Jardine Matheson’s Post

Jardines has announced our 2024 half-year results. • Underlying profit attributable to shareholders of US$550 million and underlying earnings per share of US$1.91 • Stable interim dividend of US$0.60 Underlying profit 33% below 2023, principally due to non-recurring impairments in Hongkong Land DFI Retail underlying profit up 127% "The Group delivered weaker results in the first half of 2024, impacted by impairments in Hongkong Land's Chinese mainland Development Properties business and challenging market conditions in Indonesia and Vietnam. There was, however, an encouraging improvement in DFI Retail's year-on-year performance. The Group has a strong balance sheet and, under leadership strengthened by new CEOs in four of its portfolio companies, will focus on delivering sustainable long-term value and growth from its growing markets in Asia." Ben Keswick, Executive Chairman Read the full announcement at > https://Inkd.in/ghjAj_CR

✨Sasseur REIT just announced FY2023 financial results today.   Here are the key highlights: 🔶FY2023 DPU of 6.249 Singapore cents down 4.6% year-on-year (yoy) due mainly to depreciation of RMB against SGD, increases in finance costs and tax expense 🔹On a like-for-like currency basis, DPU would have increased by 4.1% yoy 🔶Strong sales performance reflects #robustness and #resilience of outlet business 🔹Portfolio’s outlet sales increased by 31.9% yoy in FY2023, above national retail average growth of 7.2% 🔹Chongqing Liangjiang Outlet’s FY2023 sales at new high, #exceeding pre-COVID FY2019 level by 8.5% 🔹Stable portfolio valuation of RMB 8.5b, up 0.02% yoy at end-2023 🔶Strong portfolio average occupancy rate of 97.6% in 4Q 2023 🔹For 4Q 2023, Chongqing Bishan Outlet and Kunming Outlet achieved #record high🏆 occupancy levels of 96.8% and 98.5% respectively 🔶Balance sheet remained #robust with a #diversified debt maturity profile and gearing of 25.3%, lowest amongst S-REITs 🔹Low gearing coupled with Kunming Outlet which is #unencumbered, presents us with further opportunities to optimise the REIT’s debt capacity as we accelerate our efforts to pursue #inorganicgrowth opportunities this year 🔹No significant refinancing requirements till 2026 🔶Sasseur REIT’s Sponsor, Sasseur Group, demonstrated strength and resilience with its #SuperOutlet business model in FY2023 🔹Sasseur Group’s total outlet sales for FY2023 was RMB 17.2b, up 43.8% yoy 🔶Long-term outlook for China’s outlet industry remains bright amidst domestic and international headwinds 🔹Chinese government is stepping up various policy measures to further stimulate economic and consumption growth 🔹Shifting consumer dynamics support favourable growth of outlets’ sales in China 👉Read more about Sasseur REIT’s FY2023 financial results here: https://lnkd.in/eWyHh9R2 #sasseurreit #reits #fy2023 #financialresults #china #chinaeconomy #retail #outlet

Singapore is seeing an uptick of #minorityshareholder agitation. Over the last 6 months, minority shareholders in SGX-listed entities (1) Best World International, (2) Cordlife Group, (3) Metech International, (4) Great Eastern Holdings, (5) Sabana Reit, (6) Dasin Retail Trust, (7) China Kangda Food Co and (8) Raffles Infrastructure Holdings have sent #requisition requests for EGMs to replace directors / get better accountability / set in motion a plan to extract more cash from the company. The author of this article says Singapore is unique, as compared to Japan or South Korea, because it is "driven mostly by individual shareholders, who are less likely to be received with the same level of courtesy or seriousness accorded to big money managers" I frequently act in #shareholderdisputes and have been involved in similar requisition exercises. It's exciting to see such developments in the listed-company space. #chplaw #withyou #commerciallitigation

Retail investors in South Korea accounted for 64% of annual transaction amounts in the stock market last year, the highest ratio globally. The number of retail investors in the country has more than doubled since the outbreak of COVID-19, reaching over 14.24 million by the end of last year. However, experts are concerned that the increasing presence of individual investors may lead to irrational investment behavior, potentially reducing the stock market's role in finding efficient stock prices. Retail investors in South Korea tend to show irrational behaviors, such as overconfidence, perceiving stocks as a jackpot opportunity, engaging in short-term trading, and holding onto losing assets. These behaviors are associated with lower daily excess returns and contribute to subpar performance for new investors and those with smaller investment amounts. There are concerns that the high influence of retail investors, combined with a temporary ban on short selling, may lead to increased market volatility and manipulation. Experts suggest that educating investors about behavioral biases could help foster a healthier investment environment and prevent excessive market volatility. #AsiaOperations #AssetPriceChange #SouthKorea Follow us for daily updates on risk and operations in Asia! https://lnkd.in/g4pq5RG6

“Hong Kong’s biggest initial public offering of the year flopped on Tuesday as shares of Chinese bubble tea chain ChaPanda dropped as much as 38 per cent from its listing price in its trading debut. ChaPanda, also known as Chabaidao, raised almost HK$2.6bn (US$331mn), with shares priced at HK$17.50. Its public offer for retail investors –accounting for 10 per cent of the shares offered – was only 0.5 times subscribed, coming at a time when the city is struggling to revive its stock market. The remaining institutional portion was 1.1 times subscribed. Hong Kong’s benchmark Hang Seng index has fallen more than 15 per cent over the past year.” #ipo

#LargeCorpNews On April 23, 2024, #ChaPanda successfully #debuted on the Hong Kong Stock Exchange, raising a total of HKD 2.586 billion. It became the largest #IPO on the Hong Kong #stock market year to date and the second-largest player in the contemporary-tea #beverage sector. The largest player in this sector, #NAIXUE, went public in 2021, but its market value has since declined significantly as it seeks to boost sales growth by reducing its average spending per customer. With intense #competition in the contemporary-tea beverage sector, brands that once targeted high-end #consumers have descended from their pedestals, with the focus now shifting to capturing the lower-tier #market. #QuoteVault - ZhangYe Speaks on Consumer “产品加价率不宜过高，让利给消费者是永恒的真理。” “The rate of #price mark-up on #products should not be too high，it's an eternal truth to give #benefits to consumers.”

 This report offers a cautiously optimistic outlook for the Hong Kong retail industry – a year-on-year increase of 5% in total sales, bringing the figure to HK$428 billion. #Retailsales will recover more noticeably in the second half of 2024 with the expectation that global interest rates would be gradually eased from the second quarter of the year onwards, benefiting equity and real estate market valuations. The possible rebound of the renminbi is also expected to diminish the price differential between the Chinese mainland and Hong Kong. https://lnkd.in/dT7fkbe3 Michael Cheng PwC Mainland China and Hong Kong #hongkongretail

Canadian retail giant Alimentation Couche-Tard (ACT) has made a bid for 7-Eleven‘s Japanese parent company Seven & i. The value of the offer has not been disclosed, but Seven & i was valued at $31bln before the news of the offer broke. #ACT #AlimentationCoucheTard #Retail #7Eleven #SevenandI #Bidding #Investment #FDI #ForeignDirectInvestment #Canada #Japan

Across the 12 Asia Pacific #equitymarkets, Hong Kong is #trading at the lowest forward P/E of 9.3x, representing the highest earnings yield of 10.7%, according to Bloomberg data. From a multi-asset view, the Bond Equity Earnings Yield Ratios (‘BEER’) of the Asian markets are low (except for India) with 12 equity market’s average BEER is just 0.6x on 21 Jun 2024. This suggests that equity markets in the region are relatively inexpensive compared to their 10Y bond yields. In contrast, the convergence of US equity earnings yield and #bond yield has increased its BEER to 1.0x, indicating the US equities are relatively expensive. For global investors seeking diversification from the US equities, the Asia Pacific equities could present a viable option and Hong Kong equity market stands out as a particularly attractive choice. Read the full details with publication date 25 Jun 2024 here: https://lnkd.in/gfwpDZMV #HangSengIndexes #HSI #HSCI #hongkong #equity

🚀The New Zealand share market hits a two-year high as undervalued stocks spur takeover activity. In my latest discussion with the New Zealand Herald and BusinessDesk NZ, I, Jeremy Sullivan, Investment Adviser with Hamilton Hindin Greene, commented that the takeover offers were a testament to the value available in the market. 📈“The worm has turned, and investor sentiment is looking up,” I said. “Private equity bids take a while to surface, and they have pulled the trigger on where they see the market heading. The New Zealand market is a yield-sensitive bourse. Lower rates are good for valuations. Arvida Group Limited The Warehouse Group #Investment #Finance #Sharemarket #HamiltonHindinGreene #InvestmentAdviser #MarketTrends #WealthManagement #InterestRates #ReserveBank