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Our Portfolio - Telecommunications, Media & Technology

 
Telecommunications, Media & Technology

 

Equity Capital

 AEM-Evertech Holdings Limited
(now AEM Holdings Limited)
AEM-Evertech Holdings Limited provides engineering design and manufacturing of backend semiconductor equipment, precision engineering products, chemicals and organic substrates as well as engineering materials and services to the microelectronics industry. AEM was listed on the Singapore Exchange in 2000 and has since been renamed as AEM Holdings.
 
DBS Value-Add Investment Thesis
  • Invested together with other leading financial institutions to provide strong institutional endorsement of the Company's business
  • A leading integrated backend semi-conductor equipment manufacturer
  • Diversified revenue stream from equipment manufacturing, chemicals & substrates provides revenue stability in the event of industry cyclicality
  • Strong management team with good track record
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Equity Capital

 Vanda Systems & Communications Holdings Limited
(now called Hutchison Global Communications)
Vanda is a large and established Hong Kong Exchange-listed systems integrator with operations in China, Hong Kong and SE Asia. It is the largest IBM partner in Asia and has a substantial customer base comprising both the public and private sector. Its core strength is serving the banking and telecommunication sectors. Subsequent to our investment and Vanda's successful business turnaround, the Company completed a reverse takeover of Hutchison Whampoa's fixed line telecom operations in January 2004. It was subsequently renamed as Hutchison Global Communications and has since been fully acquired and privatised.
 
DBS Value-Add Investment Thesis
  • Effected turnaround together with
    Co-investor, Hutchison Whampoa
  • Recruited a highly experienced CEO and other senior executives
  • Identified key restructuring initiatives and formulated a detailed execution plan
  • Active Board and Executive Committee participation
  • Significant growth opportunities in a large and fast-growing China IT market
  • Valuable Pan-Asian franchise built over 20 years, with a profitable and growing ASEAN business
  • Under-performing asset with high turnaround potential as many problems are addressable over the next 18 months with good execution
  • Attractive entry valuation with upside from turning around and growing the business, and downside protection from convertible bond structure
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Equity Capital

 CSMC Technologies Corporation Limited HK
(now China Resources Microelectronics Limited HK)
CSMC is a China-based semiconductor foundry producing I/C chips for the large and fast-growing China market.It focuses on niche and less market-cyclical I/C chips and produces them cost-efficiently on older technology platform, enabling it to adopt a capex-light strategy. Its niche-market products comprising micro-processors, logic chips, high-voltage, mix-mode and non-volatile I/Cs have more stable ASPs and less susceptible to semiconductor cycle downturns. CSMC was listed on the Hong Kong Exchange in 2004. In 2008, CSMC absorbed the microelectronics division of the China conglomerate China Resources Group.
DBS Value-Add Investment Thesis
  • Strong overall Board-level contribution has helped management shape its future strategy in technology direction, market focus and capital raising plans
  • Leading China-based foundry with a strong emphasis on the large and fast-growing China market
  • Good market positioning and business strategy to ride industry growth
  • Capex-light and niche-market strategy instrumental to strong profitability
  • Proven management team with many years of semiconductor industry experience
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Equity Capital

 Global Flex Holdings Limited
Listed on the Hong Kong Exchange, Global Flex is a leading China-based provider of flexible printed circuit (“FPC”) and rigid printed circuit board (“PBC”) services and assembly. The new age thin FPC produced by Global Flex can contain many more components and complex circuitry usually deployed for increasingly smaller and compact electronic devices such as PDAs, notebooks, cellphones and digital entertainment devices. Key customers include Motorola, LG, Samsung and Sony Ericsson.
 
DBS Value-Add Investment Thesis
  • Strong institutional endorsement for its business and operations in preparation for IPO
  • Value enhancement
  • Flexible circuit printing is a leading technology in electronics manufacturing services. The high technology and know-how required enhances profitability
  • Industry is expected to experience high-growth given increasing emphasis of high performance miniature complex circuits
  • Company is one of 3 leading providers of flexible circuit printing with strong customer base
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Equity Capital

 Yingli Green Energy Holding Co., Ltd.
Yingli Green Energy Holding is one of the leading China-based manufacturers of solar energy products. It manufactures photo-voltaic (“PV”) modules and systems with silicon wafers and PV cells that are produced internally. Yingli sells its own brand PV modules to PV system integrators and distributors in various markets worldwide and installs its PV systems for customers mainly for telecommunication applications. Yingli was listed on the New York Stock Exchange in 2007.
 
DBS Value-Add Investment Thesis
  • Invested together with other prestigious financial institutions to provide strong institutional endorsement in preparation for IPO
  • Our flexibility and swiftness in funding the investment enabled the Company to secure stable source of materials which is in very tight supply
  • Large and fast growing market opportunity in the global solar power industry
  • Vertically-integrated and cost-efficient manufacturing process
  • Well-positioned for China domestic growth for PV products
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Equity Capital

 InterGlobe Technology Quotient
InterGlobe Technology Quotient is a leading travel distribution systems provider in India. Through its services, it delivers IT and business solutions that enhances the business performance of its wide network of travel agents, tour operators, airlines and corporate institutions. InterGlobe is the national distribution company in Indian sub-continent for Galileo International and Worldspan International, both leading international travel reservation information services providers.
 
DBS Value-Add Investment Thesis
  • Invested together with other leading financial institutions to provide strong institutional endorsement to the Company's business
  • Strong growth potential from the Indian sub-continent's fast growing travel consumer market
  • Reputable and established brand and strong market positioning
  • Excellent management team with a strong track record in growing the Company
  • Strong financial performance
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