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For our next Corporate Webinar we are glad to welcome Elite Commercial REIT’s CEO, Mr Joshua Liaw.

In the upcoming webinar, Joshua will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Sumeet Singh. 

Sumeet will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session.

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Monday, 15 April 2024, 19:00 SGT.

About Elite Commercial REIT

Elite Commercial REIT (“Elite REIT”) is a Singapore real estate investment trust established with the investment strategy of principally investing, directly or indirectly, in commercial real-estate related assets in the United Kingdom (“UK”). Elite REIT is the only UK REIT listed in Pound sterling on the Singapore Exchange.

Elite REIT’s portfolio (“Portfolio”) comprises predominantly freehold properties strategically located mainly in town centres, and near amenities and transportation nodes. The Portfolio offers a stable government-backed income stream with over 99% of the gross rental income derived from the UK Government, backed by AA-rated sovereign credit strength. The leases are on triple net basis and Elite REIT is one of the largest providers of critical social infrastructure to the Department for Work and Pensions (“DWP”) and other UK Government departments. The DWP is the UK’s largest public service department that is responsible for welfare, pensions and child maintenance policy, serving over 20 million claimants and customers. The Portfolio is part of the crucial social infrastructure through which the DWP provides services to local communities.

• In 1Q24, 50 SGX primary-listed companies bought back shares by way of market acquisitions with a combined consideration of ~S$230 million.
• CapitaLand Investment bought back 31.2 million shares at an average price of S$2.96 in 1Q24 and City Developments bought back 6.7 million shares at an average price of S$5.91 per share.
• The 1Q24 buyback activity compared to 41 primary-listed companies conducting S$111 million in buyback consideration in 1Q23.

• Singtel, NetLink NBN Trust and StarHub represent the most traded stocks of Singapore’s Telecommunication Sector, and have averaged 2.6% YTD total returns, after averaging 7.0% total returns in 2023.
• StarHub has led the trio over the past 14 weeks, and last week returned to Sep 2022 levels.
• Singapore’s most traded stocks of the Telecommunications Sector, Singtel, NetLink NBN Trust and StarHub, have averaged 2.6% total returns in the 2024 year to 5 April, on S$46 million of combined net institutional inflow.

• Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.
• Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.

• REIT Watch – S-Reit sector’s PB ratio is at almost 20% discount to its longer-term average Despite this, the S-REIT sector is now trading at a discount of close to 20 per cent compared to its longer-term average in terms of price-to-book ratio.
• This is indicated by the iEdge S-REIT Index currently trading at a price-to-book (PB) ratio of 0.87 times, against the index’s five-year average PB ratio of 1.04 times – which showed a discount of 16 per cent.

• After flagging a proposed delisting exercise last month, direct seller Best World International (BEST SP) has announced an Exit Offer lead by Best World founders Dora Hoan and Doreen Tan.
• The Offer Price is S$2.50/share, a 42.86% premium to undisturbed. The Offer requires approval from 75% of disinterested shareholders. Hoan, Tan and concert parties holding 65.12%, are required to abstain.
• Best World shares resumed trading on November 2022 after 42 months of suspension, subsequent to media reports and a short seller raising regulatory concerns over its Chinese business model.

• Best World International (BEST SP) has disclosed an exit offer through selective capital raising and delisting. The offer of S$2.50 is a 42.9% premium to the undisturbed price of S$1.75. 
• The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
• The headcount test is a risk. The offer is light as only 66.7% of retained earnings will be distributed and the consideration will be covered 1.6x by the net cash.

• Isetan Singapore (ISET SP) disclosed privatisation through a scheme of arrangement from Isetan Mitsukoshi Holdings Ltd (3099 JP) at S$7.20 per share, a 153.5% premium to the last close.
• The high takeover premium reflects the fair value of investment properties of S$300.4 million, i.e., S$7.28 per share, marginally above the offer price.
• The offer is attractive and 2.1% higher than the all-time high. The vote should comfortably get up. The scheme meeting is from early to mid-July. 

• Isetan Mitsukoshi Holdings Ltd (3099 JP), the controlling shareholder of department store operator Isetan Singapore (ISET SP), is offering $7.20/share, by way of a Scheme.
• That’s a whopping 153.5% premium to last close. And a 178.9% premium to ISET’s NAV (as at 31 Dec 2023). 
• Apart from Mitsukoshi’s 52.73% stake, no other shareholder has >5%. This is a done deal. But why the large premium?

• SGX welcomes 5 new Thai SDRs which allow investors to trade Thai blue-chip companies in the same way they would trade stocks listed in Singapore.
• The 5 new SDRs are Advanced Info Service (SGX SDR stock code: TADD), Delta Electronics (TDED), Gulf Energy Development (TGED), Kasikornbank (TKKD) and Siam Cement Group (TSCD).
• In total, the 8 Thai SDRs cover more than 40% of the SET50 benchmark and each of the 8 SDRs represent a different sector.

• Union Steel co-founder Ang Yew Chye ups stake Digital Core Reit Management also continued to buy back units of Digital Core Reit over three of the four sessions.
• Between Mar 25 and 26, Union Steel Holdings executive director Ang Yew Chye bought 930,000 shares at S$0.47 per share.

• Centurion Corp (CENT SP) is the leading light in purpose workers’ accommodation in Singapore and Malaysia, with high occupancy rates and healthy rental reversions, with a long-term secular growth backdrop.
• The company is also involved in purpose-built student accommodation in centres of excellence for education including the UK, Australia, and the US in a highly sought-after asset space.
• The outlook for both worker and student accommodation looks positive for the coming two years. Valuations look attractive with Centurion Corp trading at a 56% discount to NAV.

• 8 S-REITs & Property Trusts among Singapore’s Top 20 Retail Net Buys in 1Q24 1Q24 Retail Net Inflows (S$M) There were eight S-Reits and property trusts among the top 20 stocks which recorded the most retail net inflows in Q1 2024.

• A recent Smartkarma Corporate Webinar | iFAST: Stellar Performance of Singapore’s Global Fintech Player introduced one of the few Fintech players in Asia that has been making profits since 2011.
• The successful launch of its HK ePension platform can be highly scalable and is expected to be an important growth driver for the company in 2024 and 2025. 
• IFast Global Bank is expected to break even in Q4 this year and to be an important growth driver for the group’s next 3-year plan (2025 and beyond).