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In an “overweight” initiation report on Oct 9, JP Morgan, whose asset management unit was one of the three fund managers allocated $1.1 billion in government funding to boost the market, expects the “new” Keppel to be worth $12.50 at the end of next year, representing an upside of more than a third from current levels.
The report, jointly authored by analysts Mervin Song, Terence Khi, Sumedh Samant and Khoi Vu, is of the view that the “new” Keppel is a global asset manager which ought to be valued differently from a conglomerate.
Singapore’s sovereign wealth fund sued Nio Inc. in US court for allegedly inflating revenue, dealing another blow to the Chinese carmaker struggling to maintain its footing in the country’s fiercely competitive auto sector.
The lawsuit, filed in August in the Southern District of New York, named the company, Chief Executive Officer Li Bin and former Chief Financial Officer Feng Wei as defendants, alleging that they made misleading statements that artificially inflated the value of Nio’s securities and causing “significant losses” to GIC.
Karen Chen Xiuling, one of the three Singaporeans added to the US Specially Designated Nationals and Blocked Persons list, has resigned from her role as an independent director of 17Live Group.
Inclusion into this list by the Treasury Department's Office of Foreign Assets Control (OFAC) means US persons and entities are not to do business with these individuals. 17Live says that Chen has voluntarily resigned on Oct 15.
Q & M Dental Group (Singapore) plans to expand into Thailand via the acquisition of an equity stake in an unnamed Thai dental clinic chain.
This will expand its footprint that is now dominantly Singapore and Malaysia into Thailand.
Under terms of an MOU, the stake will be acquired at an enterprise value of 1.95 billion baht ($77.6 million). Q&M will be paying via a mix of cash and new shares.
The $48.1 million IPO of industrial properties developer Soon Hock Enterprise, which closed on Oct 14, is 9.8 times subscribed.
For the 2.8 million shares available in the retail tranche, there were 1,444 applications for a total of 47.3 million shares, which makes this 16.9 times subscribed.
The larger international offer of 18.78 million shares received interest worth $95.1 million, which makes this tranche 8.7 times subscribed.
In addition, this issue attracted cornerstone investors who together put in $35.6 million.
Manufacturing services provider Aztech Global has reported earnings of $10.8 million for its 3QFY205, down 21.2% y-o-y. Revenue in the same period was down 19.9% y-o-y to $133.5 million, along with lower demand from customers.
The company says its bottom line was also weighed down by a higher effective tax rate incurred in Malaysia.
With these 3Q FY2025 numbers, Aztech's 9MFY2025 earnings reached $26.9 million, down 55.5% y-o-y.
DBS Group Research has kept its 'buy' call and $1.80 target price on ComfortDelGro after the Public Transport Council approved a 5% fare hike with effect from Dec 27, under its annual fare review exercise.
The increase of 5% is lower versus 6% DBS had projected, and is also significantly below the maximum allowable increase of 14.4% for 2026, with 9.4% deferred to subsequent years.
Adrian Loh of UOB Kay Hian has raised his target price for Keppel from $10.46 to $10.85, after applying a higher valuation multiple on its asset management business from 15x to 18x.
In his Oct 15 note, Loh notes that Keppel had a "busy" 3Q. It completed the divestment of its 70% stake in Saigon Sports City (SSC) for $354 million, sold its remaining stakes in two data centres in Singapore.
In addition, Keppel's Bifrost subsea cable system is now ready for service.
DBS Group Research, in an unrated note on Oct 14, figures that Soilbuild Construction Group has a fair value of $4.70, which is based on 12x FY2026 earnings.
Soilbuild shares gained 7.51% to change hands at $3.58.
The company has secured some $1.21 billion in orders which will provide revenue visibility till 1HFY2027.
"We remain excited on the group’s construction as well as prefabricated and precast supply segments, with them expected to continue seeing strong visibility on the back of Singapore’s infrastructure and building work," according to the DBS.
Mechanical and engineering firm Ever Glory United Holdings has applied to transfer its Catalist listing to the Mainboard, in a bid to reach out to a larger investor base with more opportunities to raise funds and make more acquisitions, among other reasons.
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