In today’s briefing:
- Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme
- Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer
- Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer
- STI Banks Report Robust 1Q25 Financial Performance
- Tariffs Add To Uncertainty In Global Tire Markets
Frasers Hospitality Trust (FHT SP): Frasers Property & TCC Reload Scheme
- Frasers Hospitality Trust (FHT SP) (FHT) has announced a Scheme Implementation Deed was signed for the S-REIT’s privatisation by its current sponsor, Frasers Property Limited.
- The Scheme Consideration is S$0.71/unit in cash against the latest adjusted NAV estimate of S$0.63904/unit (vs last NAV of S$0.64160/unit).
- Back in September 2022, ~3% of units (~4.7% of minorities) voted against Frasers/TCC’s S$0.70/unit Offer. But only 18.8% of minorities actually voted. That deal just failed.
Mirxes Pre-IPO: Challenges for Mass Adoption Become Clearer
- After an IPO attempt two years ago, Mirxes filed an updated prospectus in an attempt to raise at least US$100m via a Hong Kong listing.
- In our previous note, we analyzed its product pipelines and highlighted signs of commercialization challenges.
- In this note, we note that the company expanded its clinical trial plans. Yet, more data shows that blockbuster-level uptakes are unlikely given the profile of its clinical data.
Fraser Hospitality Trust (FHT SP): Frasers Property’s Light Scheme Offer
- Frasers Hospitality Trust (FHT SP) announced a scheme privatisation from Frasers Property Ltd (FPL SP) at S$0.71 cash and permitted distributions (estimated at S$0.0086 per unit).
- The 2022 scheme failed because it narrowly missed the 75% approval threshold. The current offer is light compared to the 2022 offer in several ways.
- Emerging retail opposition could make satisfying the headcount test challenging. The offer has not been declared final, and a bump is possible.
STI Banks Report Robust 1Q25 Financial Performance
- In 1Q25, the three STI banks reported a combined Net Interest Income of S$8.4 billion and non-interest income of S$4.8 billion.
- Over the first four months of 2025, the STI banks led share buybacks with a combined S$550 million consideration.
- DBS, UOB, and OCBC have announced capital management initiatives including share buybacks and special dividends for 2025.
Tariffs Add To Uncertainty In Global Tire Markets
- A new probe from EU on Chinese tire due to start May 19
- Lack of clarity on the range of tires under the scope of US auto tariff
- Lobbying to suspend or delay the implementation of auto tariff
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