Singapore Archives | Page 37 of 118 | Smartkarma

• AEM (AEM SP) announced a new CEO as of 30th of May 2024. The new CEO officially starts 1st of July 2024.
• Amy Leong will take over from Chandran Nair as she leaves her Chief Commercial Officer role at Formfactor Inc (FORM US). 
• Given the weak business results and inventory management issues it should be expected that Mrs Leong would want to clean the proverbial house before she starts in her new role.

• SCLX is filling a much-needed area of the health care sector, that of developing non-opioid pain relief products.
• The company already has commercialized products that are proven to improve patients’ lives.
• The company recently added to its important line on non-opioid drugs by announcing the FDA approved the commercial manufacturing of Gloperba and that the product is being stocked in many national pharmacy chains and independent pharmacies.

• Institutions were net sellers of Singapore stocks over the five trading sessions through to Jun 6, with S$106.8 million of net institutional outflow, as 17 primary-listed companies conducted buybacks with a total consideration of S$55.8 million.
• Leading the net institutional outflow over the five sessions were City Developments Ltd, Seatrium, Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust, Genting Singapore , Jardine Cycle & Carriage, NetLink NBN Trust, Golden Agri-Resources, Venture Corporation and Raffles Medical Group.
• With a consideration of S$315,000, this increased his total interest in the regional premium real estate group from 74.86 to 74.97 per cent.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Lippo Malls Indonesia Retail Trust
• Meituan
• Yuexiu Property

• A new tool highlights which TSE companies have disclosed a policy/consideration; sometimes referred to as the “name and shame” list. In practice, more “name” than “shame”. 
• Jardine Cycle & Carriage (JCNC SP) is trading rich to its NAV. And the simple ratio (JCNC/Astra International (ASII IJ)) is the highest level outside the 2008 GFC. 
• This is a rubbish Offer for Asia Cement China (743 HK). Given how shareholders voted at last year’s AGM, expect this Scheme to be voted down. Avoid.

• There is nothing in the main investments at JM that suggests the grind lower on ROE and net profit will suddenly reverse, rather it should continue
• Astra International, Hong Kong Land, and DFI Retail are key to JM and there is little joy here, with HKL potentially having more valuation impairments
• Quarterly figures from Astra, which are a window on the current interim for JM, are not positive, with the worst quarter in over one year

• kopi-C with Singtel’s Group CFO: ‘We create an impact in the lives of more than 700 million people’ With its new Singtel28 plan, Singtel is racing ahead to extend its lead in connectivity, digital services and digital infrastructure.
• For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

• Accounting fraud costs the global economy at least US$1 trillion each year in losses to investors, suppliers and consumers
• Detecting accounting fraud early gives investors valuable intel to rethink certain stock or bond holdings.
• Transparently.AI’s AI-powered solution is highly accurate in measuring and detecting accounting manipulation and fraud.

• Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional inflow, as 20 primary-listed companies conducted buybacks by way of market acquisition with a total consideration of S$37.9 million.
• Meanwhile Mapletree Pan Asia Commercial Trust, Singapore Airlines, Mapletree Logistics Trust, Jardine Cycle & Carriage, CapitaLand Ascendas Reit, Sembcorp Industries, UOL Group, Jardine Matheson Holdings, Mapletree Industrial Trust, and Keppel Reit led the net institutional outflow over the five sessions.
• In addition to the 9.3 per cent interest that the Tang group owns in ARA H-Trust, the proposed acquisition increases the Tangs’ holding in ARA H-Trust to 28.3 per cent.

• For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.
• The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.
• This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.