Category

Singapore

May 04
0

Daily Brief Singapore: Lian Beng and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer
  • Lian Beng: The Family Bumps. Still <50% of NAV

Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer

By Arun George

  • Lian Beng (LBG SP)/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share. 
  • The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.
  • The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.

Lian Beng: The Family Bumps. Still <50% of NAV

By David Blennerhassett

  • On the 11th April, construction firm Lian Beng (LBG SP) announced an Offer from the controlling Ong family of S$0.62/share, a 59.7% discount to the November 2022 NAV of S$1.538/share.
  • After media articles judged the Offer price as being too low – it is – the Ongs have now bumped the Offer Price 9.7% to S$0.68/share and declared terms final.
  • It’s still the wrong price. Yet Lian Beng is illiquid, And the revised price is a lifetime high.

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May 03
0

Daily Brief Singapore: Golden Energy & Resources, Kimly Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part
  • Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand

Golden Energy (GER SP): Two Conditions Satisfied, Now for the Hard Part

By Arun George

  • Dian Swastatika Sentosa (DSSA IJ)/DSS shareholders have approved the sale of DSS’ 77.49% stake in Golden Energy & Resources (GER SP) to the Widjaja family. 
  • No objection has also been received from the OJK and IDX. The make-for-break condition is the GEAR shareholder approval of the distribution resolution, which DSS will abstain from voting on. 
  • Minorities and SIAS rightly claim that the revised offer remains light. A bump to the offer, particularly to the delisting offer price is S$0.181, is required for a done deal. 

Kimly (KMLY SP): Ramp up in Public Housing Supply, an Opportunity to Expand

By Devi Subhakesan

  • The ramp-up in public housing supply in Singapore could be an opportunity for Kimly Ltd to fast-track expansion given its outlets, food-stalls are mostly located in public housing blocks. 
  • Bigger F&B retail players like Kimly are better positioned versus others to weather the multiple headwinds faced by Singapore F&B retail sector today. 
  • Upcoming 1H FY2023 results can trigger an up move in the stock if the company reports a meaningful margin recovery. Current undemanding valuations reflect heightened investor concerns.  

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May 02
0

Daily Brief Singapore: Mapletree Logistics Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • REIT Watch – Hospitality S-Reits among April’s top performers, averaging 6% gains

REIT Watch – Hospitality S-Reits among April’s top performers, averaging 6% gains

By Geoff Howie

  • Hospitality S-Reits among April’s top performers, averaging 6% gains However, by sub-segments within the index, hospitality S-Reits were the best performing segment with average total returns of 6.1 per cent followed by data centre S-Reits at 1.7 per cent.
  • The top five performing trusts and their respective total returns were: CapitaLand Ascott Trust (8.5 per cent), Frasers Hospitality Trust (6.7 per cent), Mapletree Logistics Trust (5.6 per cent), Far East Hospitality Trust (5.1 per cent) and CDL Hospitality Trusts (4.2 per cent).

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May 01
0

Daily Brief Singapore: Sheng Siong and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sheng Siong (SSG SP): Upbeat on Potential Ramp up in Store Growth

Sheng Siong (SSG SP): Upbeat on Potential Ramp up in Store Growth

By Devi Subhakesan

  • Sheng Siong (SSG SP) management hinted at possible accelerated store growth referring to news reports about Singapore ramping up public housing to meet strong demand. 
  • Singapore minister’s comment on public housing BTO projects under construction to increase to 150 in 2025 (from 100 currently) suggests a strong project pipeline in the next few years too.
  • Muted 1Q2023 performance reported- decline in revenues and profits, yoy – in line with expectations as shopping ‘normalize’ post-COVID.

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Apr 29
0

Daily Brief Singapore: Genting Singapore and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

Genting Singapore: Record 1Q23 Results Confirm Speedy Recovery Ramp Ahead

By Howard J Klein

  • Stock has become attractive at its still under the radar price.
  • Nomura projects Singapore revenues are trending rapidly back to 90% of pre-covid levels.
  • Adj. EBITDA of SG$774 (US$580m) for FY22—income attributable to holders up 85%

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Apr 28
0

Daily Brief Singapore: Explico and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Explico Bags US$1.4M to Make Student Assessment Easier Using AI

Explico Bags US$1.4M to Make Student Assessment Easier Using AI

By e27

  • Explico can generate assessment tasks, find appropriate peers for study groups, and provide transparent adaptive feedback using AI technology.

  • Explico will use the money to enhance its learning platform and expand in Southeast Asia, specifically Vietnam and Philippines, and Africa.
  • The startup focuses on assessment using artificial intelligence and machine learning to help students identify their specific and respective strengths and weaknesses

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Apr 26
0

Daily Brief Singapore: Sembcorp Marine, Esco Lifesciences Group, ESR Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion
  • Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga
  • 10 in 10 with ARA US Hospitality Trust – Recovery On Track

Quiddity Leaderboard Singapore’s STI Sep 23: KDCREIT Facing Risk of Deletion

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for Singapore’s ST index (“STI”) between now and the September 2023 index review.
  • With roughly 4 more months left for the base date, Sembcorp Marine (SMM SP) seems to be an ADD but it is close to the border.
  • Since the ranking system used for this index in based on prices as at a single point in time, the rankings could change significantly and our expectations could change too.

Esco Lifesciences (1891571D SP) Pre-IPO: A Profitable Revenue Growth Saga

By Tina Banerjee

  • Esco Lifesciences Group (1891571D SP), a profitable lifesciences tool provider with a global presence, is looking to raise $300M in its upcoming HK IPO.  
  • The company clocked revenue of S$117M in 2019, which steadily rose to S$155M in 2020 and S$172M in 2021, representing CAGR of 21%, outpacing lifesciences equipment market growth of 10%.
  • In May 2021, Esco raised $200M through series-A fund raising with investors holding nearly 24% of the shares. This puts its valuation at around $840M.

10 in 10 with ARA US Hospitality Trust – Recovery On Track

By Geoff Howie

10 in 10 with ARA US Hospitality Trust – Recovery On Track

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Apr 20
0

Daily Brief Singapore: Mito Health Pte Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Seedly Co-Founders’ AI-Powered Healthtech Startup Raises $1.3m

Seedly Co-Founders’ AI-Powered Healthtech Startup Raises $1.3m

By Tech in Asia

  • Singapore’s Mito Health is one of the growing number of healthtech startups jumping on the AI bandwagon.
  • It’s the new venture of Kenneth Lou and Tee-Ming Chew, who co-founded and exited personal finance firm Seedly in 2022.
  • Using diagnostic results and wearable data, Mito Health plans to create personalized health plans for customers by augmenting medical expertise with AI.

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Apr 19
0

Daily Brief Singapore: Keppel Infrastructure Trust, Collplant Biotechnologies and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering
  • 10 in 10 with H2G Green – The Pivot to Green Hydrogen

Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering

By Clarence Chu

  • Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
  • The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
  • Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. 

10 in 10 with H2G Green – The Pivot to Green Hydrogen

By Geoff Howie

10 in 10 with H2G Green – The Pivot to Green Hydrogen

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Apr 17
0

Daily Brief Singapore: Lian Beng and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Weekly Deals Digest (16 Apr) – Lian Beng, Arcland, Essential, Genesis, Newcrest, Rakuten Bank, ZJLD

Weekly Deals Digest (16 Apr) – Lian Beng, Arcland, Essential, Genesis, Newcrest, Rakuten Bank, ZJLD

By Arun George

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