In today’s briefing:
- PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group
- SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
- Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive
PEC Ltd. (PEC SP): Privatisation Offer From Liberty Group
- PEC Ltd. (PEC SP), a plant and terminal engineering specialist, has (finally) announced an Offer from Allied Energy Services, an engineering entity under the Liberty Group.
- Liberty is offering S$0.84/share (not final) – including a AS$0.20/share special dividend – a 12.8% premium to undisturbed; but really more like a >35% premium.
- Irrevocables from the board of 63.38% have been secured. Looks pretty clean. Assuming late May payment, pay up to S$0.79/share for a 6%/15% gross/annualised spread.
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
- The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
- Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.
New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
- New Toyo International, established in 1975, is a leading producer of specialty packaging materials in the Asia Pacific Region. Its operations span across Singapore, Malaysia, Vietnam, Dubai, Indonesia and China.
- The Group has two core business divisions. Its Specialty Papers division focuses on the production of laminated foil paper, and coated paper and metalized paper, while the Printed Carton and Labels division offers mainly gravure and lithography or offset printing of packaging materials for cigarettes and fast-moving products. In addition, the Group has a trading business that focuses on tobacco packaging-related materials, as well as a corrugated cartons production operation.
- For specialty paper, which is one-third of its revenues, but more than two-thirds of its profitability the company has maintained margins through active cost management and inventory control despite the recent decline in the revenues due to destocking.
Stamford Tyres Corporation Limited (SGX: S29): A Steady Drive
- Headquartered in Singapore, Stamford Tyres Corporation Ltd. is a leading player in the global tire industry, primarily involved in the wholesale distribution, retail, and service of tires, automotive parts, and accessories. It is well-known for its extensive network of customers and strong relationships with major tire manufacturers.
- The company has formed strategic partnerships with top tire manufacturers including with Falken, Dunlop and Continental. These collaborations provide Stamford Tyres access to high-quality products and a competitive edge in the market.
- Southeast Asia remains the core market for the company contributing nearly 88% of revenues. Of this, Singapore is the largest market (42% of revenues) followed by Indonesia (18%), Thailand (15%) and Malaysia (10%). Stamford Tyres also generates 10% of revenues from South Africa.
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