Latest news with #TemasekHoldingsPte
Mint
5 days ago
- Business
- Mint
China Confounds CapitaLand Investment as Profit Slumps
CapitaLand Investment Ltd.'s first-half profit sank, as the Singapore-based real estate investment manager continued to grapple with asset divestments amid global uncertainty, subdued deal-making, and persistent headwinds in key markets such as China. The firm, backed by state investor Temasek Holdings Pte, reported net income of S$287 million for the six months ended June 30, down 13% from a year earlier. Revenue fell 24% to S$1.04 billion, although it slightly beat a S$1.03 billion consensus estimate of two analysts compiled by Bloomberg. Shares of the firm fell as much as 4.3%, the most since May. So far this year, the firm's stock has under-performed Singapore's benchmark equities index. 'China continues to confound us in the market,' said Chief Operating Officer Andrew Lim in a briefing. 'We are doing everything we can but I think it's going to take a little bit more time and effort.' He also warned of 'choppiness' in the firm's future results due to the impact of uncertainties delaying investors' decisions. The firm has been trying to manage its China exposure by wooing onshore investors, and plans to list a local real estate investment trust later this year. Chief Financial Officer Paul Tham also said at the same briefing that it hopes to sell more than S$500 million in Chinese assets later this year, including possibly to an onshore fund it set up. The bulk of its S$4.3 billion assets on its balance sheet are in China. The firm attributed its drop in profit due to the loss of contributions from divested assets, the absence of a one-off tax write-back recorded last year, and weaker fund performance and transaction fees. It has managed to recycle about S$584 million of capital as of Aug. 13, though it expects a pickup in the second half. In roughly the same period last year, it made about S$1.6 billion in effective divestments. Traditionally part of developer CapitaLand Group Pte, the investment arm has had a rocky ride since being listed as part of a restructuring in 2021. The manager, which oversees numerous private funds and real estate investment trusts, has been buffeted by global tensions hitting deal-making appetite and a downturn in China, where its sizable exposure means it has borne the brunt of a yearslong property downturn. It said rents in China fell across all sectors. Asked about whether it was looking at Hong Kong's troubled market, Chief Executive Officer Lee Chee Koon said there were 'interesting' assets there including student accommodation, data centers as well as offices that can be repositioned into hospitality products. He declined to comment on potential deals. Bloomberg has previously reported that Hong Kong's New World Development Co. is in talks with investors including CapitaLand as it seeks to dispose of assets to improve liquidity. 'The pace of recycling has not been as fast as we would like,' said Lee on China, but said activity should pick up. The mainland's real estate sector will take a few more years to recover, and Hong Kong's will as well when China's economy strengthens, he said. Meanwhile, the firm has been increasing investments in sectors like data centers and private credit. It's also made inroads in Australia, Japan and India. It's also tapping Kishore Moorjani, a former senior managing director at Blackstone Inc. to spearhead and expand private credit and special opportunities businesses. It's seeking to reduce its exposure to China to 15-20% of its targeted S$200 billion in funds under management by 2028, a more conservative goal. China took up about 26% of its funds under management metric — which counts assets under both its listed and unlisted funds and amounted to S$116 billion at the end of the first half. CFO Tham said that the firm has stopped tracking and reporting another metric, its real estate assets under management, amounting to about S$136 billion at the end of 2024, because it confused the market and largely came from its lodging business. With assistance from Nina Trentmann.
The Star
5 days ago
- Business
- The Star
Singapore's Temasek prices US$1.5bil US dollar fixed and floating-rate bonds
An employee walks past the logo of Temasek Holdings Pte at the company's headquarters in Singapore — Bloomberg SINGAPORE's state investor Temasek said on Thursday its unit priced two U.S. dollar-denominated bonds totaling $1.5 billion, a day after launching the offer under its $25 billion medium-term note program. The unit, Temasek Financial (I), priced two $750 million two-year bonds, one with a 3.75% fixed rate and the other priced at a spread of 38 basis points over the Secured Overnight Financing Rate, the state investor said in a filing on the Singapore Exchange. The unit intends to use the net proceeds from the bond issuance to support Temasek and its investment holding companies in funding their ordinary course of business, the company said. Citi, Bank of America, Morgan Stanley and Societe Generale are the joint bookrunners. - Reuters Trading ideas: Yinson, Iris, MR DIY, ES Sunlogy, Avangaad, Magma, PetChem, VSTECS, Master-Pack, RCE Capital, Eonmetall
Bloomberg
30-07-2025
- Business
- Bloomberg
Schneider Electric to Buy All of India JV in €5.5 Billion Deal
Schneider Electric SE agreed to acquire the remaining 35% stake in its India joint venture from Temasek Holdings Pte, helping to step up its presence in the South Asian country. The French industrial technology firm will pay €5.5 billion ($6.4 billion) in cash to gain full ownership of Schneider Electric India Pvt, according to a statement Wednesday. Bloomberg News reported earlier this month that Schneider Electric was in talks to buy the Temasek stake.
The Star
14-07-2025
- Business
- The Star
S'pore's first home launch since new curbs sells over 90%
An artist's illustration of the LyndenWoods development SINGAPORE: Singapore's first mass-market private residential project launched since new curbs were introduced saw the development almost sold out as homes were sold at lower-than-usual prices. The LyndenWoods development sold 324 units Saturday, the first day it started to accept bookings, CapitaLand Development said in a statement the same evening. That's about 94% of the 343 units to be built at a business park in the city's south. The launch came over a week after the introduction of surprise measures targeting speculators in the property market. Owners must now hold their homes for at least four years if they want to avoid paying a seller's tax, from three previously, while those who still choose to do so face higher levies than before. CapitaLand Development – part of CapitaLand Group that's owned by Singapore state investor Temasek Holdings Pte – said LyndenWoods homes were sold at an average price of S$2,450 (US$1,914) per sq ft to mainly professionals, couples and families who were attracted by its long-term investment potential. That's lower than median rates for similar units across Singapore and the district. Another project about a mile away has sold less than half of its 358 units after its launch earlier this year. The early performance may validate policymakers' concerns about a trend of flipping properties for a quick profit, which had driven a renewed jump in home prices and risked affecting affordability in one of the world's most expensive residential markets. Private home prices grew for a third straight quarter in the three months ended June. — Bloomberg
&w=3840&q=100)
Business Standard
17-06-2025
- Business
- Business Standard
Softbank-backed Lenskart set to file for $1 bn IPO in coming weeks
The company raised $200 million from Temasek Holdings Pte and Fidelity Management & Research in June 2024 at a $5 billion valuation, according to Avendus Capital Pvt, one of the deal's advisors Bloomberg By Rajesh Mascarenhas and Baiju Kalesh Softbank Group Corp.-backed Lenskart Solutions Pvt, India's largest eyewear maker, is preparing to file preliminary documents in the coming weeks for an initial public offering that may fetch about $1 billion, according to people familiar with the matter. Lenskart is preparing to submit a draft red herring prospectus for the listing, which would value the company at about $10 billion, the people said, asking not to be identified because the information is private. Earlier this month, the company converted itself into a public limited entity as part of its IPO preparations. A spokesperson for Lenskart, which is backed by the likes of Abu Dhabi Investment Authority, KKR & Co. and TPG Inc., didn't immediately respond to an email seeking comment. Lenskart joins the growing number of Indian companies seeking to go public after Indian stocks bounced back from their lows in March and April. Buoyant markets have also prompted local firms and shareholders to pursue a slew of block trades. The company raised $200 million from Temasek Holdings Pte and Fidelity Management & Research in June 2024 at a $5 billion valuation, according to Avendus Capital Pvt, one of the deal's advisors. Since then, Fidelity has marked up its internal estimate of Lenskart's value to $6.1 billion, according to its portfolio disclosures for April. Kotak Mahindra Capital Co., Axis Capital Holdings Ltd., Citigroup Inc., Morgan Stanley and Avendus are arranging the IPO, the people said.
