Category

Singapore

Feb 21
0

Daily Brief Singapore: SGX Rubber Future TSR20, Boustead Singapore Limited and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Heartening Rubber Production Figures For Malaysia In 2024
  • Boustead Singapore Meeting (BOCS SP)

Heartening Rubber Production Figures For Malaysia In 2024

By Vinod Nedumudy

  • Year-on-year increase of 11.06% in NR production in 2024
  • Ivory Coast once again upstages Thailand in imports
  • Seed collection and sales to nurseries turn revenue spinner for smallholders

Boustead Singapore Meeting (BOCS SP)

By Michael Fritzell

  • I had the great pleasure of meeting with Boustead Singapore’s Chief Investment Officer, Keith Chu, and Head of Investor Relations, Dominic Seow, at their headquarters at the Edward Boustead Centre in Singapore.
  • The meeting was set up by our friends at Smartkarma, whose analysts have covered Boustead Singapore in the past.
  • While the stock price has risen +15% over the past year, it still trades at just 6.8x trailing P/E and 9.4x forward P/E.

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Feb 20
0

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sri Lanka’s Rubber Product Exports Script Steady Growth In 2024

Sri Lanka’s Rubber Product Exports Script Steady Growth In 2024

By Vinod Nedumudy

  •  Export earning crosses US$1 billion in 2024, up 7.66% from 2023  
  • Local downstream producers appalled over rubber yield fall  
  • Domestic tire industry in a bid to consolidate  

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Feb 19
0

Daily Brief Singapore: PEC Ltd., SUTL Enterprise, New Toyo International Holdings, Stamford Tyres Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group
  • SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
  • New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
  • Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive

PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group

By David Blennerhassett

  • PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
  • Liberty is offering S$0.84/share (not final) – including a AS$0.20/share special  dividend – a 12.8% premium to undisturbed; but really more like a >35% premium. 
  • Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread. 

SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific

By Kilde

  • Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
  • The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
  • Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.

New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company

By Kilde

  • New Toyo International, established in 1975, is a leading producer of specialty packaging materials in the Asia Pacific Region. Its operations span across Singapore, Malaysia, Vietnam, Dubai, Indonesia and China. 
  • The Group has two core business divisions. Its Specialty Papers division focuses on the production of laminated foil paper, and coated paper and metalized paper, while the Printed Carton and Labels division offers mainly gravure and lithography or offset printing of packaging materials for cigarettes and fast-moving products. In addition, the Group has a trading business that focuses on tobacco packaging-related materials, as well as a corrugated cartons production operation.
  • For specialty paper, which is one-third of its revenues, but more than two-thirds of its profitability the company has maintained margins through active cost management and inventory control despite the recent decline in the revenues due to destocking.

Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive

By Kilde

  • Headquartered in Singapore, Stamford Tyres Corporation Ltd. is a leading player in the global tire industry, primarily involved in the wholesale distribution, retail, and service of tires, automotive parts, and accessories. It is well-known for its extensive network of customers and strong relationships with major tire manufacturers.
  • The company has formed strategic partnerships with top tire manufacturers including with Falken, Dunlop and Continental. These collaborations provide Stamford Tyres access to high-quality products and a competitive edge in the market.
  • Southeast Asia remains the core market for the company contributing nearly 88% of revenues. Of this, Singapore is the largest market (42% of revenues) followed by Indonesia (18%), Thailand (15%) and Malaysia (10%). Stamford Tyres also generates 10% of revenues from South Africa.

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Feb 18
0

Daily Brief Singapore: SGX Rubber Future TSR20, Capitaland India Trust, ESR-LOGOS REIT, Jardine Matheson Holdings, Wirecard AG and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Kerala Rubber Farmers In Long Drawn Price Tussle With Tire Industry
  • REIT Watch – Data Centre S-REITs report growth in latest results
  • Marco Polo Marine CEO increases stake; ESR REIT buys back 5 million units
  • Recent Market Highlights in the Real Estate Value Chain
  • Accounting Quality Is an Indicator of Stock Performance

Kerala Rubber Farmers In Long Drawn Price Tussle With Tire Industry

By Vinod Nedumudy

  •  Smallholders keep inventories as tire makers make guarded purchases  
  • Wintering over, next season may start by March end  
  • Indian Government ups Budget allocation for Rubber Board

REIT Watch – Data Centre S-REITs report growth in latest results

By Geoff Howie

  • Keppel DC REIT’s FY2024 net property income rose 6.3% to S$260.3 million, with DPU increasing 0.7% to S$0.09451.
  • Digital Core REIT’s FY2024 distributable income rose 10.9% to US$46.0 million, driven by robust cloud and AI demand.
  • Mapletree Industrial Trust’s third-quarter FY2024 DPU increased 1.5%, with growth from Osaka Data Centre and Tokyo facility acquisition.

Marco Polo Marine CEO increases stake; ESR REIT buys back 5 million units

By Geoff Howie

  • Institutions were net buyers of Singapore stocks, with a net inflow of S$63 million from Feb 7 to Feb 13.
  • Singapore Telecommunications saw a net institutional inflow of S$112 million, linked to a S$643 million green loan.
  • Marco Polo Marine’s CEO increased his stake to 4.80% after acquiring 500,000 shares at S$0.054 each.

Recent Market Highlights in the Real Estate Value Chain

By Geoff Howie

  • Singapore’s real estate sector grew 3.5% YoY in 4Q24, with a 0.2% expansion for the year 2024.
  • Hongkong Land aims to double profits and AUM to US$100 billion by 2035, focusing on ultra-premium properties.
  • Tuan Sing, Wee Hur, LHN, PropNex, and Centurion Corporation saw significant ADT growth over the past seven weeks.

Accounting Quality Is an Indicator of Stock Performance

By Mark Jolley

  • Account manipulation activity always negatively impacts future earnings, and therefore stock returns.
  • Research by Transparently.ai clearly indicates a strong link between accounting quality and stock performance
  • Difference in future 12-month returns between decile for lowest accounting risk companies and that for highest risk is almost 30%

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Feb 17
0

Daily Brief Singapore: Thai Beverage and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play

Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play

By Devi Subhakesan

  • Thai Beverage (THBEV SP)  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.
  • With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.
  • With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo’s valuations, Thai Bev seems increasingly off investors’ radar.

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Feb 14
0

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Poor OEM Tire Sales, Robust Replacement In The EU In 2024

Poor OEM Tire Sales, Robust Replacement In The EU In 2024

By Vinod Nedumudy

  • Sharp decline in heavy OEM commercial vehicle tire production in 2024
  • China PCLT tire import volume into EU up 50% since 2019
  • EU extends tariffs on Chinese truck and bus tires

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Feb 13
0

Daily Brief Singapore: DBS, SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • DBS – Granular Disclosure Shows Aggressive Deterioration in HK and China. Look at Pillar 3 Also.
  • Indian Trade Body Greenlights ADD On Halobutyl Rubber Imports

DBS – Granular Disclosure Shows Aggressive Deterioration in HK and China. Look at Pillar 3 Also.

By Daniel Tabbush

  • Granular data from DBS shows worsening credit metrics in Greater China and in Hong Kong.
  • We use DBS and other banks, as a window on credit metrics for China banks and HK local banks.
  • The NPL ratio for its HK business moved from 1.1% to 1.7% YoY, while Pillar 3 data shows sharp rise in New NPLs in 2H24

Indian Trade Body Greenlights ADD On Halobutyl Rubber Imports

By Vinod Nedumudy

  • HIIR from Japan, Russia, Singapore, UK, USA face action
  • India producer Reliance Sibur petitions DGTR on dumping
  • ADD range from 10% to 70% on the affected imports

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Feb 12
0

Daily Brief Singapore: Paragon REIT, SGX Rubber Future TSR20, Yangzijiang Shipbuilding and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer
  • Japanese Auto, Tire Firms Sense Opportunity As Trump Clamps Tariffs
  • Straits Times Index Makes Fresh All-Time High Above 3,900

Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer

By Arun George

  • Paragon REIT (PGNREIT SP) announced a privatisation proposal from Cuscaden Peak at S$1.0033 per unit (S$0.98 cash per unit and the 2H FY2024 distribution of S$0.0233 per unit).  
  • The offer price is attractive compared to historical trading ranges, peer multiples and precedent privatisations.  It represents an all-time high. 
  • No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised spread was 1.3%/4.6%. 

Japanese Auto, Tire Firms Sense Opportunity As Trump Clamps Tariffs

By Vinod Nedumudy

  • Japanese tire firms mull option of broadening production base in US  
  • May explore low-cost Southeast Asian destinations too  
  • Diversifying supply-chain network to be on top of agenda  

Straits Times Index Makes Fresh All-Time High Above 3,900

By Geoff Howie

  • The Straits Times Index recorded a net institutional inflow of S$489 million over the 10-month period.
  • DBS reported a record net profit of S$11.4 billion for FY24, with plans for capital management.
  • Yangzijiang Shipbuilding led STI gains with a 65% price increase, continuing its trend from previous years.

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Feb 11
0

Daily Brief Singapore: Paragon REIT, Capitaland India Trust, Frasers Property Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Paragon REIT (PGNREIT SP)’s Privatisation Offer
  • S-Reits, industrials lead institutional outflow
  • REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

Paragon REIT (PGNREIT SP)’s Privatisation Offer

By David Blennerhassett

  • Cuscaden Peak, the sponsor of Paragon REIT (PGNREIT SP) and 61.5% shareholder, has offered S$0.98/unit, in cash; or S$1.003/unit, a 7% premium to NAV, when including FY24’s S$0.0233/unit cash distribution.
  • The Offer is by way of a Scheme. The Offer price has NOT been declared final. A switch option into a voluntary Offer is afforded should a competing Offer emerge.
  • Looks pretty clean. Assuming mid-late May payment, pay up to S$0.97/share for a 4%/15% gross/annualised spread. It may trade tighter given the early distribution payment.

S-Reits, industrials lead institutional outflow

By Geoff Howie

  • Institutions were net sellers of Singapore stocks, with a net outflow of S$169 million from Jan 31 to Feb 6.
  • CapitaLand Ascott Trust’s FY24 core distribution per stapled security increased 1% to 5.49 cents, driven by portfolio reconstitution.
  • CapitaLand India Trust’s FY24 distribution per unit rose 6% to 6.84 Singapore cents, supported by acquisitions and rent reversion.

REIT Watch – Occupancy remains high for S-Reits’ Singapore retail assets

By Geoff Howie

  • S-Reits with retail assets in Singapore reported strong committed occupancy and positive rental reversions, driven by tourism recovery.
  • Frasers Centrepoint Trust, CapitaLand Integrated Commercial Trust, and Mapletree Pan Asia Commercial Trust reported occupancy above 99% and rental growth.
  • CBRE and DBS Group Research anticipate continued strong leasing sentiment and retail rent growth in Singapore through 2025.

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Feb 08
0

Daily Brief Singapore: MoneyHero , SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • MoneyHero Group’s Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain
  • Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions

MoneyHero Group’s Q3 Blowout! 6% Revenue Surge & $3.8M EBITDA Gain

By Baptista Research

  • This is a follow-up research note on MoneyHero Group, a leading personal finance and digital insurance aggregation platform in Greater Southeast Asia.
  • The company delivered a strong Q3 2024 performance, signaling a strategic shift towards efficiency and high-margin products.
  • Revenue rose 6% YoY to $20.9M, with personal loans, wealth/investment offerings, and insurance driving significant growth.

Helixtap China Report: China Navigates Uncertain Rubber Market Amid US Tariff Tensions

By Arusha Das

  • Trade war impacts the market sentiment
  • Arbitrage widens for international cargoes 
  • Lower inventory could bring some buying back

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