Category

Singapore

Oct 12
0

Daily Brief Singapore: Golden Energy & Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Golden Energy & Resources: Widjaja Family Betting Ridiculous Cashflow Continues

Golden Energy & Resources: Widjaja Family Betting Ridiculous Cashflow Continues

By David Blennerhassett

  • Golden Energy & Resources (GER SP), an Indonesian/Australian energy/met coal play, may be subject to an acquisition from its controlling shoulder, the Widjaja Family.
  • GEAR reported 1H22 (to June) earnings of US$279mn, an 859% gain yoy, as contributions from the newly acquired stake in an Australian coal mine from BHP (BHP AU) kicked in.
  • The family is potentially betting on one to two more years of outsized cashflow as the world’s coal habit remains healthy.

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Oct 09
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Last Week in Event SPACE: Shinsei Bank, Jardine Cycle, Keppel Corp, Eagle Cement, Hitachi Transport

Last Week in Event SPACE: Shinsei Bank, Jardine Cycle, Keppel Corp, Eagle Cement, Hitachi Transport

By David Blennerhassett

  • SBI Holdings (8473 JP)‘s subsidiary has reportedly filed its application to become a Bank Holding Company, the definition being a company holding a 50% or greater stake in a bank.
  • Jardine Cycle & Carriage (JCNC SP) is expensive here – relative to historical values –  and from an implied stub perspective, has only briefly been exceeded twice in the last decade.
  • Expect Keppel (KEP SP) to re-rate after the spinoff. The Sembcorp Marine (SMM SP) distribution supported by both better profitability and much larger order books can be managed reasonably cleanly. 

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Oct 05
0

Daily Brief Singapore: SATS, Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • SATS: If Three Different P/E Firms Can’t Create Value for 8 Years, Can SATS?
  • Singapore Medical’s VGO Acceptance Condition Fixed at 90%
  • Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

SATS: If Three Different P/E Firms Can’t Create Value for 8 Years, Can SATS?

By Nicolas Van Broekhoven

  • SATS (SATS SP) is almost back to 2020 Covid lows after announcing the WFS acquisition.
  • Buying from PE firms is always problematic as they have already skinned the proverbial cat, in the case of WFS, it has been passed around many times since 2006.
  • At a time of rising interest rates, SATS is assuming a large pile of debt and will need to dilute shareholders significantly. Would this deal have happened under Alex?

Singapore Medical’s VGO Acceptance Condition Fixed at 90%

By Arun George

  • Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) at S$0.37 cash per share or one new share in the offeror will close on 1 November.
  • The 90% minimum acceptance condition will not be lowered. Irrevocables remain at 51.67% of outstanding shares. The offeree circular will be despatched by 18 October.
  • The offer is underwhelming and will struggle to hit the 90% minimum acceptance condition. With shares trading in line with the offer, take profits and head for the exit.

Singapore Medical: Offer Doc Out; 90% Conditionality Firmed

By David Blennerhassett

  • Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a low-balled voluntary exit offer from TLW Success, an entity equally controlled by three senior members of management.
  • TLW is offering S$0.37/share, a 13.8% premium to last close. TLW shareholders plus irrevocables hold 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror
  • In the Offer Doc, the Offeror has, surprisingly, waived its right to lower the acceptance condition. It will not be lowered. There is no IFA opinion in the Offer Doc.

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Sep 28
0

Daily Brief Singapore: QT Vascular Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • 10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

By Geoff Howie

10 in 10 with Quantum Healthcare – Transformed for Future-Resiliency

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Sep 21
0

Daily Brief Singapore: Keppel Corp, Smartsheet Inc and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
  • Smartsheet Inc- Initiation of Coverage – The Outfit Acquisition & Other Drivers

Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes

By Janaghan Jeyakumar, CFA

  • The FTSE Straits Times Index (STI) (STI INDEX) has a quarterly rebalancing cycle with index reviews performed in March, June, September, and December every year.
  • The March and September reviews are complete index reviews while the June and December reviews are only for new listings. 
  • In this insight, we take a look at the potential index changes that can take place between now and the end of the March 2023 index review.

Smartsheet Inc- Initiation of Coverage – The Outfit Acquisition & Other Drivers

By Baptista Research

  • This is our first report on Smartsheet, a well-known cloud-based enterprise platform for workflow automation and various other features.
  • The company had a successful second quarter and managed to surpass Wall Street expectations in terms of revenues and earnings.
  • Their new business movement also had another successful quarter in Q2, with new business bookings establishing a new quarterly high.

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Sep 20
0

Daily Brief Singapore: Pfizer Inc, Splunk Inc, Under Armour and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Pfizer Inc.: The Global Blood Therapeutics Acquisition & Other Drivers
  • Splunk Inc: Enhancement Of The Partnerverse Program & Other Developments
  • Under Armour Inc: Digital Strategy & Other Drivers

Pfizer Inc.: The Global Blood Therapeutics Acquisition & Other Drivers

By Baptista Research

  • While operating in a difficult foreign exchange environment, Pfizer maintained a good operational performance in the second quarter and delivered an all-around beat, exceeding Wall Street expectations on all counts.
  • The chance of a future variety that combines the severity of the original virus with the contagiousness of Omicron nevertheless persists.
  • Among major updates, Pfizer went on to acquire Global Blood Therapeutics to strengthen its commitment to sickle cell disease.

Splunk Inc: Enhancement Of The Partnerverse Program & Other Developments

By Baptista Research

  • Splunk had a robust set of results with a top-line outperformance and it also exceeded the operating margin and earnings expectations for the quarter.
  • Positive consumer engagement was seen by the management with robust competitive win rates, good business momentum, and a high net retention rate.
  • In spite of the solid top and bottom line, the total ARR and cloud ARR came short of management expectations.

Under Armour Inc: Digital Strategy & Other Drivers

By Baptista Research

  • Under Armour’s brand strength helped the company deliver an all-around beat while navigating the present environment.
  • The company’s financial performance has been decent as its wholesale revenue increased while the eCommerce revenue and direct-to-consumer revenue decreased.
  • The company is planning to launch a new footwear platform, Kevin, that can change the landscape of athletic footwear.

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Sep 19
0

Daily Brief Singapore: Sembcorp Marine and more

By | Daily Briefs, Singapore

In today’s briefing:

  • FTSE Straits Times Index (STI): Quiddity Primer

FTSE Straits Times Index (STI): Quiddity Primer

By Janaghan Jeyakumar, CFA

  • FTSE Straits Times Index (STI) (STI INDEX) consists of the 30 largest companies listed in the Singapore Stock Exchange (SGX).
  • This is one of the well-known national blue-chip indices in the Asia-Pacific region.
  • In this insight, we will have a look at the selection criteria and the historical price performance of past Rebalance Events.

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Sep 18
0

Daily Brief Singapore: Frasers Hospitality Trust and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

Last Week in Event SPACE: NTT, Frasers Hospitality, Genting/Macau, United Tractor, Arb Shockers

By David Blennerhassett

  • NTT (9432 JP) results were better than Softbank Corp’s and KDDI’s. The good “drift trade” may still be to be long NTT vs a basket of KDDI and Softbank Corp. 
  • The Frasers Hospitality (FHT SP) Scheme failed.  The non-vocal minority simply didn’t show up. Maybe apathy. Maybe a holiday season. Maybe lack of premium paid encouraged people to not vote.
  • In a surprise move, Genting Bhd (GENT MK)– or Genting Malaysia (GENM MK) – has joined the six incumbents in bidding for new casino licences in Macau.

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Sep 16
0

Daily Brief Singapore: Genting Singapore, Glife Technologies, M-DAQ and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Genting Fancies A Flutter In Macau
  • Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers
  • SG Fintech Firm M-Daq Expands into Japan with New Office

Genting Fancies A Flutter In Macau

By David Blennerhassett

  • In a surprise move, Genting Bhd (GENT MK) – or Genting Malaysia (GENM MK) – has joined the six incumbents in bidding for new casino licences in Macau.
  • The bidding process follows Macau’s record low monthly gaming revenue in July after casinos were closed for 12 days in response to a Covid outbreak.
  • Casinos have re-opened, yet there is little to cheer about as business remains muted. The six winners are expected to be announced by the end of November or early December.

Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers

By e27

  • Glife Technologies aggregates demand for food produce from restaurants and match it with suppliers, giving restaurants better access to a variety of products
  • Singapore-headquartered Glife Technologies, a B2B marketplace to connect restaurants with farmers, has extended its Series round with a US$3 million investment from Tin Men Capital.
  • Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022 and enlarge its market share in the Indonesian market.

SG Fintech Firm M-Daq Expands into Japan with New Office

By Tech in Asia

  • M-Daq Global, a Singapore-based fintech firm that provides forex solutions, has opened an office in Japan as part of its international expansion plans.

  • The move comes after the company expanded into European markets by signing an agreement with London-based trading platform Turquoise to provide multiasset services.
  • The company has processed over US$32 billion in cross-border transactions over 45 markets since the launch of its Aladdin FX ecommerce solution in 2016.

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Sep 15
0

Daily Brief Singapore: Moya Holdings Asia, Singapore Medical and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Moya Holding’s S$0.092 Delisting Offer
  • Moya Holdings: Anthoni Salim’s Exit Offer
  • Singapore Medical’s Light VGO Offer from Top Management
  • Singapore Medical: Management’s Low-Balled Buyout

Moya Holding’s S$0.092 Delisting Offer

By Arun George

  • Moya Holdings Asia (MHAL SP) received a delisting proposal from Tamaris Infrastructure (a 72.84% shareholder) at S$0.092 per share, a 41.5% premium to the undisturbed price (8 September).
  • The key condition is shareholder approval. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.
  • The offer price is attractive. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.

Moya Holdings: Anthoni Salim’s Exit Offer

By David Blennerhassett

  • Indonesian water treatment play Moya Holdings Asia (MHAL SP) has announced an Exit Offer from Tamaris Infrastructure, an Anthoni Salim-controlled entity.
  • The Offer price is S$0.092/share, a 41.5% premium to last close. The Offer price will not be increased.
  • The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.

Singapore Medical’s Light VGO Offer from Top Management

By Arun George

  • Singapore Medical (SMG SP) received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).
  • The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.
  • The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional. 

Singapore Medical: Management’s Low-Balled Buyout

By David Blennerhassett

  • Healthcare provider Singapore Medical (SMG SP) has announced a voluntary conditional general offer from TLW Success, an entity equally controlled by three senior members of management.
  • TLW is offering A$0.37/share, a 13.8% premium to last close. Shareholders are afforded an unlisted scrip option.
  • TLW shareholders hold 16.49%. Irrevocables another 35.18%, or 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror. The acceptance level condition may be reduced. 

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