SPH - Who Is Superior?
- We think SPH (SGX:T39) shareholders are likely to go for Cuscaden’s revised scheme of full cash S$2.360/share or part share/cash offer of S$2.40/share.
- We believe Keppel Corp (SGX:BN4) is unlikely to counter with a higher offer and may look for other assets. Next catalyst: divestment of Keppel Corp’s O&M business.
- If Cuscaden succeeds, Keppel REIT's share price overhang will be removed while SPH REIT's share price may be capped at chain offer price of S$0.964 in the near term.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LIM Siew Khee CFA CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2021-11-15 2021-11-15
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