Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.</strong>&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>Roxy-Pacific Holdings Limited</h2>
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<h3>Privatisation Offer</h3>
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<p><strong>Offer to delist.</strong> Roxy-Pacific Holdings on 20 September announced a pre-conditional voluntary general offer from TKL &amp; Family for all the issued ordinary shares in the company. The offeror is the bid vehicle of a consortium formed by 11 individuals, including the chairman and chief executive of Roxy- Pacific, Mr Teo Hong Lim. The pre-condition pertains to all necessary consents under the Overseas Investment Act of New Zealand.</p>
<p>The offer price of S$0.485 is at a 33.4% discount to adjusted net asset value of S$0.7287/share (as at 30 Jun 21). 31 Dec 20’s ANAV was S$0.7215/share. Currently, the undertaking parties hold 76.44% of the total number of issued shares.</p>
<p><strong>Emerging from the trough.</strong> The Group posted 19.6% yoy increase in revenue to S$141.2m in 1HFY21, from S$118.1m a year ago. This was largely due to higher revenue from property development (+27.4%), offset by lower revenue from hotel ownership (-29.2%). Property investment segment increased slightly (+8.5%). 1HFY21 PATMI was S$5.9m, doubled from S$2.8m a year ago.</p>
<p><strong>Property development.</strong> We believe that with residential prices holding up, along with Roxy-Pacific’s unbooked contracted sales (S$564.4m), toplines will be firm for the Group. It has 2 properties under development with a forecasted gross development value of S$224.1m.</p>
<p><strong>Hotel ownership.</strong> Despite the global vaccination drive and higher vaccination rates, the world continues to grapple with the virus. We expect tourism to remain weak for the rest of 2021. Although there is hope of a possible return of travel when Singapore opens up to more countries under the VTL, large- scale leisure travel in 2022 remains an uncertainty.</p>
<p>We noted that Singapore-listed property developers are trading at a significant discount to their adjusted net asset values, ranging from discount rates of 15.0% to 73.6%.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






Roxy-Pacific Holdings Limited




Privatisation Offer




Offer to delist. Roxy-Pacific Holdings on 20 September announced a pre-conditional voluntary general offer from TKL &amp; Family for all the issued ordinary shares in the company. The offeror is the bid vehicle of a consortium formed by 11 individuals, including the chairman and chief executive of Roxy- Pacific, Mr Teo Hong Lim. The pre-condition pertains to all necessary consents under the Overseas Investment Act of New Zealand.
The offer price of S$0.485 is at a 33.4% discount to adjusted net asset value of S$0.7287/share (as at 30 Jun 21). 31 Dec 20’s ANAV was S$0.7215/share. Currently, the undertaking parties hold 76.44% of the total number of issued shares.
Emerging from the trough. The Group posted 19.6% yoy increase in revenue to S$141.2m in 1HFY21, from S$118.1m a year ago. This was largely due to higher revenue from property development (+27.4%), offset by lower revenue from hotel ownership (-29.2%). Property investment segment increased slightly (+8.5%). 1HFY21 PATMI was S$5.9m, doubled from S$2.8m a year ago.
Property development. We believe that with residential prices holding up, along with Roxy-Pacific’s unbooked contracted sales (S$564.4m), toplines will be firm for the Group. It has 2 properties under development with a forecasted gross development value of S$224.1m.
Hotel ownership. Despite the global vaccination drive and higher vaccination rates, the world continues to grapple with the virus. We expect tourism to remain weak for the rest of 2021. Although there is hope of a possible return of travel when Singapore opens up to more countries under the VTL, large- scale leisure travel in 2022 remains an uncertainty.
We noted that Singapore-listed property developers are trading at a significant discount to their adjusted net asset values, ranging from discount rates of 15.0% to 73.6%.














(Non-SGX Report) Roxy-Pacific Holdings Limited: Privatisation Offer

Roxy Pacific Holdings

(Non-SGX Report) Roxy-Pacific Holdings Limited: Privatisation Offer