tag:blogger.com,1999:blog-54599313786805233972024-03-10T20:24:23.606-07:00Singapore IPO NewsI will publish the news on the incoming IPOs and also some IPO write-up that I found.Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-5459931378680523397.post-17563839484580558122013-09-10T06:50:00.000-07:002013-09-10T06:50:01.906-07:00Amara mulls launch of hospitality Reit<u><b><i><span style="font-family: inherit;"><span style="font-size: small;">Amara mulls launch of hospitality Reit</span></span></i></b></u><br />
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AMARA Holdings Ltd, a Singapore-based hotel operator, may sell<br />
hospitality assets as a real estate investment trust (Reit).<br />
A
"Reit has always been one of the options that one can consider to<br />
go
asset-light," the company said in an e-mailed response to questions<br />
from
Bloomberg News. "There are no concrete plans at the moment<br />
and we are
continuously evaluating all options including the feasibility<br />
of
launching a hospitality Reit."<br />
<br />
Amara, led by chief executive
officer Albert Teo, is considering putting<br />
its 27-year-old Amara
Singapore Hotel, along with the adjacent 100 AM<br />
shopping mall and Amara
Sanctuary Resort Sentosa into a Reit and<br />
selling the assets in an
initial public offering (IPO), according to a person<br />
with knowledge of
the matter.<br />
The IPO could take place next year, the person said,
asking not to be<br />
identified as the deliberations are private. Amara
declined to comment<br />
on any IPO plans.<br />
<br />
Source: Business Times<br />
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Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com8tag:blogger.com,1999:blog-5459931378680523397.post-54635861838289250592013-09-10T06:21:00.001-07:002013-09-10T06:21:28.285-07:00Vingroup temporarily delays Singapore IPO<span style="font-family: inherit;"><span style="font-size: small;"><u><i><b>Vingroup temporarily delays Singapore IPO</b></i></u></span></span><br />
<span style="font-family: inherit;"><br /></span>
<em>VietNamNet Bridge – Vingroup Joint Stock Company (Vingroup JSC)</em><br />
<em>will
temporarily delay its plans to sell shares and have them traded in</em><br />
<em>Singapore in response to foreign investors pulling capital out of </em><br />
<em>emerging markets.</em><br />
<br />
Le Thi Thu Thuy, Vingroup's chief executive officer, said in an
interview<br />
with Bloomberg last Friday that the group would temporarily
delay an<br />
international bond sale.<br />
In April this year, Vingroup
said it planned to sell 150 million shares and<br />
have them traded on the
Singapore bourse (SGX) from the second to<br />
fourth quarter of 2013. The
shares would be listed and traded in US dollars.<br />
<br />
Thuy said the
whole market was quite difficult, and doing a Viet Nam deal<br />
was not
easy. She didn't rule out a listing later this year and said Vingroup<br />
still had a few more months to go and would be keeping an eye on market<br />
developments.<br />
<br />
Vingroup shares on Monday (Sept 9) dropped 1.5 per cent to VND62,000<br />
(US$2.95). In
2012, Vingroup reported a net revenue of more than<br />
VND7,904 billion
($377 million), an increase of 242 per cent compared to<br />
2011. Post tax
profit was VND1,847 billion ($87.9 million), representing a<br />
rise of 72
per cent from 2011.<br />
<br />
The group successfully implemented its 2013
business plan by achieving<br />
a net revenue of approximately VND12.2
trillion ($580 million) from<br />
operations including revenues made from
Royal City, Times City and Vincom<br />
Village (excluding financial
activities). <br />
Estimated profit before tax is approximately VND10 trillion ($476 million) from operations including financial activities.<br />
<br />
Source: Vietnam net <br />
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com3tag:blogger.com,1999:blog-5459931378680523397.post-83697088892648457502013-09-09T19:21:00.000-07:002013-09-09T19:21:01.711-07:00Xyec Picks Singapore Over Japan for Historic IPO: Southeast Asia<h1>
<span style="font-family: inherit;"><span style="font-size: small;"><u><i>Xyec Picks Singapore Over Japan for Historic IPO: Southeast Asia</i></u></span></span></h1>
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<h1>
Xyec Picks Singapore Over Japan for Historic IPO: Southeast Asia</h1>
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Xyec Holdings Co. (XYEC), the first
Japanese company to debut only in Singapore, plans to expand its
information technology business in Southeast Asia through
acquisitions and by hiring local talent.<br />
<br />
The company plans to raise a couple of million dollars in
an initial public offering and start trading on Singapore’s
Catalist board for smaller enterprises on Sept. 18, Chief
Executive Officer Manabu Kobayashi said. Tokyo-based Xyec is in
talks with two Singaporean companies in the information
technology industry about possible deals, he said, declining to
elaborate because the talks are private.<br />
<br />
Xyec, which provides engineering and information technology
services such as software development to manufacturers including
a unit of Toyota Motor Corp., chose Singapore over Japan because
of Southeast Asia’s growth potential compared with declining
demand and shrinking population at home. It targets total sales
growth of more than 50 percent to 10 billion yen ($100 million)
in the next two years, with 10 percent of that total to come
from the region, Kobayashi said. <br />
<br />
“We want to make Singapore the base of our Asean
expansion,” Kobayashi, 48, said in a telephone interview from
Tokyo last week, referring to the 10-member Association of
Southeast Asian Nations. “We want to increase our regional
presence and capture good talent that we may not be able to get
if we remained in Japan, given the size of our company.” <br />
<br />
Xyec will be the first Japanese company to have the primary
exchange for trading of its shares in Singapore, according to
Kobayashi.<br />
<br />
<h2>
Regional Hub </h2>
“Listing abroad would lead to increased presence in the
region as well as credibility, making it easier for the company
to find staff,” Tamami Ota, a Tokyo-based economist at Daiwa
Institute of Research Ltd., said. “It would make it easier to
raise funds in the local currency as well.” <br />
<br />
Singapore Exchange Ltd. (SGX), Southeast Asia’s biggest bourse,
has attracted foreign companies as it aspires to become the
region’s financial gateway. There were 302 non-Singaporean
companies traded on SGX out of 782 companies as of August and
nine of them were Japanese, according to SGX. All the other
Japanese companies are also listed in Japan. <br />
<br />
Xyec, pronounced “Zeek,” chose Singapore over Japan
because of the attraction of raising funds from global investors
and globally consistent regulation of additional share sales,
which it might undertake for expansion, Kobayashi said. The
company plans to open an office in Singapore by the end of March
2014, which will become the headquarters for business in the
region outside Japan, he said.<br />
<br />
<h2>
Asean Growth </h2>
Companies around the world have announced deals of about
$72 billion of assets in Southeast Asia this year, according to
data compiled by Bloomberg, amid expectations for growth that
outpaces the rest of the world. <br />
<br />
Asean consists of Indonesia, Thailand, Malaysia, Singapore,
Brunei, the Philippines, Cambodia, Laos, Myanmar and Vietnam.
The International Monetary Fund forecast July 9 that Asean’s
developing nations would expand 5.6 percent in 2013, compared
with 0.6 percent contraction in the euro area. <br />
<br />
Not all agree that listing overseas before your home market
is a wise tactic. Companies raised about $4.5 billion from IPOs
in Singapore this year, compared with about $8.1 billion
gathered in Japan IPOs, according to data compiled by Bloomberg. <br />
<br />
“Listing requirements are famously strict in Japan, but if
you’re listed and want to expand overseas, there’s no reason to
drop your Tokyo listing,” Nicholas Smith, the Japan strategist
at CLSA Asia-Pacific Markets in Tokyo, said. “You don’t want to
lose your Japanese sticky capital: just do a follow-on offering
for overseas investors.”<br />
<br />
<h2>
Catalist Exchange </h2>
Xyec will be the first Japanese company to list on SGX’s
Catalist board, according to the bourse. Nomura Holdings Inc. (8604),
the nation’s biggest brokerage, Murata Manufacturing Co., a
supplier to Apple Inc. and Samsung Electronics Co., and
department store operator Isetan (Singapore) Ltd. are among
other Japanese companies traded on SGX’s mainboard. <br />
To woo foreign companies to list in Singapore, the
Southeast Asian bourse introduced new rules in the past two
years to allow the listing of resource companies without an
earnings track record on both the Catalist and mainboard, as
well as dual-currency trading for stocks and exchange-traded
funds. <br />
<br />
SGX posted a 43 percent jump in profit for the three-months
ended June, its best quarterly performance since the same
quarter of 2007, as stock volumes rebounded and derivatives
contracts climbed to a record. <br />
<br />
Xyec is targeting Japanese companies that have expanded in
the region, including Vietnam, Myanmar and Thailand and seeking
to recruit staff in the Philippines, Vietnam and Myanmar,
Kobayashi said. While the company has focused on providing
services to the manufacturing industry, it’s now seeking to
expand into finance as well, he said. <br />
“For survival today, we need to make sure to capture good
talent especially for a small-to-medium-sized company like us,”
Kobayashi said. “We had to branch out overseas quickly.
Singapore is becoming a hub for Asia, and we thought listing in
that country would earn us recognition.” <br />
<br />
<br />
Source: Bloomberg <br />
<br />
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Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com3tag:blogger.com,1999:blog-5459931378680523397.post-46736328041603344972013-08-28T22:46:00.005-07:002013-08-28T22:46:53.428-07:00Charoen’s F&N to Spin Off Property Unit in Singapore Listing
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<u><i><span style="font-size: small;">Charoen’s F&N to Spin Off Property Unit in Singapore Listing</span></i></u></h1>
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Fraser & Neave Ltd. (FNN), controlled by
Thailand’s richest man, said it plans to spin off its property
business from operations including beverages and publishing
through a Singapore listing at the end of the year. <br />
The 130-year-old conglomerate will offer to its
shareholders two shares of the property company Frasers
Centrepoint Ltd. for every F&N stock held, according to a
company statement handed out at a Singapore briefing today. <br />
F&N is spinning off a division with S$9 billion ($7
billion) of assets as of June, allowing both companies to focus
on their separate expansion strategies. The move follows the
S$13.8 billion takeover by Thai billionaire Charoen Sirivadhanabhakdi, whose company will vote in favor of the
transaction, according to the statement. <br />
“It’s a good move because historically, there has been a
holding company discount on the group because of the combined
businesses of property and non-property,” Goh Han Peng, an
analyst at DMG & Partners Securities Pte in Singapore, said.
“By separating them, the individual businesses can be valued
separately and the food and beverage can obtain the full
valuation that they deserve.” <br />
F&N shares have fallen 43 percent this year after a one-time distribution to shareholders following the sale of its
brewery stake. It last traded at S$5.49 before the trading halt
for the announcement. <br />
<h2>
Independent Strategies </h2>
The listing of the property arm is expected in November or
December, according to the statement, and the two companies will
be traded separately on the Singapore exchange. <br />
“The listing will enhance Frasers Centrepoint’s profile
and enable us to pursue our growth strategies independently,”
Lim Ee Seng, chief executive officer of Frasers Centrepoint,
said in the statement. He said at a press briefing today he
expects to work in partnerships with Charoen’s TCC group and is
in talks with them and looking at some of their hotels outside
of Thailand. <br />
The proposal also allows F&N to focus on its food and
beverage business, while enhancing the public image of Frasers
Centrepoint, F&N Chief Financial Officer Hui Choon Kit said at a
press conference today. He said it’s an appropriate time for the
property unit to be separated because of its size. <br />
<h2>
Hospitality Trust </h2>
F&N will be on the look out for acquisitions for food and
beverage companies, Hui said. <br />
The property company is also considering plans for a
hospitality trust, according to the statement. F&N said earlier
this month it’s considering setting up a real estate investment
trust made up of its hospitality assets. It has received
proposals from investment banks in relation to the IPO, though
considerations are at a preliminary stage, F&N said. <br />
Frasers Centrepoint has a S$2.4 billion pipeline of
commercial and retail properties as well as S$1.65 billion worth
of hospitality assets that could be injected into its property
trusts, Lim said, adding that Charoen is keen to build scalable
businesses for the group. <br />
Charoen, who acquired F&N through his company Thai Beverage
Pcl (THBEV), has a net worth of $7.2 billion, according to the Bloomberg
Billionaires Index. <br />
DBS Group Holdings Ltd., United Overseas Bank Ltd. (UOB) and
Morgan Stanley are financial advisers for the transaction. Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-33436654634225861932013-08-28T22:43:00.001-07:002013-08-28T22:43:18.930-07:00F&N the latest group to spin off property assets<h1 class="article-header">
<u><i><span style="font-size: small;"><span id="ctl00_ctl00_ContentPlaceHolder1_LeftColumnPlaceHolder_Article_HeadingLabel">F&N the latest group to spin off property assets</span></span></i></u></h1>
<h2 class="article-intro-text">
<span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;">The
Singapore-based group, bought this year by Thai billionaire Charoen
Sirivadhanabhakdi after a protracted takeover battle, said it planned to
list Frasers Centrepoint in the city-state by the end of the year.</span></span></span></h2>
Fraser and Neave (F&N), the Singapore-based property-to-drinks
conglomerate, has become the latest company to attempt a spin-off of a
property arm.<br />
The group, bought this year by Thai billionaire Charoen
Sirivadhanabhakdi after a protracted takeover battle, said it planned to
list Frasers Centrepoint (FC) in the city-state by the end of the year.<br />
<br />
F&N shareholders will receive two FC shares for every F&N share
owned, leaving the property division as a separately listed entity.<br />
The move, subject to shareholder and regulatory approval, is part of
efforts by TCC, the Thai conglomerate controlled by Charoen, to focus on
F&N’s food and beverage business. TCC owns 61.59 per cent of
F&N.<br />
<br />
F&N also said it is considering a Reit of its hospitality assets.<br />
“The listing will enable us to pursue our growth strategies
independently. In addition to Singapore, China and Australia are core
markets for [FC] and we will continue to focus on the residential and
commercial property development sectors there,” said Lim Ee Seng, chief
executive of FC.<br />
<br />
The move follows a recent trend of companies listing their property interests to unlock value in the assets.<br />
Fantasia, a Chinese property developer, said it would spin off certain
assets in a separate listing, while Great Eagle Holdings listed three
Hong Kong hotels through a business trust-type vehicle at the end of
May.<br />
<br />
Also, Hong Kong property developer and infrastructure company Hopewell
Holdings tried to spin off its Hong Kong property business via an IPO in
early June. Hopewell was, however, forced to call the deal off due to a
lack of demand.<br />
<br />
Source: FinanceAsia <br />
<h2 class="article-intro-text">
<span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;"> </span></span></span></h2>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com3tag:blogger.com,1999:blog-5459931378680523397.post-38106597310194366312013-08-28T22:37:00.006-07:002013-08-28T22:38:36.496-07:00Thai Tycoon May Hold Property IPO in Singapore<h2 class="subhead">
<u><i><span style="font-size: small;">Fraser & Neave Seeks to Monetize Assets </span></i></u></h2>
<br />
SINGAPORE—Thai billionaire Charoen Sirivadhanabhakdi is considering a
Singapore listing of some of the real-estate assets owned by Fraser & Neave Ltd.,<br />
<span data-change="0.23" data-changepercent="4.189435336976321" data-company-name="Fraser &amp; Neave Ltd." data-country="SG" data-datetime="Aug. 28, 2013 5:04 PM" data-exchange-iso="XSES" data-iso="$" data-offset="8" data-pc="5.490" data-price="5.72" data-ticker-name="F99.SG" data-ticker="F99" data-volume="1201000.00" data-widget="dj.ticker" id="0.7807725033611818"><a class="tkrQuote tkrPositive" data-ls-seen="1" href="http://online.wsj.com/public/quotes/main.html?type=djn&symbol=F99.SG?mod=inlineTicker" target=""><span class="tkrChange"></span></a></span>
the conglomerate he bought earlier this year in one of Asia's biggest debt-fueled takeovers.<br />
Fraser
& Neave, of which Mr. Charoen owns more than 90%, said in a
statement that it is considering an initial public offering of its
hospitality assets to monetize their value. It didn't mention the size
or timing of the IPO but people with knowledge of the deal said it could
raise around US$1 billion and would likely be held early next year.<br />
Separately, Fraser & Neave said it will spin off its property arm, Frasers Centrepoint Ltd., and list it on Singapore Exchange <span data-change="-0.03" data-changepercent="-0.41899441340782123" data-company-name="Singapore Exchange Ltd." data-country="SG" data-datetime="Aug 29, 2013 1:25 PM " data-exchange-iso="XSES" data-iso="$" data-offset="8" data-pc="7.160" data-price="7.13" data-ticker-name="S68.SG" data-ticker="S68" data-volume="849000.00" data-widget="dj.ticker" id="0.7901594876101908"><span class="tkrChange"></span></span>
by the end of this year following a dividend in specie, meaning without conducting any capital-raising.<br />
If
he proceeds with the IPO of the hospitality assets, Mr. Charoen will
try to capitalize on strong demand for shares in Singapore real-estate
trust offerings this year but could also face a more challenging market
environment.<br />
Singapore has become a hub for trust listings in Asia, due largely to
government rules that require trusts to pay out 90% of revenue in
dividends. Singapore-listed REITs have yields of 6%-7%. <br />
Among the big deals, Mapletree Greater China Commercial Trust <span data-change="-0.005" data-changepercent="-0.584795321637427" data-company-name="Mapletree Greater China Commercial Trust" data-country="SG" data-datetime="Aug. 29, 2013 1:14 PM" data-exchange-iso="XSES" data-iso="$" data-offset="8" data-pc="0.855" data-price="0.85" data-ticker-name="RW0U.SG" data-ticker="RW0U" data-volume="1542000.00" data-widget="dj.ticker" id="0.9144421250002612"><span class="tkrChange"></span></span>
raised US$1.3 billion in an IPO of China real-estate assets in March. <br />
Just
last month, Singapore-listed property developer Overseas Union
Enterprises raised US$476 million in an IPO of hotel and shopping mall
assets, and Singapore Press Holdings Pte., the city-state's largest
publishing company, raised US$438 million in an offering of its shopping
malls. Demand for both offerings easily exceeded the supply of shares.<br />
But global sentiment toward emerging markets has soured in recent
months, and many stock markets in Southeast Asia have been hit hard as
investors pull their money in anticipation of the U.S. Federal Reserve
beginning to wind down its monetary stimulus. <br />
Singapore's benchmark Straits Times Index on Tuesday fell to its lowest level since November.<br />
Two people with knowledge of Mr. Charoen's plans said Fraser &
Neave is still choosing which assets it would place in the REIT. <br />
DBS Bank, which was one of the main lenders for Mr. Charoen's
acquisition of Fraser & Neave, has been appointed to advise on the
REIT IPO, according to people with knowledge of the deal. More banks are
likely to be added at a later stage, one of the people said.<br />
Separately, Fraser & Neave confirmed Tuesday that it will spin
off its property business, Frasers Centerpoint, following a strategic
review of its operations. <br />
The company said it would conduct a dividend in specie, offering
current Fraser & Neave shareholders two shares of Frasers
Centrepoint for every share of Fraser & Neave they own. It would
list Frasers Centrepoint on the Singapore Exchange by end of this year
by way of "introduction," which would mean that there will be no
fundraising.<br />
Frasers Centrepoint's assets include shopping malls, serviced
apartments, residential developments and office blocks in places
including China, Australia and Thailand.<br />
DBS Bank, Morgan Stanley <span data-change="0.13" data-changepercent="0.5108055009823184" data-company-name="Morgan Stanley" data-country="US" data-datetime="Aug. 28, 2013 4:00 PM" data-exchange-iso="XNYS" data-iso="$" data-offset="-4" data-pc="25.450" data-price="25.58" data-ticker-name="MS" data-ticker="MS" data-volume="9992083.00" data-widget="dj.ticker" id="0.02554203173274694"><span class="tkrChange"></span></span>
and United Overseas Bank<span data-change="0.23" data-changepercent="1.14713216957606" data-company-name="United Overseas Bank Ltd." data-country="SG" data-datetime="Aug 29, 2013 1:25 PM " data-exchange-iso="XSES" data-iso="$" data-offset="8" data-pc="20.050" data-price="20.28" data-ticker-name="U11.SG" data-ticker="U11" data-volume="1315000.00" data-widget="dj.ticker" id="0.27508458936600333"><span class="tkrChange"></span></span>
advised Mr. Charoen on separating the property business, people with knowledge of this deal said. <br />
Mr.
Charoen started buying up shares in Fraser & Neave, which is more
than 130 years old, in July last year, at which time the company also
had a brewing business and was selling Tiger beer. <br />
Mr. Charoen's interest in the company prompted Fraser & Neave's Dutch joint-venture partner, Heineken NV,
to bid for the brewing business, which it acquired late last year for US$4.6 billion.<br />
The
Thai tycoon then acquired the rest of Fraser & Neave after a
months-long takeover battle against Overseas Union Enterprise.<br />
Mr. Charoen's acquisition of Fraser & Neave valued the Singapore
company at US$11.2 billion. It was largely paid for with debt.<br />
<br />
Source: The Wall Street Journal Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com2tag:blogger.com,1999:blog-5459931378680523397.post-73405895892053140232013-08-13T02:59:00.002-07:002013-08-13T02:59:47.995-07:00Tencent denies report of Singapore IPO for WeChat spin-off<u><i><b><span id="articleText"><span class="focusParagraph">Tencent Holdings Ltd, China's
leading Internet firm by revenue, on Tuesday denied a newspaper report
that it plans to list its popular Weixin, or WeChat, mobile messaging
app as a spin-off company in Singapore.</span></span></b></i></u><br />
<u><i><b><span id="articleText"><span class="focusParagraph"></span></span><span id="articleText"><span class="focusParagraph"> </span></span></b></i></u><br />
<u><i><b><span id="articleText"><span class="focusParagraph"></span></span><span id="articleText"><span class="focusParagraph"> </span></span></b></i></u><br />
<span id="articleText"><span class="focusParagraph"><span id="articleText"></span></span></span><br />
Citing an unnamed source, the China Daily
earlier reported that Hong Kong-listed Tencent opened an office in
Singapore to deal with a listing, which it originally planned to hold in
Hong Kong. The report gave no timeframe or other listing details.<br />
<span id="midArticle_1"></span>"This market news is not true," said Jerry Huang, a spokesman for Tencent.<br />
<br />
<span id="articleText"></span><br />
Tencent, led by CEO and Chairman Pony Ma and
more than 30 percent owned by South African media group Naspers Ltd, is
due to announce second-quarter earnings on Wednesday.<br />
<br />
<span id="midArticle_3"></span>The
company has invested heavily in WeChat as it and other Chinese Internet
companies such as Alibaba Group and Baidu Inc try to broaden their
revenue streams.<br />
<span id="midArticle_4"></span>With more than 300
million users in China, WeChat - which is similar to WhatsApp and South
Korean firm Kakao Inc's KakaoTalk - has strong potential earnings power
for Tencent, which is looking to monetize the app. It last week
released an updated app introducing games, paid-for emoticons and a
mobile payment system.<br />
<br />
<span id="midArticle_5"></span>Shares in
Tencent, valued at $88 billion, rose as much as 1.5 percent in early
trade, but by the midsession were trading down 0.05 percent at
HK$367.20. The broader Hang Seng index was up 0.7 percent.<br />
<br />
Source: Reuter <br />
<br /><br />
<u><i><b><span id="articleText"><span class="focusParagraph"> </span></span></b></i></u>Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com7tag:blogger.com,1999:blog-5459931378680523397.post-63523945838748391882013-08-06T21:09:00.002-07:002013-08-06T21:09:38.120-07:00Soilbuild Reit to price IPO on Singapore Exchange at low end<span class="content-area-content"><span class="story_body"></span></span><br />
<i><u><b>Soilbuild Reit to price IPO on Singapore Exchange at low end </b></u></i><br />
<br />
REUTERS -
Singapore's Soilbuild Business Space Reit is set to price its $457
million stock market listing at the lower end of its indicative price
range, Thomson Reuters publication IFR reported. <br />
Sponsored by property developer Soilbuild Group Holdings, the Reit is
expected to price its initial public offering (IPO) at $0.78, from the
$0.77-S$0.80 range it had flagged previously, IFR said. <br />
Soilbuild Reit will hold a media briefing on Wednesday to announce
the pricing. A spokesman for Soilbuild declined comment on the pricing. <br />
The Reit, which owns seven business and industrial properties in
Singapore, has offered 586.5 million units. Based on the indicative
price range, the company was offering a yield of 7.3-7.6 per cent for
2013 and 7.5-7.8 per cent for 2014.<br />
<br />
Source: Straits Times <br />
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-56638280060892049492013-08-05T23:13:00.000-07:002013-08-05T23:13:44.779-07:00Soilbuild kicks off $371 million IPO; Deltamas delays pricing<h2 class="article-intro-text">
<b><span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;">The Singapore-based
business space Reit goes ahead without cornerstones but is covered at
the top after the first three days. Meanwhile, Indonesian industrial
estate owner Deltamas is trying to restructure its IPO after demand
falls short.</span></span></span></b></h2>
<div class="article-intro-text">
<b><span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;"> </span></span></span></b><span style="font-size: small;"><span style="font-weight: normal;"><span style="font-family: inherit;"></span>At first glance, the launch of yet another real estate investment trust
(Reit) IPO in Singapore this past week is encouraging as it suggests
that improving equity markets are giving issuers the confidence to push
ahead with their listing plans.</span></span></div>
<div class="article-intro-text">
<br /></div>
But, the offering of up to S$469.2 million ($371 million) by Soilbuild
Business Space Reit also highlights that there is still a lot of
uncertainty about the short- to medium-term outlook for regional
markets.<br />
<br />
For one, Soilbuild has not been able to secure any cornerstone
investors ahead of the launch. According to a source, investors aren’t
staying away altogether, but they are reluctant for their involvement to
be disclosed in the prospectus at a time when markets are still very
volatile and turnover is at a low due to the summer holidays.<br />
<br />
Many of the potential cornerstones did agree to participate in the deal
as anchor investors instead, the source said. In fact, the 85.1%
placement tranche was basically covered before launch and the response
on the first day of bookbuilding (last Wednesday) was enough to push the
order amount above the total deal size, he said. By late Friday, the
interest had picked up a notch, with sources saying the deal is now
covered at the top of the price range as well.<br />
<br />
One reason why investors prefer to come in as anchors could be that
they want to retain the flexibility to sell part of their positions
without alarming the market should the stock trade down in the
aftermarket. Since Singapore imposes no lock-ups on cornerstone
investors, they too are free to sell their IPO shares at any time.
However, cornerstones are disclosed in the listing prospectus while
anchors are not, and there is always a risk that other investors could
view it as negative if a known cornerstone chooses to sell early.<br />
<br />
But perhaps more importantly, cornerstones also have to commit to buy
the shares, or in the case of Soilbuild, the units, at any price within
the price range. Anchor investors can usually set limits, which means
they are a bit more flexible if sector valuations were to deteriorate
during the marketing. Unlike cornerstones, anchors are, however, not
guaranteed a specific allocation, which could become an issue if demand
is high.<br />
<br />
The second issue pointing to the lingering uncertainty is the fact that
bankers once again seem to feel there is a need to line up buyers for
almost the entire deal before they open the order books. Last year, the
portion of IPOs that was “pre-placed” with cornerstones and anchors kept
getting bigger and bigger as the market became more challenging and the
practice has continued this year — especially for smaller deals that
are not a must-own.<br />
<br />
The challenges of bringing new and untested names to the market were
highlighted on Friday when industrial estate developer Puradelta Lestari
was forced to postpone the pricing of its IPO in Indonesia after a
sharp decline in the valuation of its closest comparables. Together with
further weakness in the rupiah this led to muted demand and a push back
on the indicated pricing.<br />
<br />
Puradelta, also known as Deltamas after the name of its industrial
estate, hasn’t pulled the deal, but according to sources, it will try to
see if it can find enough demand if it reduces the deal size and the
price. If so, the IPO may be re-launched with new terms next week.
Indonesia is on holiday this entire week to celebrate the end of
Ramadan. The company was trying to raise between Rp1.569 trillion and Rp1.952 trillion ($154 million to $191 million) and was already offering its shares at a 60% discount to net asset value (NAV).<br />
The difficulties facing Deltamas aren’t deterring other listing
candidates from approaching the market, however. Not even in Indonesia.
In addition to the launch of Soilbuild’s Reit IPO in Singapore, bankers
also started investor education of Indonesian healthcare provider Siloam
Hospital last Monday.<br />
Depending on the investor feedback, the IPO may launch in mid-August.
Siloam, which is 100% owned by Indonesia’s Lippo group, is seeking to
raise about $200 million to $250 million. Credit Suisse, Goldman Sachs and domestic investment bank Ciptadana are joint bookrunners.<br />
<br />
<b>Soilbuild Business Space Reit</b><br />
Soilbuild has seven assets in its initial portfolio — two business
parks and five industrial properties. Business parks are made up of
properties that are mainly used for offices, while industrial properties
include factories, ramp-up facilities and other properties used
primarily for manufacturing, engineering, logistics, warehousing and
research and development.<br />
The Soilbuild brand is well-known in Singapore and the sponsor,
Soilbuild Group Holdings, is active throughout the property industry,
from construction and development to leasing and fund management.<br />
<br />
The Reit is looking to raise between S$451.6 million and S$469.2
million ($357 million to $371 million) from the sale of about 586.532
million new units (73% of the trust) to public investors. The remaining
27% will be bought by Lim Chap Huat, who is a co-founder of the sponsor
and a director of the Reit management company.<br />
<br />
The majority of the public shares, or 85.1%, will be offered to
institutional investors, while 14.9% of the deal will be set aside for
retail investors, the management, employees and business associates of
the sponsor.<br />
<br />
The units are offered at price between S$0.77 and S$0.80, which
translates into an estimated dividend yield of 7.5% to 7.8% for the 2014
calendar year. The yield is pretty clean, except for the fact that the
Reit management company will receive its fees in units for 2013 and
2014. One source noted that this has helped lift the yield from the
mid-6% range, in response to the investor feedback.<br />
<br />
The demand for a higher yield reflects the fact that the yield on the
Singapore 10-year government bond has widened by about 80bp since the
start of pre-marketing.<br />
The current range puts Soilbuild at a slight premium (in yield terms)
to Mapletree Industrial Trust and AIMS AMP Capital Industrial Reit,
which sources say are the closest comps. However, analysts argue that
because of its greater exposure to business parks (about 40% of its
total portfolio value), Soilbuild should actually trade at a tighter
yield than the other two.<br />
One reason is that business parks have a larger and more diversified
pool of tenants. Mapletree Industrial Trust, which has about 20% of its
portfolio in business parks, is currently trading at a 7.1% yield for
the fiscal year to March 2015, while AIMS AMP Reit is offering a yield
of 7.4% for the same business year.<br />
<br />
Singapore-listed Reits that focus almost exclusively on industrial
properties, such as Cache Logistics, Cambridge Industrial Trust and the
Sabana Shari’ah Compliant Reit, are trading at forward yields of around
7.5% to 8%, Bloomberg data show.<br />
Soilbuild also comes with an overallotment option of 87.5 million
secondary units that will be provided by Lim if the demand in the
aftermarket is strong enough. The option accounts for 9.6% of the base
deal and could increase the total proceeds to as much as S$539.2 million
($424 million). If exercised in full, the free-float will increase to
80%, while the portion held by Lim will drop to 20% from 27%.<br />
<br />
The institutional bookbuilding will end tomorrow with the price
expected to be fixed shortly afterwards. The retail offering will follow
on August 7 to 14 and the trading debut is scheduled for August 16.<br />
Interestingly, the bookrunners — Citi, DBS and DBS — have chosen not to actively market the deal outside of Asia and the management will only visit Singapore and Hong Kong.<br />
<br />
<b>Puradelta Lestari (Deltamas)</b><br />
The industrial estate developer was looking to sell 15% of its share
capital, but can reduce that to 10% and still meet the minimum
free-float required by the Indonesian regulators. However, after its
closest comp, Bekasi Fajar Industrial Estate, fell 16.4% during the
six-day bookbuilding, sources said the offering price will need to be
revised down as well.<br />
Some international investors have apparently shown interest at a lower
price, but the question is how low the seller is willing to go. It had
already reduced the size from an initial aim to raise about $300 million
to the $154 million that it sought from investors at the bottom of the
price range.<br />
<br />
The company needs money to fund the basic infrastructure, such as
roads, electricity and water, as well as residential housing, parks and
other common facilities on the Kota Deltamas estate before selling land
to various industries for development into factories.<br />
If it isn’t able to complete the IPO at this time, it will likely have
to seek alternative types of funding. That is probably also why it was
so keen to go ahead with the IPO even though the response during the
investor education was pretty mixed.<br />
<br />
International investors were said to have been positive with regard to
the underlying assets, but were asking for a sizeable discount versus
other similar industrial estate developers, including Bekasi Fajar. They
were also concerned about the sharp drop in the rupiah, which is making
investments into Indonesia more costly, while also eating into any
potential returns.<br />
<br />
Citi, Macquarie and Nomura
are joint international bookrunners for the Deltamas IPO, while
Macquarie and Sinarmas Sekuritas are joint domestic underwriters.<br />
<br />
Source: FinanceAsia <br />
<h2 class="article-intro-text">
<b><span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;"> </span></span></span></b></h2>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-18609917898856756872013-08-05T17:51:00.001-07:002013-08-05T17:51:31.169-07:00‘Snowpiercer’ Backer Spackman Seeks Singapore IPO<h2>
<u><i>HK film investor to bolster capital for stakes, acquisitions</i></u></h2>
HONG KONG — Canadian-backed Korean film investor Spackman Entertainment Group is to seek a stock-market listing in Singapore.<br />
<br />
The company has appointed Singapore investment firm PrimePartners
Corporate Finance as advisor in the run up to the flotation on
Singapore’s Catalist sponsor-supervised board.<br />
Spackman Entertainment is a Hong Kong-based subsidiary of
Toronto-listed Spackman Equities Group. It owns two South Korean film
production firms, Zip Cinema and Opus Pictures.<br />
<br />
Zip is producer of “Cold Eyes” a hit thriller that is currently on
release and has scored over 4.5 million ticket sales at the Korean box
office. Opus is a minority investor in “Snowpiercer” the English-language debut film of Bong Joon-ho which opened this week and sold over 1 million tickets before the weekend.<br />
<br />
Spackman has not disclosed how much it intends to raise, but says
that the proceeds of the sale are to be invested in expanding the two
Korean companies’ production and investment slates as well as allowing
it to pursue further acquisitions.<br />
<br />
Source: Variety.com <br />
<h2>
<br /></h2>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-7289717715108242802013-08-01T23:53:00.002-07:002013-08-01T23:54:23.662-07:00REIT Listings Heat Up Singapore IPO Market <i><u><b>REIT Listings Heat Up Singapore IPO Market </b></u></i><br />
<br />
Companies are again rushing to list real estate and other assets on
Singapore’s stock exchange, with billions of dollars in recent and
planned deals putting the city-state on track for its best-ever year for
initial public offerings.<br />
<br />
They are listing in the form of trusts, which investors find
attractive because they pay high returns and assured dividends. The new
push follows a market selloff in May and June that hammered trusts’
share prices and led two companies to delay offerings.<br />
In the past two weeks, two real-estate investment trusts raised a
total of US$900 million in Singapore IPOs. Another US$4 billion of trust
deals are in the pipeline as companies ranging from department-store
operators to wind-power providers look to capitalize on the market’s
recovery.<br />
<br />
Last week, Singapore-listed property developer Overseas Union
Enterprises, controlled by Indonesia’s Riady family, listed hotel and
shopping-mall assets in a REIT after raising US$476 million in an IPO.
And Singapore Press Holdings Pte. Ltd.
the city-state’s largest publishing company, listed a REIT of its
shopping malls after raising US$438 million. Demand for both offerings,
from institutional and retail investors, easily exceeded the supply of
shares.<br />
<br />
Other companies are following suit. Among them, Lotte Department
Store, South Korea’s largest department-store operator by revenue, plans
to list some of its shopping-mall assets in Singapore in a deal that
could raise US$1 billion, people with knowledge of the deal said last
week.<br />
<br />
Lotte on Wednesday confirmed its IPO plan but said it hadn’t decided on the timing.<br />
MBK Partners, an Asia-focused private-equity firm that controls
Taiwan’s largest cable-television operator, China Network Systems, will
also seek to raise around US$1 billion by listing the operator as a
business trust, people with knowledge of the deal said last week.<br />
MBK declined to comment Wednesday.<br />
<br />
Singapore-listed property developer Soilbuild Construction Group
Ltd., meanwhile, has started taking orders from institutional investors
for a US$505 million IPO of industrial properties, people with knowledge
of the deal said. The company filed an IPO prospectus with Singapore’s
central bank on Tuesday.<br />
<br />
The success of last week’s listings—shares in both traded above their
IPO price on Wednesday—indicates that many investors still see REITs as
attractive despite concerns about U.S. monetary stimulus potentially
being scaled back and about higher interest rates, which were largely
behind the selloff in May and June.<br />
<br />
REITs were the biggest losers on the Singapore market during that
period, falling 15% from May 20 through July 4 and underperforming the
benchmark Straits Times Index, Citibank said in a report.<br />
But despite higher yields on Singapore government bonds, the gap
between them and yields on Singapore-listed REITs remains “quite
comfortable and attractive,” said Eric Khaw, Singapore-based associate
fund manager for Henderson Global Investors, which has more than US$100
billion under management.<br />
<br />
“We are not that concerned about short-term interest rates moving up in the short to medium term,” Khaw said.<br />
Henderson was a cornerstone investor in Mapletree Greater China
Commercial Trust, which raised US$1.3 billion in an IPO of China
real-estate assets in March. Cornerstone investors generally commit to
holding a significant stake for a set period.<br />
<br />
Singapore has become an Asian hub for trust listings, due largely to
government rules that require trusts to pay out 90% of revenue in
dividends. Singapore-listed REITs have yields of 6%-7%.<br />
The city-state ranks first in Asia this year in trust IPOs with a
total volume of US$3.4 billion, nearly half the region’s total,
according to data provider Dealogic.<br />
That dominance in trust listings, which has accounted for 90% of the
city-state’s total IPO volume this year, has pushed Singapore to first
in overall IPO volume in Southeast Asia for the year—and third in Asia
behind only Tokyo and Hong Kong, according to Dealogic.<br />
If all the deals in the pipeline get done, Singapore is likely to
surpass its previous record for IPO volume of US$7.2 billion in 2011.<br />
<br />
“There is ample liquidity in the region and property is a good way to
play on the growth in Asian economies,” said Angelo Scasserra, head of
real-estate banking for Southeast Asia at Credit Suisse, an adviser on
both the Overseas Union and Singapore Press Holdings offerings.<br />
Scasserra said both offerings saw significant demand from private-banking clients.<br />
“Unlike an institutional investor, a private-banking client doesn’t
have to manage redemptions from fund investors and they don’t have to
outperform indices, so they can be long-term holders of real-estate
securities,” he said.<br />
<br />
Source: The Wall Street Journal<br />
<br />
<br />Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-30748642190118514772013-07-31T07:41:00.004-07:002013-07-31T07:42:14.424-07:00Lotte Shopping Said to Plan $1 Billion Singapore IPO of Malls<h1>
<i><u><span style="font-size: large;"><span style="font-family: inherit;">Lotte Shopping Said to Plan $1 Billion Singapore IPO of Malls</span></span></u></i></h1>
<h1>
<span style="font-size: large;"><span style="font-family: inherit;">
</span></span></h1>
Lotte Shopping Co. (023530), South Korea’s
largest department store operator, is planning an initial public
offering in Singapore of some of its shopping malls, said two
people with knowledge of the matter. <br />
The sale may raise at least $1 billion and could take place
as early as this year, said the people, asking not to be
identified as the process is private. The company is still
deciding which properties it will include in the sale, which
will either be in the form of a business trust or a real-estate
investment trust, the people said.<br />
<br />
At $1 billion, the IPO would be the third-largest in
Singapore this year after sales by Mapletree Greater China
Commercial Trust (MAGIC) and Asian Pay Television Trust (APTT), data compiled
by Bloomberg show. REITs and business trusts were the biggest
fundraisers in Singapore’s IPO market in the past year, raising
$4.6 billion out of a total $5.3 billion, the data show.<br />
<br />
DBS Group Holdings Ltd., Goldman Sachs Group Inc., Nomura
Holdings Inc. and Standard Chartered Plc are managing the sale,
the people said. <br />
A call to Lotte Shopping today was unanswered. The company
said on June 24 that it’s considering the sale and lease back of
real estate assets, without offering any details on timing or
value. IFR reported the Singapore IPO plan last month. <br />
<h1>
<span style="font-size: large;"><span style="font-family: inherit;"><span style="font-size: small;">Source: Bloomberg</span> </span></span></h1>
<h1>
<span style="font-size: large;"><span style="font-family: inherit;"> </span></span></h1>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-8295507215000426492013-07-31T07:36:00.004-07:002013-07-31T07:36:53.359-07:00Berjaya Sports Toto Trust to list in Singapore by Q4 <u><b>BToto Trust to list in Singapore by Q4</b></u><br />
<br />
Malaysian general election was part of reason for delay<br />
<br />
PETALING JAYA: Berjaya Sports Toto Bhd (BToto) will list its
business trust early in the fourth quarter of this year, a top official
said.<br />
<span class="knx_highlight">Freddie Pang Hock Cheng</span>,
who is executive director of Berjaya Group and BToto, said all
approvals had been obtained for the listing of Sports Toto Malaysia
Trust (STM-Trust). <br />
“Singapore would be the primary listing. We intend to seek a secondary listing on Bursa Malaysia,” he told <em>StarBiz</em> in response to email queries.<br />
<br />
BToto, which is in the numbers forecasting business, had said last
December that it had received a conditional eligibility-to-list or ELT
letter from the Singapore Exchange Securities Trading Ltd (SGX-ST) for
the listing of the STM-Trust on the main board.<br />
Pang had then said the listing would likely take place by the end of
January 2013, adding that the proposed exercise was still pending
approval from the Monetary Authority of Singapore (MAS) at that time.<br />
<br />
Yesterday, Pang said the MAS approval was received in early April and that SGX-ST had since given BToto extensions. <br />
“We are updating our prospectus before we can launch the trust. We
are doing that now and expect the listing to be completed early in the
fourth quarter of the current calendar year.”<br />
Under the exercise, BToto shareholders will likely get a special dividend of more than 40 sen per share, according to reports.<br />
<br />
The numbers forecasting operator had last year revealed its plan to
spin off its wholly owned, cash-generating subsidiary Sports Toto
Malaysia Sdn Bhd into a business trust that would be listed in
Singapore. <br />
In a circular distributed to its shareholders last November, BToto
said the listing was expected to raise S$270mil (RM685mil), out of which
S$234.95mil (RM597mil), or an estimated RM45 for every 100 BToto shares
held, would be allocated as a special dividend to shareholders.<br />
<br />
Besides the allocation for special dividend payment, the company
also said that part of the proceeds from the listing would be used to
retire Sports Toto Malaysia’s existing loans.<br />
As at last December, Sports Toto Malaysia reportedly had a
medium-term notes programme valued at RM550mil, which needs to be paid
off by 2017.<br />
Essentially, business trusts are business enterprises set up as a
trust structure and managed by a trustee-manager, which holds the assets
on trust for unit-holders.<br />
<br />
Notably, BToto’s decision to list in Singapore was made before business trust rules in Malaysia were finalised. <br />
Since then, however, the Securities Commission has released guidelines for business trusts here. <br />
Bursa Malaysia had in March also issued its amended rules to enable
the listing of business trusts on the Main Market of Bursa Malaysia.<br />
<br />
Separately, sources had earlier said there had been some concerns by
investors in Singapore about the outcome of the general election here
and how it could affect BToto’s business. <br />
“But with all that settled now, BToto has resumed its roadshow with
investors there and dealings with the authorities in Singapore to get it
listed,” said one banking<br />
<br />
Source: The Star Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-70453846028125358982013-07-31T07:29:00.003-07:002013-07-31T07:29:44.326-07:00Soilbuild to raise up to S$643m in industrial REIT IPO<h2 class="news_brief">
<span style="font-family: inherit;"><span style="font-size: small;">Developer Soilbuild Group Holdings is looking to
raise as much as S$643 million in an initial public offering (IPO) of
its industrial and business properties.</span></span></h2>
<h2 class="news_brief">
<span style="font-weight: normal;"><span style="font-family: inherit;"><span style="font-size: small;"> </span></span><span style="font-family: inherit;"><span style="font-size: small;">SINGAPORE: Developer Soilbuild Group Holdings is
looking to raise as much as S$643 million in an initial public offering
(IPO) of its industrial and business properties.</span></span></span></h2>
<div class="news_detail">
<div>
<span style="font-family: inherit;"><span style="font-size: small;">Soilbuild
Business Space REIT (Soilbuild REIT) will be offering 586.5 million
units at an indicative price range of 77 cents to 80 cents per unit,
according to a preliminary prospectus filed with the Monetary Authority
of Singapore (MAS).</span></span><br />
<span style="font-family: inherit;"><span style="font-size: small;">499 million units will go to investors and
institutions in the placement tranche, while 87.5 million units will be
offered to the public.</span></span><br />
<span style="font-family: inherit;"><span style="font-size: small;">Soilbuild's co-founder Lim Chap Huat has also offered to buy an additional 216.9 million units.</span></span><br />
<span style="font-family: inherit;"><span style="font-size: small;">According
to the prospectus, the trust expects to offer dividend yields of
between 7.5 and 7.8 per cent based on its 2014 projections.</span></span><br />
<span style="font-family: inherit;"><span style="font-size: small;">The
REIT's initial portfolio will comprise seven business space properties,
including two business park developments and five industrial
properties.</span></span><br />
<span style="font-family: inherit;"><span style="font-size: small;">Soilbuild Group's construction arm Soilbuild Construction Group is listed on the SGX Mainboard. </span></span></div>
</div>
<h2 class="news_brief">
</h2>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com1tag:blogger.com,1999:blog-5459931378680523397.post-52154499952933896122013-07-30T08:44:00.004-07:002013-07-30T08:44:40.802-07:00POSH Semco seeks S$300-S$500 mln IPO in Singapore - sources<span id="articleText"><span class="focusParagraph"></span></span><br />
(Reuters) - Offshore marine services
provider POSH Semco, controlled by Malaysia's richest man Robert
Kuok, is seeking to list shares in Singapore in a deal worth
S$300 million to S$500 million ($237 million to $395 million),
sources said on Monday.<br />
<span id="midArticle_0"></span>The deal is expected to be launched in September or October,
two people with direct knowledge of the deal told Reuters. POSH
Semco's market capitalisation is expected to reach nearly $1
billion after its shares are listed, one of the sources said.<br />
<span id="midArticle_1"></span>POSH Semco, a member of the Kuok Group, did not respond to a
Reuters request for comment. The sources declined to be
identified because the information has not been made public.<br />
<br />
<span id="midArticle_2"></span>POSH Semco owns and operates a fleet of more than 100
vessels, providing support for offshore oil and gas activities.<br />
<span id="midArticle_3"></span>The deal will follow the recent initial public offerings of
exploration firms KrisEnergy Holdings Ltd and Rex
International Holding Ltd in the Singapore market.<br />
<span id="midArticle_4"></span>Singapore is home to the world's two biggest rig builders,
Keppel Corp Ltd and Sembcorp Marine Ltd, as
well as smaller oil services companies like Ezion Holdings Ltd
.<br />
<br />
<span id="midArticle_5"></span>The deal comes amid a pick-up in listings on Singapore's
stock exchange, including those of OUE Hospitality Trust
and SPH REIT.<br />
<span id="midArticle_6"></span>One source said the figures were preliminary as the deal has
yet to be launched and that POSH Semco has not determined how
existing and new shares will be sold in the IPO.<br />
<span id="midArticle_7"></span>Bank of America <span class="mandelbrot_refrag"><a class="mandelbrot_refrag" href="http://www.blogger.com/null">Merrill Lynch</a></span>, DBS Group Holdings Ltd
and Oversea-Chinese Banking Corp Ltd are the
bookrunners, the sources said.<br />
<span id="midArticle_8"></span>All three of the <span class="mandelbrot_refrag"><a class="mandelbrot_refrag" href="http://www.blogger.com/null">banks</a></span> declined to comment.<br />
<span id="midArticle_9"></span>Pacific Carriers Ltd, another company backed by Kuok, sealed
a joint venture deal with Dubai's indebted Drydocks World last
year.
($1 = 1.2649 Singapore dollars)<br />
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-86768052650045744752013-04-23T20:19:00.003-07:002013-04-23T20:19:43.268-07:00Croesus Retail Trust Prices Up to US$300M Singapore IPO at S$0.93/Unit<b>Croesus Retail Trust Prices Up to US$300M Singapore IPO at S$0.93/Unit - Sources</b><br />
<br />
<div align="justify">
(DJ) SINGAPORE--Croesus Retail Trust, a real-estate investment
vehicle backed by Marubeni Corp. (8002.TO) and Daiwa House Industry Co.
(1925.TO), has priced its planned initial public offering at 93 Singapore cents
(75 U.S. cents) per unit, people with knowledge of the deal said Wednesday,
setting up a flotation worth about US$300 million in Singapore. <br /><br />The deal
would be Singapore's second-biggest IPO this year, after Mapletree Investments
Pte. Ltd.--a unit of Singaporean state-investment firm Temasek Holdings Pte.
Ltd.--completed in March a US$1.3 billion offering for a China-focused
real-estate investment trust. <br /><br />Croesus Retail Trust, which would own
Japanese shopping malls in its portfolio, could file its preliminary IPO
prospectus to the Singapore central bank later Wednesday, before starting
roadshows Thursday, the people said. <br /><br />The trust had revived its plan for
a Singapore listing in recent weeks, after shelving it in November amid weak
market conditions and tepid investor demand. <br /><br />Its fresh push for a
listing comes after stock markets improved worldwide, especially in Southeast
Asia, leading to companies like Croesus renewing equity-raising plans. Recent
successes in share sales by other companies in the region have also been
supporting sentiment. <br /><br />If Croesus' IPO is successful, it would become the
first Japanese company focused on retail property to list in Singapore, and the
second Japanese company after Saizen REIT (DZ8U.SG), which listed its
residential properties in a 2007 share sale that raised about S$197 million.
</div>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-2227167512097896452013-03-13T06:51:00.002-07:002013-03-13T06:54:46.640-07:00Motor racing-Ecclestone sees new opportunity for Formula One IPO<br />
(Reuters) -
Formula One's postponed flotation could be re-launched later this year,
the sport's commercial supremo Bernie Ecclestone said on Wednesday.<br />
"Last year I thought that the markets
were not ready, but now it is getting more likely that there is an
opportunity," the 82-year-old British billionaire told the official
formula1.com website ahead of Sunday's Australian season-opener.<br />
"In
the next three months or so somebody will have to decide yes or no," he
added when asked about a possible float towards the end of the year.<br />
Ecclestone told Reuters last November that any initial public offering (IPO) was unlikely before 2014.<br />
<br />
The owners of Formula One had been preparing a $3 billion IPO in Singapore last June but decided to hold off as <span class="mandelbrot_refrag">global markets </span> tumbled and investor mood soured after Facebook's plunge in value following its flotation.<br />
Private equity firm CVC, the sport's largest shareholder, has a stake of around 35.5 percent.<br />
Some 30 percent of the <span class="mandelbrot_refrag">business</span> is owned by investment groups Blackrock, Waddell & Reed, Norges Bank and the Texas Teachers' pension fund.<br />
<br />
This
year's Formula One championship will have 19 races, one less than last
year due to the postponement of a planned grand prix in New Jersey and
the disappearance of the European Grand Prix in Valencia, Spain.<br />
The
German Grand Prix at the Nuerburgring was confirmed only at the end of
January amid prolonged wrangling over hosting fees while a slot reserved
for an unidentified European race in July has gone unfilled.<br />
<br />
Ecclestone suggested Europe could see fewer races in future with other countries, such as Thailand and <span class="mandelbrot_refrag">Mexico</span>, seeking slots.<br />
"The
fact is that we are a world championship, not a European championship,
so maybe we are going to lose a couple of European races because we are
going to other parts of the world," he said.<br />
"There are lots of countries knocking at our door and it is a case of finding the right places for Formula One."<br />
Russia is due to make its debut next year with a race in Winter Olympics venue Sochi.Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-36101626724154586192013-03-13T06:49:00.002-07:002013-03-13T06:49:14.111-07:00Singapore Press Holdings mulls property-trust IPO<div class="" id="">
--Singapore Press Holdings says it may list a real-estate investment trust
</div>
<div class="" id="">
--SPH didn't give specifics on timing, size of IPO or assets to be listed
</div>
<div class="" id="">
--Analysts say possible REIT could include Paragon Shopping Center
</div>
<div class="" id="">
(Revises throughout, adds details and background) </div>
<div class="" id="">
<br /></div>
<div class="" id="">
SINGAPORE--Singapore Press Holdings Ltd. , the city-state's largest
publishing company, is considering listing its property assets in a
real-estate investment trust, offering the latest sign that Singapore's
listings scene is coming alive after a tepid 2012.
</div>
<div class="" id="">
In a filing to Singapore Exchange on Sunday, the publisher said it
hadn't decided which properties would be included in the REIT, and that
the timing of any initial public offering would depend on market
conditions and regulatory approvals, among other things. It also didn't
reveal how big an IPO might be.
</div>
<div class="" id="">
<br /></div>
<div class="" id="">
The filing comes as at least two other companies prepare for REIT
listings in Singapore this year. And it follows the successful US$1.3
billion flotation last week of China-focused REIT Mapletree Greater
China Commercial Trust (RW0U.SG), which was backed by Singaporean state
investment company Temasek Holdings Pte.
</div>
<div class="" id="">
Analysts said the success of the Mapletree deal could catalyze
Singapore's IPO market, which last year saw around US$5 billion worth of
IPOs pulled due to volatile markets and weak demand.
</div>
<div class="" id="">
<br /></div>
<div class="" id="">
Singapore has relied on REITs and business trusts in an effort to keep
up with rival Hong Kong, the top global IPO market from 2009 to 2011.
Trust listings contributed more than half of the IPO proceeds in
Singapore over the past five years.
</div>
<div class="" id="">
SPH is considering an REIT listing as it faces declining revenue at its
main newspaper and magazine business, which saw falling circulation and
advertising income in fiscal 2012. In the year ended Aug. 31, SPH saw
operating revenue from newspapers and magazines fall 1% to 1 billion
Singapore dollars (US$800 million). The segment contributed nearly 79%
of the group's overall operating revenue in the fiscal year.
</div>
<div class="" id="">
Operating revenue from its property arm, meanwhile, climbed 14% to
S$191.4 million, helped by higher rental income from its malls.
</div>
<div class="" id="">
<br /></div>
<div class="" id="">
The company publishes 18 newspapers, including its flagship broadsheets
The Straits Times and The Business Times, as well as magazines and
books. It also runs outdoor advertising and events businesses, and its
properties include shopping malls.
</div>
<div class="" id="">
SPH has developed residential property but its real-estate business
mainly comprises shopping malls. Analysts say an REIT listing would
likely include the publisher's main retail asset, the Paragon Shopping
Center in Singapore's prime Orchard shopping district. Independent
appraisers estimated the mall, which SPH bought in 1997, to be worth
S$2.43 billion as of August.
</div>
<div class="" id="">
<br /></div>
<div class="" id="">
The company's other retail assets are Clementi Mall in western
Singapore, acquired in 2010 and valued at S$598 million in August, and
the Seletar Mall project, which is due to be completed next year.
</div>
<div class="" id="">
At least two other companies are also planning to list REITs in
Singapore. Overseas Union Enterprise, a Singapore-based developer of
offices and hotels, could initiate an $800 million hospitality REIT IPO
in the third quarter, while fellow developer Soilbuild is planning an
industrial property REIT that could raise about $400 million, according
to people with knowledge of these deals. </div>
<div class="" id="">
<br /></div>
Bankers say these companies could benefit from healthy investor demand
for such listings, demonstrated by Mapletree's strong showing since its
March 7 debut. As of Monday, its unit price had risen by as much as
15.6% from the IPO price.
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-56168027305011887192013-03-04T17:19:00.002-08:002013-03-04T17:19:53.253-08:00 IPO Troubles in Trust-Heavy Singapore<table align="center" border="0" cellpadding="5" cellspacing="0" style="width: 100%px;"><tbody>
<tr class="djText">
<td colspan="2">05 Mar 2013 06:31 MPST <b>WSJ BLOG: IPO Troubles
in Trust-Heavy Singapore</b></td></tr>
<tr class="djText">
<td colspan="2">
<div align="justify">
</div>
<div align="justify">
(This story has been posted on The Wall Street Journal Online's
Deal Journal blog at <a class="NLink" href="http://blogs.wsj.com/deals" target="_blank">http://blogs.wsj.com/deals.</a>)
</div>
<div align="justify">
By Chun Han Wong and P.R. Venkat <br /><br />Singapore's listings
scene is roaring back to life with a $1.3 billion initial public offering by a
China-focused real-estate investment trust. But nontrust-related IPOs continue
to elude the city-state, even as neighboring bourses are gearing up for a range
of billion-dollar deals. <br /><br />Elsewhere in Southeast Asia, companies from
retailers to infrastructure firms are poised to cash in on rapid economic growth
by launching large IPOs and secondary share sales. Singapore, despite its push
to rival Hong Kong as an Asian listing hub, has a one-dimensional listings
scene: It hasn't hosted any major nontrust IPOs since 2010. <br /><br />Its largest
listing in two years--set for a Thursday debut--is a $1.3 billion China-focused
REIT IPO by Mapletree Investments Pte. Ltd., the real-estate arm of Singaporean
state investor Temasek Holdings Pte. Ltd. <br /><br />"The supply of IPOs is
relatively low as the global economy is still weak...Competition [for IPOs] will
intensify with other countries given that they are growing faster," said Ken
Ang, an investment analyst at Philip Securities. <br /><br />Thailand, which
reported 6.4% economic growth last year, will host BTS Group Holdings PCL's
proposed $1.5 billion flotation for its elevated-train system in Bangkok. Over
in Malaysia, where the economy expanded 5.6% in 2012, power company Malakoff
Corp. Bhd. has plans for a $1 billion IPO. In Singapore, the government expects
the economy to grow by 1% to 3% this year after a 1.3% expansion in 2012.
<br /><br />Singapore has relied on REITs and business trusts to try to keep up with
Hong Kong, the top global IPO destination from 2009 to 2011. Trust listings
contributed more than half of the IPO proceeds in Singapore in the last five
years and surged to 93% in 2011, when the city hosted its largest-ever IPO
Hutchison Port Holdings Trust's $5.5 billion flotation. <br /><br />This trend is
set to continue this year. Apart from Mapletree Overseas Union Enterprise, a
Singapore-based developer of mainly offices and hotels, could initiate an $800
million hospitality REIT IPO in the third quarter, while fellow developer
Soilbuild is planning an industrial property REIT that could raise about $400
million, according to people with knowledge of these deals. <br /><br />Although
Singapore has a large, diversified investor pool and tough corporate-governance
rules, it has lost out to neighboring governments' measures to deepen their
capital markets. <br /><br />Backed by the government's push to list huge
state-owned entities, Malaysia hosted $7.5 billion worth of IPOs in 2012,
placing it fifth globally in terms of value after coming in 14th in 2011,
according to data tracker Dealogic. <br /><br />Bankers say some $3 billion worth of
IPOs could be launched in Kuala Lumpur this year, including deals by Malakoff
and port-owner Westports Malaysia Sdn. Bhd. In Indonesia, private-equity firm
CVC Capital Partners plans to sell up to $1.5 billion worth of shares in
Matahari Department Store. <br /><br />Things could have been very different for
Singapore, which saw some $5 billion worth of IPOs pulled last year because of
volatile markets and weak demand. U.K. soccer club Manchester United ditched
plans to list in the city-state, motor-sport group Formula One shelved a $2.5
billion flotation, and India's Reliance Communications scrapped a listing of up
to $1 billion of its undersea-cable assets, among others. <br /><br />Bankers say
some of these IPO plans could be revived if Mapletree's latest REIT listing goes
well. But even so, Singapore's IPO scene will likely remain trust heavy.
<br /><br />"Singapore was an early adopter of REIT and business trust legislation
and the asset class has proved itself to be popular with a wide variety of
individual and institutional investors," said Rupert Mitchell Citigroup's
Asia-Pacific head of equity syndicate. "The sector's strong yield
characteristics have played well in a low-interest-rate environment."
<br /><br />Although REITs have won loyal followers thanks to steady yields,
business trusts have been shunned by some investors because most have
underperformed the market. Singapore hosts 30 REITs and property trusts with
about $44 billion in total market value, a record since the government set up a
legal framework for REITs in 1999. </div>
</td></tr>
</tbody></table>
Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-19769358102394497302012-04-22T19:54:00.000-07:002012-04-22T19:54:26.635-07:00Global Premium Hotel Limited<div style="font-family: inherit;">
<span style="font-size: small;"><b><a href="http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/321230FDF15F5795482579E40041A2D7/$File/Global%20Premium%20Hotels%20-%20Registration%20Prospectus%20%28Clean%29.pdf" target="_blank">Download the Prospectus here</a></b></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><u><b>Global Premium Hotel Limited</b></u></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Offer Price: $0.26<br />
Offer Size: 450m new shares <br />
Public Tranche – 13m shares<br />
Placement Tranche – 437m shares<br />
NAV per share (post-IPO): S$0.2897<br />
Historical PE: 7.5x (FY10)<br />
Market Cap (post-IPO): S$260m<br />
Open: 19 Apr 2012<br />
Close: 24 Apr 2012, 12.00 noon<br />
Trading: 26 Apr 2012, 9.00 a.m. (on “ready” basis)</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span>
</div>
<div style="font-family: inherit;">
<span style="font-size: small;">Global Premium Hotel Limited operate one of Singapore’s largest </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">chains of hotels with 23 hotels, of which 22 are operated under our </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">“Fragrance” brand and one hotel under the “Parc Sovereign” brand. </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">GPH provide economy-tier and mid-tier class of accommodation with</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">1,738 rooms in Singapore and own all our hotels save for Fragrance</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Hotel – Elegance. As at 31 October 2011, the market value of all the</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">22 hotels which GPH own amounted to S$747.6 million.</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">The company is principally engaged in the business of developing and</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">operating economy-tier to mid-tier class hotels. The established track </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">record and reputation of providing affordable accommodation has led to</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">“Fragrance” brand of hotels becoming well recognised in the local </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">and regional hospitality industry. Most of the hotel property assets and</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">
hotel operations are strategically located in the city or city-fringe areas.</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><span id="yui_3_2_0_1_1335143289217144">Over
85% of the 22 hotels owned are on freehold land. The hotels are</span></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><span id="yui_3_2_0_1_1335143289217144">fairly
new, with half being in operation for five years or less.</span></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">The company will raise about S$112.1 million from the listing<br />
of shares and they will use the net proceeds as followed:<br /><br />
(a) approximately S$75 million will be Partial repayment of the </span>
</div>
<div style="font-family: inherit;">
<span style="font-size: small;">Purchase Consideration<br />
(b) approximately S$30 million will be Development and expansion of</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">
hotel business and operations in Singapore and overseas<br />
(c) approximately S$7 million will be Working capital purposes</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Global Premium Hotel Limited is actually a spin-off from its parent,</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Fragrance Group which is also listed in SGX and will remain as the</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">major shareholder after the listing. The company intend to distribute </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">at least eighty per cent. (80%) of net profit after tax to Shareholders</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">for FY2012, as they wish to reward our Shareholders for participating in</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">our Group’s growth. According to Euromonitor International:<br />i) Singapore’s inbound tourist arrivals are expected to increase by 2.7% p.a.</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">during 2011-2015 to reach 21.9m trips by 2015; and<br />ii) Retail value of Singapore hotel accommodation is expected to increase</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">by 50% from an est. S$4b in 2011 to S$6b in 2015
<br />According to the Singapore Tourism Board, for the first two months of this </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">year, the Revenue per
Available Room (RevPAR) of Singapore hotels has</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">increased by 19% YoY to
S$225, according to the Singapore Tourism Board. </span>
</div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">The hotel chain has grown over the years,
with 5-year CAGR of 13.9%</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">
and 10.9% for the number of hotels and rooms
respectively. It also </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">achieved growth in the average occupancy rate from
76.9% to 89.4% </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">between 2008 and 2010. GPH’s revenue for FY10 was
S$44.2m, </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">demonstrating a 2-year CAGR of 9.4%. 9M11 revenue was at
S$38.9m, </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">up 20% YoY. GPH’s gross profit margins for FY10 (ended Dec
2010) and </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">9M11 were both at 88.3%. Net profit margins for FY10 and 9M11
were 44.9%</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">
and 44.5% respectively. </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">It is very interesting to know that the company is actually listed at a discount</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">to its NAV and not like many others listed at a huge premium over it.<br />Although it can be deduced that most of the company's asset are the hotels</span>
<span style="font-size: small;"><br />and the land it owned and so it is subjected to varied valuation at different time,</span>
<span style="font-size: small;"><br />but I still like the fact that we are getting the stock at a discount right now. </span>
<span style="font-size: small;"><br />Also, another thing worth mentioning is the average price that the major </span>
<span style="font-size: small;"><br />shareholder Fragance Group actually "paid" for the share at 25cts and we as</span>
<span style="font-size: small;"><br />a new shareholders can get the share at 26cts. That is only a single cent above</span>
<span style="font-size: small;"><br />the major shareholder and this will also provide a good support to the share price. </span>
</div>
<div style="font-family: inherit;">
<span style="font-size: small;">Just for comparison purpose, Bumitama's post-IPO NAV is 32.9cts and the </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">new shareholder are paying 74.5cts which is a premium of 56%. The major</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">shareholder's average price per share are 4 and 2.6cts respectively and</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">the public pay the IPO price of 74.5cts</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Civmec listed at 40cts and its post-IPO NAV is 12.7cts The major shareholders</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">pay as low as 4cts to a high of 23.4cts for the shares and public pay 40cts.</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Get the picture? </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">When I look at the not-final prospectus in the comment stage, I wasn't really </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">impressed by what I read and thought of giving the IPO a miss. But I was wrong, </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">when I read the final prospectus again, I was sold and I believe that this a great</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">opportunity to own a stock that is likely to grow with the nation's progress and </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">the influx of tourists and foreigners. With 13 million shares for public application,</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">the chances of getting the share is reasonably high and I will "show-hand" to</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">apply for it. If I manage to win the lucky draw, I will hold the stock for a 50-100%</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">profits considering the dividend and capital appreciation. </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">Take note that I am not saying that the stock will surge 50-100% on its debut but</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">I will keep the stock until that level. This is just my view but I believe that given </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">its business potential and prospect, it is a future take-over target, and I totally </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">won't be surprise if it happen this way. But this is just my crystal-ball reading, </span></div>
<div style="font-family: inherit;">
<span style="font-size: small;">so take it with a pinch of salt.</span></div>
<div style="font-family: inherit;">
<span style="font-size: small;"><br /></span></div>
<span style="font-size: small;"><span style="font-family: inherit;">
Source: Global Premium Hotel Limited IPO Prospectus, IPO Fact Sheet</span><br style="font-family: inherit;" /><span style="font-family: inherit;">
by OCBC</span></span>Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-82274580328760288032012-04-09T20:21:00.002-07:002012-04-09T20:21:41.823-07:00Civmec Limited<a href="http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/D87713A28CA4DDFE482579D7003120F0/$File/2%28c%29%28i%29%20Prospectus%20dd%205%20Apr%2012%20%28Clean%29.pdf" target="_blank"><b>To download a copy of the prospectus</b></a><br />
<br />
<u><b>Civmec Limited</b></u><br />
<br />
Offer Price: $0.40<br />
Offer Size: 51m new shares + 50m vendor shares<br />
Public Tranche – 2.0m shares<br />
Placement Tranche – 99m shares<br />
NAV per share (post-IPO): S$0.127<br />
Historical PE: 23.9x (FY11)<br />
Market Cap (post-IPO): S$200.4m<br />
Open: 5 Apr 2012<br />
Close: 11 Apr 2012, 12.00 noon<br />
Trading: 13 Apr 2012, 9.00 a.m. (on “ready” basis)<br />
<br />
Civmec Limited is an Australian-based integrated<br />
multi-disciplinary construction and heavy engineering<br />
services provider to the oil and gas, mining and other<br />
industries, such as the infrastructure, utilities, chemical<br />
and power industries. The company provide heavy<br />
engineering and other services including fabrication,<br />
site civil works, pre-cast concrete and maintenance services. <br />
<br />
The company will raise about S$18.1 million from the listing<br />
of shares and they will use the net proceeds as followed:<br />
<br />
(a) approximately S$6 million will be committed for Building of office<br />
— relocation to larger premises<br />
(b) approximately S$3 million will be Investment into additional<br />
fixed assets for expansion into SMP <br />
(c) approximately S$9.09 million will be Working capital/provision<br />
of performance and warranty guarantees<br />
<br />
<br />
Based on the offer price of 40cts, Civmec with an NAV of just<br />
12.7cts will have a 214.4% premium of Invitation Price per Share<br />
over the Adjusted NAV per Share. This is a very rich valuation<br />
of the stock offer price. And the Historical PE of 23.9x is also<br />
reasonably high.<br />
<br />
This IPO is consider much muted than its previous 2<br />
IPO in Cordlife and Bumitama and there isn't a lot<br />
of media coverages and reports on it. Maybe because<br />
it is just a significantly smaller listing. Given such a high<br />
valuation, will Civmec still perform when it debuts on this Friday?<br />
Yes, I believe it should still have a decent performance base<br />
on the fact that there is a "oil and gas" component in its business.<br />
Nowadays, anything dealing with it seems to be in the limelight<br />
and Civmec will be the same.There is only 2 million for public<br />
application and the chances of getting it is like playing 4D and<br />
Toto, but nevertheless I will still risk my $2 application fee.<br />
Do take note that I feel that the stock is "expensive" and I will<br />
take profits if it is above the 50cts region. <br />
<br />
Source: Civmec Limited IPO Prospectus, IPO Fact Sheet<br />
by UOBStock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0tag:blogger.com,1999:blog-5459931378680523397.post-62254365453862004982012-04-08T20:25:00.000-07:002012-04-08T20:25:11.848-07:00Bumitama Agri LimitedTo download a copy of the prospectus,<br />
<a href="http://masnet.mas.gov.sg/opera/sdrprosp.nsf/936bad13609791c948256b3e001ed49f/3C88C5FEC9B94E02482579D5002322E6/$File/1.%20Prospectus%20%28cln%29.pdf" target="_blank"><b>please do it here</b>.</a><br />
<br />
<u><b>Bumitama Agri Limited </b></u><br />
<br />
Offer Price: $0.745<br />
Offer Size: 273.334m new shares + 24.236m vendor shares<br />
Public Tranche – 15.0m shares<br />
Placement Tranche – 157.737m shares<br />
Cornerstone Tranche – 124.833m shares<br />
NAV per share (post-IPO): Rp2,342 (Equivalent to S$0.328)<br />
Historical PE: 15.0x (FY11)<br />
Market Cap (post-IPO): S$1.309b<br />
Open: 4 April 12<br />
Close: 10 April 12<br />
Listing: 12 April 12, 9.00am<br />
<br />
Bumitama Agri Limited will join the current already-listed<br />
palm-oil related peer like Wilmar, Golden Agri, Indo Agri,<br />
First Resources, Mehwah, Kencana Agri and Global Palm<br />
in SGX this coming Thursday. The company is a pure<br />
upstream oil palm plantation player with operations in<br />
Indonesia, mainly Central Kalimantan, West Kalimantan<br />
and Riau. The company has a total landbank of 191,948ha,<br />
comprising 119,162ha (62%) of planted area and 72,786ha (38%)<br />
of uncultivated land available for new planting. Bumitama<br />
has a young age profile of 5 years for its planted area, and<br />
only 28% of its total planted area is at the prime age.<br />
Currently, it owns and operates five crude palm oil (CPO)<br />
mills in Kalimantan and one in Riau, with a total fruitfresh<br />
bunch (FFB) processing capacity of 2.07m tonnes every year.<br />
<br />
The company will raise about S$195.2 million from the listing<br />
of shares and they will use the net proceeds as followed:<br />
<br />
(a) approximately S$142.0 million will be committed for capital<br />
expenditure for the expansion and development of our existing<br />
uncultivated land bank and oil palm plantations;<br />
(b) approximately S$12.6 million to repay the Shareholder Loans,<br />
where the majority of the loans were used to increase and<br />
consolidate our shareholding in our subsidiary, BGA, as part of<br />
the Restructuring Exercise;<br />
(c) approximately S$27.9 million to finance our share of the capital<br />
expenditure of subsidiaries under SNA and BAS for cultivation;<br />
and<br />
(d) the balance of approximately S$12.7 million for our working<br />
capital needs.<br />
<br />
It is worthy to note that Oakridge, a subsidiary of Malaysia-listed<br />
IOI will hold 30.4% of Bumitama and Asdew Acquisitions Pte Ltd,<br />
Hwang Investment Management Berhad, Target Asset Management<br />
Pte Ltd, UOB Asset Management Ltd, Value Partners Hong Kong<br />
Limited and Wii Pte Ltd (a wholly owned subsidiary of Wilmar<br />
International Limited) will be the cornerstone investor.<br />
<br />
At 74.5cts, Bumitama will be listed at a PE of 15.2x for FY 2011<br />
and Price/Book of 3.7 times and gearing of 0.8 times, this is rather<br />
high valuation. Most of its peers are trading at lower valuation<br />
now and I don't see a favourable trading condition for the company<br />
pass the honeymoon period. Just to give an example of what<br />
happened to its last 2 peers listed, Global Palm, a much smaller<br />
producers listed at 46cts and it never see this price again after<br />
listing and is now hovering around half of its IPO price around 23cts.<br />
Mewah listed at $1 and is also trading around 50% of the IPO<br />
around 51.5cts I am not saying that Bumitama will definitely perform<br />
as there are other peers like First Resources and Indo Agri who are<br />
soaring high. I am just saying that Bumitama is listing at a notably<br />
higher and valuation. <br />
<br />
I feel that the stock is priced at a rich valuation but since this<br />
is only the 2nd IPO this year and looking at Cordlife's debut,<br />
we can expect the same reception for the stock as well.<br />
At this price, I will take profits within the first few days of<br />
trading and will not hold on to it for long until I see "value"<br />
in the company again. <br />
My personal recommendation is to Subscribe for the public<br />
offering with a profit potential of 20-25% from the share.<br />
With 15 million shares for public offering, the chances of getting<br />
the stock is significantly higher and it is worth the punt on the stock.<br />
<br />
Source: Bumitama Agri IPO Prospectus, IPO Fact Sheet<br />
by UOB, Straits Times.Stock Lobanghttp://www.blogger.com/profile/04801201692947530337noreply@blogger.com0