Report Summary

• Jardine Matheson is moving to privatise Mandarin Oriental through a cash takeover at US\$3.35 per share, valuing the hotel group at US\$4.2 billion, with a significant premium over recent prices and NAV. The move aims to simplify Jardine Matheson’s corporate structure and support Mandarin Oriental’s growth, but investors are advised to wait for the IFA’s report before making decisions.
• Wilmar International’s Indonesian subsidiary is facing regulatory issues over alleged losses from sugar imports in 2016. Despite insider purchases and low valuations, regulatory risks remain, and the stock is rated “Avoid” for now.
• Institutional investors in Singapore had net buys in DBS, Sembcorp Industries, and Keppel, while retail investors favored Seatrium and Genting Singapore. Overall market performance remains positive year-to-date.
• Cybersecurity concerns are rising due to Chinese state-sponsored hackers exploiting Microsoft SharePoint vulnerabilities, affecting global institutions, including the US National Nuclear Security Administration.
• Private infrastructure assets currently offer attractive long-term returns and inflation-hedging properties, but public infrastructure valuations are also compelling for capital deployment.
• The report includes updates on significant share transactions, dividend schedules, and a watch-list of SGX-listed companies under scrutiny.