Singapore

• REIT Watch – Data centre S-Reits positive about riding AI wave The exponential progress of artificial intelligence (AI) and machine learning is expected to create unprecedented demand for global data centres, noted JLL in its Data Centres 2024 Global Outlook.
• MIT’s portfolio occupancy for its data centre segment is at 91.0 per cent (as at Dec 31, 2023), 2.4 percentage points lower quarter on quarter.

• CapitaLand Investment again led the buyback consideration tally, buying back 5 million shares at an average price of S$2.92 per share on Jan 26.
• It also led the share buyback consideration tally in January, followed by Yangzijiang Financial Holding, Singapore Technologies Engineering, Venture Corporation and OUE.
• Aside from Jardine Matheson Holdings, ComfortDelGro also ranked among the 10 stocks that booked the highest net institutional inflow in January.

• Genetic Design and Manufacturing Corporation (GDMC), a design and manufacturing organisation focusing on next-generation advanced genetic therapies, has secured US$21 million in Series A funding.
• Asian private equity firm Celadon Partners led the round, which also saw participation from WI Harper Group, SEEDS Capital, and NSG Ventures.
• The funds will be used to accelerate novel technology and process efficiency improvements to drive greater manufacturing cost reductions for partners who aim to advance medicines through clinical trials and towards commercialisation.

• Singapore-based AI automation software company Bluesheets today announced that it has secured US$6.5 million in a Series A funding round led by Illuminate Financial, a UK-based financial-services-focused VC fund that is backed by BNY Mellon, J.P Morgan, Citi, SGX, Barclays, Euroclear, S&P Global, Jefferies and Deutsche Börse Group.
• The company’s early investors, such as 1982 Ventures and Insignia Ventures Partners, and new investor Antler Elevate Fund also participated in the round.
• In a press statement, Bluesheets said that the funding will play a crucial role in advancing its exclusive AI capabilities, enabling them to assist a broader range of clients in digitalising and automating their processes, ensuring competitiveness in the AI-driven era.

• Mesh Bio Co-Founders Andrew Wu and Arsen Batagov Singapore-based chronic disease management startup Mesh Bio has raised US$3.5 million in Series A financing led by East Ventures.
• Elev8, Seed Capital, and other existing shareholders also co-invested.
• The funding will allow Mesh Bio to offer its digital twin technologies to healthcare providers and scale the deployment of these solutions across Hong Kong and Southeast Asia, mainly Indonesia and the Philippines.

• Motorist Motorist, a Singapore-based automotive tech firm, has raised a strategic investment from Tokyo Century Leasing (Singapore), a subsidiary of the Japanese auto financing group.
• The startup did not disclose the round’s size but said that it was raised at a US$60 million valuation.
• Founded in 2015, Motorist facilitates vehicle-related transactions, including car valuations, second-hand car listings, and applications for loans and insurance.

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.

• Alam Sutera Realty
• Lippo Malls Indonesia Retail Trust
• Vista Land & Lifescapes
• Wynn Macau Ltd

• kopi-C with Sasseur REIT’s CEO: “Consumption downgrade benefits us” Sasseur REIT, which focuses on outlet malls in China, has achieved strong growth despite the country’s economic slowdown.
• Sasseur REIT is the first retail outlet mall REIT listed in Asia.

• UOL Group (UOL SP) has underperformed its Singapore peers and the drop in market cap could result in the stock being deleted from global passive portfolios in February.
• UOL Group (UOL SP) has traded higher since end October and there has been a steady increase in cumulative excess volume on the stock since then.
• UOL Group (UOL SP) trades richer than its closest peer, City Developments (CIT SP), on EV/Sales and EV/EBITDA. The recent outperformance presents a trading opportunity.

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.

• Lippo Malls Indonesia Retail Trust
• Road King Infrastructure

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.

• JSW Steel Ltd
• Lippo Malls Indonesia Retail Trust
• Sands China
• Tata Steel Thailand
• Vedanta Resources
• Vista Land & Lifescapes

• Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.
• On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.

• REIT Watch – Three S-Reits’ full-year results Among them, three reported full year financials – Keppel DC Reit (KDCReit), Sabana Industrial Reit (Sabana Reit) and Suntec Reit.
• Sabana Reit, KDCReit and Suntec Reit saw year-on-year declines in DI at 7.7 per cent, 9.3 per cent and per cent respectively.

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.

• Lippo Malls Indonesia Retail Trust
• SK Hynix

• Frasers Centrepoint Trust (FCT SP) aims to raise around US$152m in order to partly fund its purchase of an additional stake in NEX mall.
• The company had purchased its initial stake in the property nearly a year ago.
• In this note, we comment on the deal dynamics and run the deal through our ECM framework.