In today’s briefing:
- StubWorld: Wilmar Trading “Cheap” To YKA. Understandably.
- Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May
- 10 in 10 with Geo Energy Resources – Bridging the gap of Energy and Infrastructure
StubWorld: Wilmar Trading “Cheap” To YKA. Understandably.
- Wilmar International (WIL SP) is coming up “cheap” to 90%-held Yihai Kerry Arawana Holdings C (300999 CH); yet implied stub numbers suggests otherwise.
- Preceding my comments on Wilmar are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Mid & Small Cap Surge: Liquidity, Inflows and Big Movers Since May
- Oxley Holdings’ ADT surged to S$0.583 million since May, a 10.6× increase, with S$5.3 million profit before tax in 1HFY25.
- UOB-Kay Hian Holdings recorded S$23.09 million net institutional inflow, with P/E ratio rising from 7x to 10x.
- Non-index mid and small cap stocks attracted over S$100 million net institutional inflows since May, led by UOBKH and CSE Global.
10 in 10 with Geo Energy Resources – Bridging the gap of Energy and Infrastructure
- Geo Energy’s dividend policy commits to at least 30% of profit, with recent dividends showing a 25% increase.
- In 1H2025, Geo Energy nearly doubled sales volume, boosting revenue by 71% and achieving US$20.1 million net profit.
- Geo Energy’s integrated infrastructure supports revenue diversification through toll and jetty usage fees, enhancing financial stability.
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