A fundraising appeal backed by actor Rosamund Pike has raised almost GBP 500,000 to clear a village in Laos of unexploded bombs left behind from the Vietnam war.
SINGAPORE – Media OutReach – 23 September 2022 –The Enabling Festival 2022 opens on 23 September 2022 at National Gallery Singapore, with the key programme focus on the theme of Touch. COVID-19 has created a world of isolation and disrupted a fixed routine that many persons living with dementia live by. The lack of social and physical interaction has inevitably increased the burden and stress of caregiving. Too often we have underestimated the power of touch and its potential to heal when words become cumbersome. The festival aims to remind participants that touch is memory and is where we begin our journey to communicate, through a series of thought-provoking and engaging festival programmes. Visitors can expect to learn practical skills and ideas to help close the gap, as well as real-life experiences of persons living with dementia and their caregivers.
Ms Rahayu Mahzam, Senior Parliamentary Secretary, Ministry of Health and Ministry of Law, will open the festival with 10 pairs of persons living with dementia and their family caregivers1, as a ground-up approach recognising the festival built by caregivers for caregivers.
Mr Danny Raven Tan (陈重源), Co-founder, Enable Asia says, “It was very challenging during COVID-19 when we had to be very careful with the people we meet outside of home, for fear of bringing the virus back to my mother who is living with advanced dementia. I had to cut off social interaction in order to protect her, especially when I was down with the virus myself. She unavoidably felt really isolated and down as she could not understand the lack of interaction when I used to see her and massage her every day.”
The festival will be held from 23 September to 16 October 2022, in conjunction with World Alzheimer’s Day (21 September 2022) and spans over to World Mental Health Day (10 October 2022). It emphasises the importance of dementia awareness and caregivers’ mental well-being with a line-up of activities for persons living with dementia, caregivers and the public to engage in. Following the aftermath of the COVID-19 restriction, this is the first time that the festival is taking on a hybrid2 format, with 60% of the programmes online and 40% physically held at National Gallery Singapore. Enabling Festival Artistic Director, Jeremiah Choy, says, “Visitors can expect to be engaged both physically and digitally through experiential art and creative workshops, insightful talks as well as a short film screening that shed light on touching stories in our society.”
In tandem with The Enabling Festival 2022’s theme of touch, the Agency for Integrated Care (AIC) will be showcasing a video on Namaste Care, a multi-approach care programme that incorporates sensory, psychosocial and spiritual elements to enhance the quality of life for persons living with dementia. The video features practical tips for communicating with persons living with dementia to benefit caregivers and their loved ones.
Mr Noel Cheah, AIC’s Deputy Chief Executive Officer, shared, “Caregivers play an important role in supporting the needs of their loved ones, and they are a valuable pillar within the healthcare system. A programme like Namaste Care complements their caregiving efforts by promoting a loving touch approach to carry out meaningful activities. To better equip caregivers with knowledge and skills, AIC will work with our partners to develop more tools and resources. We will continue to look into ways to support caregivers in their journey in line with our vision to enable seniors to live well and age gracefully in the community.”
Ms Suenne Megan Tan, Senior Director, Museum Planning and Audience Engagement, National Gallery Singapore, says, “National Gallery Singapore is delighted to support The Enabling Festival as a Programme Partner as we recognise the proven benefits of art engagement in enhancing the well-being of persons living with dementia and their caregivers. As part of our vision to be an inclusive and accessible space for diverse communities to enjoy meaningful engagement with the arts, the Gallery will be introducing new initiatives including an evidence-based programme to better serve this community.”
“As dementia becomes more prevalent in Singapore, The Enabling Festival will continue to serve as an enablement and empowerment platform to help the public understand how persons living with dementia and their family caregivers perceive dementia, navigate their day-to-day activities, age-in-place and live independently in the community.” said Daniel Lim (林国源), Co-founder, Enable Asia.
Onwards and towards a dementia-friendly Singapore
Heightened awareness is essential as we strive to look for ways to overcome the challenges family caregivers and persons living with dementia face in the aspects of emotional health, community inclusiveness, job fulfillment, and financial support. It takes a whole village and multiple helping hands approach to achieve a dementia-friendly Singapore.
The Enabling Festival 2022 is an annual event focused on building awareness and facilitating discussions around dementia, as well as providing a channel of support and enablement for persons living with dementia and their caregivers.
The festival is organised by Enable Asia, a Singapore-based social enterprise dedicated to advocacy for persons living with dementia and their family caregivers and supported by The Majurity Trust and the Agency for Integrated Care.
1 See annex for caregivers’ stories 2 See annex for list of programmes
PROFILES OF ACCOMPANYING GUESTS-OF-HONOUR PERSONS LIVING WITH DEMENTIA AND THEIR FAMILY CAREGIVERS
Ms Irene Chan, 48 years old, was a former caregiver for her 77-year-old mother, Mdm Esther Liw Hong Chan, who was diagnosed with dementia in 2016. Mdm Liw had recently passed on. Ms Chan was in Singapore while her mother was based in Australia, during Covid-19, Ms Chan was back in Singapore to settle the administrative processes of employing a foreign domestic helper and transferring the help to provide care for her mother and father in Australia. She is a successful business consultant.
Mr William Koh (许威良), who turned 18 in 2022, is a caregiver for his mother, Mdm Margaret Rankin Laird, 60 years old. His caregiving journey started in 2018 before his ‘O’ levels examinations, which was challenging for a 14-year-old teenager. Today, he is not only juggling caregiving duties at home and preparation of his ‘A’ levels examinations, but also real life issues with single parenthood and financial woes. Despite facing struggles beyond what a teenager typically faces, he strives to do the best he can.
Mr Alvin Tan, 59 years old, founder and Artistic Director for The Necessary Stage, is a caregiver for his 87-year-old mother, Mdm Loo Geok Hoon, for 10 years. Mr Tan’s mother has always been supportive of him in life and career, telling him that, “You have only one life. So be happy.” A testament of ‘A mother’s love is as strong as she’s ageing.’
Mr Richard Ashworth, a 68-year-old retiree, was a caregiver for his father, Mr John Malcolm Ashworth, 89 years old, who lived with dementia for 10 years. Mr John has passed on in 2022. Mr Richard was adopted by Mr John, a British cargo ship captain, when he was 21 years old in 1975. His father taught him English and later encouraged him to take up sculpturing and enter his works for competition, later winning a prize in 1986. It was the help of the community that has supported him tremendously during this period.
Ms Nora Samosir is a caregiver for her late father, and her 95-year-old mother, who has been living with dementia for the past seven years. One of the emotional battles she had to face, aside from being the sole caregiver for both parents who are highly dependent on her, was to constantly remind her mother that her husband is dying when her mother was looking for him. Ms Samosir is a Singaporean actress of Indonesian descent who won a 2002 Life Theatre Award for Best Supporting Actress. She has been active in the Singapore theatre scene since 1979 and has worked in television and film.
Mr Baba Richard Tan, 66 years old, Chairman of GenerAsia & Director of the Main Wayang Company, is a caregiver for his 86-year-old mother, Mdm Lucy Ng, who is living with dementia for eight years.
Mr Rosli Anjang Al Faqir, 58 years old was taken care of by wife, Mdm Sarima Mohd Tajudin, 57 years old since 2014. Mr Rosli was diagnosed with mixed dementia at the age of 50 – young-onset dementia and Lewy body dementia, a lesser known type of dementia (this dementia was what comedian and actor Robin Williams had). Back then, he decided to take matters into his own hands and get the answers to what was really wrong with him. He went to the hospital and they told him to do a dementia test. “I thought I was intelligent but I failed the test.” Since 2019, Mr Rosli has been a self-advocate for dementia care and continues to speak up about the condition in his community, at his mosque and with his friends, in the hopes to reduce the negative stigma in society.
Ms Emily Soh, 60 years old, works in an International School and is a caregiver for her 92-year-old mother, Mdm Lee Ng Kum. Mdm Lee was an avid swimmer when she started to learn swimming at the age of 79. Mdm Lee was diagnosed with mild dementia in 2018. She likes traveling and fortunately, she travelled to South Korea (2017) and Japan (2018) before Covid-19 happened and the borders closed. Ms Soh’s mother enjoys sewing and gardening and making compost for her plants. This is a positive testament that despite suffering from dementia, one can continue to live a fulfilled life.
Ms Dorcas Yeo (杨奕欣), 26 years old, was a secondary caregiver to her 93-year-old grandmother who lived with dementia for 12 years. Ms Yeo saw how her parents took care of her grandmother – they are the perfect role models of family caregiving. Her grandmother passed away in 2022. Ms Yeo is also the designer for “Colour Our Memories” – an Art activity colouring book for elderly and people living with dementia produced by Enable Asia.
Ms Grace Lee-Khoo, 36 years old, an art practitioner and founder of Access Path Production, is a caregiver for her 72-year-old father, Mr Tan Tok, a retiree who has been living with Alzhemier’s Disease since 2017. Grace is married with a one year old baby boy. She is now a caregiver for both a child and an elderly, tackling the daily challenges of being a three-generation family caregiver while juggling a highly successful career.
THE ENABLING FESTIVAL 2022 PROGRAMME SYNOPSIS
Art and Creative Workshops
The Language of Touch by The Glowers Brought to us by The Glowers, an elderly theatre performing group. Come experience the human emotional psyche about connecting with strangers and your loved ones.
The Gift of Touch by St. Luke’s Hospital Learn practical tips from specialists from St Luke’s Hospital on how to communicate with your loved ones and create a more conducive environment for daily activities, suitable for persons living with dementia even at the advanced stage.
Touching Moments Art Therapy Workshops by Red Pencil Singapore & LASALLE College of the Arts
LASALLE College of the Arts and Red Pencil Singapore brings to you two art therapy workshops that feature creative activities and tools for strengthening of cognition, sensory stimulation, mindfulness, and self-identity.
Venue: Wet Workshops 1 & 2 at Keppel Centre for Art Education, National Gallery Singapore Date: 24 – 25 September 2022 (Saturday – Sunday), 10.30am – 1.30pm daily Registration link: https://enablingfestivaltouchingmoments1.peatix.com/ Venue: LASALLE College of the Arts at 1 McNally Street (Green Grass Frass) Date: 7 October 2022 (Friday), 10am – 1pm for public access Registration link: https://enablingfestival2022touchingmoments4.peatix.com/
Touching Moments Create a Fidget Blanket by Anjali Venkat
Join glass artist Angali Venkat in transforming society’s undesirable waste into works of art that also offer tactile stimulation to persons living with dementia, helping them to maintain fine motor skills, alleviate anxiety and boredom or even reinforce memory.
Touching Moments The Science, Art & Meaning of Touch by Vincent Yong
Get up close and personal with Danspire’s Vincent Yong, Singapore’s only Certified Movement Analyst and Registered Somantic Movement Education and Therapy Association (ISMETA), as he teaches the application of movement to experience the touch and emotive nature in human beings.
Venue: Art Playscape (My INK-credible Adventure) at Keppel Centre for Art Education, National Gallery Singapore Date: 9 October 2022 (Sunday), 10.30am – 12.00pm Registration link: https://enablingfestival2022touchingmoments5.peatix.com/
Un*Dead Art Exhibition
Enter the artistic realm of Danny Raven Tan, a sole caregiver for his 89 year old mother living with dementia, and find out how art has become an integral part of his caregiving journey.
Venue: SimpleArte Gallery, 15 Lor 8 Toa Payoh #06-01 Braddell Tech, Singapore 319262 Date: 16 September – 31 October 2022 (Friday – Monday) | Free entry
Talks
Little Red Couch (4 episodes) Find out how four inspiring individuals who are caregivers of family members living with dementia overcome challenges in their daily lives, and for some, the loss of their loved ones.
Associate Director Ms Low Seow Ling from Eden Law will touch on sensitive legal topics surrounding professional deputy and donee scheme. Ms Low is one of the registered Professional Deputies and Donees in Singapore.
In-Conversation #2 Night Respite Service by Vanguard Senior Care Centre (Woodlands)
Night Respite Service is a pilot programme in collaboration with AIC. It is a programme which aims to support caregivers of persons living with dementia displaying sundowning behaviour through the provision of short-term overnight respite care.
An intimate and honest panel discussion touching on topics that are taboo and almost morbid to many. Hear from panelists that include a hospital doctor, a caregiver, a funeral director and a family therapist.
Touching Stories – A Curated Showcase of The Enabling Festival’s Short Films A screening of specially curated shorts films revolving around dementia, caregiving, hope and resilience. The film screening seeks to celebrate the journey of caregiving.
Enable Asia is a Singaporean Social Enterprise founded by two caregivers to persons living with dementia, who are passionate in educating and raising awareness about the caregiving journey and also to enable those living with dementia. They envision working with an inclusive community to identify problems and co-create solutions through various key initiatives such as The Enabling Festival to achieve their objectives. For more information, visit www.enableasia.org.
ABOUT THE MAJURITY TRUST
The Majurity Trust is a philanthropic organisation that seeks to work with donors and charities to build a thriving and sustainable community for all in Singapore. For more information, visit www.majurity.sg.
ABOUT AGENCY FOR INTEGRATED CARE
The Agency for Integrated Care (AIC) aims to create a vibrant care community for people to live well and age gracefully. AIC coordinates and supports efforts in integrating care to achieve the best care outcomes for their clients. They reach out to caregivers and seniors with information on staying active and ageing well, and connect people to services they need. AIC supports stakeholders in their efforts to raise the quality of care, and also work with health and social care partners to provide services for the ageing population. Their work in the community brings care services and information closer to those in need. For more information, please visit www.aic.sg.
ABOUT DEMENTIA-FRIENDLY SINGAPORE
The Dementia-Friendly Singapore (DFSG) is an initiative, led by AIC and in collaboration with community partners, announced by the Ministry of Health in 2016 to address the dementia prevalence in Singapore. DFSG initiative aims to build an inclusive society whereby people know about dementia and mental wellness as well as persons living with dementia and their families feel respected, valued and confident to live well in the community.
ABOUT NATIONAL GALLERY SINGAPORE
National Gallery Singapore is a leading visual arts institution which oversees the world’s largest public collection of Singapore and Southeast Asian modern art. Situated at the birthplace of modern Singapore, in the heart of the Civic District, the Gallery is housed in two national monuments—City Hall and former Supreme Court—that have been beautifully restored and transformed into this exciting 64,000 square metre venue. Reflecting Singapore’s unique heritage and geographical location, the Gallery aims to be a progressive museum that creates dialogues between the art of Singapore, Southeast Asia and the world to foster and inspire a creative and inclusive society. This is reflected in their collaborative research, education, long-term and special exhibitions, and innovative programming.
A Collection of Coeng-ping Images 65 ; October 16 – 25, 2022 at Lee Theatre Plaza
A Photographic Recreation of Princess Coeng-ping’s Special Qualities with A Modern Twist
HONG KONG SAR – Media OutReach – 23 September 2022 – 2022 marks the 65th anniversary of YAM-PAK’s interpretation of TONG Tik Sang’s Floral Princess which made its debut at Hong Kong’s premier event venue Lee Theatre in 1957. Utopia Cantonese Opera Workshop, a group actively promoting modern Cantonese opera, is celebrating this milestone with “Floral Princess 65 – A Series of Nine Events” in 2022. Utopia is also co-organising a photographic exhibition titled “A Collection of Coeng-ping Images 65” with the exhibition’s title sponsor Hysan Development. This 65th anniversary showcase, staged at Lee Theatre Plaza on the former site of Lee Theatre, features the works of more than 10 artists from various disciplines. Utopia has also invited photography fans from the general public to submit entries, andelected images will be displayed alongside the artists’ creations. 65 in total, these images will portray their impressions of Princess Coeng-ping in a modern approach to celebrate this special anniversary. The exhibition runs from October 16 to 25, 2022 at Lee Theatre Plaza (G/F foyer, 1/F and 2/F). The exhibits are selected by a panel comprising more than 10 artists of various disciplines and photography fans from the general public.
Floral Princess is one of the best-known Canto-opera plays. YAM-PAK’s interpretation of TONG Tik Sang’s adapted version, in particular, is an iconic classic of contemporary Cantonese opera. Lee Theatre was a venue perfectly suited to Hong Kong’s lavish events in the 20th century, and its construction was linked to Cantonese opera. Bringing the traditional artform into a magnificent auditorium, Lee Theatre was indeed a cradle for modern Canto-opera. Hysan Development, owner of today’s Lee Theatre Plaza, has long been an important patron that drives the continuous development of many aspects of art and culture, Canto-opera included. It is very pleased to sponsor this exhibition as a contribution to modernising and rejuvenating Cantonese opera with new blood. It is a great opportunity to celebrate the golden age of the art and to present extraordinary photographic works by modern artists of various disciplines that portray the special qualities of the classic character Princess Coeng-ping with refreshingly new perspectives.
Photographic artists and a wide spectrum of artists from different disciplines and age groups have been invited to participate in the production of A Collection of Coeng-ping Images 65. Renowned artists and celebrities who have contributed to the showcase include (in no particular order):
Michelle YIM (film / TV star)
Wing SHYA (photographer | film / ad director)
Bryan WONG (advertisement creativity)
Lawrence NG (photographer@Work House)
YEE Chung-man (art director | film director)
Rebecca LEE (polar science worker)
LO Yuk-ying (photographer)
Yuri NG (artistic director, City Contemporary Dance Company)
anothermountainman (visual communicator) x MUI Cheuk-yin (dancer | choreographer)
CHOW Chun-fai (paint artist)
Mathias WOO (artistic director, Zuni Icosahedron) x LAI Tat-tat-wing (cartoonist)
LEUNG Hoi-ping (photographer)
KWAN Pun-leung (cinematographer | photographer)
PAN Lingjuan (dancer)
CHANG Kuei-ling (dancer).
LEE Hysan Family and Hysan’s Ties with Lee Theatre and Cantonese Opera
With his family members being Cantonese opera fans, Mr LEE Hysan decided to build a performance venue right next to Lee Garden Amusement Park, and named it Lee Theatre. Designed by a French architect based on the classic Italian opera house, it was completed in 1927. Home to the first 360-degree revolving stage in Hong Kong, it had two thousand seats in different sections. From the 1920s onwards, Lee Theatre had established itself as Hong Kong’s premier performance venue. Boasting a convenient location, unique architectural character and superb facilities, its status remained unrivalled until the venue’s decommission in the early 1990s.
Together with Lee Garden Amusement Park and later Lee Gardens Hotel’s performing venues like Yum Sing Bar, Lee Theatre transformed Causeway Bay into a bustling hub of quality entertainment in Hong Kong. In the early to mid-20th century, local Hong Kong Chinese had very few places to enjoy their leisure time. The LEE family and Hysan took a pioneering role to promote culture and art in the community. In recent years, Hysan Development and its Lee Gardens Association continue to support art and culture in the community. Hysan sponsored or created the following:
Premiere Performances of Hong Kong’s musical performances.
extraordinary large-scale paper art installation “The Cityscape” in 2020, incorporating everyday elements to display different faces of Hong Kong cherished by the public.
“disconnect HK” an art show in the Lee Gardens Area at the height of 2020 COVID days. An extension of Londons’ disconnect LDN, featuring works of Hong Kong artists in response to the COVID pandemic.
giant murals “Island Gardenia” and “Communion” on the facades of Lee Garden Two and Leighton Centre.
joint cultural project “Celebrating the Year of the Tiger” with the CUHK Art Museum to promote the highly influential and colourful Lingnan culture of China.
the first overseas solo exhibition of Japan’s highly popular budding artist Hikaru Matsubara ─ Happy, Be!
gLEEful rooftop art project at Lee Garden buildings, a continuation of roof culture in a novel way to invigorate the community with a showcase of traditional Hong Kong children’s games.
Hysan Development Company Limited is a leading property investment, management and development company with a core portfolio of over 4 million square feet of high-quality office, retail and residential space, situated in Hong Kong’s Lee Gardens. With roots in the city that go back 100 years, Hysan has focused on building the community, mixing the traditional and the new, applying technology and practicing sustainability. It has transformed the Lee Gardens area into a modern smart community, with a unique Hong Kong character, making it an attractive destination for leading multinational corporations, international visitors and local residents.
The Company has been growing its core portfolio through upgrades and expansion. It has also invested in strategic growth pillars which target opportunities brought about by the New Economy, with the aim of reinforcing Hysan’s business by geography and by sector. Among its strategic pillars are Lee Gardens Shanghai and an urban renewal project in To Kwa Kwan. Hysan has been listed on the Stock Exchange of Hong Kong since 1981 under stock code 00014.
Principal of Zaha Hadid Architects, RCA Professor Gather to Discuss the Fusion of Technology and Design
LONDON, UK – Media OutReach – 23 September 2022 – OPPO presented at the 2022 London Design Festival as the support partner and hosted Design in Tech Workshop interpreting the innovative and elegant design aesthetics of OPPO, and the mission to elevate life through technological artistry. Design professionals including Patrik Schumacher, Principal of Zaha Hadid Architects (ZHA), Professor Rama Gheerawo, Director of The Helen Hamlyn Centre for Design at Royal College of Art, and young creators shared their experiences, and discussed about the fusion of technology and design.
During the festival, OPPO also holds OPPO Renovators 2022 exhibition, featuring classic product designs and the winning entries from Renovators Emerging Artists Project.
OPPO pursues the synergy of aesthetic satisfaction and innovative technology to create elegant products
As leading smart device brand, OPPO believes that the application of technology and product design ultimately returns to a combination of design aesthetics and core needs of users. OPPO is committed to connecting technology with people through elegant design and ultimately transforming cutting-edge technology into user-perceivable detail. “Technology for Mankind, Kindness for the World” is not only OPPO’s mission but also OPPO’s response to future trends in technology and design. At the workshop, OPPO Design spokesperson Xi Zeng shared OPPO’s persistence in innovative and elegant design and its efforts to break through boundaries. The concept of “going over every possible technical obstacle in details and striving for simplicity and elegance in design” runs through OPPO’s product design process. “Product design embodies our emotions and ideals.” said Xi Zeng.
In recent years, OPPO has continued to explore innovation in new form factors of smartphone. After several years of refinement and innovative breakthroughs, Find N brings the overall using experience of a foldable smartphone to a whole new level. Neil Monger, OPPO Product Marketing Manager, talked about the Find N’s golden ratio and waterdrop hinge design stories. To ensure that the screen of OPPO X 2021 rollable phone automatically retracts and extends smoothly as a picture scroll, structural engineers and designers have implemented several technical innovations into the rollable display and traceless design. This not only retains the thin appearance of the rollable display to greater extent but also proposes new possibilities for the future development of intelligent devices.
OPPO is also dedicated to presenting elegant design and comfortable experience for users. OPPO ColorOS 13 was released in August this year. Its Aquamorphic Design draws inspiration from nature, integrating the inclusive and healing features of water into the visual language of the system to create a concise visual experience and user-friendly UI. The curves from nature also inspired OPPO’s elegant product design. OPPO Find X5 series’ volcano-like back cover design mimics the curves of nature and is made of microcrystalline ceramic material, giving the rear design an organic feel for a natural tactile experience.
Design Masters Gather at the V&A Museum to Discuss the Future of Technology and Design
OPPO and Zaha Hadid Architects (ZHA) have been in partnership over the new OPPO headquarters project since 2020. As partners, Zaha Hadid Architects recognized OPPO’s design principles and appreciated the coincidence in design insights between ZHA and OPPO. At the workshop, Patrik Schumacher, Principal of ZHA, delivered inspiring speech. As one of the most prominent thought leaders within the fields of architecture, urbanism and design, Patrik provided an insight into the ZHA’s design philosophy and his understanding of the relationship between people, technology and design. He said that technology is absolutely fundamental to human freedom, to human prosperity on this planet. That’s the true dynamic for progress of this world.
Professor Rama Gheerawo, an advocate of inclusive design, talked about the importance of inclusive design: “A core component of accessibility is the human reaction, such as the joy you feel when holding a phone with a comfortable, smooth tactile touch. That is a part of accessibility and a part of Inclusive Design.”
Encouraging Art and Tech Innovations, OPPO Aims to Build a Global Community for Young Artists to Exchange Ideas and Grow
In 2019, OPPO launched the Renovators Emerging Artists Project. By initiating a global competition, OPPO aims to empower young creators worldwide and encourage them to innovate through art and tech. During the London Design Festival, OPPO also held the Renovators 2022 Exhibition at the Cromwell Place. The artworks presented in the exhibition were from the 2022 Renovators global competition which ended in early September. After the workshop, participants also went to the exhibition area to enjoy the artworks created by young artists from more than 30 countries. The exhibition attracted a large number of visitors who were captivated by the imaginative and creative works of art and the exquisite designs of OPPO products.
Participants of Renovators 2022 showed their unique thinking around topics such as smart living, low-carbon and environment protection, traditional culture inheritance, technology, human society development, and many others. OPPO hopes that young creators around the world will gain inspirational strength to overcome challenges, and maintain their passion for creation.
Hashtag: #OPPO
About OPPO
OPPO is a leading global smart device brand. Since the launch of its first mobile phone – “Smiley Face” – in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find X and Reno series. Beyond devices, OPPO also provides its users with ColorOS operating system and internet services such as OPPO Cloud and OPPO+. OPPO has footprints in more than 60 countries and regions, with more than 40,000 employees dedicated to creating a better life for customers around the world.
Both Firms Believe Fosun’s Cash Position is Sufficient to Repay its Debts Obligations
HONG KONG SAR – Media OutReach – 23 September 2022 – Recently, a number of investment banks have expressed their continuous optimistic views on Fosun International Limited (HKEX stock code: 00656, “Fosun International”). Following Morgan Stanley’s third recognition of Fosun International’s solid financing capability and reiteration of its “Overweight” rating on Fosun International, Daiwa Capital Markets also issued a research report yesterday, reaffirming its “Buy” rating and target price of HK$10.8 on Fosun International. The firm pointed out that Fosun International’s fundamentals, funds and liquidity position are stable.
In view of the recent market concerns on Fosun’s repayment ability, Daiwa Capital Markets conducted an analysis and estimated that with Fosun’s cash in hand and the cash raised from its recent asset sales, Fosun’s cash position is sufficient to repay short-term maturing debts. The firm estimated that the actual debt attributable to Fosun International stands at approximately RMB100 billion at the holding level; as of 30 June, the company’s cash, bank balances and term deposits amounted to RMB117.65 billion. The firm estimated that Fosun International has RMB14 billion cash in hand at the holding level, after stripping off cash from subsidiaries. In addition, Fosun’s short-term maturing debt is composed of bonds and bank loans. The firm believes that most of Fosun’s short-term bank loans are extendable upon maturity, coupled with the cash raised from the recent asset sales, as well as the close cooperation between Fosun and banks, including the recent strategic cooperation with ICBC and HSBC, will help Fosun International lay a solid cash foundation.
Morgan Stanley Reiterated its “Overweight” Rating on Fosun International for the Third Time
Morgan Stanley issued a research report on 16 September, the report said that most of Fosun’s debt at the consolidated level reported in its recent interim results announcement consists of lending by Fosun’s operating subsidiaries. The firm estimated that the debt at the holding company, including onshore debt, offshore debt and bank loans, is much lower. In terms of cash, with a tightening credit market, it is understandable that the company needs to take quick action to convert liquid assets into cash. It is estimated that the cash generated from its recent asset sales, together with its cash on hand is getting closer to being able to repay its near-term debt obligations. Morgan Stanley has therefore reiterated its “Overweight” rating on Fosun International with a target price of HK$11.4.
Morgan Stanley has already issued a research report on 7 September, pointing out that although Fosun International has recently announced a few small divestments in its core subsidiaries, which raised concerns about the company’s near-term stability, Morgan Stanley has confidence in Fosun International’s financing capability and believes the company can raise enough cash to handle its debts and withstand the recent market pressure, the company is deleveraging further to rebuild confidence. In fact, following Morgan Stanley’s release of research report on Fosun International’s interim results on 31 August, Morgan Stanley pointed out Fosun’s financial position is solid, with ample and increased cash position. As at the end of the reporting period, the company’s cash, bank balances and term deposits increased by approximately RMB21.0 billion to RMB117.65 billion, covering 45% of its total consolidated debt position; the debt to capital ratio was 56.8%. It believes that the Group’s balance sheet still largely stable.
Hashtag: #Fosun
The issuer is solely responsible for the content of this announcement.
Police in Savannakhet Province are looking for two suspects who robbed Nayoby Bank in Nong District, stealing more than LAK 500 million (around USD 30,000) in cash.
www.enableasia.org.
