Singapore

• Jardine Matheson Holdings (JM SP) posted a 11% drop in FY24 underlying profit; but has promptly gained 9% since.
• 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%.

• In September 2022, as the world began to rebound from COVID-era travel restrictions, Singapore-listed SATS Ltd. made waves with an audacious move.
• With a market cap of SGD 4.5 billion, SATS announced plans to acquire global air cargo giant Worldwide Flight Services (“WFS”) for up to €1.3 billion (S$1.9 billion), valuing the deal at an enterprise value (“EV”) of €2.25 billion (S$3.1 billion).
• The market reacted with skepticism, sending SATS’ share price plummeting by 35% as concerns over equity dilution and debt levels unsettled investors accustomed to steady dividends and strong returns.

•  Dumping of gloves from Malaysia, Thailand, Vietnam into India alleged  
•  IRGMA petitions Indian Government for intervention to stop  
• DGTR recommends ADD on imports of titanium dioxide from China

• Institutions were net sellers of Singapore stocks, resulting in a net outflow of S$221 million from March 7-13.
• Franklin Resources acquired 969,800 units of Digital Core REIT, increasing its deemed interest to 5.06% on March 6.
• Nam Cheong reported FY net profit of RM790.1 million, with revenue rising 45.1% to RM689.4 million in FY24.

• CapitaLand Integrated Commercial Trust’s net property income grew by 3.4% to S$1.2 billion in FY24, with DPU increasing 1.2%.
• Mapletree Pan Asia Commercial Trust’s Q3 FY25 revenue was S$223.7 million, down 7.4% year-on-year due to overseas headwinds.
• OUE REIT’s FY24 revenue rose 3.7% to S$295.5 million, with a 10.7% positive rental reversion for office assets.

• City Developments (CIT SP) aka CDL’s boardroom battle, framed as a family feud, grabbed media attention and overshadowed more serious, long-ignored corporate governance issues.
• Despite prolonged underperformance and founder-family control controversies, CDL’s board have failed to enact decisive reforms to restore shareholder value.
• The CDL saga exposes systemic risks in family-run, publicly listed firms where often corporate governance gets compromised and  minority shareholder interests are undermined.

• Zeon will develop BR and Yokohama will make tires with it
•  Facility to be installed at Zeon’s Tokuyama Plant in Shunan City in Japan
• Trial production scheduled for 2026 and mass production by 2030

•  EC publishes 11 commodities’ scenarios including rubber  
• Non-SME operators, dealers tasked with due diligence onus  
• German Rubber Association criticism fails to make impact  

• Trading activity for daily leveraged certificates (DLCs) reached a 20-month high in February with a turnover of $447M.
• Alibaba DLCs’ trading turnover increased 457% month-on-month to $70M, driven by Chinese government support for AI industries.
• Nvidia DLCs became the top traded US stock DLC in February, overtaking Tesla, with S$1.4M traded.

• Singapore Mid-cap stocks have a combined market capitalisation of S$75 billion and attracted S$71 million net institutional inflows.
• Yangzijiang Financial Holding’s ADT increased to S$14.1 million, with a 61% share price gain and S$94.3 million net institutional inflow.
• Sheng Siong Group maintains a 26.7% ROE, with consistent ADT and a 4.5% revenue increase in FY24.

• Eneco Energy plans to diversify beyond airport cargo logistics, aiming for profitable, cash flow-generative businesses through acquisitions.
• RichLand Logistics seeks to acquire a warehouse, enhance fleet utilization, and expand its logistics value chain.
• Eneco generated S$3.0 million net cash from operations with total equity of S$19.40 million as of 31 Dec 2024.

• The tire majors losing volume   
• Smaller tire makers gaining prominence   
• Most tire majors saw flat or drop in profits

• Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. 
• E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee’s lead position. 
• Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding. 

• Output hits 2.04 million tons and exports 1.6 million tons in 2024  
• ANRPC anticipates Indo rubber production to slip by 9.8% in 2025  
• Chinese tire firms pitching tent in Indo may benefit from trade war

• Institutions were net sellers of Singapore stocks, with a net outflow of S$117 million from Feb 28 to Mar 6.
• DBS Group Holdings led share buybacks with 700,000 shares at S$46.15 each, totaling S$39,960,047 across 23 companies.
• Hong Leong Asia’s Executive Chairman increased his stake to 1.29% by acquiring 767,000 shares at S$0.989 each.

• Elite UK REIT’s FY2024 revenue and NPI decreased, but DPU rose 5.0% to 2.87 pence due to savings.
• IREIT Global’s FY2024 revenue and NPI increased, with DPU rising 1.6% to 1.90 euro cents, driven by portfolio performance.
• Stoneweg European REIT’s FY24 revenue and NPI declined, DPU dropped 10.1% to 14.106 euro cents, impacted by asset sales.

• Singapore stocks recorded S$39 million in net institutional inflows, marking the first net buying since January’s last week.
• Industrials and Consumer Non-Cyclicals sectors reversed previous net outflows with significant inflows, led by ST Engineering and Wilmar International.
• ISDN Holdings’ share price rose 12.9% after reporting a 72% increase in FY24 attributable net profit.

• Vietnam rakes in US$3.4 billion from rubber exports in 2024  
• Impressive surge in exports to Malaysia and Europe  
• Chinese tire firm undertakes third phase of expansion in Vietnam

•  One in five companies in rubber industry mulling shifting in 2025  
• Regulatory burdens and high energy costs among major concerns  
•  Place ‘first-touch principle’ in EUDR, erase reverse burden of proof  

• CLAR is Singapore’s largest industrial REIT with S$16bn of assets across key markets with exposure in business parks, logistics and data centers
• We think CLAR has a well diversified and resilient asset portfolio which can withstand any external shocks and drive organic growth
• We think there is some interest rate risk but in general the impact is limited.  S-REITs were over-corrected YTD and valuation is not demanding

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.

In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. 

About MoneyHero Group

MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

• Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.
• HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.
• Since October 2024, HK SDRs’ daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.

• Sri Trang posts US$48.8 mn profit, reversing loss of US$12.7 mn in 2023  
• Sri Trang sells 133,163 tons of EUDR rubber in 2024  
• North East Rubber setting up plant in Ivory Coast  

• OKP Holdings reported a 135.4% increase in gross profit for FY2024 to S$58.2 million, with a gross profit margin of 32.0%.
• The construction and maintenance segments generated revenues of S$114.0 million and S$61.7 million, respectively, in FY2024.
• OKP’s order book stands at S$600.7 million, supported by a strong balance sheet with S$124.3 million in cash.