UOB KAYHIAN | LIM & TAN |
Acquisition Of UK-based BFC Bank To Dampen Near-term Earnings iFAST has proposed acquiring UK-based BFC Bank for a total investment amount of S$73.4m. We see the move as being in line with iFAST moving towards its 2028 S$100b AUA target, and able to provide tangible progress towards its vision of becoming a top fintech wealth management solutions provider with a truly global business model. AUA growth momentum is expected to continue in 4Q21 and into 2022. Maintain BUY with a lowered DCF-based target price of S$9.75. |
Tiong Woon Corporation/TWC ($0.475, unchanged) announced that it’s wholly-owned subsidiary, Tiong Woon Tower Crane, had been granted by National Robex Pte. Ltd. an option to acquire an industrial premise situated at 12 Benoi Place, Singapore 629932 from the Vendor for an aggregate cash consideration of S$8,400,000. The Option was granted on payment of S$84,000 (1% of the Consideration). TWTC is required to make a further payment of S$756,000 (9% of the ConsideraƟ on) by 26 January 2022 to exercise the Option. TWC’s market cap stands at S$110.3mln and currently trades at 7.7x forward PE and 0.4x PB. We believe this is an opportunistic acquisition from Tiong Woon as it gears up for the upcoming construction recovery |
LIM & TAN |
CGS CIMB |
Pan-United Corporation Ltd ($0.335, unchanged) and Shell Eastern Petroleum (Pte) Ltd have today signed a memorandum of understanding (“MOU”) to explore various decarbonisation solutions in the construction and urban solutions industries. The collaboration is expected to create benefi ts in terms of decarbonisation in the built Pan United Corp, which is riding on the Singapore construction sector up-cycle over the next 3-5 years is also leveraging on
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AEM Holdings Ltd
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