In today’s briefing:
- IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy
- IFBH IPO – Leading Position in a High Growth F&B Segment Driving Valuations
- Wintering, Labour Shifts Cripple Malaysian Rubber Output In April
- Singapore Airlines (SIA): Losing from Higher Crude Oil Price
- Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index
- REIT Watch – Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook
- SunMoon Food’s Zhang Ye Boosts Interests
IFBH Ltd IPO: Heavy on Coconut and Light on Asset Makes the IPO Juicy
- IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
- IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
- The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength. We would recommend the investors to subscribe to the issue.
IFBH IPO – Leading Position in a High Growth F&B Segment Driving Valuations
- IFBH (IFBH HK) is looking to raise about US$148m in its HK IPO.
- IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
- In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.
Wintering, Labour Shifts Cripple Malaysian Rubber Output In April
- April NR production plunges 37.3% month-on-month
- Exports fall sharply; glove shipments dip 19.2% to US$258.9 mn
- Imports too decline despite tapering NR production
Singapore Airlines (SIA): Losing from Higher Crude Oil Price
- Singapore Airlines (SIA SP) may be losing some of its earnings from the continuing crisis in the Middle East.
- Its rather high dividend yield may provide support in the near term
- But a higher crude oil price may send its earnings downhill as it counts up to 30% of the total cost.
Expanded HK and Thai SDR suite now track around 50% of the Hang Seng Index and SET50 Index
- Six new SDRs on SGX include Hong Kong’s SMIC, JD.com, PetroChina, and Thailand’s BDMS, CP Foods, Gulf.
- SDRs provide cost-effective, convenient access to Hong Kong and Thai stocks, with 11 HK and 10 Thai SDRs.
- SMIC, JD.com, and PetroChina SDRs have underlying ratios of 5:1, 10:1, and 1:2, respectively.
REIT Watch – Most S-REITs with Singapore retail assets record double digit positive rent reversions despite softer retail outlook
- Seven S-REITs with Singapore retail assets reported improved revenue and net property income due to positive rental reversions and occupancy rates.
- CICT, FCT, and LREIT achieved positive rent reversions, with CICT’s retail portfolio seeing 17.5% growth in tenant sales.
- MPACT, OUE REIT, Starhill Global REIT, and Suntec REIT reported high occupancy rates and varying rent reversions, with VivoCity achieving significant sales milestones.
SunMoon Food’s Zhang Ye Boosts Interests
- Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.
- Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.
- DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.
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