Lim & Tan Securities’ Comprehensive Market Insights: A Deep Dive into Singapore’s Top Stocks
March 28, 2025
Sinarmas Land Receives Takeover Offer, Geo Energy Expands Coal Assets
In this in-depth market report, the research team at Lim & Tan Securities provides a comprehensive analysis of the latest developments in Singapore’s financial landscape. From a major takeover offer to strategic acquisitions in the energy sector, this article offers valuable insights for investors and market watchers alike.
Sinarmas Land Receives Takeover Offer
Sinarmas Land ($0.275, trading halt) announced that Lyon Investments, an entity controlled by the Widjaja family, has made a voluntary unconditional cash offer for all the shares in Sinarmas Land at $0.31 per share. This offer is not subject to any conditions and is unconditional in all respects.
The offeror, who currently owns 70.3% of the total issued shares, believes that the offer represents an opportunity for shareholders to realize their investments in Sinarmas Land at a premium over the historical transacted prices, without incurring any brokerage and other trading costs.
The offeror intends to make Sinarmas Land its wholly-owned subsidiary and does not intend to preserve the listing status of the company. This offer values Sinarmas Land at $1.3 billion and at a price-to-book ratio of 0.4x.
Geo Energy Expands Coal Assets
Geo Energy Resources Limited ($0.325, up 0.015) announced that it has entered into a conditional shares sale and purchase agreement to acquire an additional 15% effective interest in its subsidiary, PT Triaryani (TRA), for $40.8 million. This will increase Geo Energy’s effective interest in TRA up to approximately 75.07% upon completion.
TRA’s producing coal mine consists of coal reserves that have low sulfur and low ash content, which are in high demand from both domestic and international markets, particularly in Asia. The acquisition will significantly expand Geo Energy’s coal reserves and allow the company to ramp up TRA’s annual production to 25 million tonnes after the completion of its Integrated Infrastructure project.
Separately, Geo Energy has entered into a non-binding Memorandum of Understanding with Resource Invest AG, a leading commodities investment company, regarding an investment of $50-$100 million in Geo Energy’s subsidiary, MBJ, as well as other potential co-investments. The MOU further states that at full capacity, MBJ’s valuation should exceed $1.5 billion.
Macro Market News Affecting US, Hong Kong, and China
According to BCA Research, the Federal Reserve’s Beige Book shows a slowing economy, a moderating labor market, and rising price pressures in the United States. While employment remains healthy, respondents reported easing wage pressures, and consumption was softer with consumers becoming more prudent and price-sensitive.
In China and Hong Kong, Saudi Aramco is set to supply the lowest amount of oil to China in several months, even as the OPEC+ cartel gears up to boost output. The state-owned Saudi Arabian major will send 34 million to 36 million barrels of April-loading crude to customers in China, the world’s biggest importer, which is below the 41 million barrels sent in March.
FSSTI Stock Selection
The research team at Lim & Tan Securities has provided a comprehensive analysis of the FSSTI universe, highlighting the companies with the highest consensus forward dividend yields and the lowest consensus forward P/E ratios, as well as the companies with the lowest trailing P/B and EV/EBITDA ratios.
Dividends and Corporate Actions
The report also includes a detailed list of upcoming dividend payments, special distributions, and other corporate actions for companies listed on the Singapore Exchange.
SGX Watch-List
The report concludes with a list of 32 companies currently on the SGX Watch-List, including the latest additions since the second half of 2023.
