In today’s briefing:
- Soundwill (878 HK): Thoughts On The Latest Scheme Fail
- Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea
- Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation
- United Overseas Insurance: The Samsung Family of Singapore?
- LIFENET INSURANCE COMPANY (7157 JP) – Charting the Course for Long-Term Growth
- Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases
Soundwill (878 HK): Thoughts On The Latest Scheme Fail
- After Goldlion (533 HK)‘s spectacular Scheme fail, Soundwill (878 HK) appeared destined to be the next failure as shares dipped hard ahead of the Scheme vote. And fail it did.
- Just like for Goldlion, Soundwill’s Offer was clearly light. The counter-argument was that terms were, arguably, as good as it gets. And no competing Offer would emerge. Minorities voiced otherwise.
- Hong Kong has been the proverbial graveyard for arb deals of late. However, in a positive sense, minorities in Goldlion and Soundwill simply rejected opportunistic Offers.
Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea
- The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
- Today is the base date for the final ranks and we see five ADDs and five DELs.
- We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.
Schloss Bangalore IPO – Thoughts on Peer Comp and Valuation
- Schloss Bangalore Ltd (SCHBL IN) is looking to raise about US$409m in its India IPO. The deal has been downsized from an earlier size of around US$600m.
- It is a luxury hospitality company which owns, operates, manages and develops luxury hotels and resorts under ‘The Leela’ brand, through direct ownership and hotel management agreements with third-party owners.
- In this note, we will talk about the IPO valuations.
United Overseas Insurance: The Samsung Family of Singapore?
- UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.
- Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.
- UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.
LIFENET INSURANCE COMPANY (7157 JP) – Charting the Course for Long-Term Growth
- Solid execution despite macro volatility impact – FY3/25 results were positive, driven by strong performance at the GCL business, a direct result of Lifenet’s partnership strategy.
- Despite solid execution in FY3/25, the Comprehensive Equity Per Share growth of +4.5% YoY was well below the Company’s FY3/29 target of +10.0% annual growth due to macroeconomic volatility, highlighting the need for investors to focus on the longer term.
- Looking beyond the FY3/26 guidance, we think Lifenet is well-positioned to deliver longer-term growth with a new technology-oriented CEO, a renewed commitment to accelerating growth at the individual life business, and upside from its partnership-focused growth strategy.
Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases
- Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.
- Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.
- Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
