SGX Listed Stock

HYFLUX LTD (SGX:600)


HYFLUX LTD (SGX:600) @ SGinvestors.io
SGD 0.210
SUSPENDED
Share Price as of: 2021-05-14 17:16
Market / ISIN Code: SGX Mainboard / SG1J47889782
Sector / Industry Group / Industry: Utilities / Utilities / Water Utilities


Hyflux Blogger ArticlesHYFLUX LTD Blogger Articles SGX Listed Hyflux (SGX:600) Blogger Articles 600.SI Blogger Articles
SIAS
sias
2021-02-03 17:03:14
Commentary: Hyflux • Hoping for deal with some form of recovery for all parties
First published in Straits Times on 11 January 2021 It’s been a very long wait for the thousands, in fact, 34,000 preference shares and perpetual securities (P&P), and bond holders of Hyflux to see light at the end of the tunnel. It has been some 2.5 years since Hyflux filed for protection in the Singapore courts. It has now been placed under judicial management. While some creditors have welcomed the court’s decision because they are tired of waiting for Hyflux to find a suitable white knight, many retail investors fear the worst – liquidation. One can’t blame them as judicial management often leads to liquidation, leaving the subordinated creditors completely out of money. The senior creditors or the unsecured working group (UWG), who were advised by financia
SIAS
sias
2021-01-17 20:11:55
The STI regained the 3,000 mark on US stimulus hopes
Markets took their cue from a firm Wall St; Sentiment in US was upbeat despite political upheaval; Main hope was that Biden administration would announce stimulus; US President-elect Biden duly announced plans for a US$1.9tr package; China’s exports beat forecasts, trade surplus with US widened; SIA issued US$500m in bonds; 17 parties have signed NDAs to possibly invest in Hyflux; Quarz said S$1.55 per share offer for Sunningdale is too low; SGX queried iFast for fourth time in six months.   US stimulus hopes continued to underpin market’s strength The local stock market last week continued to benefit from Wall Street’s strength that has over the past two months been derived from hopes of a large stimulus bill to tackle the economic challenges posed by the COVOD-19 pandemic.
The Asia Report Bottoms Up Investing
Terence
2021-01-06 11:50:48
Chinese Government Bonds ETF, what is it and should you buy it?
As we wrap up 2020, we revisited some of the most interesting products (including the Airbnb IPO and Lion-OCBC Tech ETF etc) which were listed in 2020 and explored whether they were worth investing. Another product which received keen attention from our readers is the Chinese Government Bond ETFs which were listed on the SGX in 2020. The two key products in this basket includes the ICBC CSOP FTSE Chinese Government Bond Index ETF (“CSOP ETF”) and the NikkoAM-ICBCSG China Bond ETF (“Nikko ETF”). In this article, we explore what Chinese Government Bonds ETF are generally, and compare the differences between the CSOP ETF and Nikko ETF and finally provide a discussion as to which product is more suitable for which investors. What are Chinese Government Bonds? Chinese Government Bonds a
SIAS
sias
2021-01-06 10:03:54
Commentary: Investors should look at how companies are run
First published in Business Times on 22 November 2020 Picking firms with strong governance will reduce risk of loss due to corporate misbehaviour When it comes to choosing stocks, most investors use traditional financial metrics such as earnings, return on equity and net asset value. Some might look at charts while others use a combination of fundamentals and technical indicators. It is about time retail investors looked at another important aspect – the company’s corporate governance. This is because companies that are well governed tend to perform better than those with weak or poor governance. A research paper, “Good governance driving corporate performance?” by Deloitte and Nyenrode Business University, found there is conclusive evidence that good governance var
SIAS
sias
2021-01-03 08:44:08
Monthly wrap for December 2020: A flat month in a weak year
The STI added one point in December to end at 2,843.81; The index’s loss for the year was 11.7%; Over in the US, the S&P 500 finished 2020 at a new all-time high; Banks and Jardine Matheson posted biggest market cap gains in Dec; Top Glove suffered biggest loss in market Cap in Dec; Overall, SGX’s market cap dipped 8.3% year-on-year; SGX highlighted the value of value investing; Global investor confidence rose in Dec A one-point gain and an 11.7% loss STI The Straits Times Index gained just one point at 2,843.81 over December, a month in which news that vaccines are now available for COVID-19 helped boost hopes that the global economy will soon be on the mend. This helped support stock prices, particularly Wall Street, which rose to several record highs that included the Dow Jon
SIAS
sias
2020-11-15 17:45:13
The virus, the vaccine and the victory
The STI’s surge continued in the wake of Joe Biden’s victory; Adding impetus was hopes of a vaccine soon for the virus; SIA issued new convertible bonds at 1.625% coupon; Best World submitted trading resumption proposal; Aspen in play (again) after placement announcement; Hyflux supported SGI’s rescue deal; IPO managers and sponsors to be held to higher standards. Victory for Democrat Joe Biden was the first driver The US election victory by Democrat candidate Joe Biden was one driver of stock prices last week, on hopes that the President-elect would be able to deliver a stimulus package that was larger than previously negotiated or reported. The second and perhaps more important driver were rising hopes of a vaccine to battle the COVID-19 virus that has brought the global economy
SIAS
sias
2020-11-15 17:37:59
Press Statement – Hope for Hyflux P&Ps with improved terms from SGI
As announced by Hyflux on 13 November 2020, SGI issued a non-binding and conditional term-sheet proposing various terms for Hyflux’s creditors.  In SGI’s term-sheet, P&P holders are offered a cash consideration of S$41 million (which represents a 4% recovery) and 10% of newly issued convertible securities (“CS”) in Hyflux. The CS are zero par, zero liquidation value and zero dividend. The CS converts into Class B common equity, which is non-voting, upon performance hurdle based on a liquidity event (e.g., IPO, dividend, recapitalisation, 3rd party equity capital injection, majority sale). The Class B common equity is fully subordinated to Class A common equity. P&P holders are strongly encouraged to refer to Hyflux’s announcement dated 13 November 2020 for the full terms
SIAS
sias
2020-10-22 18:29:28
A strong corporate culture is a valuable asset
First published in Business Times on 13 October 2020 Companies with a robust and ethical culture in place are better equipped to deliver superior performance for their stakeholders and gain the market’s confidence. The Monetary Authority of Singapore (MAS) last month issued its Guidelines on Individual Accountability and Conduct, which contain measures that financial institutions (FIs) should put in place to “promote the individual accountability of senior managers, strengthen oversight over material risk personnel, and reinforce standards of proper conduct among all employees”. This is very welcome as FIs play a crucial role in safeguarding the integrity of the financial system. Indeed, if trust in FIs is eroded, the entire market suffers and this can have dire consequen
SIAS
sias
2020-10-18 20:15:24
A firm finish to a flat week
The STI ended flat for the week at 2,532.02; NODX rose 5.9% in Sep; Economy contracted 7% in Q3; Hyflux gets final extension; Study shows Singapore companies lag Malaysian and Thai peers in integrity; SPH shares sank below $1 after company reported first ever loss; Wilmar’s China unit made solid debut on Shenzhen exchange; World Bank warned of emerging financial crisis A flat week driven by Wall St nervousness, local economic news The Straits Times Index was flat over the five trading days, Friday’s 9.4 points rise to 2,533.02 enabling it to erase all its loss over the previous four days. Those losses came in tandem with some nervousness on Wall Street, where investors were said to be grappling with the likelihood that a stimulus package is still some way from being agreed upon; Fri
SIAS
sias
2020-10-13 17:37:57
Press Statement – SGI’s expression of interest to Hyflux
SIAS refers to the latest announcement by Hyflux regarding the expression of interest (EOI) by Strategic Growth Investments LLC (SGI). The EOI provides for a total of $32m in cash for PnPs and a 10% equity stake in the form of warrants, post restructuring. SGI’s EOI is not binding, subject to due diligence and internal approvals, and there are questions for SGI, like how SGI has determined the value of its Value Creation Plan and the terms of the warrants. Nevertheless, it is worth noting the proposal provides a holistic approach to the Hyflux restructuring and solution to the PnP Holders, and SIAS is prepared to commit time to engage with SGI with a view to developing its EOI into a concrete and binding restructuring plan.   David Gerald Founder, President & CEO SIAS The post P
SIAS
sias
2020-10-04 22:13:02
Rebound stalled after Trump tested positive for COVID-19
The STI was on an uptrend when news of Trump’s infection broke; Index still managed a 1% gain for the week; SGX’s market cap was 2.7% down in Sep at $740b; US economic recovery looks like its stalling; Authorities updated guidelines for conduct of meetings; MAS ordered Ayondo to provide documents for investigation; Best World dropped defamation suit against Bonitas Research Trump’s positive virus test was main talking point The big news last week wasn’t the economy, interest rates or tech stocks; instead it was news on Friday that US President Trump and his wife have contracted COVID-19. The news was initially known in mid-afternoon in Asian trading, leading to a 500 points slide in the Dow futures and bringing the sellers out in force around the region. Here, the Straits Times
Investment Income For Life
Blade Knight
2020-06-26 17:54:39
Eagle Hospitality Trust CFO Suddenly Quit Less Than One Year On The Job For Personal Reasons
On 3rd March 2020 (Tuesday), Eagle Hospitality Trust (“EHT”) suddenly announced that its Chief Financial Officer (“CFO”), Fred Chee, has resigned for personal reasons. This does not bode well for EHT and lead to continued mass selling of units by many skeptical investors despite the announcement asserting that Fred Chee is leaving due to personal reasons. The leaving of a CFO is normally bad news for a business entity, especially when Fred Chee just joined EHT on 28 June 2019 and quit in just 8 short months. This is simply a public relation nightmare for EHT.Extract from Announcement on 3rd March 20201.   The CFO is leaving due to “personal reasons”. When an announcement states that a CFO is leaving due to “personal reasons”, it may be really nothing but the truth
Investment Income For Life
Blade Knight
2020-06-26 17:54:36
Hyflux Still In Limbo- Hyflux Asserted That Utico Gave Inaccurate Announcements
The scheme meeting with creditors will be held on 22 April 2020. However, we are already seeing the senior management of Hyflux once again crossing sword with their own White Knight Utico. Yes, I used the word “again” because Hyflux also went into disagreement previously with their previous White Knight Salim Medco Group. Apparently, the current cracks in relationship came from the amount of legal and advisory fees pot of S$50Mil being committed. Utico is only willing to put up S$30Mil as the professional advisors of Hyflux and SIAS failed to show support for the scheme by 29 Jan 2020 court hearing. Original intention was S$50Mil for the professional services pot if show of support settled by end of Jan 2020 but unfortunately it was not to be due to various factors such as the emergenc
Investment Income For Life
Blade Knight
2020-06-26 17:54:22
Personal Updates: "Voluntary" Pay Cut and Restructuring Plan For Company
The COVID-19 crisis suddenly freeze up business transactions almost overnight. Many countries are in lock down. Malaysia just extended their lock down for another 2 weeks to mid April'20. My office phone keep ringing non-stop with many fellow managers asking me what to do with their Malaysian workers who are either trapped in Malaysia or where to house their Malaysian staff. It does not help when my Managing Director called me up one night (I mean literally night time) and asked for my help to take a "voluntary" paycut in order to showcase to our Corporate Head Office that we are taking action to ensure the survivability of our Singapore business where business volume supporting retail clients crashed by 70% to 90%. The strange thing is that although my boss said that it is a "volunta
Investment Income For Life
Blade Knight
2020-06-26 17:54:07
Will Eagle Hospitality Trust Survive Upcoming Bankruptcy Threat? (Part 1 of 2)
On 20 March 2020, the Managers of Eagle Hospitality Trust (“EHT”) received a notice of default and acceleration to the Facilities Agreement issued on behalf of Bank of America which is acting as the overall administrative agent for the syndicate of lenders that provided USD341Mil to EHT. EHT then quickly went on to ask SGX for a voluntary trading suspension in order to prevent a total share price collapse of EHT while it engages lawyers to re-work out operational, financial and loan negotiation with all the different stakeholders.1. Weak Sponsor Urban Commons Does Not Have Adequate Financial Resources For EmergencyThis should be nothing new. From the Queen Mary incident, most folks already know that Urban Commons live by the hand to mouth. It has been unable to produce timely audited f
Investment Income For Life
Blade Knight
2020-06-26 17:54:03
Will Eagle Hospitality Trust Survive Upcoming Bankruptcy Threat? (Part 2 of 2)
Since the resignation of the CFO of Eagle Hospitality Trust ("EHT"), I have mentioned that investors holding on to EHT better be prepared to do a 100% write off of their investments similar to what happened to Hyflux. However, the lightning speed of the collapse did catch me off-guard in March 2020- I was planning to re-evaluate on what to do with my existing holdings of EHT after the payout of dividends (which unfortunately never materialise).No one can predict with 100% certainty what will happen next. But there are basically 3 scenarios that can happen, and we can then rationalise using probability to figure out it goes which way:Scenario 1: EHT goes into immediate liquidation and firesales of its hotels to 3rd parties as bankers refuses to grant any further forbearance o
Investment Income For Life
Blade Knight
2020-06-26 17:53:41
Buying Singapore Airline Shares on Behalf of Your Colleague? How Strange Can It Get?
Last Friday afternoon, I received a strange call from my colleague Donald. Donald does not normally invest in stocks as he does not like to speculate. Stock market is a very dangerous place he once told me. The last SGX stock he held was Hyflux whereby he decided to "play with a little bit of money". Of course, the current tragic fate of Hyflux further reinforced his mindset that the stock market is an extremely dangerous and evil place that sucks out your money like a black-hole. I was thus rather surprised to receive his phone call.The conversation went like this:"Hey BK, how have you been?" Donald asked. "Hi Donald, I am good! Thanks. What's up?" I replied.Donald excitedly responded, "BK, what do you think of Singapore Airline? Got potential to go up further a not? I think I want t
AlpacaInvestments
AlpacaInvestments
2020-03-08 14:01:50
February has been a volatile month - Here's my game plan (MCT, SATS, DBS and more)
Please note that these articles are for discussion and informational purposes only and should not be relied upon as financial advice. Please read the full disclaimer available on the desktop version of my blog.February has been an extremely volatile month with huge swings in the equity markets. Thousand point moves in the Dow Jones Index meant that volatility has shot up, and investors are worried and confused. Our Straits Times Index wasn’t spared either. With all the negative headlines dominating the news every day, you may be wondering – what’s next?I would like to share with you the transactions I have made in the past month, as well as my game plan to navigate the volatile markets of today. I have made trades in four companies this month – I sold Eagle Hospitality Trust a
Investment Income For Life
Blade Knight
2020-01-28 07:46:08
Hyflux Utico Rescue Deal May End In Failure- Unsecured Creditors and Perpetual Securities Holders Still Unhappy
To pass the restructuring of Hyflux and accept the Utico rescue plan, the schemes of arrangement need to be approved by at least 75 per cent in value and 50 per cent in number of each creditor class. This seems to be in jeopardy based on the disgruntled retail creditors who attended the townhall on 20 January 2020. One  PnP investor who invested S$70K in Hyflux preference shares but only getting S$1,500 back under the proposed plan mentioned that he would rather vote against the Utico offer and let Hyflux go into liquidation so that he can join a class action suit against the Hyflux Board of Directors for running the business to the ground.Does it makes sense for disgruntled creditors and PnP holders to choose liquidation and pursue a lawsuit against the Board of Directors?My own pers





Investment BloggerSG Investment BlogSG Invest BloggersBloggers Say








Your Say











Stock / REIT Search

Advertisement

Advertisement