Sunday, November 14, 2021

Random thoughts: Keppel lost the battle but won the war,?

Keppel was out bid by Cuscaden in SPH offer.

I am happy for that. Personally, there is some synergy with the reminding stake of M1 from SPH that comes with the deal beyond property 

Given that the bidding is at PB 1, I dun see why Keppel cannot bid for other companies that are trending at much lower valuation,.

HK land is at 0.4 PB, capitaland before restructing at 0.8, and City Dev also below 1. 

I do understand SPH properties are mostly investment properties and the capital-intensive part of the business is the part of the business that affect valuation, and the REITing SPH properties would have gotten most of the money back, but that is if the REIT properties can fetch valuation above 1, to worth the battle playing out now. Ascendas and MIT is at around 1.1 and 1.2 PB, I can't see the scale and scope of SpH properties to guaranteed them commanding a premium valuation. 

My reactions was "Yes,! Just walk away please, not like u dun have the scale to grow organically or there are no better properties to be bought, if u cannot buy cheap, dun buy."

I am mindful my opinions are usually not mainstream, you can have your differing views


  1. Great article. But dog like dog, cat like cat ma . Lol.

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