ETFs see 40% AUM growth in past year as S-REITs regain appeal

By Geoff Howie

  • Singapore-listed REIT ETFs saw over S$300 million in net inflows, with AUM reaching S$1.2 billion by mid-2025.
  • Lion-Phillip S-REIT ETF and NikkoAM-StraitsTrading Asia ex Japan REIT ETF recorded the highest net inflows among top-traded ETFs.
  • UOB Asia Pacific Green REIT ETF led in returns with 9.3% in H1 2025, emphasizing environmental factors.

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Jul 20
0

Daily Brief Singapore: Mapletree Logistics Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • US-China Decoupling: The Reshaping of Asian Industrial Logistics  – SHORT MapleTree Logistics Trust

US-China Decoupling: The Reshaping of Asian Industrial Logistics  – SHORT MapleTree Logistics Trust

By Jacob Cheng

  • The US-China decoupling is resulting in geo-political risks, causing structural changes to China’s manufacturing and logistics sector.  Companies re-locate their supply chains due to “China Plus One” strategy. 
  • Despite E-commerce remains as a long-term strong driver for China logistics, the sector is facing severe over-supply in the near term.  National vacancy is 20.3% at Q1 2025
  • We recommend SHORT MapleTree Logistics Trust, due to its significant exposure to China logistics.  DPU, NPI and ROE are on downward trend

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Jul 17
0

Daily Brief Singapore: Jardine Matheson Holdings, Seatrium and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive
  • kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

Jardine Matheson (JM SP) On A Roll As The Street Turns (More) Positive

By David Blennerhassett

  • Jardine Matheson Holdings (JM SP) is up ~10% this week and ~30% YTD. 53.3%-held Hongkong Land (HKL SP), JMH’s largest holding, is up 41% YTD and 85% over the year. 
  • HKL has been on a tear since CEO Michael Smith started on the 1st April 2024, as HKL focused on capital allocation and portfolio management – read deleveraging.
  • The recent appointment of PAG’s Lincoln Pan at the helm of JMH, has the street upbeat he will bring about similar positive developments. That’s not unreasonable.

kopi-C with Seatrium Limited – How Seatrium is Building a Global Engineering Brand from a Singapore Dock

By Geoff Howie

  • Seatrium, formed in 2023 from Keppel Offshore & Marine and Sembcorp Marine, focuses on global integration and energy infrastructure.
  • Seatrium achieved a full-year profit of S$157 million in FY2024, reversing a S$2.0 billion loss in FY2023.
  • As of 1Q 2025, Seatrium’s net order book stood at S$21.3 billion, with 26 projects until 2031.

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