Joycelyn Ong

【Temasek’s Bold $10 Billion Investment in India 🇮🇳】 -- A Strategic Move Amid China Slowdown In a move that underscores India’s growing significance on the global investment landscape, Singapore’s sovereign wealth fund, Temasek Holdings, has announced plans to invest $10 billion in India over the next three years. 🇨🇳 This ambitious investment comes at a time when the performance of #Chinese markets has been lackluster, underscoring #India’s importance as one of Temasek’s top two preferred markets globally, alongside the #US. 🇸🇬 Looking at Temasek's #trackrecord, it's impressive to note that they have already deployed around $37 billion in India over the past two decades.. 💡As of 2023, India now makes up 7% of Temasek’s global portfolio by underlying assets, up from 4% in 2020. In 2023 alone, they invested a record $3 billion in the country. What stands out to me is their perspective on India's market dynamics: "India has always commanded a premium due to its growth potential. By identifying and investing in the right businesses, consistently achieved returns that justify the higher valuations" "The capital markets and deal sizes in India have been steadily increasing, thanks to the expanding and maturing financial markets. The current high valuations are justified by the potential for above-average returns," Temasek’s #InvestmentStrategy in India will focus on several key areas, including technology, financial services, healthcare, and consumer goods. 🌡️ For instance, Temasek’s portfolio, Sheares Healthcare Group, healthcare investor, recently invested almost $2 billion in Manipal Health Enterprises Pvt. Ltd, Indian leading muli speciality hospital operator, with total stake of 59% (new 41%) at $4.9 billion valuation. This valuation is justified by Manipal’s strong financial performance, including 1) a revenue of around $488 million, 2) an EBITDA margin of 24% for FY 2023, 3) several millions patient as sticky customers and 4) potential for free cash flow generation. Later, they sold 8% stake to Abu Dhabi sovereign wealth fund, Mubadala while holding majority shares. Very successful story and foreseen investment. I reckon their increasing investment in India reaffirms the country's status as a pivotal destination for global investors. As someone keenly observing these developments, it's clear that India's market offers tremendous opportunities, and Temasek’s commitment only strengthens this outlook. Ravi Lambah Alex Lin #startup #Singapore #Investment

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It is a perennial chicken-and-egg issue - Do we bring in the investors or the IPOs first to energize the SGX? Second Minister of Finance, Chee Hong Tat, provides the solution that the government will support local based companies to IPO on the SGX. I have no doubt of the intentions of the government, but it speaks of a different scene on the ground. For the startup scene, I have a number of TRIVE's companies planning IPOs for exits in the coming years. And we spoke to a variety of M&A advisors for options of the SGX, HKSE and Nasdaq. It boils down to the same consideration - liquidity, valuation, ease of international investors buying into the stock and brand association. The portfolio companies will drop the consideration of the SGX and usually head for the Nasdaq listing, despite whatever grants, support that the government might provide. It is with good intentions of SVCA and Parliament to offer solutions to revitalize SGX. I for one, am a believer that we need a regional stock exchange that serves the upcoming SEA unicorns. Let's press on to develop deeper conversations.

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Interview: Macro & Geopolitics Discussion with Harry Melandri on Real Vision. It was nice to reconvene with Harry Melandri on Real Vision. It was a two-part discussion about: 1) Fed's Reaction Function, 2) Geopolitics (China & Russia/Ukraine). https://lnkd.in/g5VycnQQ

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Datuk Lim Siow Jin I had the good fortune to attend a talk by Datuk Lim who is the founder of DXN Holdings. His story is quite amazing especially when it started off in Alor Setar and is now operating in 50 countries across the world with over 17 million distributors. I came away with a lot of valuable lessons on entrepreneur leadership and risk management. Below is a short synopsis for everyone’s benefit: 1) Create a sense of belonging for all staff. 2) Do not reinvent the wheel - especially a successful wheel. 3) Localise as much as possible. 4) Focus on simplicity. 5) Surviving is winning. 6) To expand rapidly, you have to be shopless. 7) One world, one market, one system and one plan. My favourite : 8) When you are the size of an elephant 🐘 … you cannot hide like a rabbit 🐇

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I resonate with B. Paul Santos' insightful commentary on Singapore's position in the equity markets. He speaks with the authority and understanding necessary to align the SGX with the aspirations of the startup and VC ecosystem in Southeast Asia. TL;DR: Success begins with a shift in mindset before taking action. But here’s the next challenge: Who will step up to lead this mindset shift and commit to transforming IPO opportunities for startups, even if it means risking their career? Over the past 16 years, I’ve witnessed a few courageous individuals in Singapore drive change in the startup landscape. From pioneering the iconic Block 71 and the launch of JFDI, Singapore’s first accelerator, to initiatives like IPPL-led accelerators and government-backed programs like iJAM.Reload, TiS, and SGTech commercialization grants. Change was made by bold initiatives and courage of men who stepped in to transform the startup ecosystem to what it is today. The question now is who are the next people who will see through the new change. Whether we’ll see a new wave of innovation that propels Singapore into another golden era for startups—or risk being overtaken by a rising Bursa Malaysia as the preferred destination for IPOs. https://lnkd.in/erAiiWv2

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As a venture capitalist, TRIVE's focus is on exits for my SouthEast Asian based portfolios, and IPOs are one of the main avenues to achieve an exit and a return on my investments. 5 of our startups are considering their IPO plans in the coming 3 years. After advisory from the M&A advisors and internal consideration, the NASDAQ is the choice for 4 of 5 of them. Only one decided on the local SGX as it is on a more traditional path. Nevermind if these startups are primarily operating in SEA and naturally should find familiarity with SGX to list. Unfortunately, they see better valuations, liquidity and brand recognition by listing on the NASDAQ. It has been a long-time complex issue to energize the SGX and to ask our SEA startups to call it home. It is a pity because Singapore is the prime location for private equity and venture capital fundraise for startups in the region. But SGX barely sees any of our SEA unicorns listed on it. I for one, am a believer of a regional bourse to support the aspirations of the startups. And I hope more deeper conversations with the Singapore government and our relevant associations will one day see the SGX building that vision. Thanks to See Kit Tang for a very insightful long-form article and allowing me to be a part of it to bring my thoughts to it. #venturecapital #sgx #ipo https://lnkd.in/g_kzvyGa

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Big thank you for CNA for helping set the record straight for us. We have not decided which bourse to list on to date and we are not ruling SGX out. I do not know how the reporters in SPH can misquote me as “insisting on listing in the United States”. This is grossly inaccurate. On another note, the Singapore Exchange does have things to fix. The fix needs to be multi dimensional from various angles - not just retail investors, but also coverage from brokerages, attracting/ seeding more international secondary funds. The solution has to be more ecosystem led. I am sure the good folks in SGX are doing all they can in their power to improve SGX, any form of review at this stage is good. Looking forward to a healthier, stronger capital markets in Singapore and the region!  https://lnkd.in/gjGKkjDu

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Since 1819, Singapore was built on the foundation of entrepreneurs. During that time, merchants ply their trade into Singapore. That remains the same till today as Singapore thrives on the entrepot trade between East and West. However, the world has evolved into many industries. And there is still the need for entrepreneurs to build upon the opportunities for Singapore as a financial and trading hub. Hear on part 2 of my podcast interview with Vince Chan, CFA CPA MBA Yale Chicago at Chief Change Officer about understanding this inherent need for a generation of entrepreneurs and how I acted upon this vision by building up a venture capital company to amplify the need to grow more entrepreneurs. #venturecapital #chiefchangeofficer @thevincechan

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Why LPs think twice about investing in Southeast Asia (+ why they should reconsider)? Some common reasons we often hear: ✳️ Lack of infrastructure for exits The region lacks liquid exchanges and a listing culture. Even major names like Grab/SEA head to the US to list. However, IPO is not the only exit path, we’re seeing a rise in M&A activity from neighbouring countries and in B2B (5x in last 3 years). This trend will continue to develop. ✳️ Track record of DPI We’ve yet to see exuberant returns in the region from the majority of funds here. In part, plenty of funds were invested at the top of the previous cycle. Fund strategies that were reliant on only very large outcomes struggled to provide returns, particularly in a fragmented market. Some bright spots in smaller funds deliver attractive returns without relying on very large outcomes. ✳️ Fragmented markets Unlike the more developed markets, markets here are non-homogenous. Different cultures + buying behaviour for each country. This challenge can be a moat for founders that know how to localise and meander these differences to compete. Strategics around region are opting to acquire instead of building to tap quickly in this region’s growth. ✳️ Consumers and enterprises don’t spend Consumerism and spending power differ across countries in SEAasia. It’s incorrect to paint the region w/ one broad brush. Growth is spurred by young, tech-savvy population, increasing FDI and increasingly supportive government infrastructure across nations. B2B transactions are still rife and necessary. Core services are last to go even in recessionary conditions and sticky products thrive in any environment. ✳️ Much higher risk vs mature markets Southeast Asia is perceived to be ‘riskier’ due to its nascence versus more mature markets like the US. Risks exist in any investment (regardless of geography) and with any manager. Finding competent managers in any focus region is the challenge and the better ones in the US are simply much harder to access. While these are reasons why LPs may hesitate about this region,  There are those who invest into funds with strategies adapted for the region. They are quietly seeding the next generation of growth for our region.

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Thanks to DealStreetAsia for letting us contribute to this interesting topical piece... #DPI is indeed an issue that needs to be addressed but it is also important to find solutions and tools which can provide positive outcomes for all stakeholders, something that is central to Collyer Capital's strategy! #CCPL #CollyerCapital #DPI #Secondaries #Liquidity

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It’s not just about the cost of raising a child. It’s also fertility. Singapore TV personality Glenda Chong’s pregnancy at 51 years old has caused a stir. It’s really great news! It has also thrown into relief the struggles with fertility, which are often not talked about as much as (valid) concerns about the cost of raising kids. People sometimes comment on the almost 6-year age gap between my two kids. I then let them know that I was pregnant in between at the three-year mark. But 11 years ago today, on 8 October, I had a miscarriage at 10 weeks. I was in my late 30s, so the risk was high and had materialised. Then they are sorry they asked but it’s really okay. There’s been enough time passed to heal, though every year this day I think a bit about a boy (I am sure it’s a 👦!) who’s in heaven, but who knows! I shall find out when I’m there. My point is that there are some biological “truths” and then there are lifestyle or socio-economic factors. Biologically, fertility goes down with age and risk of miscarriage goes up with age. Lifestyle wise, let’s face it, it’s a stressful life for Singaporeans. This affects on a very practical level so many things: baby-making activities, the desire for a baby, and the success rate both of conception and of carrying to full term. 🌻Life can be purposeful and abundant whether you are single or married, if you have kids or if you don’t. But to my younger friends, if you have the intention to have kids, consider starting as early as you can. Give yourself some buffer because you can’t control everything: you can’t call the timeline on all matters. As for money - make your life goals first, then decide on your financial goals. Not the other way round. Take heart ❤️— there is enough support in the system for you. For the rest of us in a corporate setting, even as we support working parents, let’s also be fair to those who aren’t yet parents and unfairly load the stress on them. Who knows, they might be quietly trying, even in their 40s, and need help to improve their odds. 🐣

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💡 SGX Needs to Rethink Its Investor Base A year ago, I returned to investing in SGX-listed stocks as part of my personal asset allocation strategy. After 25 years away, I was curious to see how things had changed. One thing that stood out was the persistence of outdated practices. For example, physical B4 white envelopes are still being sent for AGM and EGM notices, along with physical proxy forms delivered by post. While there is an online option, it’s cumbersome: you have to first know where to find the website link, download a PDF, print it, fill it in, rescan it, and then email it. Ironically, the recipient likely prints it out again. When I spoke to a fund manager specializing in SGX stocks, he pointed out that the retail investor base is primarily made up of retirees who prefer physical documents. There has also been consolidation among institutional fund managers in recent years, resulting in less active trading and lower liquidity on SGX. The focus remains on blue-chip and dividend stocks, which are popular with retirees, but the momentum and capital gains trading that defined the 1990s and early 2000s has diminished. It may be time for SGX to broaden its appeal and attract younger investors. Modernizing the documentation process would be a good start—proxy forms today look the same as they did two decades ago. Why not integrate Singpass to streamline online submissions? Looking ahead, I expect SGX will list several high-quality IPOs that could bring exciting opportunities. However, without increased liquidity from both retail and institutional investors engaging in momentum-driven trading, these IPOs could be undervalued. Image: A screenshot of a proxy form I had to fill out by hand and mail. #sgx #equitiestrading

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The voices are coming definitive about the need of a supportive Singapore stock exchange for startups. One of Singapore's legendary investors Boon Hwee Koh, who also happens to be the chairman of SGX, chimes in. In his letter to SGX shareholders, he explained that "Should [SGX} fail to enable venture capital and private equity to exit their investments and recycle the capital deployed, the supply of such capital will eventually dry up and threaten the start-up ecosystem that Singapore has built and nurtured over the past decades." In the past 20 years, startups operated independently of the SGX, where trade sales and US IPOs were the norm for exits. But it is timely for an alignment together with the SGX, in order for the Singapore startup ecosystem to evolve and survive. #venturecapital #sgx #startupsg https://lnkd.in/gAqZ9st9

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Compared to US and Europe private debt, Asia private debt is the fastest growing and has the highest unlevered returns. I have been investing in Asia private debt since 2004 and have witnessed the wax and wane of the popularity of Asia private debt asset class amongst institutional investors in the last 20 years. Looking forward to exchange views on Asia private debt with fellow industry veterans Nitish Agarwal and Kanchan Jain at the coming Singapore Venture & Private Capital Association 2024 annual conference!

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Thank you CNBC International and Emily Chan Tan for featuring me on the Capital connections yesterday, right at the moment of the crucial rate hike decision by the BoJ. # Hawkish BoJ leads to a reversal in net short position in the Yen, but this is unlikely to last long. # In the near term, US data holds the key for the Yen. # In the medium term, a stronger Yen requires either strong economic growth resumption in Japan, a much weaker relative growth outlook in the US , or an extremely dovish Fed; none of which we expect. # The carry trade is taking a breather but not over—rate differentials between the US and Japan remain meaningful, and there's a lack of alternatives for currency traders (Yen implied yield will be 90bps lower compared to the Swiss Franc). # For the Japanese economy, resumption in consumption is key for growth, inflation, and currency.

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"Whatever company you invest in today, you want to make sure that it will still be here four, five, six, seven years from now." Esther Wong, Founder & CIO of 3Capital Investment, in a conversation with Bloomberg's Venus Feng at the #BBGWealth.

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