Latest news with #SACCapital
Straits Times
7 hours ago
- Business
- Straits Times
Corporate financier expects to help list at least four Singapore firms on SGX in next 18 months
The developments are being fuelled by a programme to allocate $5 billion in seed capital to Singapore-based funds for investing in local stocks which are not on the benchmark STI. ST PHOTO: BRIAN TEO Corporate financier expects to help list at least four Singapore firms on SGX in next 18 months SINGAPORE - Interest from Singapore firms to list on the local bourse via initial public offerings and reverse takeovers (RTO) has been returning ahead of a $5 billion capital injection that is expected to help revive the local stock market. 'We are currently working on several listings, including the Yangzijiang Maritime spin-off and the proposed reverse takeover involving Sincap and Skylink Apac, both expected to list on the Singapore Exchange (SGX) within the year,' Mr Ong Hwee Li, chief executive of corporate finance firm SAC Capital, told The Straits Times. This follows April announcements by SGX-listed Yangzijiang Financial to spin off its maritime investments into a separately listed company, and by Sincap Group to acquire vehicle leasing firm Skylink for $42.3 million via an RTO, paving the way for Skylink to become publicly listed. SAC Capital is also advising 'two to three' local IPO aspirants in sectors including events management, co-living and natural resources. These firms expect to list on SGX in 2026. 'We are receiving more listing inquiries, about one to two per month, from companies in other industries like construction, food and beverage, technology, and financing sectors, highlighting renewed interest in IPOs,' Mr Ong said. He added that SAC Capital's IPO pipeline is now full, with much stronger investor interest in book-building compared to 2024. Book building is a stage in the IPO process where investors bid for the number of shares they want at certain price points, which helps corporate advisers gauge demand for a company's shares and how to price them before they are listed on the stock exchange. These developments are being fuelled by a central bank-led programme to allocate $5 billion in seed capital to Singapore-based funds for investing in local stocks which are not on the benchmark Straits Times Index (STI). The STI tracks the performance of the top 30 largest and most liquid companies listed on SGX. Announced in February as part of a string of measures to revive the Singapore stock market, the programme has received positive interest from global fund managers. Suitable investment strategies will be shortlisted by end-September, the Monetary Authority of Singapore has said. Analysts reckon the funds will likely be deployed before the end of 2025. Listing interest has gained momentum as a result. On June 6, Bloomberg reported that Hong Kong-based Link Reit is considering listing a Reit in Singapore that would include some of its properties outside of China and Hong Kong, while Japan's Nippon Telegraph and Telephone in its earnings release in May said it plans to list its data centre real estate investment trust (Reit) on the SGX in the future. In May, Reuters reported that at least five companies from mainland China or Hong Kong are planning IPOs, dual listings, or share placements in Singapore in the next 12 to 18 months. The companies include a Chinese energy company, a Chinese healthcare group, and a Shanghai-based biotech group. In April, LHN Group announced plans to take its co-living business Coliwoo Group public on the SGX. The real estate management services group, dual-listed in Singapore and Hong Kong, said it has submitted applications in both places for the proposed spin-off and separate listing of the shares of Coliwoo on the mainboard of SGX. In January, Centurion Corp said in a bourse filing that it is exploring the establishment of a Reit involving some of its worker and student accommodation assets that it plans to list on the SGX mainboard. US data security firm AvePoint, which trades on Nasdaq, in January also filed for a secondary listing in Singapore. If they take place, these listings will give the SGX a much-needed boost after the bourse saw just four IPOs in 2024, a record low. The bourse hosted just one notable IPO in 2025, that of automotive group Vin's Holdings, which is now trading at 29 cents, close to its IPO price of 30 cents. Key to their success is how the shares are traded post-listing, Mr Ong said, noting that many IPOs, particularly on Catalist, are too small and have controlled floats, where a company limits the number of shares available for public trading. While a limited float may initially create strong demand and price momentum, it also means there is little market depth to absorb selling pressure once investor sentiment shifts. Mr Ong noted that SAC Capital encourages retail participation in the IPOs it manages by offering ATM tranches, which allows retail investors to apply for shares directly through their bank ATMs. He added that retail investors who receive shares through the ATM tranche tend to trade more actively, contributing to a more diversified and engaged shareholder base post-listing. Join ST's Telegram channel and get the latest breaking news delivered to you.
Yahoo
15-05-2025
- Business
- Yahoo
Billionaire Steven Cohen sends hard-nosed message on US economy, stocks
The stock market's rally since President Donald Trump paused reciprocal tariffs on April 9 has been impressive. The S&P 500 and Nasdaq have surged 18% and 25%, respectively, in hopes that cooler heads and trade negotiations would reduce the risk that tariffs would send the U.S. economy into a tailspin. The surge in stocks has been so impressive that the S&P 500, the benchmark most use to gauge the stock market's strength, has recovered all its tariff-driven losses, shifting from a nearly 20% bear-market loss to a year-to-date return of 0.19%.While optimism has clearly rebounded, not everyone, including the billionaire hedge fund manager Steven Cohen, is convinced that stocks and the U.S. economy are out of the woods. Cohen is a legendary fund manager whose success at SAC Capital made him one of the most prominent money managers ever. He currently runs Point72, another hedge fund with $37 billion in assets under management, and he owns the New York Mets. Cohen commented on the recent stock market rally this week, offering a frank assessment of recession risks and an updated stock outlook that may raise some eyebrows. The Federal Reserve sets the Federal Funds Rate at levels to encourage low unemployment and inflation. Unfortunately, that's not as easy as it sounds. Employment and inflation often run contrary to each other. When the Fed raises interest rates, it slows the economy, crimping inflation but causing unemployment. When it cuts rates, it accelerates the economy, boosting jobs but increasing seen this dynamic play out over the past few years. In 2022, after incorrectly labeling inflation as transitory, Fed Chairman Jerome Powell embarked on the most hawkish pace of rate hikes since the early 1980s to lower inflation. It worked — inflation has slipped below 3% — but it also has caused the unemployment rate to rise, to 4.2% from 3.4% in 2024. Over the past year, we've seen a steady increase in layoffs, including more than 602,000 this year through April, according to Challenger, Gray & Christmas. That's the most since Covid. The economy was already showing signs of wear heading into 2025, and market watchers have become downright pessimistic since Trump unveiled a series of surprising tariffs. In February, the president instituted 25% tariffs on Canada and Mexico, and 10% tariffs on China, which increased to 20% in March. In April, he unveiled harsher than hoped reciprocal tariffs worldwide, including a 10% baseline import tax. While Trump paused most reciprocal tariffs on April 9, a trade war with China caused Chinese tariffs to soar to 145%. The Trump administration recently rolled back those Chinese tariffs to 30% in a sign of good faith while negotiating a broader trade agreement, but the taxes still represent a massive burden on the economy that didn't exist one year ago. Cohen has been tracking the market professionally since 1978, and his decades of experience mean that he's navigated more than his share of good and bad economies and seen plenty of bull and bear the stock market's recent rally is impressive and the progress on trade deals lately is encouraging, Cohen isn't entirely convinced that we're out of the woods yet, given his candid words at the Sohn Investment Conference this week. Cohen said at the conference that the S&P 500 might retest its April lows. He also said that there's a 45% chance the U.S. economy will still wind up in a recession. 'We're not in a recession yet. I think we are going to have significant slowing growth. We think it will probably be a 45% chance of recession. So, that's not insignificant,' said Cohen. Cohen doesn't expect the Fed to move quickly to support the economy or stocks. 'We don't think the Fed's going to act right away because they're still going to be worried about inflation from tariffs,' said Cohen. More Experts: Treasury Secretary delivers optimistic message on trade war progress Shark Tank's O'Leary sends strong message on economy Buffett's Berkshire has crucial advice for first-time homebuyers Cohen says GDP will grow 1.5% or less next year, though. That's not terrible but not as strong as many would like, given GDP clocked in at 3% last summer. Cohen said that Trump's recent actions with China eliminate the 'dire scenario,' but he expects a range-bound market. If the stock market retests its lows, it would be tough news for investors, who have been on a roller-coaster this year. The S&P 500's volatility has soared, leaving many investors wringing their hands over what could happen next. The Treasury bond market may also be signaling problems. The 10-year Treasury note yield has broken out above 4.5% on Wednesday, its highest since mid-February. Rising bond yields can typically present headwinds for stocks, as higher yields make Treasuries more competitive against stocks for in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
15-05-2025
- Business
- Miami Herald
Billionaire Steven Cohen sends hard-nosed message on US economy, stocks
The stock market's rally since President Trump paused reciprocal tariffs on April 9 has been impressive. The S&P 500 and Nasdaq have surged 18% and 25%, respectively, in hopes that cooler heads and trade negotiations would reduce the risk that tariffs would send the U.S. economy into a tailspin. The surge in stocks has been so impressive that the S&P 500, the benchmark index most used to gauge stock market strength, has recovered all its tariff-driven losses, shifting from a nearly 20% bear market loss to a year-to-date return of 0.19%. Related: Goldman Sachs announces major change to S&P 500 forecast While optimism has clearly rebounded, not everyone, including billionaire hedge fund manager Steven Cohen, is convinced that stocks and the U.S. economy are out of the woods. Cohen is a legendary fund manager whose success at SAC Capital made him one of the most prominent money managers ever. He currently runs Point72, another hedge fund with $37 billion in assets under management, and owns the New York Mets. Cohen commented on the recent stock market rally this week, offering a frank assessment of recession risks and an updated stock outlook that may raise some eyebrows. Bloomberg/Getty Images The Federal Reserve sets the Federal Funds Rate at levels to encourage low unemployment and inflation. Unfortunately, that's not as easy as it sounds. Employment and inflation often run contrary to one another. When the Fed raises rates, it slows the economy, crimping inflation, but causing unemployment. When it cuts rates, it accelerates the economy, boosting jobs, but increasing inflation. Related: Major economist revamps recession forecast after trade deal We've seen this dynamic play out over the past few years. In 2022, after incorrectly labeling inflation as transitory, Fed Chair Jerome Powell embarked on the most hawkish pace of rate hikes since the early 1980s to lower inflation. It worked, given inflation has slipped below 3%, but it also has caused the unemployment rate to rise to 4.2% from 3.4% in 2024. Over the past year, we've seen a steady increase in layoffs, including over 602,000 this year through April, according to Challenger, Gray, & Christmas, the most since Covid. The economy was already showing signs of wear heading into 2025, and market watchers have become downright pessimistic since Trump unveiled a series of surprising tariffs. In February, Trump instituted 25% tariffs on Canada and Mexico, and 10% tariffs on China, which increased to 20% in March. In April, he unveiled harsher than hoped reciprocal tariffs worldwide, including a 10% baseline import tax. While Trump paused most reciprocal tariffs on April 9, a trade war with China caused Chinese tariffs to soar to 145%. The Trump administration recently rolled those Chinese tariffs back to 30% in a sign of good faith while negotiating a broader trade agreement, but the taxes still represent a massive burden on the economy that didn't exist one year ago. Cohen has been tracking the market professionally since 1978, and his decades of experience mean that he's navigated more than his share of good and bad economies and seen plenty of bull and bear markets. Related: Legendary fund manager makes bold stock market prediction While the stock market's recent rally is impressive and the progress on trade deals lately is encouraging, Cohen isn't entirely convinced that we're out of the woods yet, given his candid words at the Sohn Investment Conference this week. Cohen said at the conference that the S&P 500 may retest its April lows. He also said that there's a 45% chance the U.S. economy will still wind up in a recession. "We're not in a recession yet. I think we are going to have significant slowing growth. We think it will probably be a 45% chance of recession. So, that's not insignificant," said Cohen. Cohen doesn't expect the Fed to move quickly to support the economy or stocks. "We don't think the Fed's going to act right away, because they're still going to be worried about inflation from tariffs," said Cohen. More Experts: Treasury Secretary delivers optimistic message on trade war progressShark Tank's O'Leary sends strong message on economyBuffett's Berkshire has crucial advice for first-time homebuyers Cohen believes GDP will grow by 1.5% or lower next year, though. That's not terrible, but not as strong as many would like, given GDP clocked in at 3% last summer. Cohen said that Trump's recent actions with China eliminate the "dire scenario," but he expects a rangebound market. If the stock market retests its lows, it would be tough news for investors, who have been on a roller coaster this year. The S&P 500's volatility has soared, leaving many investors wringing their hands over what could happen next. The Treasury bond market may also be signaling problems. The 10-year Treasury note yield has broken out above 4.5% on Wednesday, its highest since mid-February. Rising bond yields can typically present headwinds for stocks, as higher yields make Treasuries more competitive against stocks for returns. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
10-05-2025
- Business
- Yahoo
PG&E Corporation (PCG): Among Steven Cohen's Mid-Cap Stock Picks with Huge Upside Potential
We recently published an article titled . In this article, we are going to take a look at where PG&E Corporation (NYSE:PCG) stands against Steve Cohen's other mid-cap stock picks with huge upside potential. Steven Cohen has established himself as a leading figure in the hedge fund industry. His career began with the founding of S.A.C. Capital Advisors in 1992. In 2014, he transitioned his investments to Point72 Asset Management, where he serves as Chairman and CEO. Point72 leverages Cohen's expertise in active trading while integrating cutting-edge advancements in technology, data analytics, and artificial intelligence, positioning itself at the forefront of modern finance. The firm employs a discretionary investment approach across multiple strategies, including long/short equities, global macroeconomic investing, systematic trading, and venture capital & growth equity. As of January 1, 2025, Point72 manages approximately $36.9 billion in assets and has a workforce of 2,800 employees worldwide. The firm has a good performance history, with the fund's top 50 stocks boasting a three-year annualized return of 14.47%. The U.S. economy plays a pivotal role in shaping the stock market and hedge fund performance, with macroeconomic trends influencing investor sentiment, capital flows, and risk management strategies. The current economic uncertainty facing the US economy continues to worry investors. Last week, according to the National Bureau of Economic Research, the US economy's GDP for the first quarter of 2025 contracted by 0.3%, a sharp contrast to the previous quarter's 2.4% growth. While a recession is officially confirmed only after consecutive quarters of negative GDP growth, many market analysts caution that the economy is on the brink of one. Economic data released over the past few days provided some clarity to investors. Investor sentiment was boosted by Friday's employment data, which showed the U.S. unemployment rate holding steady at 4.2%, suggesting that the labour market remains resilient despite growing macroeconomic headwinds. This week, the Federal Open Market Committee voted unanimously to maintain the Fed rate between 4.25% to 4.5%. Federal Reserve Chair Jerome Powell reassured investors that the central bank is prepared to wait for greater clarity before adjusting interest rates, citing persistent uncertainty stemming from President Trump's escalating tariff agenda. Given the heightened volatility, investors focus on a balanced portfolio to mitigate risks. In the long run, hedge funds thrive on inefficiencies, volatility, and sector rotations, adjusting their portfolios to exploit divergences between economic fundamentals and market behaviour. As the U.S. economy evolves, hedge funds continuously recalibrate their strategies to align with changing market conditions and investor expectations. This strategy is applied by Point72 Asset Management through its discretionary investment approach to give higher returns to its shareholders. One approach to achieving a balanced portfolio is through mid-cap stocks, which offer a compelling blend of growth potential and relative stability. Unlike large corporations, mid-cap companies are often more agile in adapting to shifting economic conditions, enabling them to foster innovation and expansion at a faster pace. Mid-Cap stocks are past the uncertainty associated with early-stage start-ups, thus offering ample room for growth and higher returns compared to large-cap companies, which tend to have slower growth trajectories. Mid-cap companies also have the potential to evolve into large-cap firms over time, allowing investors to benefit from significant capital appreciation. According to S&P Global, the mid-cap S&P index has consistently outperformed the large-cap broader index since 1994, delivering an annualized return of 12% compared to the latter's 11%. For this article, we examined Point 72's Q4 2024 13F filings to identify billionaire Steve Cohen's 10 Mid-Cap stock picks with huge upside potential. Our focus was on stock with a market cap ranging between $10 billion and up to $40 billion. We then picked stocks that had the best upside potential, based on analyst rankings. At Insider Monkey, we are obsessed with hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). Brightly-lit nighttime view of an electricity power grid with distribution lines and transmission substations. Upside Potential: 22.93% Market Cap: $37.21 billion PG&E Corporation (NYSE:PCG) has been in operation since the start of the 20th century, and engages in the sale and delivery of electricity and natural gas to customers in northern and central California. The company generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources, and transmits it through its transmission lines. PCG serves all customer segments, whether it be residential, commercial, industrial, or agricultural. Looking back over the past month, investors had taken the news of California wildfires around PCG's service areas as a sign of worry. Moody's (in contrast) recently upgraded its credit rating for PG&E Corporation (NYSE:PCG). Moody's Ratings VP Jeff Casella made the following statement about this upgrade: "It reflects the organization's continued improvement in mitigating wildfire risk over the last few years as well as its ability to strengthen both its financial profile and its relationships with key stakeholders." In terms of financial performance, PG&E Corporation (NYSE:PCG) latest earnings for the first quarter of 2025 showed revenue of $5.98 billion (up by 2.8% YoY). Management also provided guidance for the revenue to be at an estimated $6.24 billion for the upcoming quarter. Point72 Asset Management owned more than 11.9 million shares, representing 0.53% of its portfolio. Overall PCG ranks 5th on our list of Steve Cohen's mid-cap stocks with huge upside potential. While we acknowledge the potential of PCG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PCG but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Performance Food Group Company (PFGC): Among Steven Cohen's Mid-Cap Stock Picks with Huge Upside Potential
We recently published an article titled . In this article, we are going to take a look at where Performance Food Group Company (NYSE:PFGC) stands against Steve Cohen's other mid-cap stock picks with huge upside potential. Steven Cohen has established himself as a leading figure in the hedge fund industry. His career began with the founding of S.A.C. Capital Advisors in 1992. In 2014, he transitioned his investments to Point72 Asset Management, where he serves as Chairman and CEO. Point72 leverages Cohen's expertise in active trading while integrating cutting-edge advancements in technology, data analytics, and artificial intelligence, positioning itself at the forefront of modern finance. The firm employs a discretionary investment approach across multiple strategies, including long/short equities, global macroeconomic investing, systematic trading, and venture capital & growth equity. As of January 1, 2025, Point72 manages approximately $36.9 billion in assets and has a workforce of 2,800 employees worldwide. The firm has a good performance history, with the fund's top 50 stocks boasting a three-year annualized return of 14.47%. The U.S. economy plays a pivotal role in shaping the stock market and hedge fund performance, with macroeconomic trends influencing investor sentiment, capital flows, and risk management strategies. The current economic uncertainty facing the US economy continues to worry investors. Last week, according to the National Bureau of Economic Research, the US economy's GDP for the first quarter of 2025 contracted by 0.3%, a sharp contrast to the previous quarter's 2.4% growth. While a recession is officially confirmed only after consecutive quarters of negative GDP growth, many market analysts caution that the economy is on the brink of one. Economic data released over the past few days provided some clarity to investors. Investor sentiment was boosted by Friday's employment data, which showed the U.S. unemployment rate holding steady at 4.2%, suggesting that the labour market remains resilient despite growing macroeconomic headwinds. This week, the Federal Open Market Committee voted unanimously to maintain the Fed rate between 4.25% to 4.5%. Federal Reserve Chair Jerome Powell reassured investors that the central bank is prepared to wait for greater clarity before adjusting interest rates, citing persistent uncertainty stemming from President Trump's escalating tariff agenda. Given the heightened volatility, investors focus on a balanced portfolio to mitigate risks. In the long run, hedge funds thrive on inefficiencies, volatility, and sector rotations, adjusting their portfolios to exploit divergences between economic fundamentals and market behaviour. As the U.S. economy evolves, hedge funds continuously recalibrate their strategies to align with changing market conditions and investor expectations. This strategy is applied by Point72 Asset Management through its discretionary investment approach to give higher returns to its shareholders. One approach to achieving a balanced portfolio is through mid-cap stocks, which offer a compelling blend of growth potential and relative stability. Unlike large corporations, mid-cap companies are often more agile in adapting to shifting economic conditions, enabling them to foster innovation and expansion at a faster pace. Mid-Cap stocks are past the uncertainty associated with early-stage start-ups, thus offering ample room for growth and higher returns compared to large-cap companies, which tend to have slower growth trajectories. Mid-cap companies also have the potential to evolve into large-cap firms over time, allowing investors to benefit from significant capital appreciation. According to S&P Global, the mid-cap S&P index has consistently outperformed the large-cap broader index since 1994, delivering an annualized return of 12% compared to the latter's 11%. For this article, we examined Point 72's Q4 2024 13F filings to identify billionaire Steve Cohen's 10 Mid-Cap stock picks with huge upside potential. Our focus was on stock with a market cap ranging between $10 billion and up to $40 billion. We then picked stocks that had the best upside potential, based on analyst rankings. At Insider Monkey, we are obsessed with hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (). A friendly grocery store team stocking shelves with foodservice products. Upside Potential: 20.17% Market Cap: $12.90 billion Performance Food Group Company (NYSE:PFGC) operates in North America and Canada, distributing food and related products. The company is divided into three segments: Foodservice, Vistar, and Convenience, serving over 40,000 clients, including schools, hospitals, government organizations, vending distributors, offices, retailers, and more. PFGC offers a vast portfolio of over 250,000 products, from meats, frozen and refrigerated foods, to dry and fresh groceries, disposable kitchen supplies, and other culinary items. Founded nearly 140 years ago, PFGC has established itself as a major player in the food distribution industry. To further solidify its market presence, Performance Food Group Company (NYSE:PFGC) acquired Cheney Brothers for $2.1 billion in April 2024, a move that significantly boosted its financial performance. According to Reuters, this acquisition has been integral to PFGC's growth. The company reported its earnings for the second quarter of 2025, with revenue reaching $15.64 billion, marking a year-on-year increase of nearly 10%. During the fourth quarter of 2024, the hedge fund increased its stake in the company by 31%. The fund owned more than 2.1 million shares of PFGC, representing 0.39% of its portfolio, at a current value of $178.5 million. Looking towards the future, the company provided guidance of $15.41 billion for the upcoming quarter. Performance Food Group Company (NYSE:PFGC) has established itself as a resilient operator in the food industry. Despite the current economic uncertainty surrounding rising costs of living in the US, analysts have a positive outlook on the stock with an upside of 20.17%. Overall PFGC ranks 6th on our list of Steve Cohen's mid-cap stocks with huge upside potential. While we acknowledge the potential of PFGC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PFGC but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
