Singapore Daily Briefs | Page 16 of 116

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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May 03

Daily Brief Singapore: Frasers Centrepoint Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore Stocks Most Net Bought by Institutions in April

Singapore Stocks Most Net Bought by Institutions in April

By Geoff Howie

Institutions net sold S$73M in Singapore stocks, with STI Banks experiencing S$701M in net institutional outflow in April.
Singtel recorded the highest net institutional inflow, with the Telecommunications Sector booking S$522M net inflow in April.
REITs saw S$74M net institutional outflow, but Frasers Centrepoint Trust led net inflow relative to market cap.

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Apr 30

Daily Brief Singapore: ISDN Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification

10 in 10 with ISDN Holdings – Positioned for Long-Term Growth with Strategic Expansion and Diversification

By Geoff Howie

ISDN’s core Industrial Automation segment contributes 94% of revenue, with China accounting for 71% of IA revenue.
Renewable Energy revenue doubled in 1H2024 due to successful commercialisation of three mini-hydropower plants in Indonesia.
ISDN maintains a dividend policy of distributing 25% of net profit attributable to shareholders as dividends.

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Apr 29

Daily Brief Singapore: Amara Holdings, Sinarmas Land, SGX Rubber Future TSR20, Suntec REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Amara (AMA SP): Teo Family Reloads At S$0.895/Share
Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair
Amara Holdings (AMA SP): Conditional VGO at S$0.895
Vietnam Rubber Export Returns Up, But Products Suffer In Feb
REIT Watch – S-REITs rebound from early April sell-off

Amara (AMA SP): Teo Family Reloads At S$0.895/Share

By David Blennerhassett

Amara Holdings (AMA SP), a property/hotel play, has announced a best-and-final conditional S$0.895/share cash Offer, a 27% to undisturbed and a lifetime high, from the controlling Teo family.
If Amara sounds familiar, in November 2023, the family launched a best-and-final unconditional cash Offer at S$0.60/share as discussed in Amara (AMA SP): Teo Family’s Lifetime High Offer.
This new Offer has a 90% acceptance condition. Irrevocables tally 90.58%. Done and done.

Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair

By David Blennerhassett

Back on 27th March, the family trust of the Widjaja Family made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
Pricing was uninspiring: the S$0.31 cash Offer (not final) for the (mainly) Indo property play was a 12.9% premium to undisturbed; and a 73.9% discount to the 1H24 S$1.19/share NAV.
The IFA agreed and said “Not Fair but Reasonable”, with an estimated fair value range of S$0.350 to S$0.361/share. This (still) needs a bump. But that is looking less likely.

Amara Holdings (AMA SP): Conditional VGO at S$0.895

By Arun George

Amara Holdings (AMA SP) has disclosed a voluntary conditional offer from a three-member consortium at S$0.895 per share, a 27.0% premium to the last close price.
Irrevocables, including from the 2023 VGO offeror, represent 90.58% of the outstanding shares, ensuring that the 90% minimum acceptance condition will be satisfied and the offer will be declared unconditional.
The offer price is final. The offer is attractive and represents an all-time high, and is 49.2% above the 2023 VGO price.

Vietnam Rubber Export Returns Up, But Products Suffer In Feb

By Vinod Nedumudy

Rubber products exports to the US falls 4.99% MoM in Feb
Product exports to China surge by 143.22% MoM in Feb
Rubber exports value in Feb soar to US$225.71 million

REIT Watch – S-REITs rebound from early April sell-off

By Geoff Howie

From April 14 to 24, top 10 iEdge S-REIT index performers received S$23.3 million in net institutional inflows.
Institutional investors net sold S$36.6 million in S-REITs from April 14 to 24, totaling S$465.1 million in outflows year-to-date.
Retail investors net sold S$64.4 million in S-REITs from April 14 to 24, with year-to-date net inflows of S$261.9 million.

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Apr 28

Daily Brief Singapore: Sheng Siong, Sinarmas Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?
Sinarmas Land (SML SP): Potential Outcomes as IFA Says NOT Fair but Reasonable

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

By Devi Subhakesan

The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant’s brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.

Sinarmas Land (SML SP): Potential Outcomes as IFA Says NOT Fair but Reasonable

By Arun George

Sinarmas Land (SML SP) IFA opined that the Widjaja family’s S$0.31 offer is NOT fair but reasonable, as it is below the valuation range of S$0.350 to S$0.361.
The independent directors have recommended that shareholders accept. Due to a breach of the 10% free float requirement, the shares will be suspended at the close of the offer.
There are four possible outcomes with a medium probability that Sinarmas will follow the Great Eastern Holdings (GE SP) and Boustead Projects (BOCJ SP) playbook.

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Apr 26

Daily Brief Singapore: STMicroelectronics NV, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.

By Nicolas Baratte

Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.
Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.

Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact

By Vinod Nedumudy

RSS-4 prices near stable around INR 198/kg for past ten days
Kerala farmers engaged in rainguarding in right earnest
RRII devises process for extracting top-quality rubber from skim latex

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Apr 25

Daily Brief Singapore: Sheng Siong, OCBC and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sheng Siong Group Ltd: Inflection Point for a Great Performer
Retail Investors’ Bold Moves Amid STI’s Volatile April

Sheng Siong Group Ltd: Inflection Point for a Great Performer

By Tan Yee Peng

We analysed Sheng Siong’s success over the years to see what its secret sauce is and what made the retailer so successful.
It has punched its weight above its competitors with a set of strong financial metrics. Its ability to generate free cash flow and achieve a high return on equity are truly impressive.
However, Sheng Siong is at an inflection point now as its revenue and net profit have stagnated since the pandemic.

Retail Investors’ Bold Moves Amid STI’s Volatile April

By Geoff Howie

Retail investors net bought S$1.165 billion in Singapore stocks in early April, primarily DBS, OCBC, and UOB.
Retail net buying reversed by S$253 million after April 14, with Singtel being the most net sold stock.
IMF downgraded 2025 global growth outlook to 2.8%, citing trade tensions and potential impacts on ASEAN growth.

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Apr 24

Daily Brief Singapore: SGX Rubber Future TSR20, Continuum Green Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs
Lucror Analytics – Morning Views Asia

Lanka EDB Sits With Rubber Product Exporters To Tackle US Tariffs

By Vinod Nedumudy

85% of Lankan rubber products shipped to US, EU markets
Tariffs can diminish 28% of US rubber products export revenue
Govt allocates LKR 1500 million for rubber industry in Budget

Lucror Analytics – Morning Views Asia

By Tanvi Arora

In today’s Morning Views publication we comment on developments of the following high yield issuers: Continuum Green, JSW Steel
US President Donald Trump has told reporters that US tariffs on China will “come down substantially, but it won’t be zero. It used to be zero”.
Meanwhile, Mr Trump stated that he has “no intention of firing” Fed Chairman Jerome Powell, but would like to see him be “a little more active” in lowering interest rates.

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Apr 23

Daily Brief Singapore: Spindex Industries and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Spindex (SPE SP) Illiquid but Very Cheap Company

Spindex (SPE SP) Illiquid but Very Cheap Company

By Punit Khanna

Spindex is an illiquid but well managed company listed in Singapore
It trades at less than 2X EV/EBDITA multiple while its competitor Innovalues got privatised at 9 X EV/EBDITA
With 60% of market cap in cash, ex-cash current assets are more than total liabilities, offering limited downside

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Apr 22

Daily Brief Singapore: SGX Rubber Future TSR20, Suntec REIT, Tokyo Century Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Farmers Lock Horns With Scientists Over Rubber Clone Yields In India
S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far
Institutions Net Buying, Stephen Riady Ups OUE Stake

Farmers Lock Horns With Scientists Over Rubber Clone Yields In India

By Vinod Nedumudy

Farmers say RRII 400 clone series performs below par
RRII Head rejects charges, tells farmers to follow guidance
Kerala farmers demand introduction of GM crops

S-REITs kick off earnings season; Sabana REIT and Keppel DC REIT report double-digit jump in DPU so far

By Geoff Howie

Sabana Industrial REIT reported a 26.5% year-on-year growth in 1Q25 DPU, with NPI and gross revenue increasing by 22.0% and 4.6% respectively.
Keppel DC REIT achieved a 14.2% year-on-year growth in DPU, driven by acquisitions and contract renewals, with NPI and gross revenue growing 24.1% and 22.6% respectively.
Keppel Pacific Oak US REIT experienced a 19.3% year-on-year decline in income available for distribution due to lower rental income.

Institutions Net Buying, Stephen Riady Ups OUE Stake

By Geoff Howie

Institutions were net buyers of Singapore stocks with a net inflow of S$217 million, reducing the 2025 outflow to S$1.77 billion.
United Overseas Bank led share buybacks with 1.4 million shares at S$33.34 each, totaling S$121.8 million.
OUE entered a joint venture with Tokyo Century for Hotel Indigo Changi Airport, aligning with its “asset right” strategy.

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