Daily Briefing: Temasek backs US$150m injection in China's Innovent; HDB rents in Bukit Merah lag just behind Central

And here's why Venture Corporation lost $2.24b of its market cap recently.

From ValuePenguin via Yahoo! Finance:

According to ValuePenguin, the expensive HDB rents are not only found in Central as some areas also closely follow its high prices. Bukit Merah and Queenstown were also part of the most expensive rental markets in 2017.

"Followed by Kallang/Whampoa and Clementi, these areas all share close proximity to the National University of Singapore (NUS) and the downtown core. The rental price of a median 4-room HDB in all of these areas was at least $200 more expensive than the national average.

Bukit Panjang remains the cheapest area in Singapore for renters. It is followed by Woodlands, Choa Chu Kang, Punggol, Sembawang and Sengkang. The median rental price of a 4-room HDBs in all 6 of these areas is more than $300 cheaper than the national average."

Read more here.

From Deal Street Asia:

Temasek Holdings joined a US$150m Series E funding round in Chinese biotech firm Innovent Biologics, Inc.

"The financing was led by Capital Group Private Markets (CGPM) that contributed US$90m to the round. CGPM, part of US-based Capital Group, has invested over US$2b in emerging markets in Asia through its private equity funds over the last two decades.

CGPM partner Nick Chen will join Innovent’s board. The round was also joined by new investors Cormorant Asset Management, Rock Springs Capital and Ally Bridge Group as well as return backers Hillhouse, Legend Capital, Lilly Asia Ventures and Taikang Insurance."

Read more here.

From Bloomberg Finance:

The weak earnings outlook of Venture Corporation's key customer Phillip Morris kicked the company out of its reign as the top performing Singapore stock of 2018. It lost a third of its value in just five days.

"The combination of a weak earnings outlook by key customer Phillip Morris International Inc., report of short selling, and its own results yesterday that failed to impress sent bulls scurrying. Shares of the electronics services provider have lost 27%, or $2.24b of its market capitalization, since April 20, and it’s the worst performer on the Straits Times Index Thursday.

Venture, which only had buy ratings until yesterday, is now trading at a price-to-earnings valuation of 1-standard deviation below its 5-year average. The parts supplier of Philip Morris’ IQOS e-cigarette device reported yesterday that first-quarter profit fell by 41% from the previous period, marking the first such decline in five quarters. At least six of the nine analysts covering the stock cut their price targets, whilst Credit Suisse Group AG downgraded the stock."

Read more here.