# Corporate Monitor


## Posts

- [Cortina Holdings - Less Performance But More Pay for the Family](https://corporate-monitor.org/cortina-holdings-less-performance-but-more-pay-for-the-family/)
- [Keppel South Central - Why Keppel REIT Unitholders Should Look Hard Before Voting](https://corporate-monitor.org/keppel-south-central-why-keppel-reit-unitholders-should-look-hard-before-voting/)
- [The Hour Glass - Decades of Solid Performance, Long-Term Strategy Needed](https://corporate-monitor.org/the-hour-glass-decades-of-solid-performance-long-term-strategy-needed/)
- [Singapore REITs and Business Trust Sector - What Really Caused the Poor Performance?](https://corporate-monitor.org/singapore-reits-and-business-trust-sector-what-really-caused-the-poor-performance/)
- [JustCo Holdings - Not Just Another WeWork?](https://corporate-monitor.org/justco-holdings-not-just-another-wework/)
- [Singapore Business Trust Sector - Return OF Capital, No Exception](https://corporate-monitor.org/singapore-business-trust-sector-return-of-capital-no-exception/)
- [Jumbo Group - Resilience and Consolidation Needed, Not Growth](https://corporate-monitor.org/jumbo-group-resilience-and-consolidation-needed-not-growth/)
- [Old Chang Kee - A Snack Food Powerhouse](https://corporate-monitor.org/old-chang-kee-a-snack-food-powerhouse/)
- [SATS: Kudos for Flying High](https://corporate-monitor.org/sats-kudos-for-flying-high/)
- [Singapore REITs Sector - Return ON Capital or Return OF Capital?](https://corporate-monitor.org/singapore-reits-sector-return-on-capital-or-return-of-capital/)
- [Singapore REITs & Business Trust Sector - An Analysis of the Issuance of Units to Pay for Managers’ Fees](https://corporate-monitor.org/singapore-reits-business-trust-sector-an-analysis-of-the-issuance-of-units-to-pay-for-managers-fees/)
- [Singapore REITs and Business Trusts Sector – Pseudo-Performance and Other Fees](https://corporate-monitor.org/singapore-reits-and-business-trusts-sector-pseudo-performance-and-other-fees/)
- [Singapore REITs and Business Trusts Sector - Overview and the Hard Truth of Fees](https://corporate-monitor.org/singapore-reits-and-business-trusts-sector-overview-and-the-hard-truth-of-fees/)
- [Keppel Infrastructure Trust - Divestments and Capital Management Are The Bright Spots](https://corporate-monitor.org/keppel-infrastructure-trust-divestments-and-capital-management-are-the-bright-spots/)
- [Keppel Ltd - "Blurry" Vision 2030: Dividends Are Just Illusory](https://corporate-monitor.org/keppel-ltd-blurry-vision-2030-dividends-are-just-illusory/)
- [Sheng Siong Group – Cash: Too Much of it Can Be Bad](https://corporate-monitor.org/sheng-siong-group-cash-too-much-of-it-can-be-bad/)
- [ComfortDelGro: FY 2025 Headlines Are Not as Good as They Look](https://corporate-monitor.org/comfortdelgro-fy-2025-headlines-are-not-as-good-as-they-look/)
- [VICOM Ltd - One-Off Boost Hides Strategy & Governance Issues](https://corporate-monitor.org/vicom-ltd-one-off-boost-hides-strategy-governance-issues/)
- [StarHub Ltd - Borrow to Pay Dividends: A Slippery Road](https://corporate-monitor.org/starhub-ltd-borrow-to-pay-dividends-a-slippery-road/)
- [Hong Fok Corporation Ltd - Pay Without Performance](https://corporate-monitor.org/hong-fok-corporation-ltd-pay-without-performance/)
- [Correction: Valuation for ComfortDelGro's Acquisition of Addison Lee](https://corporate-monitor.org/correction-valuation-for-comfortdelgros-acquisition-of-addison-lee/)
- [Keppel Infrastructure Trust (KIT) - Global Marine Group Acquisition: A Case for Rejection](https://corporate-monitor.org/keppel-infrastructure-trust-kit-global-marine-group-acquisition-a-case-for-rejection/)
- [ComfortDelgro: Chasing Growth, Missing Returns?](https://corporate-monitor.org/comfortdelgro-chasing-growth-missing-returns/)
- [VICOM LTD. - When less is more](https://corporate-monitor.org/vicom-ltd-when-less-is-more/)
- [KEPPEL LTD. - M1: From privatisation to divestment, what has Keppel achieved?](https://corporate-monitor.org/keppel-ltd-m1-from-privatisation-to-divestment-what-has-keppel-achieved/)
- [Starhub Ltd 星和电讯 – 股东回报与公司治理分析](https://corporate-monitor.org/starhub-ltd-%e6%98%9f%e5%92%8c%e7%94%b5%e8%ae%af-%e8%82%a1%e4%b8%9c%e5%9b%9e%e6%8a%a5%e4%b8%8e%e5%85%ac%e5%8f%b8%e6%b2%bb%e7%90%86%e5%88%86%e6%9e%90/)
- [STARHUB LTD. - AN ANALYSIS OF THE RETURNS TO SHAREHOLDERS AND GOVERNANCE](https://corporate-monitor.org/starhub-ltd-an-analysis-of-the-returns-to-shareholders-and-governance/)
- [昇菘集团—面临转折点](https://corporate-monitor.org/%e6%98%87%e8%8f%98%e9%9b%86%e5%9b%a2-%e9%9d%a2%e4%b8%b4%e8%bd%ac%e6%8a%98%e7%82%b9/)
- [SHENG SIONG GROUP LTD. - INFLECTION POINT FOR A GREAT PERFORMER](https://corporate-monitor.org/sheng-siong-group-ltd-inflection-point-for-a-great-performer/)
- [转型中的新翔集团（SATS）：环美航务（WFS）收购的前景与代价](https://corporate-monitor.org/%e8%bd%ac%e5%9e%8b%e4%b8%ad%e7%9a%84%e6%96%b0%e7%bf%94%e9%9b%86%e5%9b%a2%ef%bc%88sats%ef%bc%89%ef%bc%9a%e7%8e%af%e7%be%8e%e8%88%aa%e5%8a%a1%ef%bc%88wfs%ef%bc%89%e6%94%b6%e8%b4%ad%e7%9a%84%e5%89%8d/)
- [Keppel Infrastructure Trust 吉宝基础设施信托 – An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-%e5%90%89%e5%ae%9d%e5%9f%ba%e7%a1%80%e8%ae%be%e6%96%bd%e4%bf%a1%e6%89%98-an-erosion-of-trust/)
- [Keppel Infrastructure Trust (KIT) - An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-an-erosion-of-trust/): This report issued by CML critically examines the external management structure prevalent in Singapore's REIT and Business Trust sector, specifically focusing on Keppel Infrastructure Trust (KIT) and its manager, Keppel Infrastructure Fund Management (KIFM).
- [Keppel Infrastructure Trust (KIT) - An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-kit-an-erosion-of-trust/)
- [SATS: Integrating WFS –Key to Acquisition Success](https://corporate-monitor.org/sats-integrating-wfs-key-to-acquisition-success/)
- [Keppel Ltd: Part V - Transforming into a Global Asset Manager. Is Keppel's Fund-Raising Strategy Sustainable in the Long Run?](https://corporate-monitor.org/keppel-ltd-part-v-is-keppels-fund-raising-strategy-sustainable-in-the-long-run/): This report analyzes Keppel's ambitious S$200 billion fund-raising strategy, questioning its sustainability.
- [Keppel Ltd: Part V 通往2000亿的道路转型为全球资产管理公司 - 吉宝的募资策略是否可持续？](https://corporate-monitor.org/keppel-ltd-part-v-%e9%80%9a%e5%be%802000%e4%ba%bf%e7%9a%84%e9%81%93%e8%b7%af%e8%bd%ac%e5%9e%8b%e4%b8%ba%e5%85%a8%e7%90%83%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e5%85%ac%e5%8f%b8-%e5%90%89%e5%ae%9d/)
- [Keppel Ltd: Part V - Transforming into a Global Asset Manager. Is Keppel's Fund-Raising Strategy Sustainable in the Long Run?](https://corporate-monitor.org/keppel-report-5-transforming-into-a-global-asset-manager/)
- [Keppel Ltd: Part IV – Is there more to the Keppel O&M deal than meets the Eye?](https://corporate-monitor.org/keppel-ltd-part-iv-is-there-more-to-the-keppel-om-deal-than-meets-the-eye/): This report from Corporate Monitor Limited scrutinises Keppel Corporation's 2023 divestment of its Offshore & Marine (O&M) division's legacy rigs to AssetCo, a transaction valued at S$4.4 billion.
- [Keppel - 吉宝海事（O&M）交易是否另有隐情？](https://corporate-monitor.org/keppel-%e5%90%89%e5%ae%9d%e6%b5%b7%e4%ba%8b%ef%bc%88om%ef%bc%89%e4%ba%a4%e6%98%93%e6%98%af%e5%90%a6%e5%8f%a6%e6%9c%89%e9%9a%90%e6%83%85%ef%bc%9f/)
- [Keppel - Is there more to the Keppel O&M deal than meets the eye?](https://corporate-monitor.org/keppel-is-there-more-to-the-keppel-om-deal-than-meets-the-eye/)
- [Keppel Infrastructure Trust – Desalination plant disappears into murky Off Balance Sheet Waters](https://corporate-monitor.org/keppel-infrastructure-trust-desalination-plant-disappears-into-murky-off-balance-sheet-waters-2/): Corporate Monitor Limited issued a report on the proposed acquisition by Keppel Infrastructure Trust (KIT) of a 50% stake in Marina East Water (MEW), a desalination plant.
- [Keppel Ltd: Part III – Strategic Transformation to Asset Manager](https://corporate-monitor.org/keppel-ltd-part-iii-strategic-transformation-to-asset-manager/): This report from Corporate Monitor Limited (CML) looks at Keppel Ltd.'s strategic transformation into a global asset manager, focusing on its Vision 2030 goal of reaching S$200 billion in funds under management (FUM).
- [Keppel Ltd: Part II - Does M1 reveal an Investor-Operator Advantage?](https://corporate-monitor.org/keppel-ltd-part-ii-does-m1-reveal-an-investor-operator-advantage/): This report from Corporate Monitor Limited analyses Keppel Corporation's 2019 privatization of M1, a telecommunications company.
- [Keppel Ltd: Part I -  Disclosure Deficiency: A Comparative Analysis](https://corporate-monitor.org/keppel-ltd-part-i-disclosure-deficiency-a-comparative-analysis/): This report by Corporate Monitor Limited assesses the transparency of Keppel Ltd.'s financial disclosures as it transitions into a global asset manager.
- [Singapore Post – Analysis of its Strategic Transformation and Governance 2024](https://corporate-monitor.org/singapore-post-analysis-of-its-strategic-transformation-and-governance-2024/): Corporate Monitor Limited (CML) issued a critical report analyzing Singapore Post Ltd (SingPost), revealing significant challenges across its businesses.
- [ComfortDelgro: A Decade of Underperformance](https://corporate-monitor.org/comfortdelgro-a-decade-of-underperformance/): This report by Corporate Monitor Limited analyses ComfortDelgro (CDG)'s performance over the past decade, highlighting underperformance and declining profitability.
- [Keppel Infrastructure Trust - 浑浊的交易将海水淡化厂淡出财务报表](https://corporate-monitor.org/keppel-infrastructure-truest-%e6%b5%91%e6%b5%8a%e7%9a%84%e4%ba%a4%e6%98%93%e5%b0%86%e6%b5%b7%e6%b0%b4%e6%b7%a1%e5%8c%96%e5%8e%82%e6%b7%a1%e5%87%ba%e8%b4%a2%e5%8a%a1%e6%8a%a5%e8%a1%a8/)
- [Keppel Infrastructure Trust - Desalination plant disappears into murky Off Balance Sheet Waters](https://corporate-monitor.org/keppel-infrastructure-trust-desalination-plant-disappears-into-murky-off-balance-sheet-waters/)
- [吉宝的战略转型能否使吉宝重回巅峰? (Report 3)](https://corporate-monitor.org/%e5%90%89%e5%ae%9d%e7%9a%84%e6%88%98%e7%95%a5%e8%bd%ac%e5%9e%8b%e8%83%bd%e5%90%a6%e4%bd%bf%e5%90%89%e5%ae%9d%e9%87%8d%e5%9b%9e%e5%b7%85%e5%b3%b0/)
- [Keppel: Strategic Transformation to Asset Manager (Report 3)](https://corporate-monitor.org/keppel-strategic-transformation-to-asset-manager-report-3/)
- [Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)](https://corporate-monitor.org/keppel-an-investor-operator-advantage-case-study-of-m1-report-2/)
- [吉宝企业: 转型为全球资产管理公司 -  把股东蒙在鼓里？(Report 1)](https://corporate-monitor.org/%e5%90%89%e5%ae%9d%e4%bc%81%e4%b8%9a-%e8%bd%ac%e5%9e%8b%e4%b8%ba%e5%85%a8%e7%90%83%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e5%85%ac%e5%8f%b8-%e6%8a%8a%e8%82%a1%e4%b8%9c%e8%92%99/)
- [Keppel: Study on Disclosure (Report 1)](https://corporate-monitor.org/keppel-study-on-disclosure-report-1/)
- [Singapore Post: Analysis of its Strategic Transformation and Governance 2024](https://corporate-monitor.org/singapore-post-analysis-of-its-strategic-transformation-and-governance/)
- [新邮政: 2024 战略转型与治理的核心亮点](https://corporate-monitor.org/%e6%96%b0%e9%82%ae%e6%94%bf-2024-%e6%88%98%e7%95%a5%e8%bd%ac%e5%9e%8b%e4%b8%8e%e6%b2%bb%e7%90%86%e7%9a%84%e6%a0%b8%e5%bf%83%e4%ba%ae%e7%82%b9/)
- [Singapore Post: Strategic Transformation and Governance 2024 (Core Highlights)](https://corporate-monitor.org/singapore-post-core-highlights-on-strategic-transformation-and-governance-2024/)
- [康福德高: 2024年表现、战略与治理的核心亮点](https://corporate-monitor.org/%e5%ba%b7%e7%a6%8f%e5%be%b7%e9%ab%98-2024%e5%b9%b4%e8%a1%a8%e7%8e%b0%e3%80%81%e6%88%98%e7%95%a5%e4%b8%8e%e6%b2%bb%e7%90%86%e7%9a%84%e6%a0%b8%e5%bf%83%e4%ba%ae%e7%82%b9/)
- [ComfortDelgro: Performance, Strategy & Governance 2024 (Core Highlights)](https://corporate-monitor.org/cdg-core-highlights-on-performance-strategy-governance-2024/)
- [ComfortDelgro: Analysis of Performance, Strategy & Governance 2024](https://corporate-monitor.org/cdg-analysis-of-performance-strategy-governance-2024/)

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