Singapore

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.

• A Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets revealed a global commercial REIT with high-quality retail and office properties in Singapore and Italy.
• LREIT saw rental reversions of +16.3% YoY in its 1Q2024 with a portfolio committed occupancy of 99.9% and a weighted average lease expiry of 8.0 years by NLA.
• Management remains optimistic about the coming year with a strong capital position, a high level of sustainably linked finance, a low cost of debt, and an eye on potential acquisitions.

• Sam Goi adds to PSC, JB Foods and GSH stakes CapitaLand Investment again led the buyback consideration tally, buying back 13,197,700 shares at an average price of S$2.98 per share over the five sessions.
• The principal activities of GSH corporation are its property development business, hospitality business, in addition to its frozen food trading business.

• Schedule of S-Reits earnings or business update Lendlease Global Commercial REIT 1-Feb Frasers Centrepoint Trust (FCT) will kick off the current financial reporting season for S-Reits with the release of its first quarter (ended Dec 31, 2023) business update after the close of trading on Jan 22, 2024.

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. Lippo Malls Indonesia Retail Trust
2. Vedanta Resources
3. ReNew Energy Global
4. China Jinmao Holdings
5. Geely Auto

and more…

• In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.
• This list has been compiled on a best effort basis from tracking the company filings and through various other sources
• The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

• While Singapore’s exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.
• External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index’s most traded stocks.
• Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.

• AEM had a bizarre announcement on Sunday evening the 14th of January 2024: inventory was “lost” on the way to Penang from its Singapore factory.
• Given AEM’s stellar corporate governance reputation up until now, this raises more than a few eyebrows: how is this even possible? 
• 4Q23 results, due in a month, will feature a large restatement of FY23 results and lead to a major earnings loss. Any recovery is delayed into FY25.

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.

• Yanlord Land

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

• The WTO has forecasted a rise in global trade volume in 2024, especially for business cycle related goods.
• In Singapore, the 10 most traded stocks of the Sector have averaged 5.8% gains while booking S$25 million of combined net institutional inflow.
• Among Singapore’s 10 most traded Transportation stocks, the three strongest performing stocks over the past fortnight included COSCO Shipping Singapore, Chasen and Samudera Shipping, averaging 16.6% gains, with all three notching up higher trading turnover levels compared to 2023 levels.

• REIT Watch – Logistics real estate remains top segment despite slowdown in S-Reit acquisitions Global real estate investment trusts (Reits) faced challenges in 2023 led by the impact of higher interest rates.
• In 2023, 11 S-Reits announced asset acquisitions valued at more than S$6 billion and exceeding S$3 billion in total purchase consideration.

• Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.
• Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.