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
- 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?
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
- 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
- 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
- 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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