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<!doctype html> <html lang="en"> <head> <meta charset="UTF-8" /> <link href="/favicon.ico" rel="icon" type="image/x-icon" /> <meta content="width" name="MobileOptimized" /> <meta content="true" name="HandheldFriendly" /> <meta content="width=device-width, initial-scale=1" name="viewport" /> <meta content="ie=edge" http-equiv="x-ua-compatible" /> <script> // Initialize the google variables. var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; // Add a place to store the slot name variable. googletag.slots = googletag.slots || {}; </script> <title data-rh="true">BT Mark to Market: The big takeover - Hanwha’s high-stakes move on Dyna-Mac Holdings</title><meta data-rh="true" name="description" content="IN THIS episode of Mark the Market podcast, Ben Paul, senior correspondent, at The Business Times delves into the recent corporate buzz surrounding Dyna-Mac Holdings. Providing a thorough analysis of the ongoing acquisition offer from a special purpose vehicle controlled by South Korea’s Hanwha Ocean and Hanwha Aerospace."/><meta data-rh="true" name="robots" content="index, follow, max-image-preview:large"/><meta data-rh="true" name="article:title" content="BT Mark to Market: The big takeover - Hanwha’s high-stakes move on Dyna-Mac Holdings"/><meta data-rh="true" name="article:description" content="IN THIS episode of Mark the Market podcast, Ben Paul, senior correspondent, at The Business Times delves into the recent corporate buzz surrounding Dyna-Mac Holdings. Providing a thorough analysis of the ongoing acquisition offer from a special purpose vehicle controlled by South Korea’s Hanwha Ocean and Hanwha Aerospace."/><meta data-rh="true" name="article:published_time" content="2024-11-05T05:00:00+08:00"/><meta data-rh="true" name="created" content="1730754000"/><meta data-rh="true" name="article:modified_time" content="2024-11-04T11:58:35+08:00"/><meta data-rh="true" name="updated" content="1730692715"/><meta data-rh="true" name="article:articleid" content="5292945"/><meta data-rh="true" name="articleid" content="5292945"/><meta data-rh="true" name="article_id" content="5292945"/><meta data-rh="true" name="article_tags" content="bt correspondents,dyna-mac"/><meta data-rh="true" name="article:sph-keywords" content="BT Correspondents,dyna-mac"/><meta data-rh="true" name="article:sph-accessflag" content="0"/><meta data-rh="true" name="article:pageclass" content="article"/><meta data-rh="true" name="google-site-verification" content="64YzaSIKUvOcgG1DccSNNzlWDqXwjSx4lDDgbgtDLJE"/><meta data-rh="true" name="format-detection" content="telephone=no"/><meta data-rh="true" name="article:category_id" content=""/><meta data-rh="true" name="article:category" content="Podcasts"/><meta data-rh="true" property="og:site_name" content="The Business Times"/><meta data-rh="true" property="og:type" content="article"/><meta data-rh="true" property="og:url" content="https://www.businesstimes.com.sg/podcasts/bt-mark-market-big-takeover-hanwhas-high-stakes-move-dyna-mac-holdings"/><meta data-rh="true" property="og:title" content="BT Mark to Market: The big takeover - Hanwha’s high-stakes move on Dyna-Mac Holdings"/><meta data-rh="true" property="og:description" content="IN THIS episode of Mark the Market podcast, Ben Paul, senior correspondent, at The Business Times delves into the recent corporate buzz surrounding Dyna-Mac Holdings. Providing a thorough analysis of the ongoing acquisition offer from a special purpose vehicle controlled by South Korea’s Hanwha Ocean and Hanwha Aerospace. Read more at The Business Times."/><meta data-rh="true" property="og:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/3a98de3f1b44633ca6c42d0e0a7d3881999a4d0a627696cb72adac815d74ed7d"/><meta data-rh="true" property="og:image:width" content="1200"/><meta data-rh="true" property="og:image:height" content="630"/><meta data-rh="true" property="og:image:alt" content="What does this mean for minority shareholders of Dyna-Mac?"/><meta data-rh="true" property="fb:admins" content="100008016031098"/><meta data-rh="true" property="fb:pages" content="288031731262011"/><meta data-rh="true" property="fb:app_id" content="328386607332790"/><meta data-rh="true" property="twitter:card" content="summary_large_image"/><meta data-rh="true" property="twitter:site" content="@BusinessTimes"/><meta data-rh="true" property="twitter:title" content="BT Mark to Market: The big takeover - Hanwha’s high-stakes move on Dyna-Mac Holdings"/><meta data-rh="true" property="twitter:url" content="https://www.businesstimes.com.sg/podcasts/bt-mark-market-big-takeover-hanwhas-high-stakes-move-dyna-mac-holdings"/><meta data-rh="true" property="twitter:description" content="IN THIS episode of Mark the Market podcast, Ben Paul, senior correspondent, at The Business Times delves into the recent corporate buzz surrounding Dyna-Mac Holdings. Providing a thorough analysis of the ongoing acquisition offer from a special purpose vehicle controlled by South Korea’s Hanwha Ocean and Hanwha Aerospace."/><meta data-rh="true" property="twitter:image" content="https://cassette.sphdigital.com.sg/image/businesstimes/3a98de3f1b44633ca6c42d0e0a7d3881999a4d0a627696cb72adac815d74ed7d"/><meta data-rh="true" property="twitter:image:alt" content="What does this mean for minority shareholders of Dyna-Mac?"/><meta data-rh="true" property="twitter:app:country" content="US"/><meta data-rh="true" property="twitter:app:id:iphone" content="531275824"/><meta data-rh="true" property="twitter:app:url:iphone" content="com.sph.bt://url=https://www.businesstimes.com.sg/podcasts/bt-mark-market-big-takeover-hanwhas-high-stakes-move-dyna-mac-holdings"/><meta data-rh="true" property="twitter:app:id:ipad" content="531283825"/><meta data-rh="true" property="twitter:app:url:ipad" 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mb-4"><h1 data-testid="article-title" class="mb-2 font-lct text-4xl font-bold !leading-[1.3] tracking-[-0.045rem] text-gray-850 md:px-6 md:text-10xl">BT Mark to Market: The big takeover - Hanwha’s high-stakes move on Dyna-Mac Holdings</h1><div class="mb-6 md:px-6 min-h-[50px] text-gray-850 mt-4 space-y-4 md:flex md:flex-wrap md:space-y-0" data-testid="article-authors-list-component"><div class="flex items-center"><img class="flex-shrink-0 rounded-full" src="/assets-web2/default-BSkyYMCQ.png" width="50" height="50"/><div class="flex flex-col flex-wrap pl-2"><div class="font-public-sans text-xs font-normal leading-6 text-gray-650"><span data-testid="article-published-time">Published Tue, Nov 5, 2024 · 05:00 AM</span></div></div></div></div><div class="mb-3 flex items-center justify-between border-b border-t border-gray-250 py-3 md:mx-6 md:mb-6 md:py-4"><div data-testid="article-keyword-filter-first" class="w-full"><div data-testid="article-top-keyword" class="p-3 inline-block w-full 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font-poppins text-xs text-gray-850 md:px-8">What does this mean for minority shareholders of Dyna-Mac? PHOTO: DYNA-MAC</div></div></li></ul></div></div></div><div class="body-content tracking-tighter mb-6 mt-4 font-lucida text-lg font-medium leading-normal tracking-[-0.05625rem] text-gray-850 antialiased md:px-8 md:text-xl" data-testid="article-paragraphs-component"><div class="relative mb-4 md:mb-6"><div class="mb-4 md:mb-6" data-story-element="podcast_wrapper" data-testid="podcast-embed-component"><iframe class="border-none" src="https://omny.fm/shows/bt-correspondents/the-big-takeover-hanwhas-high-stakes-move-on-dyna/embed?style=cover" width="100%" title="podcast-embed-title"></iframe></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">IN THIS episode of Mark the Market podcast, Ben Paul, senior correspondent, at <i>The Business Times</i> delves into the recent corporate buzz surrounding Dyna-Mac Holdings. Providing a thorough analysis of the ongoing acquisition offer from a special purpose vehicle controlled by South Korea’s Hanwha Ocean and Hanwha Aerospace.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><b class="font-bold">An introduction of Dyna-Mac</b></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Ben outlines the significant business revival of Dyna-Mac - an offshore and marine engineering company. In the first half of 2024, Dyna-Mac reported a 42.5 per cent revenue increase, attributed to major project completions and enhanced productivity. With a robust order book and promising long-term growth in the global FPSO market, Dyna-Mac‘s improved financial position has set a bullish tone for its shares, which significantly rose by nearly 48 per cent before the acquisition offer.</p><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu1" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Find out more about Hanwha’s acquisition offer and why the offer was raised. Despite the share trading slightly below this revised offer price, the offeror still finds the final price competitive and potentially effective for concluding the deal. Ben emphasises the notable aspects of the offer, such as Hanwha’s intention not to delist Dyna-Mac immediately - though leaving room for a potential delisting if circumstances transpire. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><b class="font-bold">Looking at the valuation</b></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">This uncertainty introduces a unique dynamic to the acquisition, especially given its treatment by the Independent Financial Advisor (IFA), Zico Capital. Critical to the discussion is Zico Capital’s evaluation, which compared Hanwha’s voluntary general offer to precedent non-privatisation transactions, involving deals where major shareholders made general offers for technical reasons, often at lower prices. </p><div class="py-10 md:-mx-8"><div class="mb-6 border border-gray-175 p-6 md:p-8"><div class="" data-component="generic-newsletter"><h5 class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold uppercase leading-normal tracking-5% text-gray-850 md:text-lg">BT in your inbox</h5><div class="flex py-3 md:px-10 md:py-6"><img alt="Newsletter Img" class="hidden h-auto max-w-full self-start min-[321px]:block" width="75" height="75" src="/assets-web2/generic_newsletter-CGny2zps.png"/><div class="min-[321px]:pl-4 md:pl-6"><p role="description" class="mb-3 font-public-sans text-base font-light tracking-normal text-gray-850 md:text-lg">Start and end each day with the latest news stories and analyses delivered straight to your inbox.</p><div class="relative hidden w-full md:block md:w-4/5 lg:w-7/10 xl:w-6/10"><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:Rmkmosodcscu5:">Sign Up</button></div></div></div></div><div class="relative block w-full md:hidden "><div class="relative"><button data-size="md" type="button" class="!outline-none focus-within:outline-none focus:outline-none outline-0 focus-within:outline-0 focus:outline-0 flex cursor-pointer items-center justify-center whitespace-nowrap rounded-full border border-solid border-gray-175 text-center !font-poppins text-gray-850 transition-all duration-150 hover:border-gray-850 data-[size=lg]:h-[68px] data-[size=md]:h-[42px] data-[size=sm]:h-[36px] font-semibold text-xs tracking-[0.02em] w-full min-w-[155px] bg-transparent px-0 py-0 hover:bg-transparent md:max-w-[155px]" data-rac="" id="react-aria-:R1emosodcscu5:">Sign Up</button></div></div></div></div></div><div class="w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="relative mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-midarticlespecial" class="adunit-component my-8 md:my-12"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Ben questions this method, and further underscores Dyna-Mac’s superior financial performance metrics, such as a high return on equity, which justify a higher price to NAV ratio compared to its peers. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component"><b class="font-bold">Due diligence and greater clarity</b></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">While acknowledging the cyclical nature of the industry and the speculative long-term profitability, Ben advises investors to critically evaluate IFA reports, pushing for detailed justification of their recommendations. The podcast concludes with a note on the potential increase in similar voluntary general offers in Singapore, hinting at a future filled with strategic acquisitions driven by promising growth prospects rather than just undervaluation. </p><div class="mb-6 mt-8 border border-gray-175 p-6 md:-mx-8 md:mt-0 md:p-8" data-testid="article-read-more"><div><div class="mb-6 border-b border-gray-850 pb-2 !font-poppins text-base font-semibold leading-normal tracking-5% text-gray-850 md:text-lg">SEE ALSO</div><div data-testid="section-article-read-more"><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5277956" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/opinion-features/hanwhas-offer-dyna-mac-shouldnt-be-compared-past-non-privatisation-deals" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/143b9c8c3b276bcfc55d79134866797ab5f124fb580656e32919da5cfa9deb3b?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/143b9c8c3b276bcfc55d79134866797ab5f124fb580656e32919da5cfa9deb3b?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/143b9c8c3b276bcfc55d79134866797ab5f124fb580656e32919da5cfa9deb3b?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/143b9c8c3b276bcfc55d79134866797ab5f124fb580656e32919da5cfa9deb3b?q=20&w=3&h=2&f=webp" loading="lazy" alt="Boards and investors should scrutinise the work of IFAs, and push them to justify their views and recommendations." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5277956"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Hanwha’s offer for Dyna-Mac shouldn’t be compared to past non-privatisation deals" href="/opinion-features/hanwhas-offer-dyna-mac-shouldnt-be-compared-past-non-privatisation-deals" target="_blank">Hanwha’s offer for Dyna-Mac shouldn’t be compared to past non-privatisation deals</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="5127872" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/companies-markets/brokers-take-dyna-mac-shareholders-should-accept-hanwhas-s0-67-share-offer-maybank-says" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7b29e1f8b34a1dbfe8f3d945bb5063910579ae0e48d474ce61794a0bf593c19f?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7b29e1f8b34a1dbfe8f3d945bb5063910579ae0e48d474ce61794a0bf593c19f?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/7b29e1f8b34a1dbfe8f3d945bb5063910579ae0e48d474ce61794a0bf593c19f?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/7b29e1f8b34a1dbfe8f3d945bb5063910579ae0e48d474ce61794a0bf593c19f?q=20&w=3&h=2&f=webp" loading="lazy" alt="Dyna-Mac's offshore floating production, storage and offloading (FPSO)." class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_5127872"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="Brokers’ take: Dyna-Mac shareholders should accept Hanwha’s S$0.67 a share offer, Maybank says" href="/companies-markets/brokers-take-dyna-mac-shareholders-should-accept-hanwhas-s0-67-share-offer-maybank-says" target="_blank">Brokers’ take: Dyna-Mac shareholders should accept Hanwha’s S$0.67 a share offer, Maybank says</a></h3></div></div></div><div class="mb-6" data-testid="article-read-more-items"><div data-testid="basic-card" data-cueid="4873255" class="relative flex flex-wrap items-start gap-4"><div class="relative flex order-1 flex-shrink-0 w-[70px] lg:w-[90px]"><div class="flex items-center justify-center bg-gray-250 w-full"><div class="w-full" style="position:relative"><a rel="noopener" href="/podcasts/bt-mark-market-how-mas-plans-spark-market-magic" target="_blank"><picture><source media="(min-width: 992px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/17ab9b89228dcc84935107da05bbc5a4b2a7dceb44c133cd2a5d444e5291ae7e?w=180&h=120&dpr=1&f=webp 1x"/><source media="(min-width: 768px)" srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/17ab9b89228dcc84935107da05bbc5a4b2a7dceb44c133cd2a5d444e5291ae7e?w=140&h=100&dpr=1&f=webp 1x"/><source srcSet="https://cassette.sphdigital.com.sg/image/businesstimes/17ab9b89228dcc84935107da05bbc5a4b2a7dceb44c133cd2a5d444e5291ae7e?w=300&h=200&dpr=1&f=webp 1x"/><img src="https://cassette.sphdigital.com.sg/image/businesstimes/17ab9b89228dcc84935107da05bbc5a4b2a7dceb44c133cd2a5d444e5291ae7e?q=20&w=3&h=2&f=webp" loading="lazy" alt="PHOTO: Adobe Stock" class="w-full aspect-3x2"/></picture></a></div></div></div><div class="flex flex-grow flex-col w-full-120px lg:w-2/3 order-2 text-white"><h3 class="_title_d4ajx_12 !text-base my-0 leading-[1.3rem] tracking-normal !font-lct" data-testid="title_link_4873255"><a class="inherit word-break hover:underline !text-gray-850" rel="noopener" title="BT Mark to Market: How MAS plans to spark market magic" href="/podcasts/bt-mark-market-how-mas-plans-spark-market-magic" target="_blank">BT Mark to Market: How MAS plans to spark market magic</a></h3></div></div></div></div></div></div><div class="my-8 md:my-12 w-screen bg-gray-125 transition-all duration-300 border-gray-175 min-h-0 border-y-0 bg-none py-0" style="max-width:0px;margin-left:calc(-1*(0px - 100%) / 2 );height:0"><div data-component="component-container" class="container px-3 sticky top-[120px]"><div class="mx-auto w-full md:w-10/12 md:px-8 lg:w-8/12"><div class="text-center text-center" data-testid="advertisement-element"><div id="dfp-ad-imu2" class="adunit-component"></div></div></div></div></div><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Listen to the podcast now for Ben Paul’s full analysis.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Mark to Market will continue to explore and report on key market trends and corporate developments, with future episodes poised to offer more insightful analysis and expert opinions. </p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">For any thoughts or questions, reach out to the podcast team at <u>btpodcasts@sph.com.sg</u>. Follow BT Correspondents for the latest updates and episodes.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Written and hosted by: Ben Paul (benpaul@sph.com.sg)</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Edited by: Howie Lim & Claressa Monteiro</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Produced by: Ben Paul & Howie Lim</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Engineered by: Chai Pei Chieh</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">A podcast by BT Podcasts, <i>The Business Times</i>, SPH Media</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">---</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Follow BT Correspondents:</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Channel: <a href="https://bt.sg/btcobt" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcobt</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Amazon: <a href="https://bt.sg/btcoam" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcoam</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Apple Podcasts: <a href="https://bt.sg/btcoap" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcoap</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Spotify: <a href="https://bt.sg/btcosp" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcosp</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">YouTube Music: <a href="https://bt.sg/btcoyt" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcoyt</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Website: <a href="https://bt.sg/btcorresp" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btcorresp</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">---</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">Discover more BT podcast series:</p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Mark To Market at: <a href="https://bt.sg/btmark2mkt" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btmark2mkt</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Money Hacks: <a href="https://bt.sg/btmoneyhacks" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btmoneyhacks</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">WealthBT: <a href="https://bt.sg/btwealthbt" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btwealthbt</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">PropertyBT: <a href="https://bt.sg/btpropertybt" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btpropertybt</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Podcasts: <a href="https://bt.sg/pcOM" target="_blank" rel="noopener noreferrer nofollow">bt.sg/pcOM</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Market Focus: <a href="https://bt.sg/btmktfocus" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btmktfocus</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Branded Podcasts: <a href="https://bt.sg/brpod" target="_blank" rel="noopener noreferrer nofollow">bt.sg/brpod</a></p><p class="mb-4 md:mb-6 leading-8 -tracking-5%" data-story-element="paragraph" data-testid="paragraph-component">BT Lens On: <a href="https://bt.sg/btlenson" target="_blank" rel="noopener noreferrer nofollow">bt.sg/btlenson</a></p></div><div class="mb-6 border-t border-gray-175"><section class="mx-auto my-4 w-full" data-testid="article-purchase-link-component"><section class="mx-auto flex w-full flex-wrap items-center justify-between gap-4 lg:gap-0 lg:px-3" data-testid="article-purchase-link-version-2-component"><p class="mb-0 font-public-sans text-xs tracking-normal">Copyright The Business Times. 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