Category

Singapore

Daily Brief Singapore: Sea Ltd, Ringcentral Inc Class A, Sirius Xm Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Ltd: Free Fire Is Losing Active Players And Shopee’s Growth Momentum Is Broken
  • RingCentral, Inc.: Initiation of Coverage – Education Oriented Products, The New Webinar Launch, Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
  • Sirius XM Holdings Inc.: Initiation of Coverage – Business Strategy, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

Sea Ltd: Free Fire Is Losing Active Players And Shopee’s Growth Momentum Is Broken

By Oshadhi Kumarasiri

  • Consensus remains positive about Sea Ltd (SE US) with 12.3% QoQ revenue growth in Q2 and a 32.2% revenue CAGR over the next two years.
  • However, with Free Fire losing active players and Shopee’s growth momentum in South East Asia broken, we expect a disappointing Q2 from Sea Ltd.
  • Free Fire is on its last legs and Shopee has decided to halt its geographic expansion. Thus we think that there’s significant downside to Sea’s Q2 and medium-term consensus.

RingCentral, Inc.: Initiation of Coverage – Education Oriented Products, The New Webinar Launch, Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)

By Ishan Majumdar

  • This is our first report on UCaaS player, RingCentral.
  • The company started off with 2022 reasonably well with solid revenue growth and expansion in both free cash flow and operating margins.
  • Currently, it is the only company that offers a fully integrated solution that combines UCaaS and CCaaS on one bill.

Sirius XM Holdings Inc.: Initiation of Coverage – Business Strategy, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

By Ishan Majumdar

  • This is our first report on broadcasting giant, Sirius XM Holdings.
  • The company reported strong first-quarter growth in subscription and advertising revenue, as well as strong cash flow generation.
  • We initiate coverage on Sirius XM Holdings with a ‘Hold’ rating.

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Daily Brief Singapore: Corteva Inc, Biomarin Pharmaceutical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Corteva, Inc.: Initiation of Coverage – Business Strategy, Pro Farm Agreement, Herbicides Update, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
  • BioMarin Pharmaceutical: Initiation of Coverage – Business Strategy, Key Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

Corteva, Inc.: Initiation of Coverage – Business Strategy, Pro Farm Agreement, Herbicides Update, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)

By Ishan Majumdar

  • This is our first report on Corteva, a major agricultural player within the seeds and crop protection domain.
  • The company registered its Enlist Duo and Enlist One herbicides through 2029 with the U.S.
  • EPA.

BioMarin Pharmaceutical: Initiation of Coverage – Business Strategy, Key Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)

By Ishan Majumdar

  • This is our first report on rare disease specialist, BioMarin Pharma.
  • The company had a decent start to 2022 recording $519 million in total revenues in the previous quarter.
  • The $20 million in Voxzogo contributions during the first quarter increased the company’s full-year 2022 guidance to between $100 million and $125 million and will play a significant role in its future growth.

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Daily Brief Singapore: Excelpoint Technology and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion
  • Excelpoint Tech (EXLP SP): Scheme Doc Out. 10th August Shareholder Meeting

Excelpoint’s Scheme Meeting on 10 August, IFA’s Opinion

By Arun George

  • Unsurprisingly, the independent financial advisor (IFA) considers WT Microelectronics (3036 TT)‘s S$1.93 offer for Excelpoint Technology (EXLP SP) to be fair and reasonable. We think that IFA’s valuation approach is sound. 
  • The key condition is approval from shareholders and regulatory authorities (Taiwan pending). The scheme meeting is scheduled for 3:00 pm on 10 August. 
  • We continue to think that offer is attractive. At the current price and for the 15 September payment date, the gross and annualised spread is 0.5% and 3.1%, respectively.

Excelpoint Tech (EXLP SP): Scheme Doc Out. 10th August Shareholder Meeting

By David Blennerhassett

  • On the 13 April, WT Microelectronics (3036 TT) entered into an agreement to acquire electronic component distributor Excelpoint Technology (EXLP SP) by way of a Scheme. 
  • The cash consideration of S$1.93/share was a 7.8% premium to last close, but a 21.4% premium to the undisturbed price.
  • The Scheme Doc is out. The Scheme Meeting will be held on the 10th August. The IFA considers the terms to be fair. Settlement is expected by the 15th September.

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Daily Brief Singapore: Genting Singapore and more

By | Daily Briefs, Singapore

In today’s briefing:

  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Kanemi, AGL, Link Admin, Genting Singapore, Glory Star Media

By David Blennerhassett


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Daily Brief Singapore: Genting Singapore, Far East Hospitality Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Punters Take A Gamble on Genting Singapore
  • Genting Singapore in the Crosshairs of Potential Suitors
  • Smartkarma Webinar | Trade Ideas in ASEAN

Punters Take A Gamble on Genting Singapore

By David Blennerhassett

  • Bloomberg is reporting Genting Singapore (GENS SP) has been attracting suitors, including MGM Resorts International (MGM US).
  • With Macau all-but emulating a Shanghai-style lockdown, including the recent shuttering of all casinos, large global casino operators will be looking to diversify their revenue base. 
  • But with Singapore potentially emerging as Asia’s go-to gaming destination going forward, it’s unlikely the Lim family will exit their Genting flagship.

Genting Singapore in the Crosshairs of Potential Suitors

By Arun George

  • Bloomberg reported MGM Resorts International (MGM US) recently approached Genting Singapore (GENS SP)’s controlling shareholder, Genting Bhd (GENT MK), to express an interest in a deal.  
  • While the discussions with MGM Resorts have fizzled out, other potential suitors are reportedly interested. Shares are in a trading halt pending a response to an SGX query.
  • Genting Singapore trades at a discount to peers. Precedent transactions suggest a potential privatisation price of at least S$1.00 per share, a 33% premium to the last close. 

Smartkarma Webinar | Trade Ideas in ASEAN

By Smartkarma Research

For our next Webinar, we are delighted to welcome back Analyst Henry Soediarko, who will go through his latest stock picks in the ASEAN region, and offer his outlook for 2H 2022.

The webinar will be hosted on Wednesday, 20 July 2022, 17:00 SGT/HKT.

Henry Soediarko is a Long & Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. 


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Daily Brief Singapore: Circles.Life and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Bridgetown Holdings Considering a Potential Merger with Circles.Life

Bridgetown Holdings Considering a Potential Merger with Circles.Life

By Douglas Kim

  • Bridgetown Holdings, a SPAC backed by Peter Thiel and Richard Li, is considering a potential merger with Singapore’s virtual telco Circles.Life (merger valuation could range US$1.5 billion to US$2.5 billion). 
  • All in all, the valuation range of the proposed M&A merger of Bridgetown Holdings and Circles.Life needs to be reduced substantially, in order to generate more interest in this deal. 
  • Otherwise, there is likely to be weak demand for this merger deal. In addition, the market environment for SPAC related M&A deals have deteriorated significantly in the past 6-12 months.

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Daily Brief Singapore: Golden Agri Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Golden Agri Resources (GGR SP) – Replanting and Processing to Drive Future Growth

Golden Agri Resources (GGR SP) – Replanting and Processing to Drive Future Growth

By Angus Mackintosh

  • A recent webinar hosted by Smartkarma with Golden Agri Resources revealed a company confident in the outlook for both its plantation and its value-added processing businesses.
  • Golden Agri Resources leads the industry in terms of the yields on its plantations versus both Indonesia and Malaysia and continues to replant with higher-yielding varieties.
  • The company has plentiful processing capacity for its own needs and those of third parties, which will help maintain margins. Management is confident in the outlook for palm oil prices.

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Singapore: SPH REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Asia-Pac Weekly Risk Arb Wrap: Pipedo, Link Administration, Tassal, Giordano, Hwa Hong, SPH REIT

Asia-Pac Weekly Risk Arb Wrap: Pipedo, Link Administration, Tassal, Giordano, Hwa Hong, SPH REIT

By David Blennerhassett


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Singapore: CIFI Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weekly Wrap – 08 Jul 2022

Weekly Wrap – 08 Jul 2022

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. Times China
  2. Powerlong Real Estate Holdings
  3. Kwg Property Holding
  4. Country Garden Holdings Co
  5. China South City

and more…


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Singapore: CIFI Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Morning Views Asia: CIFI Holdings, Lippo Malls Indonesia Retail Trust, Times China

Morning Views Asia: CIFI Holdings, Lippo Malls Indonesia Retail Trust, Times China

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.


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