Singapore Daily Briefs | Page 11 of 116

Jul 16

Daily Brief Singapore: StarHub Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Starhub Ltd: An Analysis of the Returns to Shareholders and Governance

Starhub Ltd: An Analysis of the Returns to Shareholders and Governance

By Tan Yee Peng

We commend StarHub for putting shareholder returns as a key priority; it is front and centre in its annual reports, and a significant portion of the CEO’s compensation is tied to returns targets.
This is certainly not common among SGX listed companies, many of which do not even have Return on Equity (“ROE”) targets.
In fact, less than 20% of SGX companies have 5-year average ROE of more than 10%, which is approximately the cost of equity for most companies.

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Jul 15

Daily Brief Singapore: SGX Rubber Future TSR20, CapitaLand Ascendas REIT, Sunmoon Food Company and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

European Tire Rubber Sector Faces Structural, Regulatory Headwinds
REIT Watch – NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX
Industrials take sector lead in 2025 net institutional inflow

European Tire Rubber Sector Faces Structural, Regulatory Headwinds

By Vinod Nedumudy

Plant closures signal Europe’s industrial competitiveness crisis
Regulatory burdens over Europe’s retreading sector future
Weak enforcement and oversight cloud UK ELT exports

REIT Watch – NTT DC REIT IPO on July 14 broadens AI-related opportunities on SGX

By Geoff Howie

NTT DC REIT’s IPO, scheduled for July 14, has a market capitalisation of US$1.03 billion, featuring six data centres.
NTT DC REIT projects a 7.5% annualised distribution yield for 9M FY26, surpassing other Data Centre S-REITs.
KDC’s AUM is S$4.9 billion, with 24 data centres; Digital Core REIT manages US$1.7 billion in assets.

Industrials take sector lead in 2025 net institutional inflow

By Geoff Howie

Institutions were net buyers of Singapore stocks, with a net inflow of S$94 million from Jul 4 to 10.
Industrials sector led 2025 net institutional inflows, booking S$629 million, surpassing telecommunications sector by Jul 10.
UOB led share buybacks with S$35.4 million, while Hongkong Land Holdings repurchased 946,000 shares at US$6.23 each.

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Jul 14

Daily Brief Singapore: NTT DC REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

NTT DC REIT IPO: Trading Debut
NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

NTT DC REIT IPO: Trading Debut

By Arun George

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has raised US$773 million at the offer price of US$1.00 per unit.
I discussed the listing in NTT DC REIT IPO: The Investment Case and NTT DC REIT IPO: Valuation Insights.
NTT DC REIT has the third-highest international oversubscription rates among REIT SGX listings since 2020. The IPO price is attractive in comparison to peers’ multiples and yields.

NTT DC REIT IPO Trading – Decent Demand, High Yield and Discount Should Help

By Sumeet Singh

NTT DC REIT (NTTDCR SP), a data center REIT, raised around US$772m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn
We have looked at the past performance in our earlier notes. In this note, we will talk about the trading dynamics.

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Jul 13

Daily Brief Singapore: IFBH and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

China Healthcare Weekly(Jul.13)- AstraZeneca-Summit $15bn Deal, IFBH Shares Decline Is Far from Over

By Xinyao (Criss) Wang

The policy turning point of high-value consumables/medical device industry is not far away. When a mature pricing mechanism is formed, it’s the time when industry expectations reverse and stabilize.
There’s rumor that AstraZeneca is in discussions for a US$15 billion partnership focused on ivonescimab. Although we understand that investors have been anticipating a big deal, we remain cautious.
After the outstanding IPO debut, IFBH’s share price continued to fall. The capital frenzy has led to the valuation to deviate seriously from the fundamentals. The outlook is not optimistic.

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Jul 11

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus

Low-Risk, High Stakes: India Sharpens Rubber EUDR Compliance Focus

By Vinod Nedumudy

Rubber Board undertakes nationwide EUDR sensitization drives
Geo-mapping and traceability systems scaled up across states
Low-risk status to come under EU review in 2026

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Jul 09

Daily Brief Singapore: Great Eastern Holdings, SGX Rubber Future TSR20, China Everbright Environment and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer
Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory
Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand
10 in 10 with China Everbright Water – Embracing Internationalisation for stable growth

Great Eastern (GE SP): SGX The Winner As Shareholders Block Exit Offer

By David Blennerhassett

After OCBC bumped terms for Great Eastern Holdings (GE SP) to $30.15/share via an Exit Offer, I wasn’t confident a 17.8% bump would dislodge Palliser. That appears the case.
At today’s EGM, 63.49% of minority shareholders – OCBC abstained – were in favour on the Offer, falling short of the 75% condition. There was no blocking % condition.
Shareholders voted for the resumption of shares via the issuance of shares (one-for-one bonus), satisfying the SGX free float requirement. The SGX, and dissenters, will be happy with the outcome.

Great Eastern Holdings (GE SP): Minorities Secure a Pyrrhic Victory

By Arun George

The Great Eastern Holdings (GE SP) delisting resolution failed as it was not approved by at least 75% of disinterested shareholders.
The resumption of trading resolutions to restore the 10% free float requirement was passed. Trading will resume once the 10% free float requirement is met.
Minorities have secured a pyrrhic victory as the OCBC (OCBC SP) offer was light, but there is no obvious catalyst to re-rate the shares. Deal break price around S$21.49.

Helixtap China Report: Weakness Prevails Amid Oversupply, Trade Tensions, Soft Demand

By Arusha Das

Overall bearish market conditions in China
Mixed trade data underscore tepid demand conditions
Arbitrage window might open as spread between Chinese and international prices narrows

10 in 10 with China Everbright Water – Embracing Internationalisation for stable growth

By Geoff Howie

CEWL plans a CAPEX of HKD1.7 billion to HKD2.0 billion in 2025 for project construction and growth.
CEWL maintained cash and cash equivalents of HK$1.85 billion as of 31 December 2024, ensuring strong liquidity.
CEWL’s EBITDA fell by 11% to HK$2.20 billion in FY2024 due to one-time events and exchange rate fluctuations.

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Jul 08

Daily Brief Singapore: NTT DC REIT, Haw Par Corp, Far East Hospitality Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker
StubWorld: Haw Par Looking Stretched
REIT Watch – 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

NTT DC REIT IPO: Global Index Inclusions Later This Year + A Kicker

By Brian Freitas

NTT DC REIT (NTTDCR SP) could raise up to US$824m in its IPO if the overallotment option is exercised and the stock is expected to start trading on 14 July.
Cornerstone investors will own 16.8% of shares out following the IPO but there is no lock-up on these shares. The sponsor will own 20%/25% depending on whether overallotment is exercised.
NTT DC REIT (NTTDCR SP) should be added to the smallcap segment of global indices in November and December while inclusion in local indices will take a lot longer.

StubWorld: Haw Par Looking Stretched

By David Blennerhassett

Haw Par Corp (HPAR SP)‘s discount to NAV has narrowed to a multi-year low; and the implied stub and simple ratio (HPAR/UOB) are similarly elevated. Shares are, however, pretty illiquid.
Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

REIT Watch – 10 S-REITs with lowest gearing ratios average 33.5% as investors await rate cuts

By Geoff Howie

The US Federal Reserve maintained its benchmark interest rate, with analysts predicting a 75 basis points cut in 2025.
The S-REIT sector maintains an average gearing ratio of 40%, with the 10 lowest averaging 33.5%.
Sasseur REIT reported a 25.9% gearing ratio in 1Q25, with a 1.6% year-on-year increase in RMB rental income.

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Jul 07

Daily Brief Singapore: NTT DC REIT, Riverstone Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore
Riverstone (RSTON SP): An Unexpected AI Beneficiary at 10x Next-Year P/E and 8% Dividend Yield

Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Riverstone (RSTON SP): An Unexpected AI Beneficiary at 10x Next-Year P/E and 8% Dividend Yield

By Michael Fritzell

Riverstone’s (RSTON SP — US$779 million) CEO recently bought 1 million shares on the open market.
That caught my attention. Insider buying after a decline in the share price is usually a positive sign.
I also knew that Riverstone had been one of the best-performing stocks on the Singapore Stock Exchange, compounding earnings per share at a +15% annual rate since its IPO in 2006.

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Jul 06

Daily Brief Singapore: NTT DC REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

NTT DC REIT IPO: Valuation Insights

NTT DC REIT IPO: Valuation Insights

By Arun George

NTT DC REIT (NTTDCR SP) is the exclusive S-REIT vehicle sponsored by NTT Group. It has launched an SGX IPO to raise proceeds up to US$864 million.
I previously discussed the listing in NTT DC REIT IPO: The Investment Case.
In this note, I discuss valuation. The valuation analysis suggests that the IPO price is attractive in comparison to peers’ multiples and yields.

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