Wheelock - Buyers Overwhelming

The Dow is crashing down hard with so much sellers but the Singapore market was resilient to this sell down where most stock suffer some small reactions and started to turn back up again. Wheelock's buyers were overwhelming as it shop past the takeover price of $2.10 while the whole property market started to turn up. The top volume stocks were pretty strong and sellers were retreating very fast. Capitland, UOL and many other property stocks recovered nicely while oil related counters were also moving up north. Overall, there was strength in the Singapore market but I am not sure how long it can sustain with the bearishness in the overall market.

Update: 207/2018, 2.27pm

Wheelock just moved higher today! The market and property sector indeed has some strength.

Wheelock Buyout Bid May Get Raised to S$3.2/Share, JPMorgan Says
By Abhishek Vishnoi
(Bloomberg) -- Parent Wheelock & Co. would gain about S$317 million in cash and S$1.3 billion in other assets “for free” at its current offer price for Wheelock Properties of S$2.10 per share, JPMorgan says.
“Unrealistic to assume the privatization will go through at an offer price which is below the cash level,” analysts led by Cusson Leung write in note dated Thursday
Current proposal would enhance parent’s value by ~HK$4.6 per share
Offer represents a 22% discount to Wheelock Properties’ last reported book value of S$2.68/share
Deal may renew investor expectations for privatization of Wharf, but deal is unlikely due to its size and potential difficulty in enhancing value
Sino Land, which has characteristics similar to Wheelock Properties, may get sentiment boost

Ronald K - Market Psychologist - A Stock Market Opportunist