Chart Updates

 

source: cnn

Chart 1: Fear and Greed Index

sign of U-turning if below level 60

May 2023 Market Holidays

 May 2023 Market Holidays

Singapore Market Holidays 2023

 Singapore Market Holidays 2023

source: calendarlabs .com / SGX

KIT Plans to Raise $240 Million Through Equity Fundraising: An Overview

source: SGX announcement

For existing shareholders, 5 for 100 held

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Indicative Time Table

souce: SGX announcement

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KIT announced equity fund raising morning. Details are as follows:

Total: S$125mln (private placement) + $115mln (non-renounceable preferential offering) = S$240mln

Placement offering size: S$125.0m
Offer price range: S$0.464 - S$0.477 representing:
•7.4% - 9.9% discount to last close
•7.4% - 9.9% discount to VWAP
•5.1% - 7.7% discount to adjusted VWAP

Preferential Offering size: S$115.0mln
Offer price range: S$0.464 – S$0.467 representing:
•9.3% and 9.9% discount to VWAP
•7.1% and 7.7% to Adjusted VWAP

Forecast FY23 yield: ~8.4% - 8.6%
Use of Proceeds: Partial repayment of the bridge facilities which were used to initially fund the acquisition of 3 assets in 2H2022
Sponsor: Sponsor undertakes to subscribe for its 18.21% prorata share of the placement

Important Dates:
Launch of Placement: 18th April 23
First date of ex-trading of Placement Units: 25th April 23
Expected date of issue of Placement Units: 27th April 23
Expected date of issue of Preferential Units: 18th May 23

~ source: Lim and Tan Telegram

DBS Historical P/B (and its relation to Fed Funds Rate)

 

source: Lim and Tan

Chart 1 - DBS historical P/B 

* Accordingly, every 100 basis point hike expected to add S$1 billion to S$2 billion to banking sector profits

Singtel's Strategic Expansion into Indonesia and Thailand's Data Centre Markets

 

chart created using trading view

Chart 1 : Singtel monthly chart

RHB Bank analysts have suggested that Singapore Telecommunications (Singtel) should be bought by investors because the Asean data centre market is about to experience “hyper-growth”. The analysts added that the positive outlook resonates well with their preference for fixed-line plays, as Singapore’s calibrated data centre growth is squeezing inventory, resulting in overflow to neighbouring hubs. Singtel is expected to be a leader in data centre services regionally with the best interconnectivity in Southeast Asia by 2026. The group already owns and operates seven data centres in Singapore with a rated capacity of over 70 MW, but it plans to expand to over 170 MW regionally within three to five years through joint ventures with Indonesia and Thailand. ~ source: thedge

S-REITs

Chart 1 : FTSE REITs Index (chart created using C2 - Shareinvestor)

JP Morgan analysts are concerned about the rental portion of some S-REITs, citing vacancy risks as a key focus for 1Q2023. They point out specific concerns regarding non-renewals or partial renewals from tenants such as AT&T, Atos, Seiko, and NTT, as well as litigation with DXC. However, S-REITs with office and hospitality assets are expected to report improved rental reversions. JP Morgan prefers to err on the side of caution and sees downside to street DPUs post-results, with its top picks being laggards such as CDL Hospitality Trusts, CICT, CapitaLand Ascendas REIT, KDC REIT, and Mapletree Logistics Trust. ~ theedge