Thilan Wickramasinghe

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

2

DL Holdings Group announced that on September 19, 2024, DL Holdings has entered into an acquisition MOU with a Singapore-based wealth management firm (the “Target Company”). The consideration of the Sale Shares is expected to be settled by a combination of cash and allotment and issuance of shares of the Company. The Target Company was based in Singapore and with offices in Dubai, UAE. The preliminary valuation of the Target Company is expected to be approximately US$50 million. The Acquisition will help DL Holdings to expand its footprint in Southeast Asia, explore the Middle East market, and further build a global ecosystem for asset management and investment. DL Holdings aims to be a prominent asset management and financial services platform. DL Holdings’ current AUM has exceeded US$3.5 billion, with established offices in Shanghai, San Francisco, Singapore, and Japan. The Target Company has an AUM of approximately US$2.6 billion. It has a significant high-net-worth clientele and future growth potential in Singapore and the Middle East. The possible acquisition will create synergies between the two parties in terms of multi-family office and global investments, and will be complementary to the Group’s existing operation and business layout and consolidate its existing advantageous position. Andy Chen , Chairman of DL Holdings Group, stated, “Over the past decade, DL has established a solid reputation in Hong Kong and the Asia Pacific region. After entering the Hong Kong Stock Connect, we are accelerating the expansion of our global asset allocation and looking for excellent partners. It is believed that this Acquisition will strengthen the Group's impact in Singapore and expand the Group's business scope in Singapore and Southeast Asia region by integrating the resources of the target company and building a stronger customer network. In addition, the move will strengthen the foundation for the Group to open up the Middle East market with Dubai as the core, and extend westwards into Europe and Africa.” Established in 2008, the Target Company has accumulated over 400 clients, serving high net worth individuals and institutional investor in India, the Middle East, Switzerland, Africa and Europe. The wealth management company has accumulated extensive experience in providing a full range of multi-family office services and solutions, and its management shares the same vision and objectives as DL Holdings in global asset management and financial services.Dubai is the economic and commercial center of the Middle East, where East meets West, the gateway to the Middle East and Africa, and an important node of the “One Belt One Road”. With the completion of this Acquisition, DL Holdings Group will take a significant step forward in its multi-family office and global wealth management footprint.

2

It has been an exciting summer to drill down in depth on the many investment and business opportunities developing between the GCC and the ASEAN countries. These are two of the fastest growing regions in the world poised to benefit amid current geopolitical and economic uncertainties. Following a week of fascinating meetings with leading financial players in Ho Chi Minh City, I had the privilege of exploring opportunities with Npairoj Piempongsant in Bangkok. Npairoj Piempongsant is a celebrated Thai businessman with over 40 years of diverse international project experience. He currently plays a key role in the development of Silicon Tech Park, a newly designated smart city set within Thailand’s $40 billion Eastern Economic Corridor (EEC) project. This initiative is aimed at bringing major opportunities to the Thai economy as well as to the local communities by attracting international digital innovators and investors to the region.     His deep understanding of the GCC business culture includes brokering high-profile deals, such as Abu Dhabi United Group’s acquisition of Manchester City in 2007. We discussed trade and investment opportunities between the GCC and Thailand as well as other ASEAN countries. Clean energy is a critical area for further cooperation. This would include technologies focusing on low-carbon energy, renewable energy as well as the promotion of effective energy efficiency practices. The digital economy, focusing particularly on cooperation in the AI, Web3 and Defi sectors, will also be important areas of interest. I must also thank most sincerely Daniel Rajesh, Founder and CEO of Sayis Capital, for arranging this meeting and flying over from Kuala Lumpur for the day to attend our meeting. #gcc #asean #hochiminhcity #bangkok #silicontechpark #easterneconomiccorridor #abudhabiunitedgroup #tradeopportunities #investmentopportunities #cleanenergy #ai #web3 #defi

29

5 Comments

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.

83

8 Comments

SSL Research - 13th May24 Five points to begin the day with 1️⃣ Result Summary Strong set of results by Polycab, BoB, Syrmma (Strong QoQ recovery, YoY down due to increase in contri from low margin consumer segment), ABB, Nuvama Wealth etc Decent set of results from Ami Organics, Sapphire Foods, Kalyan, Thermax, etc Muted nos from VIP (recovery likely in FY25) & Tata Motors (weaker than expected) 2️⃣ Listing of Indegene today - Issue price Rs 452/share 3️⃣ Biggies like UPL, DLF, Varun Beverages, AB Capital, JSPL, etc to report nos today Global cues muted Global cues muted ahead of China & Japan's inflation data today US 10-year yield at 4.49% Dollar Index at 105.3 Brent Crude at 82.8$/barrel 4️⃣ Voting for Phase 4 (96 seats in 10 states) today till 6 pm. With this, polling for 379 seats (i.e ~70% of the total seats), across 23 States and UTs, would be complete. 5️⃣ CDSL reduces transaction charges - Stock likely to react negatively in the opening trade today; Buy on Dips FII sellers since the last 7 consecutive trading sessions & DIIs have been pumping money since the last 14 consecutive sessions Thanks

8

"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.

6

1 Comment

Last week, our Founder Esther Wong speaking at hashtag #bloombergwealthforum about 3C AGI Partners' investment philosophy. 1) We are still in the beginning of the new wave, we will focus on the picks and shovels, hence, AI Infrastructure for now. 2) Unlike mobile internet era, the technical moat to understand and discern AI companies are high, AI veterans enjoy unfair advantage as investors. 3) We are seeing disruptors on hardware side already. The average GPU is running at 50% efficiency, we need new inferencing solution and/or better chip design that tailors to model training and edge inferencing. We invested in Cerebras Systems for precisely this reason. 4) Most radical applications likely to be medical and education. AI being a great equalizer, both segment share great inequalities for now, hence significant market potential. 5) Both US and China will remain AI super power and companies will thrive in their respective unique ecosystem. 6) Eventually, the most important programming language will be English, and the marginal cost of intelligence will be zero, leading to a significant bigger overall AI led market opportunity than we currently define.

2

Kopi Time E132 - GIC’s Prakash Kannan on Global Macro and Asset Allocation Prakash Kannan, Chief Economist and Director of the Economics & Investment Strategy department at GIC, returns to #KopiTime #podcast to talk about evolving macro developments and implications for asset allocation. We cover it all in this discussion, from Fed outlook to EM resiliency, global liquidity to China policy, yen carry trade to gold, and how a portfolio suitable for the past decade is unlikely to bear similar fruit going forward. Lots of insights. https://lnkd.in/dRJcAcXW

29

📢 Quoted in Regulation Asia on the potential of re-domiciling VCC funds to Singapore 📰. Read the great feature by Nithya Subramanian https://lnkd.in/gNfPHYV5 highlighting the complexities and benefits. 👉 “In an interview with Regulation Asia, Kher Sheng Lee, Managing Director, Co-Head of APAC and Deputy Global Head of Government Affairs at the Alternative Investment Management Association (AIMA), said that redomiciling requires meticulous management of potential regulatory burdens, conflicts of interest, and operational issues, including investor notification and redemption obligations.” ⏰💰 “Lee said that the path to re-domiciliation is ‘fraught with potential tax implications, such as stamp duty’ and there is often a need to renegotiate existing contracts, which adds layers of complexity to the administrative load. ‘Moreover, the spectre of asset illiquidity during transition looms large, deterring some from embarking on this journey,’ he added.” 🚀 [On VCC 2.0] “This streamlined pathway promises efficiency, cost reduction, and potential tax incentives, making the VCC structure more accessible and appealing,” said Lee. 🇮🇳 “Fund managers with structures designed to access markets like India stand to gain significantly from this. ‘These changes would make it easier for fund managers to leverage the benefits of the VCC structure, such as operational flexibility and tax advantages, without the need to establish a completely new fund.’” AIMA continues to advocate for enhancements to the VCC framework 💪. The upcoming VCC 2.0 regime is expected to expand the pool of market participants and make fund conversions more straightforward. #AIMA #Singapore #VCC #RegulatoryReform #Advocacy #AssetManagement

21

2 Comments

Need a primer on blended finance? On AVPN's Money Meets Mission podcast, CrossBoundary Advisory’s Head of South and Southeast Asia Advisory Nandini Chaudhary recently discussed what blended finance means in today's markets. Alongside host Teymoor Nabili, Nandini explains how blended finance can be scaled to attract commercial capital and make an impact. AVPN is the largest social investing community in Asia, and its Money Meets Mission podcast features leaders from the business, philanthropy, and impact investing worlds discussing how to tackle some of the largest and most complex social and environmental issues facing Asia today. Listen now: https://lnkd.in/gRrTtY6c #blendedfinance #sustainabledevelopment #asiainvesting

18

An interesting read: Indeed, Myanmar finds itself at a historical juncture, where unpopular global themes such as BRICS and decoupling from the dollar are gaining prominence, especially in online discourse. As evidenced by recent trends, the value of the Myanmar kyat is plummeting. Yet, the country announces that it is preparing to reduce its dependency on the dollar. Similarly, Cambodia and several other ASEAN nations are closely observing and preparing for potential shifts. The Myanmar situation is significant and deserves a closer look for a better perspective on the situation and its implications. Furthermore, when considering the three primary investors in Myanmar, Singapore and Malaysia follow Thailand in second and third places, respectively, among ASEAN countries. Notably, about 65 percent of the total investment is directed towards the power, oil, and gas sectors. Russia, having invested 94 million USD in Myanmar, emerges as a key proponent and pioneer in the introduction of de-dollarization and local currency trading, with strong potential for success. Looking ahead, as one of the largest oil-producing alliances, the BRICS summit in 2024 holds promise for significant developments. #Myanmar #BRICSsummit2024 #dedollarization

4

Fitch Ratings has reaffirmed the Asian Infrastructure Investment Bank's (AIIB) Long-Term Issuer Default Rating (IDR) at 'AAA' with a stable outlook. This rating is based on AIIB's Standalone Credit Profile (SCP), which Fitch's long-term projections support. The 'aaa' SCP results from AIIB's strong solvency and liquidity assessments, adjusted due to a 'medium risk' business environment. AIIB's strong solvency is backed by its excellent capitalization and low-risk profile. Shareholder support does not further enhance the bank's SCP. AIIB's liquidity is very strong, supported by ample liquidity, high credit quality of treasury assets, and a strong presence in global capital markets. Fitch expects the bank's liquidity buffers to remain well above the 150% threshold over the forecast period. The share of treasury assets rated 'AA-' and above rose to 71% at the end of 2023 from 63% in 2022. This is expected to stay below 70% over the medium term, consistent with a strong assessment https://lnkd.in/dC2XEe9s.

11

1 Comment

Uncertainty is a given for investors. However, the profound uncertainty of today's environment is forcing investors to re-assess prevailing risk-reward equations.   Prakash Kannan, Director, Economics & Investment Strategy and Chief Economist at GIC recently spoke at the 17th Annual Risk Management Conference at the NUS Risk Management Institute. He shared his take on three key risks investors face today – geopolitical risk, climate change, and algorithmic price discovery – and how long-term investors like GIC are ensuring that the risks we take continue to be compensated, informed, and authorised.   Swipe for Prakash's insights below. #GIC #GICSG #investing #longterm

87

1 Comment

South Korea Starting off as a war-ravaged nation, South Korea has witnessed a remarkable transition from being an agrarian economy to eventually becoming a global industrial powerhouse. In our Cover Story, we cover select aspects of the South Korean economy starting with the factors contributing to its industrial domination. Do also check out our sections on Data-Driven Perspectives, Global Events, and Inflation & Monetary Policy Watch. Happy Reading! Contributors: Rishwik Chinthakindi, Mihir Shirgaonkar, CFA PhillipCapital India | Phillip Ventures IFSC | GIFT City #globalmarkets #globalinvesting #wealthmanagement #southkorea #samsung #china #debt #debttogdp #ethereum #cryptocurrency #nuclearenergy #inflation #commodities #currency

28

3 Comments

It gives me immense pleasure to share that our UCITS India Equity fund (RAMS India Equities Portfolio Fund II) has been featured in the IFAST recommended fund list (IFAST is Singapore’s largest retail fund aggregators). With India allocation gaining momentum in the retail space, the fund offers investors long term investment opportunity to invest into a mix of Indian companies ranging from Large, Mid and Small caps. Where the major portion of the fund invests into Large Cap stocks to check volatility, the Mid and Small Caps allow investors to earn alpha over the usual benchmarks and indices. Launched in 2016, the fund follows the GARP (Growth at Reasonable Price) approach and invests in around 60 stocks from a vast universe of over 5,000 Indian companies through a combination of top-down and bottom-up analysis. Key stock-picking criteria include growth and profitability, balance sheet strength, competitive advantage, and valuations along with this on a macro level, the portfolio manager considers factors like domestic and global growth, inflation and interest rates, as well as current account and fiscal deficit. The top 10 holdings make up nearly 40% of the portfolio, comprising a diverse mix of companies across various sectors which include multinational conglomerates like Reliance Industries, private sector banks like ICICI Bank, HDFC Bank and Axis Bank, alongside the global IT services leader Infosys. #India #IFAST #NAMS Link:

61

4 Comments

Introducing iCFO Singapore Capital Mergers & Acquisitions Program At iCFO Singapore, we understand the significance of strategic mergers and acquisitions in achieving business expansion. Our program is tailored to provide financial support and flexibility to businesses pursuing growth through acquisitions, whether on a local or international scale. Schedule a meeting… https://lnkd.in/gySAnhkE Information is available at the end of this short video

1

The investment platform, Decarbonization Partners, which is a joint venture set up by Temasek Holdings and BlackRock, has successfully raised US$1.4 billion at the close of its inaugural fund.  This fund is focused on investing in decarbonisation technologies. The fund surpassed its initial target of US$1 billion.  It attracted over 30 institutional investors from 18 countries, including public and private pension funds, sovereign wealth funds, insurance companies, as well as corporates and family offices across North America, Europe, and Asia-Pacific.  Financial institutions like Allstate, BBVA, Mizuho Bank, MUFG Bank, and Kirkbi, as well as energy company TotalEnergies, are among some of the investors.   Decarbonization Partners was set up in 2022 by Temasek Holdings and BlackRock, both committing a combined US$600 million in initial capital, to accelerate capital deployment into the emerging climate technology asset class.  The fund focuses on companies with proven technologies that are ready to scale up. The inaugural fund has invested in seven companies, which span various decarbonisation technologies.  They include sustainable materials, clean hydrogen, and science-based carbon management services.  A majority of the fund is channelled towards clean energy and advanced mobility solutions. Terence Nunis Terence K. J. Nunis, Consultant President, Red Sycamore Global

1

1 Comment

CapitaLand Integrated Commercial Trust (CICT) plans to acquire a 50% interest in Ion Orchard and Orchard Link from CapitaLand Investment (CLI). The agreed property value for the 50% stake is S$1.85 billion. The total acquisition outlay is estimated at S$1.1 billion after adjustments. Financing: + CICT intends to finance the transaction through a private placement and a preferential offering. + The aim is to raise gross proceeds of at least S$1.1 billion. Estimated issue prices: + Private placement: S$2.038 to S$2.091 per unit + Preferential offering: S$2.007 per unit + CLI has committed to fully subscribe to its entitlement in the preferential offering. Timeline and Strategy: + Expected completion: Q4 2024, subject to unitholder approval. + Described as a "transformational move" in CICT's strategy. + Aims to capture the luxury retail segment in Singapore. Financial Impact: + The acquisition is expected to be immediately accretive to CICT's distribution per unit (DPU). + Projected H1 FY2024 DPU accretion of 0.9% (from S$0.0543 to S$0.0548). CLI's Perspective: + The divestment demonstrates CLI's support for CICT. + Proceeds will be used to diversify CLI's portfolio and establish new fund products. + Aligns with CLI's asset-light strategy to recycle assets and grow funds under management. Ion Orchard Details: + Currently held in a 50:50 joint venture between CLI and Sun Hung Kai Properties Limited. + Eight-storey mall with about 57,935 square meters of net lettable area. + 96% committed occupancy rate as of end-June 2024. This acquisition represents a significant move in Singapore's commercial real estate market, potentially strengthening CICT's position while allowing CLI to pursue its strategic objectives. #REITs #Growth #Strategic #Investment #RealEstate #Acquisition #LuxuryRetail #ShoppingMall #Singapore I The Business Times I SPH Media I Michelle Zhu

16