Latest news with #KayHian
Yahoo
15-07-2025
- Business
- Yahoo
China's Property Crisis Just Got Worse--And Vanke Is Sounding the Alarm
China's property market is sinking againand fast. New-home prices across 70 cities dropped 0.27% in June, the sharpest decline in eight months. Second-hand home values slipped even more, down 0.61%, with all four tier-1 cities registering monthly declines of at least 0.5%. Residential sales slumped 12.6% year-over-yearthe worst this yearand real estate investment is now down 11.2% for the first half, hitting levels last seen at the peak of the pandemic. The sector's persistent drag is now weighing on broader economic confidence, especially as earlier stimulus efforts begin to lose steam. Investors were momentarily encouraged last week as whispers of fresh support picked up ahead of this month's Politburo meeting. That optimism lifted the Bloomberg Intelligence index of Chinese developersuntil it didn't. The index gave back 3.3% on Tuesday, with Vanke (VNKEF) tumbling 3.6% after warning its first-half loss could reach up to 12 billion yuan ($1.67 billion). It's the latest sign that even the biggest players are struggling to stay above water. Analysts at UOB Kay Hian flagged a clear trend of market weakening and see a higher chance of new policy signals emerging from the July meeting. Still, Beijing may not rush in. Some economists think policymakers could hold off on a major packageat least for nowto conserve options in case U.S. tensions resurface after a temporary trade deal expires in August. That puts investors on high alert for any policy language from top leaders in the weeks ahead. For now, the message is clear: the housing market isn't out of the woods, and the wait for decisive intervention may not be over. This article first appeared on GuruFocus. Sign in to access your portfolio
Business Times
11-07-2025
- Business
- Business Times
Popiah king Sam Goi makes mandatory offer for rest of PSC at S$0.40 a share
[SINGAPORE] Local tycoon Sam Goi has made a mandatory offer to buy the remaining shares of PSC Corp that he does not already own at S$0.40 apiece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf. Dubbed the local 'popiah king', Goi on Thursday (Jul 10) bought the shares at S$0.40 apiece, lifting his stake from 31.82 per cent, the filing said. This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on Jul 11 by way of a married deal. Given that PSC has a paid-up share capital of S$177.3 million comprising 545.3 million shares, Goi's offer would amount to S$123.5 million, according to calculations made by The Business Times. Goi is also the executive chairman of PSC, a fast-moving consumer good manufacturer and distributor. He has been steadily buying shares in the company over the past few years. The latest purchase triggers a rule in the Singapore Code on takeovers and mergers whereby anyone who holds more than 30 per cent, but not exceeding 50 per cent of the voting rights of a company is required to make a mandatory general offer for all the shares in the company which he does not already own. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer price will not be cut, or adjusted for the final dividend of S$0.013 per share for the financial year ended Dec 31, 2024. This was paid out on Jun 18, 2025. UOB Kay Hian said Goi's offer presents existing shareholders with a 'clean cash exit opportunity to realise their entire investment', without incurring brokerage and other trading costs. In laying out the rationale of the offer, the filing also notes that the trading volume of PSC shares has been low – at a daily average of around 183,790 shares in the previous month. The number drops to 76,287 for the past 12 months. UOB Kay Hian also notes that PSC faces a challenging business environment in Singapore and its other key markets, due to tariff uncertainties and geopolitical tensions. Adverse weather conditions have also impacted commodity prices and production costs for PSC and its subsidiaries, it noted. Goi does not currently intend to actively pursue PSC's delisting from the mainboard, the filing said. PSC shares fell S$0.01, or 2.4 per cent, to close at S$0.40 before the announcement. In a separate filing, UOB Kay Hian said that Goi will make a mandatory unconditional cash offer for Tat Seng Packaging Group, in which PSC owns a controlling stake. This is if Goi's offer for PSC becomes unconditional, or if he acquires statutory control of the company, he will need to make an offer for Tat Seng under what is known as a chain offer condition. PSC holds 100.5 million of Tat Seng's ordinary shares, or a stake of around 63.95 per cent. Goi owns 409,700 shares, or about 0.26 per cent. If and when a chain offer for Tat Seng is made, the price shall be S$0.899 a share.
Business Times
10-07-2025
- Business
- Business Times
Popiah king Sam Goi makes S$0.40 a share offer to buy rest of PSC
[SINGAPORE] Local tycoon Sam Goi has made a mandatory offer to buy the remaining shares of PSC Corp that he does not already own at S$0.40 a piece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf. Dubbed the local 'popiah king', Goi on Thursday (Jul 10) bought the shares at S$0.40 apiece, lifting his stake from 31.82 per cent, the filing said. This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on Jul 11 by way of a married deal. Given that PSC has a paid-up share capital of S$177.3 million comprising 545.3 million shares, Goi's offer would amount to S$123.5 million, according to calculations made by The Business Times. Goi is also the executive chairman of PSC, a fast-moving consumer good manufacturer and distributor. He has been steadily buying shares in the company over the past few years. The latest purchase triggers a rule in the Singapore Code on takeovers and mergers whereby anyone who holds more than 30 per cent, but not exceeding 50 per cent of the voting rights of a company is required to make a mandatory general offer for all the shares in the company which he does not already own. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer price will not be cut, or adjusted for the final dividend of S$0.013 per share for the financial year ended Dec 31, 2024. This was paid out on Jun 18, 2025. UOB Kay Hian said Goi's offer presents existing shareholders with a 'clean cash exit opportunity to realise their entire investment', without incurring brokerage and other trading costs. In laying out the rationale of the offer, the filing also notes that the trading volume of PSC shares has been low – at a daily average of around 183,790 shares in the previous month. The number drops to 76,287 for the past 12 months. UOB Kay Hian also notes that PSC faces a challenging business environment in Singapore and its other key markets, due to tariff uncertainties and geopolitical tensions. Adverse weather conditions have also impacted commodity prices and production costs for PSC and its subsidiaries, it noted. Goi does not currently intend to actively pursue PSC's delisting from the mainboard, the filing said. PSC shares fell S$0.01, or 2.4 per cent, to close at S$0.40 before the announcement. In a separate filing, UOB Kay Hian said that Goi will make a mandatory unconditional cash offer for Tat Seng Packaging Group, in which PSC owns a controlling stake. This is if Goi's offer for PSC becomes unconditional, or if he acquires statutory control of the company, he will need to make an offer for Tat Seng under what is known as a chain offer condition. PSC holds 100.5 million of Tat Seng's ordinary shares, or a stake of around 63.95 per cent. Goi owns 409,700 shares, or about 0.26 per cent. If and when a chain offer for Tat Seng is made, the price shall be S$0.899 a share.
Business Times
10-07-2025
- Business
- Business Times
Singapore tycoon Sam Goi makes S$0.40 a share offer to buy rest of PSC
[SINGAPORE] Local tycoon Sam Goi has made a mandatory offer to buy the remaining shares of PSC Corp that he does not already own at S$0.40 a piece. This comes after he spent S$25.2 million on 63 million shares to raise his stake to 43.38 per cent. The offer represents a premium of 7.8 per cent over the volume weighted average price of S$0.371 in the past one-month period, according to a bourse filing by UOB Kay Hian on his behalf. Dubbed the local 'popiah king', Goi on Thursday (Jul 10) bought the shares at S$0.40 apiece, lifting his stake from 31.82 per cent, the filing said. This acquisition, which will bring the number of shares he owns in the company to 236.5 million, will be completed on Jul 11 by way of a married deal. Given that PSC has a paid-up share capital of S$177.3 million comprising 545.3 million shares, Goi's offer would amount to S$123.5 million, according to calculations made by The Business Times. Goi is also the executive chairman of PSC, a fast-moving consumer good manufacturer and distributor. He has been steadily buying shares in the company over the past few years. The latest purchase triggers a rule in the Singapore Code on takeovers and mergers whereby anyone who holds more than 30 per cent, but not exceeding 50 per cent of the voting rights of a company is required to make a mandatory general offer for all the shares in the company which he does not already own. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The offer price will not be cut, or adjusted for the final dividend of S$0.013 per share for the financial year ended Dec 31, 2024. This was paid out on Jun 18, 2025. UOB Kay Hian said Goi's offer presents existing shareholders with a 'clean cash exit opportunity to realise their entire investment', without incurring brokerage and other trading costs. In laying out the rationale of the offer, the filing also notes that the trading volume of PSC shares has been low – at a daily average of around 183,790 shares in the previous month. The number drops to 76,287 for the past 12 months. UOB Kay Hian also notes that PSC faces a challenging business environment in Singapore and its other key markets, due to tariff uncertainties and geopolitical tensions. Adverse weather conditions have also impacted commodity prices and production costs for PSC and its subsidiaries, it noted. Goi does not currently intend to actively pursue PSC's delisting from the mainboard, the filing said. PSC shares fell S$0.01, or 2.4 per cent, to close at S$0.40 before the announcement. In a separate filing, UOB Kay Hian said that Goi will make a mandatory unconditional cash offer for Tat Seng Packaging Group, in which PSC owns a controlling stake. This is if Goi's offer for PSC becomes unconditional, or if he acquires statutory control of the company, he will need to make an offer for Tat Seng under what is known as a chain offer condition. PSC holds 100.5 million of Tat Seng's ordinary shares, or a stake of around 63.95 per cent. Goi owns 409,700 shares, or about 0.26 per cent. If and when a chain offer for Tat Seng is made, the price shall be S$0.899 a share.
Yahoo
29-05-2025
- Business
- Yahoo
With US backing down and $5 billion from MAS to be deployed, UOB Kay Hian raises end-2025 target for STI to 4,054 points
'It will be critical for the authorities to ensure that the $5 billion is not a one-off' With trade tensions easing somewhat, and with the central bank likely to shortlist managers for the $5 billion fund to boost the local bourse, things are looking cheerier for the Singapore market, which is marked by "quality defensive names" with valuations not quite "stretched". "In light of the US backing down from a full-scale tariff war with China, as well as the injection of liquidity from the MAS in 2H25, we have become more bullish on the Singapore market," suggests a team of UOB Kay Hian analysts led by Adrian Loh. As such, UOB Kay Hian has raised its year-end Straits Times Index forecast from 3,720 points to 4,054 points, based on 1.2% earnings growth for the index stocks and implies a PE multiple of 13.4x. Top large caps favoured by UOB Kay Hian include CapitaLand Ascott REIT, CapitaLand Integrated Commercial Trust C38u, First Resources Eb5, Keppel, Oversea-Chinese Banking Corp, SATS, Sea, Sembcorp Industries U96, Singapore Telecommunications Z74 and Yangzijiang Shipbuilding. Now, what might be of equal interest is that of smaller cap counters. UOB Kay Hian figures that fund managers given their share of the $5 billion mandate will start to deploy in the last quarter of the year. The list of smaller cap names flagged by UOB Kay Hian includes: Centurion Corp, for its inelastic demand for its accommodation assets, backed by construction spending tailwinds in Singapore. ChinaSunsine Market, the global leader in producing rubber accelerator, whose net cash is equivalent to 72% of its market cap. ComfortDelGro, which operates a defensive business model with strong overseas growth while giving an attractive yield of 6.1%. CSE Global, whose strong order book of $616 million provides healthy forecast revenue growth to 2027. Food Empire, which is expanding strongly in its various key markets including Vietnam and Central Asia while keeping good cost control. Frencken Group, for its stable to higher revenue forecasts in all segments, amid a brighter outlook for the semiconductor market. Hong Leong Asia, which is riding stronger construction demand across Singapore & Malaysia. Oiltek International, for its asset-light business model with high ROE, while capturing exposure to sustainable aviation fuel PropNex, which is seeing a favourable property market outlook this year, with prospects of a special dividend and "strong" upcoming 1HFY2025 earnings. Sheng Siong Group, which is generating volume growth via six new outlet openings in 2025. SIA Engineering, which is seeing limited impact from the trade war, benefiting from strong demand and trading at a level with net cash equal to 23% of its market cap. Valuetronics, with net cash at more than 73% of its market cap while capturing the AI boom. However, UOB Kay Hian warns that despite the impending moves, there are some issues that got to be addressed. For one, there was an absence of any role for market makers which UOB Kay Hian says is integral in maintaining liquidity and efficiency in a well-functioning stock market. "Going forward, it will be critical for the authorities to ensure that the $5 billion is not a one-off and that as the market grows, it will be able and willing to continue to lend its support," says UOB Kay Hian. See Also: Click here to stay updated with the Latest Business & Investment News in Singapore Brokers' Digest: CSE Global, Geo Energy, Venture Corp, Prime US REIT Singapore maintains previously lowered full-year GDP forecast at 0 - 2% on 'significant uncertainty' ahead Analysts increase DBS's TPs, issue upgrades after 1QFY2025 earnings surpass estimates Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click here
