Singapore

• 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. 
• The IPO portfolio comprises six data centres – three located in California, one in Virginia, one in Vienna, and one in Singapore.
• NTT DC REIT offers an attractive value proposition, comprising a blue-chip tenant base, a staggered lease expiry profile, a robust growth pipeline, and sizable debt headroom.

• Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m 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.
• In this note, we look at the company’s portfolio and its performance.

• We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
• A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
• There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

• NTT DC REIT (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m 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 company’s past performance in our previous note. In this note, we will talk about valuations.

Singapore Post (SingPost) has experienced significant changes over the last six months, and further change is likely as the company searches for a new CEO. We expect a strategy update following the hiring of the new CEO. The timing of an appointment is unknown, as are the identity of the candidate and the strategy itself. Given the potential upheaval, we withdraw our forecasts pending strategic clarity.

• IFBH’s IPO debut is outstanding. Capital/investors are actually voting for “light-asset + high-efficiency” business model, as they see the possibility of achieving great results with small investment in if coconut water. 
• When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of “riding the wave” into high moat amid supply chain crisis/price wars/single product line.
• The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  

• Flagship Minerals Limited (ASX:FLG), formerly Pan Asia Metals Limited (ASX:PAM), is a junior explorer with two projects focusing on gold and copper respectively in Chile.
• Pantanillo is an advanced gold oxide project which has an NI 43-101 based 1.05Moz Au MRE (99.4% Measured and Indicated) which is a Qualified Foreign Estimate under JORC, whilst Rosario represents an earlier-stage copper exploration project.
• Both projects are subject to binding option agreements whereby FLG will make annual option payments and conduct work programmes to progress the projects.

• Linglong Tire’s new plants in Brazil, Kenya and Anhui in China  
• Yongsheng Rubber to take advantage of Morocco’s FTA with West  
• CNTR’s car tire facility to come up at Alexandria in Egypt  

• Soilbuild Construction’s revenue surged 58.4% in FY2024, driven by a S$647.5 million PSA Supply Chain Hub contract.
• The Construction division contributed 81.5% to total revenue, while Precast and Prefabrication grew by 87.1% in FY2024.
• Soilbuild Construction generated S$35.9 million in operating cash flow in FY2024, improving liquidity for ongoing projects.

• SGX FX partners with Mizuho Bank to stream prices on its platform starting June 2025, enhancing FX ecosystem.
• The collaboration aims to increase transparency, efficiency, and liquidity for investors, financial institutions, and global traders.
• Mizuho Bank is the 17th largest bank globally, with $2 trillion in assets and 65,000 employees worldwide.

• On the 23 Dec 2024, tertiary health care provider TalkMed (TKMED SP)  announced an Offer, by way of a Scheme, from Tamarind Health at S$0.456/share, a 20% premium to undisturbed.  
• Tamarind is a Singaporean-based, pan-Asian oncology-focused group. As part of the deal, Temasek-backed 65 Equity Partners will subscribe for new shares in Tamarind.
• The Composite Document is now out, with a Court Meeting on the 15th July, and expected payment around the 29th August. The IFA (KPMG) says “fair & reasonable“. 

• Price edge and stable grades help Indonesia stage a good show  
• US demand strengthens despite Trump tariffs  
• China demand softens, Japan slides as tariffs take effect  

• Inflation will remain sticky but we expect the recession headline to keep a lid on consumer spending which should also limit the possibility of a future rate hike.
• We believe fixed rate bonds should be the instrument of choice toward the end of this year. 
• Rising default and a lack of growth in developed markets should also bode well for Asian US Dollar (USD) bonds.

• Top S-REIT performers in H1 2025 include FHT, CICT, First REIT, FCT, and Parkway Life REIT with returns of 10.0-21.4%.
• Retail investors were net buyers with S$400 million inflow, while institutions were net sellers with S$500 million outflow.
• Forward dividend yield for FTSE ST REIT Index was 6.4%, with a nearly 4% yield spread to 10-year Singapore Government Bonds.

• Institutions were net sellers of Singapore stocks with a S$248 million outflow, led by STI banks’ S$2.73 billion outflow.
• United Overseas Bank, DBS Group Holdings, and Oversea-Chinese Banking Corporation led share buybacks, totaling S$69.7 million in consideration.
• Q & M Dental Group CEO Ng Chin Siau increased his interest to 55.78%, acquiring 7,041,300 shares via Quan Min Holdings.

• IFBH (6603 HK) raised about US$148m in its HK IPO.
• IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Thailand’s rubber export value dips 18.58% MoM in April 2025   
• Staggering 43.6% fall in Thai rubber imports value to China  
• Rubber producers can now use trees as collateral for loans  

• Export earnings fall 8.16% YoY to US$61.15 million in April 2025  
•  Latex harvesting starts in drier North-Central Province areas  
• Bid to scale up global market share in rubber products from 0.25%

• Gemlife (GLF AU) is looking to raise A$750m in a primary offering, valuing the company at A$1.58bn. The stock is expected to start trading on 3 July.
• The Puljich family and Thakral Corp (THK SP) are escrowed on their shares till mid 2026 at the earliest. 
• Gemlife (GLF AU) could be added to global indexes in November and December this year, but S&P/ASX 300 Index inclusion could take place only in March 2026.

• After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
• The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn. 
• SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.  

• MoneyMax Financial Services achieved a record profit after tax of S$41.6 million in FY24, a 65.4% increase.
• Revenue grew 36.5% to S$390.1 million, driven by a 36.0% increase in gold and luxury items sales.
• Pawnbroking revenue rose 47.3% to S$94.3 million, attributed to higher interest income from increased receivables.

• IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
• IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
• The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength.  We would recommend the investors to subscribe to the issue.

• IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
• IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

•  April NR production plunges 37.3% month-on-month  
•  Exports fall sharply; glove shipments dip 19.2% to US$258.9 mn  
• Imports too decline despite tapering NR production

• Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East. 
• Its rather high dividend yield may provide support in the near term
• But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost. 

• Six new SDRs on SGX include Hong Kong’s SMIC, JD.com, PetroChina, and Thailand’s BDMS, CP Foods, Gulf.
• SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.
• SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.

• Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.
• CICT, FCT, and LREIT achieved positive rent reversions, with CICT’s retail portfolio seeing 17.5% growth in tenant sales.
• MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.

• Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.
• Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.
• DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.

• IFBH’s revenue showed high growth in 2024. Due to asset-light business model, IFBH has good profit margin performance. Net profit is expected to have 20+% growth in next three years.
• IFBH is facing significant pressure from intensified market competition and price wars. In recent years, a large number of brands have flooded the coconut water market, with serious product homogenization.
• Considering the high risk of single product layout, concentration of customers/suppliers, and the far from perfect supply chain, there’s uncertainty in future prospects. Valuation could be lower than industry average