SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

External broker reports(aggregated public sources), Argonaut

Argonaut

External broker reports(aggregated public sources)

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

<ul><li>We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.</li><li>These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.</li><li>Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectors</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Civmec (CVL) - Key Strategic Locations – Initiation

<ul><li>Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.</li><li>As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.</li><li>We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>As domestically focused sectors underperformed, we cut our FY24/25 EPS growth est. to 2.4%/9.3% and JCI FY24-end target to 7,448.</li><li>Despite still muted growth indicators, we expect seasonal tailwinds to benefit certain sectors (e.g., Retail, Consumer) in 4Q24. </li><li>At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As domestically focused sectors underperformed, we cut our FY24/25 EPS growth est. to 2.4%/9.3% and JCI FY24-end target to 7,448.Despite still muted growth indicators, we expect seasonal tailwinds to benefit certain sectors (e.g., Retail, Consumer) in 4Q24. At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Equity Strategy: Attractive Valuation Emerging, Prefer Quality Stocks and USD Hedge...

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

<ul><li>Steep dip of 30.6% in NR exports month-on-month in Sept</li><li>Ivory Coast’s infusion touches an abysmal share of 14.9%</li><li>Rubber glove exports to be worth a record RM13.7 billion in 2024</li></ul>

Steep dip of 30.6% in NR exports month-on-month in SeptIvory Coast’s infusion touches an abysmal share of 14.9%Rubber glove exports to be worth a record RM13.7 billion in 2024

Malaysian NR Scene In Sept Nothing To Cheer About

ASEAN
Insights on ASEAN countries

Company Spotlight: Japfa

Company Spotlight: Japfa

Singapore Exchange Ltd (SGX)

Civmec (CVL) - Key Strategic Locations – Initiation

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.

Argonaut

Civmec (CVL) - Award Delays to Impact 2H

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.

Argonaut

Equity Strategy: Attractive Valuation Emerging, Prefer Quality Stocks and USD Hedge...

At a forward P/E of 11.9x, JCI valuation is attractive (160bps spread vs. 10-yr yield); amid macro risks, we favor quality stocks and USD hedge.

BRI Danareksa Research

Malaysian NR Scene In Sept Nothing To Cheer About

September 2024 saw Malaysian natural rubber production suffering a significant fall while Ivory Coast’s share in imports plummeted side by side...

Helixtap