Singapore

• Jardine Matheson (JM SP)‘s 77.8%-held DFI Retail Group (DFI SP) has sold its entire 22.2% stake in Robinsons Retail Holdings (RRHI PM) for ~US$283mn to “support its capital allocation strategy“.
• Preceding my comments on Matheson 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%.

• IFBH (IFBH HK) is looking to raise at least US$100m in its upcoming HK IPO.
• IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
• In this note, we talk about the company’s historical performance.

• The recent earnings of Grab Holdings Limited for the first quarter of 2025 presented a mixed picture of the company’s performance and strategic outlook.
• On the positive side, Grab reported robust growth, with a 17% year-over-year increase in on-demand Gross Merchandise Value (GMV) and a record number of monthly transacting users.
• This growth translated into another quarter of record revenues.

• Q1 2025 sees 14% YoY surge in all-season consumer tire sales  
• Truck and bus tire sales volumes in Q1 2025 fall 4% YoY  
•  Imports of PCLT tires grow by 12% YoY in Jan-Feb 2025

• Six S-REITs with Singapore office exposure reported positive rental reversions, with Keppel REIT achieving 10.6% growth.
• Occupancy rates remained high, with Suntec REIT at 98.7% and LREIT’s Jem office fully occupied.
• Limited new office supply in Singapore’s CBD from 2025-2027 is expected to support rental stability.

• In the first five months of 2025, 63 primary-listed companies conducted S$930 million in share buybacks, up 84% from 2024.
• UOB led May buybacks with S$144 million, followed by DBS at S$18 million and Olam Group at S$6 million.
• STI Banks accounted for 77% of 2025 buybacks, with DBS, UOB, and OCBC launching significant buyback programs.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.

• The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.

• I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.

• Vietnam, Thailand, Cambodia to receive above normal rains  
• Neutral phase of ENSO with La Nina like pattern favoring rains  
•  Weather portends a reasonable production season for Ivory Coast  

• The 25 Singapore stocks most net sold by retail in May averaged 8.5% total returns, outperforming the STI’s 2.9%.
• Retail investors net sold S$280 million in Singapore stocks in May, while institutions net bought S$306,522.
• Singapore Airlines was the most net sold stock by retail, gaining 7% in May, with a record S$2.8 billion net profit.

For our next Corporate Webinar we are glad to welcome Sasseur REIT’s CFO, Mr. Xie Jianfeng, Head of Asset Management, Mr. Cheng Hsing Yuen, and Head of Investor Relations & Capital Markets, Ms. Helen Qiu.

In the upcoming webinar, the Sasseur REIT team will share a short company presentation after which, they will engage in a fireside chat with Smartkarma Insight Provider, Garreth Elston. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 25 June 2025, 16:30 SGT.

About Sasseur REIT

Sasseur REIT is the first retail outlet mall REIT listed in Asia. Sasseur REIT offers investors
the unique opportunity to invest in the fast-growing retail outlet mall sector in China through
its initial portfolio of four quality retail outlet mall assets strategically located in fast-growing
Chinese cities such as Chongqing, Kunming and Hefei, with a combined net lettable area of
310,241 square metres.

Sasseur REIT is established with the investment strategy to invest principally, directly or
indirectly, in a diversified portfolio of income-producing real estate which is used primarily for
retail outlet mall purposes, as well as real estate-related assets in relation to the foregoing,
with an initial focus on Asia.

You can view their latest factsheet here.

For more information on Sasseur REIT, please visit http://www.sasseurreit.com/

• CapitaLand Ascendas REIT (CLAR SP)  is looking to raise at least S$500M in a private placement, to fund the acquisition of some valuable properties. 
• These acquisitions will expand the firm’s portfolio exposure to Singapore and data centers.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.

• Field latex cross INR 200 (US$2.34) mark, sheet still short of it  
• Over 40% of smallholders complete rainguarding as rains set in  
• Compound rubber import worries farmers, traders  

• Back on the 28 April, Amara (AMA SP), a property/hotel play,  announced a best-and-final conditional S$0.895/share Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
• This was the Family’s second attempt to take Amara private after its November 2023 best-and-final unconditional Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
• The Offeree circ is now out. The IFA says fair & reasonable. The Offer closes on the 10th June – no extension. The Offer is unconditional in all respects. 

• UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.
• Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.
• UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.

• Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.
• Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.
• Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.

• NR production plummets; export and import too down  
• Ivory Coast once again pips Thailand in imports  
•  Nitrile gloves posing greater threat to latex gloves

• Slipping butadiene costs impact prices of SBR, BR and NBR  
• Near steady domestic production fails to match rise in consumption  
• EPDM, Silicone Rubber prices near stable since February  

• Mirxes raised HKD 1086m (USD 140m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, May 23rd.
• In our previous note, we looked at the company’s core gastric cancer early detection products and brief analysis of its valuation.
• In this note, we provide an update for the IPO before trading debut. The free float shares are highly concentrated.

• In 2025, Singapore’s Industrials sector saw increased trading activity, with over one-third experiencing over 50% ADT growth.
• ST Engineering led the STI in performance, supported by diversified revenue streams and investments in digital technologies.
• OKP Holdings reported a 95% share price gain, driven by technology integration, productivity boosts, and geographical diversification.

• SEA reported C1Q25 top line, non-GAAP operating profit and GAAP net income (3.7%), 10% and 8.4% vs. our estimates and 1.4%, (16%) and 31% vs. consensus. 
• SEA has weathered the return of TikTok Shop better than rivals three quarters in a roll, but we see its e-commerce business vulnerable to future attacks. 
• We raised TP from US$75 to US$134 but DG to a SELL on rich valuation

• EPA regulation targeted previously unregulated emissions  
•  USTMA calls it regulatory overreach that shoots up costs  
• Move can bolster domestic manufacturing, competitiveness