Category

Singapore

Aug 20
0

Daily Brief Singapore: Wilmar International, Del Monte Pacific, Geo Energy Resources and more

By | Daily Briefs, Singapore

In today’s briefing:

  • StubWorld: Wilmar Trading “Cheap” To YKA. Understandably.
  • Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May
  • 10 in 10 with Geo Energy Resources – Bridging the gap of Energy and Infrastructure

StubWorld: Wilmar Trading “Cheap” To YKA. Understandably.

By David Blennerhassett

Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May

By Geoff Howie

  • Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
  • UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
  • Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.

10 in 10 with Geo Energy Resources – Bridging the gap of Energy and Infrastructure

By Geoff Howie

  • Geo Energy’s dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase.
  • In 1H2025, Geo Energy nearly doubled sales volume, boosting revenue by 71% and achieving US$20.1 million net profit.
  • Geo Energy’s integrated infrastructure supports revenue diversification through toll and jetty usage fees, enhancing financial stability.

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Aug 19
0

Daily Brief Singapore: iFAST, Keppel Corp, Yanlord Land, Mapletree Pan Asia Commercial Trust, OUE REIT and more

By | Daily Briefs, Singapore

In today’s briefing:

  • IFAST Placement – Great Track Record but the Stock Is Toppish
  • Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?
  • Lucror Analytics – Morning Views Asia
  • IFS Capital Chairman and CEO Up Stakes
  • REIT Watch – Singapore-Listed Office REITs deliver resilient 1H 2025 performance

IFAST Placement – Great Track Record but the Stock Is Toppish

By Sumeet Singh

  • Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP).
  • The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.
  • In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Keppel Ltd. M1: From Privatization to Divestment, What Has Keppel Achieved?

By Tan Yee Peng

  • Keppel’s sale of M1 to SIMBA generated a lot of interest. However, the most important question goes unanswered: Did Keppel make money since the privatization of M1 in 2018?

  • Keppel has been reticent about this question, which is odd as this goes to the heart of Keppel’s Vision 2030 transformation plan: to be a global asset manager with Funds Under Management of S$200 billion.

  • Keppel has insisted that its operating capability differentiates it from other money managers such as Blackstone, Brookfield, KKR, Carlyle, TPG, etc. Connectivity is a main business unit of Keppel, and M1 has been a key business within this vertical.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
  • UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
  • Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.

IFS Capital Chairman and CEO Up Stakes

By Geoff Howie

  • Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million.
  • Suntec REIT saw S$8.5 million net inflow, increasing its 2025 cumulative net inflows to S$53.7 million.
  • Keppel led share buybacks, purchasing 2.99 million shares at S$8.41 each, totaling S$55.8 million in consideration.

REIT Watch – Singapore-Listed Office REITs deliver resilient 1H 2025 performance

By Geoff Howie

  • Keppel REIT reported a 12.3% positive rental reversion and a 3.1% increase in Singapore portfolio NPI to S$131.7 million.
  • Suntec REIT saw a 3.7% DPU growth, with a 10% positive rental reversion and NPI growth in its Singapore portfolio.
  • OUE REIT’s core DPU increased by 11.4% amid declining interest rates, with a 9.1% rental reversion for office renewals.

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Aug 18
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

By Pranav Rao

  • Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
  • In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
  • Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

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Aug 15
0

Daily Brief Singapore: Keppel Corp and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

By Devi Subhakesan

  • A wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.
  • Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are – Keppel Corp (KEP SP) and Yangzijiang Financial (YZJFH SP). 
  • The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.

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Aug 14
0

Daily Brief Singapore: Sea Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

Sea Ltd (SE US): Inside the Rally – What Drove the 20% Post Earnings Surge?

By Devi Subhakesan

  • Sea Ltd’s stock surged nearly 20% yesterday after it reported 2Q 2025 results that beat street expectations across key metrics.
  • During the investor call, Management sounded confident in sustaining growth while improving profitability, citing a vast addressable market and an emerging logistics cost advantage.
  • Full-Year gaming guidance was raised on the back of Free Fire’s strong momentum across performance metrics.

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Aug 13
0

Daily Brief Singapore: Grab Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?

GRAB Holdings Riding A 19% GMV Surge – Can Its Super App Ecosystem Keep Momentum Alive?

By Baptista Research

  • Grab Holdings’ second-quarter 2025 earnings reflected a mix of strong operational progress and notable challenges, painting a nuanced picture for investors evaluating the company’s prospects.
  • The quarter showcased impressive momentum in user engagement, with group Monthly Transacting Users (MTUs) continuing to rise and on-demand Gross Merchandise Value (GMV) posting 21% year-on-year growth in US dollar terms and 18% in constant currency.
  • This growth underscores the platform’s increasing utilization and the loyalty of its user base.

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Aug 12
0

Daily Brief Singapore: iFAST, Frencken and more

By | Daily Briefs, Singapore

In today’s briefing:

  • IFAST Corporation Limited: Undervalued for Its Prospects
  • Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25

IFAST Corporation Limited: Undervalued for Its Prospects

By GEMS Research – Aletheia Capital

  • We initiated coverage on iFAST Corporation Limited (iFAST) a week ago.
  • Though stock has risen 21% since our note, we see a further 20% upside.
  • The market appears to be missing iFast’ s value in terms of P/AUM and EV/Revenue, in light of the AUM growth prospects. 2Q PAT was ahead of consensus expectations.

Small to Mid-Cap Stocks Booking Highest Net Institutional Inflows in 3Q25

By Geoff Howie

  • Institutions net bought S$130 million in Singapore-listed stocks, with S$95.4 million in large-cap stocks and S$42.3 million in mid-cap stocks.
  • Envictus International saw S$4.3 million net inflow, 4.1% of its market cap, with a 29% ROE and P/E ratio of 7x.
  • CSE Global and Frencken Group recorded significant net inflows, with CSE Global securing S$211.3 million in new orders.

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Aug 10
0

Daily Brief Singapore: QAF Ltd and more

By | Daily Briefs, Singapore

In today’s briefing:

  • QAF 1H Results : As Expected : Weak Set of Results : Dividend Maintained

QAF 1H Results : As Expected : Weak Set of Results : Dividend Maintained

By Punit Khanna

  • Revenues in constant currency was flat otherwise, it was down 1%
  • PBT was down 35% adjusted for exceptions of GB KL loss and translation loss from AU$ to S$. Maintained dividend 
  • Cost pressure was seen in Staff cost which went up in Philippines due to increased production in Philippines and implementation of minimum wage rate in Malaysia.  

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Aug 09
0

Daily Brief Singapore: Micro Mechanics (Holdings), Grab Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry
  • Grab Holdings (GRAB US) – Harvesting Sequentially

Micro-Mechanics (Holdings) Limited – Next Generation Supplier of the Semicon Industry

By SAC Capital

  • Micro-Mechanics (Holdings) Limited is a Singapore-based precision engineering company that designs, manufactures, and markets high-precision tools and parts for process-critical applications for the semiconductor and other high technology industries.
  • The group operates across two segments: Consumable Tools, which are tiny, consumable precision tools used in the assembly and testing of semiconductor chips, and Wafer Fabrication Equipment (WFE) Parts, which are precision components used in semiconductor wafer fabrication equipment.
  • By serving both back-end and front-end processes, Micro-Mechanics operates in a niche and essential segment of the semiconductor supply chain.

Grab Holdings (GRAB US) – Harvesting Sequentially

By Angus Mackintosh

  • Grab reported a strong set of 2Q2025 results with growth accelerating across all three segments, with on-demand services driven by product-led initiatives, driving expansion in MTUs through Saver.
  • The company continues to increase efficiencies and reinvests those scale benefits to grow the business, with new product offerings making good headway, with Grab Unlimited subscribers spending 5X non-members.  
  • Financial services booked the highest growth in 2Q2025, driven by both GrabFin and three Digibanks. Management expects growth momentum to continue sequentially and margins to improve in 2H2025.

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Aug 08
0

Daily Brief Singapore: Trip.com Group and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Accessible, Sustainable, Growing: Why the Lion-OCBC SLC ETF Is Gaining Traction

Accessible, Sustainable, Growing: Why the Lion-OCBC SLC ETF Is Gaining Traction

By Geoff Howie

  • The Lion-OCBC Securities Singapore Low Carbon ETF has a 0.45% expense ratio and is accessible via digital platforms.
  • The ETF achieved a 49% total return since April 2022, with a 10% CAGR through monthly DCA plans.
  • The ETF’s Index includes 40 stocks, with Sea and Trip.com Group having significant weights of 8.0% and 7.6%, respectively.

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