Daily Briefing: Singapore banker handed new convictions in 1MDB-linked case; Potential upside for CapitaLand

And Yanlord to join Perennial in UE offer.

From AFP via Yahoo!: Singaporean Yeo Jiawei, a former wealth manager with Swiss bank BSI, was sentenced to 54 months after admitting charges of money-laundering and cheating. The jail term will run concurrently with a 30-month sentence for trying to tamper with witnesses involved in the probe into the scandal, which was handed down last year. Allegations that huge sums were misappropriated from 1MDB through money-laundering triggered a corruption scandal that has embroiled Malaysian Prime Minister Najib Razak, who founded the fund. He has consistently denied any wrongdoing.

From Shares Investment via Yahoo!: With the steady increase in share price starting in late Dec 2017, CapitaLand's shares rose by 18.9% from $2.97 on 22 Dec 16 to its current share price of $3.54, with analysts forecasting further upwards potential. DBS Research analysts have maintained its buy position with a target price of $4.33, signalling a further 22.3% increase may be in sight for the stock. 2017 has seen the completion of several of CAPL’s integrated developments and retail malls which will help CAPL achieve it’s goal of increasing the proportion of recurring income to 72% of its assets.

From Bloomberg via Yahoo!: Yanlord Land Group Ltd., the China-focused developer, is partnering with Perennial Real Estate Holdings Ltd. in a bid for century-old Singapore property group United Engineers Ltd., people with knowledge of the matter said. A consortium including Perennial and Yanlord plans to announce an agreement as soon as Thursday to buy Oversea-Chinese Banking Corp.’s stakes in United Engineers and its WBL Corp. subsidiary, the people said, asking not to be identified because the information is private. It then plans to make an offer for the rest of United Engineers, which has a market value of S$1.73 billion ($1.25 billion), the people said.