Category

Singapore

Oct 05
0

Daily Brief Singapore: Seatrium , SK Chemicals and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Oil, Rates & Slower Growth Outlook Steered Markets in 3Q23
  • First ammonia swap traded in Asia on SGX

Oil, Rates & Slower Growth Outlook Steered Markets in 3Q23

By Geoff Howie

  • In 3Q23, the STI generated a total return, marginally outpacing the FTSE ASEAN Extended 60 Index with a 1% total return and FTSE APAC Index with a 1.1% decline in total return.
  • Sembcorp and Keppel, which are both pivoting to sustainable solutions, averaged 3.6% declines in total return over the quarter.
  • The iEdge SG Adv Manufacturing Index generated a 0.5% decline in total return in 2023, bringing its 9-month decline in total return to 1.8%.

First ammonia swap traded in Asia on SGX

By Geoff Howie

  • SGX Commodities is expanding its energy and petrochemical risk management offering with the addition of https://www.sgx.com/derivatives/products/ammonia.
  • The listing of ammonia derivatives underscores SGX Group’s commitment in fostering the global transition towards a low carbon energy matrix by providing relevant tools and solutions that empower the industry with the necessary risk management tools in this transition journey.” A SGX Argus Ammonia CFR East Asia calendar spread trade was completed yesterday, between OQ Trading Limited and SK Chemical Trading (HK) Limited, brokered by SCB Environmental Markets SA.

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Oct 04
0

Daily Brief Singapore: Vertex Technology Acquisition Corporation and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Vertex Technology’s Hybrid Arb
  • Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

Vertex Technology’s Hybrid Arb

By David Blennerhassett

  • Temasek-Backed Vertex Technology Acquisition Corporation (VTAC SP), the first of three SPACs (so far) to list on the SGX, has announced a transaction to buy Taiwanese live-streaming platform, 17Live.  
  • Assuming the deal completes, potentially by year-end, the merged entity would be valued at ~S$1.16bn.
  • All independent shareholders are entitled to redemption rights. That is, you’ll get ~$5 back if redeeming against $4.96/share now. But liquidity is not great. Plus this appears a related-party transaction.

Vertex Technology Acquisition (VTAC SP)/17LIVE: Turn Off

By Arun George

  • Vertex Technology Acquisition Corporation (VTAC SP) agreed to a De-SPAC transaction with 17LIVE, the top pure-play live streaming platform (by revenue) in Japan and Taiwan combined.
  • Industry data and the financials suggest that 17LIVE does not have a sustainable competitive advantage to translate its position into high earnings quality. 
  • The purchase consideration of 17LIVE in the De-SPAC transaction is S$925.1 million (US$682.2 million). Our valuation analysis suggests that this consideration is full.

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Oct 03
0

Daily Brief Singapore: UOB, OUE Commercial REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • UOB – Weaker Credit | Struggling Cost Base | Moving to Trading | A Changing Face
  • REIT Watch – Positive rent reversions recorded across Singapore office market

UOB – Weaker Credit | Struggling Cost Base | Moving to Trading | A Changing Face

By Daniel Tabbush

  • UOB can be harder hit than peers due to its greater SME focus. SME’s may be less able to absorb or pass on higher costs, or manage worse demand.
  • Domestic credit growth is at -4.1% in July YoY, from -3.3% YoY in June and from 2.1% in May. This can represent risk-aversion, worse demand, deteriorating credit metrics in SG.
  • UOB’s Greater China lending is SGD52bn, nearly identical to Thailand, Malaysia combined. Building & Construction NPLs rose from SGD1.1bn to SGD1.4bn HoH to 2Q23.

REIT Watch – Positive rent reversions recorded across Singapore office market

By Geoff Howie

  • Singapore Grade A office rent and core CBD Occupancy According to CBRE Research’s latest Singapore Occupier Sentiment Survey, office utilisation in Asia-Pacific outpaced that in Europe and the US.
  • Similarly, MPACT saw positive rental reversions in its latest Q2FY23 update, with Mapletree Business Centre at 7.1 per cent and the rest of Singapore office properties and business parks at 8.9 per cent.
  • Looking ahead, MPACT expects rents for business parks to remain flat or stable with minimal growth in 2023 despite the expected rise in vacancy, as new and good-quality business parks will command higher rental rates.

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Oct 01
0

Daily Brief Singapore: SGX, Thai Beverage and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Singapore Exchange, Korea Exchange Lead Exchange-Owned ESG Indexer Growth
  • Index Rebalance & ETF Flow Recap: Thai Bev, Golden Agri, EcoPro Materials, Doosan Robotics, PCOMP

Singapore Exchange, Korea Exchange Lead Exchange-Owned ESG Indexer Growth

By Kyle Rudden

  • Absolute value of index-linked assets is the ultimate measure of market share, but it misses an important aspect of the ESG-related indexing market – i.e., relative market share growth.
  • A category of ESG index providers that leads vis-à-vis relative growth is exchange-owned ESG index providers, a group which currently accounts for US$46.3 billion in indexed assets.
  • Asian exchange-owned ESG indexers are the clear leaders in that subcategory, with Singapore Exchange (SGX SP) and Korea Exchange leading that cohort with double-digit growth.

Index Rebalance & ETF Flow Recap: Thai Bev, Golden Agri, EcoPro Materials, Doosan Robotics, PCOMP

By Brian Freitas

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Sep 30
0

Daily Brief Singapore: Skylark Co Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • kopi-C with Thakral’s CEO: “We’ve re-invented ourselves from VCRs to Drones”

kopi-C with Thakral’s CEO: “We’ve re-invented ourselves from VCRs to Drones”

By Geoff Howie

  • kopi-C with Thakral’s CEO: “We’ve re-invented ourselves from VCRs to Drones” With the faster pace of development in sectors nowadays, adaptability and willingness to learn from others are crucial in business, says Thakral’s CEO Inderbethal Singh Thakral Building on the momentum, Thakral has invested in Skylark Drones, a start-up specialising in integrating drones in workflows in different industries.

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Sep 29
0

Daily Brief Singapore: Marco Polo Marine and more

By | Daily Briefs, Singapore

In today’s briefing:

  • What’s Trending: Oil plays in spotlight as crude prices rise

What’s Trending: Oil plays in spotlight as crude prices rise

By Geoff Howie

  • What you need to know about the SG market #whatstrending feat. #whatstrending is a new series addressing some of the most trending questions/topics on the markets for investors.
  • Global oil demand growth expected to exceed supply growth in 2023 What are companies that have benefitted from higher oil prices?.

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Sep 27
0

Daily Brief Singapore: Sea and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Ltd (SE US) – Glass Half Full Again?

Sea Ltd (SE US) – Glass Half Full Again?

By Angus Mackintosh

  • The news that the Indonesian Government will target social commerce in Indonesia, as well as placing additional scrutiny on imported products sold through digital channels will impact TikTok hard.
  • TikTok Shop will not be allowed to operate in Indonesia in its present guise given the requirement to split social media and e-commerce, which will benefit peers Shopee and Tokopedia.
  • Sea Ltd through Shopee will be the biggest beneficiary given it will require less promotional spending in Indonesia and it has also re-entered the Indian market with FreeFire. 

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Sep 26
0

Daily Brief Singapore: SIA Engineering, StarHub Ltd, Singapore Airlines, Mapletree Industrial Trust, TSH Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Tourism & Hospitality stocks poised to benefit from F1 and large scale events in coming months
  • Global Energy Stocks on the Move in Sep, while Telcos Lead Region
  • Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests
  • REIT Watch – Four industrial S-Reits among best performing in the year to date
  • TSH Resources – Malaysia’s Leading Palm Oil Producer – Debuts on SGX

Tourism & Hospitality stocks poised to benefit from F1 and large scale events in coming months

By Geoff Howie

  • Singapore received over 9 million tourist arrivals from the start of 2023 to end August, a 204.5% year-on-year increase.
  • The 10 most actively traded stocks in the tourism and hospitality sectors have booked net institutional inflows of S$2 million, and returned an average 2.3% total returns in the year-to-date ending 21 Sep.
  • International visitor arrivals to Singapore in August dipped slightly to 31 million in August, due to seasonality and after school holidays.

Global Energy Stocks on the Move in Sep, while Telcos Lead Region

By Geoff Howie

  • Energy stocks have led the global stock market over the past three weeks, while Telecommunication stocks have led the APAC region.
  • In Singapore, the trio of most traded energy stocks Rex Int, Geo Energy Resources and RH Petrogas have generated median gains of 8.2%, with a skew to their average gain given Rex International’s 357% gain from 31 Aug through to 22 Sep.
  • These two Sectors have recently been in play, with the past three weeks have seeing energy stocks lead the global stock market, while telecommunication stocks have led the region.

Wilmar’s Chairman Kuok & QAF MD Lin Kejian Continue to Build Interests

By Geoff Howie

  • Wilmar chairman Kuok, QAF MD Lin Kejian continue to build interests OCBC led the share buyback consideration tally, buying back 2 million shares at an average price of S$12.67 per share, followed by Olam Group, which bought back 7 million shares at an average price of S$1.08 per share.
  • Between Sep 13 and Sep 15, QAF joint group managing director and executive director Lin Kejian acquired 945,600 shares at an average price of S$0.824 per share.

REIT Watch – Four industrial S-Reits among best performing in the year to date

By Geoff Howie

  • While the iEdge S-Reit Index (benchmark for the S-Reits cluster) returned flat in the year to date, the top 10 performing S-Reits within the benchmark averaged 11.1 per cent total returns.
  • Of these, four were industrial Reits – AIMS Apac Reit (11.2 per cent in total returns), Mapletree Logistics Trust (9.3 per cent), Mapletree Industrial Trust (7.7 per cent), and CapitaLand Ascendas Reit (7.3 per cent).
  • The four industrial Reits averaged 9 per cent in total returns in the year to date and recorded combined net institutional fund inflows of S$18.9 million.

TSH Resources – Malaysia’s Leading Palm Oil Producer – Debuts on SGX

By Geoff Howie

  • TSH Resources – one of Malaysia’s leading plantation groups – made its debut on SGX through a secondary listing.
  • Through its secondary listing, TSH is aiming to strengthen its presence in Singapore and garner interest from investors and traders worldwide with higher visibility.
  • TSH Resources is a producer of Crude Palm Oil and Palm Kernel, with its oil palm plantations located in Malaysia and Indonesia.

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Sep 25
0

Daily Brief Singapore: Thai Beverage, Golden Agri Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst
  • Golden Agri-Resources (GGR SP): Could Outperform Peers

Thai Beverage (THBEV SP): Cheaper than Peers with an Upcoming Catalyst

By Brian Freitas

  • Thai Beverage (THBEV SP) has trended lower over the last couple of years and the stock is trading very close to its lows.
  • There has been a contraction in multiples and Thai Beverage (THBEV SP) trades cheaper than a lot of its Asia listed peers.
  • A potential index inclusion could bring in significant passive inflows and result in a rerating of the stock.

Golden Agri-Resources (GGR SP): Could Outperform Peers

By Brian Freitas

  • Golden Agri Resources (GGR SP) has traded lower over the last year and trades cheaper than some of its peers.
  • Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.
  • Potential passive buying could result in Golden Agri Resources (GGR SP) outperforming peers in the near term.

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Sep 21
0

Daily Brief Singapore: Evo Commerce, Rex International Holding, StarHub Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Evo Commerce Banks US$2.8M More for Product Development, Asia Expansion
  • What’s Trending: Oil & Gas Stocks in Focus
  • kopi-C with StarHub’s CEO: “There’s no other telco like ours”

Evo Commerce Banks US$2.8M More for Product Development, Asia Expansion

By e27

  • Evo Commerce owns two brands: bback focuses on post-party recovery aids, while Stryv specialises in the affordable luxury segment for personal care electronics

  • Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, has secured US$2.8 million in equity and debt financing.

  • Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.

What’s Trending: Oil & Gas Stocks in Focus

By Geoff Howie

  • Please note that this Market Update is only available in Chinese. 本地投资者也可以关注新加坡市场上的油气投资标的，近期它们的表现相当不俗，比如https://investors.sgx.com/securities/stocks?security=T13、https://investors.sgx.com/securities/stocks?security=5WH以及https://investors.sgx.com/securities/adrs?security=TPED等。 同时，在新加坡上市的https://investors.sgx.com/securities/adrs?security=TPED 的趋势和动能也在图表上表现出相当的强劲。.

kopi-C with StarHub’s CEO: “There’s no other telco like ours”

By Geoff Howie

  • Kopi-C with StarHub’s CEO: “There’s no other telco like ours” StarHub’s CEO Nikhil Eapen shares how reinvention and diversification can help firms to retain and attract more customers for long-term growth After nearly a year at the helm, Eapen launched StarHub’s new DARE+ initiative in late 2021, a visionary plan to offer new products and services to connect customers’ digital lives.

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