In today’s briefing:
- StubWorld: Haw Par’s S$1.00/Share Special Divvy
- Keppel: A Growing Asset Manager on a Transformational Path
- Sea Ltd & Grab Holdings: Non-Benchmark Attraction
- Higher Rubber Prices Continue To Eat Into Profits Of Indian Tire Majors
- REIT Watch – Healthcare S-REITs are here to stay
- Wee Ee Cheong raises UOB stake after FY2024 record net profit
StubWorld: Haw Par’s S$1.00/Share Special Divvy
- After releasing its FY24 results last Friday, Haw Par Corp (HPAR SP) declared a S$1.00/share special dividend, in addition to a final dividend of S$0.20/share.
- Preceding my comments on Haw Par – and Singapore Land Group (SPLG SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Keppel: A Growing Asset Manager on a Transformational Path
- Keppel is an asset manager and operator with business in infrastructure, real estate and connectivity
- The company is undergoing transformation from an asset-heavy conglomerate to an asset light manager with strong recurring income
- We also like the strong capital management and its focus on total shareholder returns, valuation is not demanding
Sea Ltd & Grab Holdings: Non-Benchmark Attraction
- Grab Holdings hits new high in EM fund ownership, Sea Ltd reverses downward momentum.
- Both stocks lag more established players in the ASEAN region.
- Grab Holdings attracted the highest number of new investors in the ASEAN region over the last 6-months, though Sea Ltd captures the larger portfolio positions among managers.
Higher Rubber Prices Continue To Eat Into Profits Of Indian Tire Majors
- Apollo posts better profits than leader MRF in Q3 FY 2025
- JK Tyres faces the worst fall of 75% in net profit
- Raw material prices look flattish in Q4 and demand robust\
REIT Watch – Healthcare S-REITs are here to stay
- Healthcare S-REITs recorded an average total return of 2.8% year to date, following 6.9% in 2024 and 7.1% in 2023.
- Parkway Life REIT’s FY2024 revenue declined 1.5% due to yen weakness, but DPU grew 1% year on year.
- First REIT’s FY2024 rental income fell 5.9% due to yen and rupiah weakness, maintaining 100% occupancy rates.
Wee Ee Cheong raises UOB stake after FY2024 record net profit
- Institutions were net sellers of Singapore stocks, leading to a net outflow of S$217 million from Feb 14-20.
- SIA Engineering’s 9M FY2025 revenue rose 11.8% to S$901 million, with a profit turnaround to S$8.1 million.
- UOB announced a S$2 billion share buyback programme, part of a S$3 billion capital distribution strategy.
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