Singapore Daily Briefs | Page 15 of 116

May 20

Daily Brief Singapore: First REIT, Ho Bee Land Ltd, SGX Rubber Future TSR20, Yanlord Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

REIT Watch – Healthcare S-REITs outperform broader S-REIT market and sub-segments year to date
Directors in Developers & Maritime Stocks Elevating Interests
Indian Tire Majors Launch ‘iSPEED’ To Empower 2 Lakh Rubber Smallholders
Lucror Analytics – Morning Views Asia

REIT Watch – Healthcare S-REITs outperform broader S-REIT market and sub-segments year to date

By Geoff Howie

Healthcare S-REITs achieved a 6.2% average total return in 2025, with S$17.6 million net institutional inflows year-to-date.
ParkwayLife REIT’s 1Q25 gross revenue rose 7.3% to S$39.0 million, with a 9.1% increase in distributable income.
First REIT’s 1Q25 rental income declined 2.8% to S$25.4 million, with a 40.7% gearing ratio and no refinancing until May 2026.

Directors in Developers & Maritime Stocks Elevating Interests

By Geoff Howie

Institutions were net sellers of Singapore stocks from May 9 to May 15, with a net outflow of S$55 million.
Director transactions included acquisitions by executives in companies like Ho Bee Land, Wing Tai Holdings, and Federal International (2000).
Marco Polo Marine’s revenue for 1HFY25 was S$52.7 million, with a gross margin improvement to 41.3 per cent.

Indian Tire Majors Launch ‘iSPEED’ To Empower 2 Lakh Rubber Smallholders

By Vinod Nedumudy

US$16.9 mn initiative to enhance productivity and quality in Northeast
Stress on sheet-making infrastructure to fetch better price for farmers
INROAD creates over 136,000 new smallholders in the Northeast

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land
On Friday, Moody’s downgraded the US sovereign rating to Aa1 (stable) from Aaa (negative). The downgrade reflects the increase in US government debt and interest payment ratios for more than a decade to levels significantly higher than similarly rated sovereigns, according to the agency.
Moody’s does not believe that current fiscal proposals under consideration will lead to material multi-year reductions in spending and deficits.

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May 19

Daily Brief Singapore: Mirxes Holding, SGX and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention
SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks

Pre-IPO Mirxes Holding (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

GASTROClear’s clinical application may be limited by doctors’ lack of sufficient trust/recognition. GASTROClear could mainly be commercialized in the non-clinical market in China first. However, the competition is more intense.
The dual pressure of lack of medical insurance reimbursement and higher pricing may lead to lower-than-expected market penetration.It’s not easy for Mirxes’ revenue to return to the level of 2021.
Short-Term valuation depends on market sentiment, but in long term, it still depends on the commercialization performance and the improvement of cash flow. The IPO pricing is expensive.

SGX Group (SGX SP): Likely More Listings. Triggered by Trade Tensions, Tax Perks

By Devi Subhakesan

Reported surge in listing interest on SGX (SGX SP) driven by escalating U.S.- China trade tensions and associated geopolitical uncertainties.
Singapore’s proactive policy toolkit announced in February 2025 offer issuers both cost savings and regulatory certainty and could play a role in attracting more companies to list in Singapore.
An uptick in listings on the Singapore Exchange (SGX) can set off a virtuous cycle, strengthen valuation multiples and lead to upward revisions to 2026 earnings forecasts.

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May 16

Daily Brief Singapore: Pan United Corp, Mirxes Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Pan United Corporation :
Mirxes IPO: Valuation Without Sensible Fundamentals

Pan United Corporation :

By Punit Khanna

Ready -Mix Cement market leader in Singapore which is focused on operational efficiency.
Remains committed to innovation, technology and sustainability of environment by reducing carbon emissions
Focus on improving ROE, asset light and with reasonable earnings earnings visibility

Mirxes IPO: Valuation Without Sensible Fundamentals

By Ke Yan, CFA, FRM

Mirxes, a Singapore-based clinical-stage biotechnology company, launched its IPO to raise up to US$139m via a Hong Kong listing.
We look at the deal dynamics and latest developments in the early cancer screening sector in China.
We are of the view that there’s little fundamentals supporting that valuation. Precision oncology companies have not done well in China.

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May 15

Daily Brief Singapore: Frasers Hospitality Trust, Mirxes Holding, UOB Kay Hian Holdings, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme
Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer
Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer
STI Banks Report Robust 1Q25 Financial Performance
Tariffs Add To Uncertainty In Global Tire Markets

Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme

By David Blennerhassett

Frasers Hospitality Trust (FHT SP) (FHT) has announced a Scheme Implementation Deed was signed for the S-REIT’s privatisation by its current sponsor, Frasers Property Limited.
The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).
Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC’s S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed.

Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer

By Ke Yan, CFA, FRM

After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.

Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer

By Arun George

Frasers Hospitality Trust (FHT SP) announced a scheme privatisation from Frasers Property Ltd (FPL SP) at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).
The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.
Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.

STI Banks Report Robust 1Q25 Financial Performance

By Geoff Howie

In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.
Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.
DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.

Tariffs Add To Uncertainty In Global Tire Markets

By Farah Miller

A new probe from EU on Chinese tire due to start May 19
Lack of clarity on the range of tires under the scope of US auto tariff
Lobbying to suspend or delay the implementation of auto tariff

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May 14

Daily Brief Singapore: SGX Rubber Future TSR20, Q & M Dental Group (Singapore), Sabana Industrial REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Thai Rubber Production To Grow In 2025, But Rains, Prices Can Spoil Party
Director Filings Across Financials, Real Estate & Singapore’s Largest Private Dental Group
REIT Watch – Industrial S-REITs report NPI growth, but managers are cautious on outlook

Thai Rubber Production To Grow In 2025, But Rains, Prices Can Spoil Party

By Vinod Nedumudy

Initial projections hint at 4.93 million ton output in 2025
Pre-tariff war Q1 2025 reports robust export returns
Highest earnings from exports in 8 years at US$577.1 million in Feb

Director Filings Across Financials, Real Estate & Singapore’s Largest Private Dental Group

By Geoff Howie

Institutions were net buyers of Singapore stocks from May 2 to May 8, with S$123 million inflow, reducing 2025’s net outflow to S$1.61 billion.
United Overseas Bank’s CEO acquired 100,000 shares, increasing total interest to 10.76%, following a S$1.49 billion 1QFY25 net profit.
Q & M Dental increased interest in Aoxin to 50.53% and proposed a secondary listing on Bursa Malaysia.

REIT Watch – Industrial S-REITs report NPI growth, but managers are cautious on outlook

By Geoff Howie

Industrial S-REITs reported growth in net property income due to stable occupancies and positive rental reversions in Q1.
Mapletree Industrial Trust’s FY25 distribution per unit rose 1% due to higher gross revenue and NPI.
ESR Reit’s NPI increased 31.3% in Q1, driven by acquisitions, AEIs, and higher contributions from existing properties.

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May 12

Daily Brief Singapore: Sinarmas Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sinarmas Land (SML SP): The Family Bumps Terms After All

Sinarmas Land (SML SP): The Family Bumps Terms After All

By David Blennerhassett

I was wrong. In Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair, I said the Offer needed a bump, but that outcome was looking less likely.
The Widjaja family has now bumped terms to S$0.375/share, up from S$0.31/share, or a 21% increase. Terms have not been declared final.
The IFA’s estimated fair value range for Sinarmas Land (SML SP) was S$0.350 to S$0.361/share. Expect a follow-up opinion revising their conclusion to “Fair and Reasonable” from “Not Fair but Reasonable“.

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May 10

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Cambodian Rubber Production Struggles To Keep Pace With Tire Exports

Cambodian Rubber Production Struggles To Keep Pace With Tire Exports

By Vinod Nedumudy

In Q1 2025, Cambodia exports 59,754 tons of rubber, down 13.8% YoY
Overall rubber production in Q1 2025, 64,080 tons, down 7.9% YoY
Trump tariff, EUDR pose challenge to Cambodian rubber and tire

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May 09

Daily Brief Singapore: Singtel and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

Actively Traded Stocks With Highest 2Q25 Returns in Early 2Q25

By Geoff Howie

Institutions net bought S$92 million, while retail investors net bought S$904 million in Singapore stocks from 2Q25 to May 7.
Ten stocks, including CNMC Goldmine and Singtel, achieved double-digit returns, averaging 28% total return by May 7, 2025.
Eight of the next best-performing stocks, averaging 6% return, generate most revenue from Singapore, including two REITs.

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May 08

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

EC Simplifies EUDR For Industry, But Smallholders Still A Concern

EC Simplifies EUDR For Industry, But Smallholders Still A Concern

By Vinod Nedumudy

Large companies can reuse existing DDS for reimported goods
Companies can submit due diligence statements annually
ANRPC S-G asks firms to join initiatives to empower smallholders

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May 06

Daily Brief Singapore: SGX Rubber Future TSR20, Frasers Hospitality Trust, UOB Kay Hian Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Malaysia Betters Rubber Production, Finds A ‘Glove Avenue’ In US Tariff
REIT Watch – S-REITs rebound 9.5% from Apr 9 lows, tracking volatility in global markets
Straco Chair Wu Hsioh Kwang Elevates His Stake

Malaysia Betters Rubber Production, Finds A ‘Glove Avenue’ In US Tariff

By Vinod Nedumudy

February marks 18.7% NR yield growth MoM, 21.3% growth YoY
Exports of NR too go up by an impressive 23.7% MoM
Malaysian gloves set to upend China’s competition in US market

REIT Watch – S-REITs rebound 9.5% from Apr 9 lows, tracking volatility in global markets

By Geoff Howie

In April 2025, S-REITs recorded a total net institutional selling of S$90.3 million and retail selling of S$54.6 million.
ParkwayLife REIT, CapitaLand Integrated Commercial Trust, and Frasers Hospitality Trust were the top three year-to-date gainers in 2025.
Stoneweg European REIT obtained unitholders’ approval for stapling to form Stoneweg European Stapled Trust, enhancing tax efficiency and investment scope.

Straco Chair Wu Hsioh Kwang Elevates His Stake

By Geoff Howie

From Apr 25 to 30, 15 primary-listed companies conducted buybacks totaling S$5.1 million, with institutions net buying S$56.4 million of Singapore stocks.
Director transactions included 20 acquisitions by directors/CEOs and four acquisitions by substantial shareholders, with no disposals reported.
Mapletree Logistics Trust’s Q4 FY2025 revenue decreased by 0.8%, while Straco’s FY2024 revenue fell 0.8%, but net profit rose 6%.

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