In today’s briefing:
- Lendlease REIT Placement: DPU Accretive, past Offering Did Well
- Info -Tech Systems Limited Initiating Coverage
- Grab Holdings: Growth Engines Continue to Rev – What’s Powering the Momentum?
- Growth in Motion: China Sunsine Married Deal & Next 50 Momentum
Lendlease REIT Placement: DPU Accretive, past Offering Did Well
- Lendlease Global Commercial REIT (LREIT SP) is looking to raise at least S$270m in a private placement, to fund acquisition of 70% interest in PLQ Mall.
- Overall, this deal represents 44.2 days of ADV and 16.5% of shares outstanding.
- In this note, we comment on the deal dynamics and run the deal through our ECM framework.
Info -Tech Systems Limited Initiating Coverage
- Info -Tech is led by Mr. Ricky Lim, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co -founder and Chief Executive Officer.
- The business remains founder -led, with senior management comprising long -serving functional heads across product, technology, and sales.
- Ownership is concentrated among the founder and key management, aligning incentives with long – term growth and profitability.
Grab Holdings: Growth Engines Continue to Rev – What’s Powering the Momentum?
- Grab Holdings (GRAB US) delivered solid Q3 2025 results with healthy revenue and margin expansion across segments, but lagged consensus forecasts.
- Growth in Q32025 was driven by rising MTU, strong Mart and Advertising momentum among other factors.
- Management believes that the growth seen in recent quarters are sustainable, without sacrificing profitability. Raised full year guidance marginally.
Growth in Motion: China Sunsine Married Deal & Next 50 Momentum
- Success More Group sold 42 million China Sunsine shares for S$27.7 million, reducing its stake to 57.2%.
- The iEdge Next 50 Index’s technology stocks recorded S$179 million net institutional inflow in 2H25, led by iFAST.
- China Sunsine’s ADT increased to S$606k in 2025, with a 10.4% ROE and 7.6x P/E ratio.
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