Singapore

Shein’s IPO haste implies an ill-fitting outcome

12 Feb 2025

The fast fashion retailer seems set on a $50 bln listing by mid-year. With the US applying new tariffs and trade tensions heating up, the normal banker advice would be to wait. If Shein’s motivation is to gain recognition, a cut-price valuation is the wrong way to get it.

Adani’s consumer exit crystallises costs of crisis

6 Jan 2025

The Indian infrastructure group will end a 25-year-old cooking oil joint venture with Wilmar. The sale of its stake to its Singapore partner is discounted and convoluted but, if all goes well, the deal will raise $2 bln and boost the embattled seller's financial position.

ESR take-private throws up Asia exit quandary

13 Dec 2024

A group led by US investors offered to privatise the Asian real estate fund manager for $7 bln. Hong Kong's dismal market and ESR's complex business merits the move, yet backers will find it hard to re-list. Asia offers slim pickings for regional groups with IPO dreams.

Shein margin wobble takes bite out of IPO value

14 Nov 2024

The e-commerce giant’s revenue growth slumped in the first half of 2024, and the net margin fell to 2% per The Information. Even if the business recovers, it creates uncertainty that’s compounded by a protectionist US government. Investors may struggle to see the upside.

Singapore’s banking giant DBS is coming of age

12 Nov 2024

The $90 bln Singapore lender will start returning capital to shareholders through share buybacks. Incoming CEO Tan Su Shan will retain sufficient firepower to pursue bold M&A, though changing US policy in its Asian backyard may merit a cautious turn.

DBS CEO aces succession, sets high bar

8 Aug 2024

Piyush Gupta is leaving the $72 bln bank after 15 years in charge. He put it on the Asian map, logged stellar returns, and ensured a Singapore-style drama-free transition of power. Incoming boss Tan Su Shan is a solid choice to steer DBS through its next trickier growth phase.

Singapore bourse may yet be upgraded to also-ran

6 Aug 2024

Policymakers want to end its IPO drought and dismal liquidity. Tax breaks, listing government assets like Changi Airport and encouraging state fund GIC to invest locally could help. But the city-state lacks the wherewithal to be a big draw for business from China and beyond.

Two old loves come back to haunt Singapore’s GIC

24 Jul 2024

Taking a long view is a hallmark of the $770 bln sovereign fund. Still, a big exposure to emerging-market equities, including China, and to bonds and cash, is spoiling returns. The city-state has a lot riding on whether that improves in the short term.

Singapore’s Temasek has a sticky China problem

10 Jul 2024

The sovereign investor's $288 bln portfolio value is on the rise but its one fifth exposure to the world's second-largest economy is a drag. Temasek's private holdings and Singapore's close financial ties with Beijing make it hard for CEO Dilhan Pillay to make a big retreat.

Shein maps out how to charm the world in India

5 Jul 2024

The $63 bln fast fashion giant is relaunching four years after it was banned, this time in an alliance with Mukesh Ambani's Reliance. If Shein can claw its way back into a country that aggressively curtailed Chinese interests, partnerships may be the way forward elsewhere too.

Tiny Singapore’s chip hub retains a big punch

21 Jun 2024

NXP and Vanguard's new $8 bln factory in the country follows recent investments from GlobalFoundries and others. Singapore has an impressive edge in the semiconductor industry despite high costs and a shortage of space. Its neighbour Malaysia will soon test that advantage.

Hotpot IPO looks too mild without China spice

17 May 2024

Singapore-based Super Hi has distanced itself from its Chinese roots ahead of a $50 mln US offering. That's prudent, given scrutiny on companies like Shein and ByteDance. Yet without support from former parent Haidilao, the firm may struggle to stand apart from larger peers.

Cotton gins up competitive M&A spirits

7 May 2024

Louis Dreyfus and Olam have between them made five bids for Australia's Namoi Cotton. And the two commodity trading giants may yet go a few more rounds. The $120 mln deal may be a small battle, but it can set the tone for the broader market. The trick is not to get carried away.

Inditex’s golden era is coming to an end

3 May 2024

Asian disruptor Shein is threatening the $142 bln Zara owner’s fast-fashion crown with ultra-cheap wares. Dismissing the risk may threaten its market share. To protect the Spanish giant’s business, CEO Óscar García Maceiras has plenty of cash but no obvious M&A solution.

Global retailers are headed for Shein reckoning

30 Apr 2024

Zara owner Inditex, H&M and other apparel giants are holding ground against the Asian fast-fashion upstart. However, AlixPartners’ retail expert Matt Clark argues in this Exchange podcast that Shein’s focus on garment quality could threaten the dominance of pricier rivals.

Singapore’s new leader will have no honeymoon

16 Apr 2024

Prime Minister Lee Hsien Loong will hand over power next month in a well-planned move. His successor Lawrence Wong needs to shore up the ruling party’s votes ahead of elections, manage Singapore’s growing pains as a finance hub, and keep China happy. There won’t be any easy wins.

Commodity trading giants get in cotton M&A spin

26 Mar 2024

Singapore's Olam has bested Louis Dreyfus' offer for one of Australia's largest processors of the fibre. The two suitors have battled Down Under in the past, and Olam looks to have the edge for a second win. But the volatility of earnings in this small deal warrants caution.

Singtel can dial up long distance call

18 Mar 2024

The Temasek-controlled firm denies it is selling Australia's Optus to Brookfield for up to $12 billion, twice what some analysts reckon the business is worth. If done right, a deal Down Under could help CEO Yuen Kuan Moon narrow the extreme discount Singtel suffers.

Taylor Swift is Thai economy’s antihero

6 Mar 2024

Singapore's exclusive deal to host the pop star's Southeast Asia concerts has irked its neighbours. Thailand, with the slowest post-pandemic recovery, is upset at missing out on the spoils. Those are debatable and in any event wouldn't shake off the $500 bln economy's malaise.

Shein’s China and ESG risk puts IPO on iffy ground

25 Jan 2024

The fast-fashion giant is preparing a New York stock market listing. In this Viewsroom podcast, Breakingviews columnists explain how US investors might be wary of links to Beijing, and how its hard-to-recycle $5 tops and sweaters could be vulnerable to future regulation.