Daily Brief Singapore: Golden Energy & Resources, Sembcorp Marine, Yanlord Land and more

• The Dian Swastatika Sentosa (DSSA IJ)/DSS EGM to gain shareholder approval will be held on 2 May. The DSS appraiser (unsurprisingly) opines that the Widjaja family offer is fair. 
• The appraiser valued Golden Energy & Resources (GER SP) at S$0.980. However, the valuation approach is sorely lacking, particularly for the value excluding the Golden Energy Mines (GEMS IJ) stake.
• Our SoTP valuation is S$1.29 per share, 32% above the revised offer. We continue to think another bump is required to get this deal done. 

• In this insight, we take a look at the potential index changes for Singapore’s ST index (“STI”) between now and the September 2023 index review.
• In my previous insight (link), I mentioned Sembcorp Marine (SMM SP) could miss out on being added to the STI in March 2023 and that happened to be true.
• However, based on the current data, Sembcorp Marine (SMM SP) could finally be added to the STI in September 2023.

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.

• Anton Oilfield
• Yankuang Energy Group
• Yanlord Land