Singapore

Super-app Grab rides high into New York debut

1 Dec 2021

The Southeast Asian giant held firm in a difficult year. It’s on track to hit targets set from its record $31 bln SPAC merger, supporting a rich 13 times sales valuation multiple. Margins in its ride-hailing business show the promise of its food-delivery-to-fintech ambitions.

Razer’s $4.5 bln buyout plan has a serrated edge

19 Nov 2021

The purveyor of pricey keyboards may swap a Hong Kong listing for one in New York as part of a management-led deal. A video-gaming fanbase gives it meme-stock potential while its Southeast Asian fintech unit might look hotter stateside. But any valuation gains may be subtle.

Temasek buffs sovereign fund standing in M&A fight

16 Nov 2021

The money manager is on both sides of a $2.9 bln tussle for Singapore Press’ real estate assets. That may seem a conflict in the city-state’s spiciest bidding battle in years. But it hammers home how Temasek’s mundane arm's-length investor role makes it the envy of global rivals.

Temasek’s mixed loyalties muddy poor $2.5 bln deal

2 Nov 2021

A group ultimately controlled by the state fund has floated a cash offer for Singapore Press, edging past a complex bid by conglomerate Keppel, of which Temasek also owns 21%. Topping a soft offer is fine but meddling in its holding’s M&A raises questions about the end goal.

Hong Kong: Stuck between rock and virus hard place

25 Oct 2021

Entry to the finance hub from overseas remains tightly controlled with no end in sight to arduous quarantine restrictions but opening up to mainland China is proving no easier. As old rival Singapore welcomes back travellers, Hong Kong’s isolation will get harder to swallow.

Juicy Nordic drug buyout needs safety label

2 Sep 2021

Advent and GIC are paying $8 bln for Swedish Orphan Biovitrum, which specialises in rare-disease treatments. The new owners will need to invest in fresh products and fend off rivals, all while keeping staff. The potential returns look appealing but come with a fair dose of risk.

Grab’s tiny deal spotlights big Indonesia turf war

30 Jul 2021

A deal to shore up ties with a Jakarta conglomerate recalls the country’s importance for the super-app’s growth ahead of its $40 bln New York debut, and as top local rivals merge. Grab’s Southeast Asian footprint has benefits, but Indonesia carries outsize strategic value.

Car-battery SPAC deal is joyride at electric price

13 Jul 2021

U.S. auto charge maker SES Holdings is going public via a merger with Robert Friedland’s blank-cheque vehicle at a $3.3 bln valuation. That’s chunky given a controlling founder and zero near-term sales. Investors must hope big backers like General Motors help swerve potholes.

Sea has a new reason to play a smart game

18 May 2021

The success of the $114 bln Southeast Asian giant’s gaming unit is tied to third parties like backer Tencent. Developing more of its own hits like “Free Fire” will provide a more stable core to offset losses in areas like e-commerce as rivals Gojek and Tokopedia tie up to compete.

Grab’s $40 bln debut comes with twin airbags

13 Apr 2021

The Southeast Asian taxi-to-fintech firm is going public at a sales multiple twice Uber’s. U.S. SPAC sponsor Altimeter is contributing to a $4 bln PIPE and signing a long lockup. It’s a smart way to underwrite an amped-up valuation and sets a template to speed others to market.

Messy Singapore deal strains to lay new foundation

24 Mar 2021

CapitaLand wants to sell its property development arm to backer Temasek and list the rest. Even if investors are willing to embrace a carve-up of the $15 bln company, achieving a desired valuation closer to peers such as Lendlease will be hard in a yield-focused market.

Grab listing offers up an uber Uber

15 Mar 2021

Merging with a U.S. SPAC might value Singapore’s ride-hailing-to-food delivery giant at $40 bln. New bets on fintech expand its range beyond its U.S. peer and backer, and put it on a bumpier path to profit. But founder Anthony Tan can count on a Southeast Asian scarcity premium.

Swelling Sea mostly flows in sound new direction

2 Mar 2021

Worth quintuple what it was a year ago, the $127 bln tech outfit is buying an Indonesian lender and won a digital bank licence in Singapore. Expanding in finance brings new risks but sensibly deploys capital to diversify. Venturing into Mexico, though, is a nouveau-riche misstep.

It’s time HSBC’s big bosses followed the money

4 Feb 2021

The $108 bln bank may relocate the co-heads of its investment bank to Asia. There are good excuses for many financial services giants to avoid putting global chiefs in Hong Kong or Singapore. Given HSBC’s dependency on the region, however, it’s a wonder it has taken so long.

Sea can pass on Southeast Asian deal frenzy

12 Jan 2021

The region’s hot tech companies, Tokopedia, Grab and Gojek, are mulling consolidation. Any of them could be swallowed by Singapore’s $106 bln gaming-to-shopping giant Sea which has a war chest of cash and rich stock. But boss Forrest Li has good reason to sit back.

Grab CEO will step into 2021’s tech limelight

21 Dec 2020

Anthony Tan has steered his $15 bln super-app through the pandemic. With growth in digital payments booming across Southeast Asia, Grab is now charging into wealth management and digital banking. A mooted merger with rival Gojek will only cement Tan’s rising star status.

Viewsroom: Davos in Singapore, Bob Dylan sells out

10 Dec 2020

The World Economic Forum’s decision to hold its annual chinwag in Southeast Asia instead of Switzerland this coming spring isn’t as simple as it sounds, Davos vets Peter Thal Larsen and Una Galani tell Rob Cox. Meantime, Anna Szymanski breaks down the folk bard’s catalogue deal.

Davos set can easily make do in Singapore

7 Dec 2020

The city state makes for a decent approximation of the Swiss enclave to host the annual World Economic Forum gathering. It’s clean, safe, a private wealth hub and neutral enough. With the future billionaire class emerging from Asia, it might even suit as more than a stopgap site.

Subpar Asian trade deal shines in splintered world

16 Nov 2020

Fifteen nations accounting for 30% of global GDP will slash tariffs and ease the movement of goods in the region. India’s absence is among the disappointments of the long-awaited pact. Even modest progress counts for a lot considering the sad state of U.S. and UK trade affairs.

Singapore’s bid for insolvency tourism is at risk

8 Oct 2020

The city-state picked elements of both U.S. and UK bankruptcy law to boost its attractiveness for hosting corporate workouts. But the glacial resolution of water treatment giant Hyflux could discourage the creditors the city needs to support its campaign to become a genuine hub.