Singapore Daily Briefs | Page 18 of 116

Apr 04

Daily Brief Singapore: CNMC Goldmine Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

CNMC Goldmine Holdings Ltd. (CNCM SP): Cash Rich Gold Play In Singapore

CNMC Goldmine Holdings Ltd. (CNCM SP): Cash Rich Gold Play In Singapore

By Sameer Taneja

CNMC Goldmine Holdings (CNMC SP) is a cash-rich (net cash: 20 million SGD) gold play listed on the SGX with assets in Malaysia. Its market cap is 155 million SGD.
The company is a high-cost gold play, with cash costs of 1200 USD/oz excluding royalties. It is in the process of ramping production from 26,000 oz to 34,000 oz/annum.
Based on a 3000 USD/oz gold price, the stock trades at 5.7x PE, 4.0x EV-EBITDA with a 2.9% dividend yield (based on a 30% payout ratio).

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Apr 03

Daily Brief Singapore: IREIT Global and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

10 in 10 with IREIT Global – Gateway to European Real Estate

10 in 10 with IREIT Global – Gateway to European Real Estate

By Geoff Howie

IREIT Global’s FY2024 revenue increased by 16.3% to €75.6 million, driven by B&M Portfolio acquisition and higher rental income.
Property operating expenses rose over 40% in FY2024 due to B&M Portfolio costs and a €4.1 million feasibility study.
IREIT’s aggregate leverage was 37.6% as of December 2024, with 97.2% of bank borrowings hedged against interest rate fluctuations.

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Apr 02

Daily Brief Singapore: SGX Rubber Future TSR20, ST Engineering and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Helixtap China Report: Short-term Downward Bias In China Demand Outlook Amid Tariff Tensions
STI Books 5.3% Total Return in 1Q25

Helixtap China Report: Short-term Downward Bias In China Demand Outlook Amid Tariff Tensions

By Arusha Das

Trade war impacts the trade flow
Arbitrage narrows on wintering
Fluctuating inventory level indicates at a whimsical buying pattern

STI Books 5.3% Total Return in 1Q25

By Geoff Howie

ST Engineering led STI with a 46% rally, 12M Consensus Estimate Target Price rose 36% to S$6.85.
Net creation of S$36M in units increased combined AUM of two STI tracking ETFs from S$2.3B to S$2.6B.
STI stocks booked S$1.63 billion net institutional outflow in 1Q25, mainly from STI Banks and S-REIT Sector.

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Apr 01

Daily Brief Singapore: Isoteam Ltd, Sasseur REIT and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Buyback Consideration Notches Higher; ISOTeam CEO Increases Stake
REIT Watch – S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

Buyback Consideration Notches Higher; ISOTeam CEO Increases Stake

By Geoff Howie

Institutions were net sellers of Singapore stocks with a net outflow of S$151 million from March 21-27.
Venture Corporation bought back 203,000 shares at S$12.51, accelerating its Share Buyback Plan from February 21.
ISOTeam’s 1HFY25 revenue increased 4.2% to S$65.3 million, with A&A contributing 46% of total revenue.

REIT Watch – S-REITs with China retail assets log mixed 2024 performance; may benefit from consumption push

By Geoff Howie

S-REITs with retail assets in China show mixed 2024 performance with stable occupancies but negative rental reversions amid cautious consumer sentiment.
CapitaLand China Trust’s retail NPI increased 1.9% y-o-y in FY2024, with stable occupancy at 98.2% and negative rental reversion.
Sasseur REIT’s portfolio occupancy reached 98.9% by end 2024, with double-digit sales growth during Lunar New Year 2025.

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Mar 30

Daily Brief Singapore: Sinarmas Land and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

The Widjaja Family’s Tilt For Sinarmas Land: This Needs A Bump

The Widjaja Family’s Tilt For Sinarmas Land: This Needs A Bump

By David Blennerhassett

The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas’ 1H24 NAV of S$1.19/share.
The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.

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Mar 28

Daily Brief Singapore: Sinarmas Land, Keppel Infrastructure Trust, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer
Keppel Infrastructure Trust (KIT) – An Erosion of Trust
Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber

Sinarmas Land (SML SP): Widjaja Family’s Light Voluntary Unconditional Offer

By Arun George

Sinarmas Land (SML SP) has disclosed a voluntary unconditional offer from the Widjaja family at S$0.31 per share, a 12.7% premium to the undisturbed price of S$0.275 (24 March).
The offer is unattractive compared to historical trading ranges and implies a 74.0% discount to the last reported NAV per share of S$1.191 (30 June 2024).
The offer has not been declared final. As the Widjaja family aims to privatise Sinarmas, a bump is likely to secure the required minority acceptances.

Keppel Infrastructure Trust (KIT) – An Erosion of Trust

By Tan Yee Peng

Incentives drive behavior. Designing a good fee structure is paramount in managing potential conflicts of interests.
This is all the more important in Singapore’s REIT and Business Trust sector, where the use of external manager and Trustee Manager is the norm.
This is in sharp contrast to all for profit companies, where internal management teams manage the businesses for the benefit of all (or most) shareholders.

Higher Returns, Lower Volume In Year Beginning For Vietnam Rubber

By Vinod Nedumudy

Rubber worth US$341 million exported in January 2025
Companies initiate moves to cash in on higher rubber prices
Tariff war may come to Vietnam’s advantage

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Mar 27

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

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row
kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

UK Breaks Ground On First Tire To Fuel Facility Amid ELT Export Row

By Vinod Nedumudy

US$127 million tire recycling plant coming up in Sunderland
TRA calls for immediate action to end the T8 exemption
ATMA’s stress to rein in ELT imports comes as wakeup call for UK

kopi-C with Southern Alliance Mining’s COO: Mining the future with rare earths and gold

By Geoff Howie

Southern Alliance Mining is diversifying from high-grade iron ore to rare earth elements and gold to expand operations.
The company is acquiring stakes in MCRE Resources and Paramount Synergy to enhance its rare earth mining capabilities.
SAM is engaging in cost mapping and supply chain management to mitigate risks from geopolitical events and material shortages.

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Mar 26

Daily Brief Singapore: Great Eastern Holdings, Frasers Centrepoint Trust, Capitaland India Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension
Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion
10 in 10 with CapitaLand India Trust – Capitalising India’s Tech Growth

This Needs To Be Sorted: Great Eastern (GE SP)’s Protracted Suspension

By David Blennerhassett

Back on the 10th May 2024, OCBC (OCBC SP) launched a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
The Offer closed on the 12th July with OCBC holding 93.62%. Shares were subsequently. suspended. And have been suspended ever since. Compulsory acquisition was not afforded.
The SGX has thrice granted OCBC an extension of time to restore the float. UK-based activist Palliser is agitating for better terms. Time for a bump.

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

By Nicholas Tan

Frasers Centrepoint Trust (FCT SP) aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.

10 in 10 with CapitaLand India Trust – Capitalising India’s Tech Growth

By Geoff Howie

CLINT anticipates revenue growth in FY2025 from MTB 6 at ITPB and a data centre in Navi Mumbai.
CLINT’s portfolio occupancy reached 95% in December 2024, driven by asset enhancements and effective leasing activities.
CLINT achieved a 14% year-on-year growth in NPI for FY 2024 and a 7.2% distribution yield.

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Mar 25

Daily Brief Singapore: SGX Rubber Future TSR20, Capitaland Integrated Commercial Trust, Hosen Group Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Indian Rubber Prices Soar As Rubber Board Prepares For EUDR
REIT Watch – S-REITs surge as banks decline; see beginnings of a rebound
Daniel Lim Increases Stake in Hosen Group

Indian Rubber Prices Soar As Rubber Board Prepares For EUDR

By Vinod Nedumudy

Prices crosses the magical level of INR 200/kg after five months
Supply short but farmers who stock and didn’t rainguard benefit
Rubber Board starts geo-mapping of rubber plantations

REIT Watch – S-REITs surge as banks decline; see beginnings of a rebound

By Geoff Howie

S-REITs recorded net institutional inflows of S$42 million, reversing nearly seven weeks of net outflows.
CapitaLand Integrated Commercial Trust’s FY24 AUM grew 6%, with NPI up 3.4% and rental reversion increases.
The US Federal Reserve maintained interest rates at 4.25-4.5%, lowered 2025 growth forecast, and raised inflation projection.

Daniel Lim Increases Stake in Hosen Group

By Geoff Howie

Net institutional outflow for Singapore stocks narrowed to S$18 million from March 14-20, totaling S$1.47 billion YTD.
Oversea-Chinese Banking Corporation led share buybacks with 1.05 million shares at S$16.85 each, totaling S$29.8 million.
Hosen Group’s FY24 revenue increased 8.1% to S$72.75 million, with net profit doubling to S$1.974 million.

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