In today’s briefing:
- Japfa (JAP SP): Evaluating a Potential Privatisation
- REIT Watch – Frasers Centrepoint Trust to join STI from Mar 18
- Director Filings & Buybacks Continue Stronger Pace
Japfa (JAP SP): Evaluating a Potential Privatisation
- On March 8, Bloomberg reported that Japfa Ltd (JAP SP) owners were considering taking it private and started talks about a loan of around US$150 million.
- Japfa has faced ongoing profitability issues since 2022 due to cost-of-living pressures. Privatisation interest is unsurprising, as the shares have been down 72% over the last three years.
- An attractive premium would be required, irrespective of the offer structure. At a S$0.26 offer (20% premium to last close), Japfa would trade in line with peer multiples.
REIT Watch – Frasers Centrepoint Trust to join STI from Mar 18
- REIT Watch – Frasers Centrepoint Trust to join STI from Mar 18 At a market capitalisation of S$3.9 billion, FCT will join the STI with an approximate weight of 0.8 per cent.
- FCT is also the second Frasers Property-sponsored Reit to join the benchmark after Frasers Logistics & Commercial Trust.
- The STI reserve list, which consists of the five highest ranking non-constituents of the STI, will be: CapitaLand Ascott Trust, ComfortDelGro, Keppel DC Reit, Keppel Reit, and Suntec Reit.
Director Filings & Buybacks Continue Stronger Pace
- Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.
- This increased his total interest from 53.27 per cent to 53.61 per cent.
- This followed his acquisition of 4.5 million shares between Feb 27 and 28.
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