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

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

<ul><li>Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.</li><li>The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.</li></ul>

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$365 million.The stocks that led the net institutional outflow over these four sessions were DBS, UOB, OCBC, Sembcorp Industries, Singapore Technologies (ST) Engineering, Mapletree Pan Asia Commercial Trust, CapitaLand Investment, Seatrium, CapitaLand Integrated Commercial Trust and Mapletree Logistics Trust.

Zheneng Jinjiang Environment Continues Buyback Pace

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

Kangwon Land Inc. is a casino and hotel services provider located in the Kangwon province area of South Korea.  The Company develops abandoned mines and builds gaming and entertainment facilities.  Kangwon Land operates a number of game tables and slot machines for domestic and international customers under its gaming licenses.

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in September and October 2024.</li>
<li>On average, the share buyback announcements by 25 companies represented 1.9% of their outstanding shares.</li>
<li>Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Kangwon Land, and Naver. </li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in September and October 2024.
On average, the share buyback announcements by 25 companies represented 1.9% of their outstanding shares.
Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Kangwon Land, and Naver. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (September and October 2024)

Looking for No-Brainers in the Micro-Cap Space, The Mikro Kap

The Mikro Kap

Looking for No-Brainers in the Micro-Cap Space

Private investor from Croatia focused on finding no-brainer opportunities in the global micro-cap space

Colefax Group plc designs, markets, distributes, and retails furnishing fabrics, wallpapers, trimmings, upholstered furniture, and related products in the United Kingdom and internationally. The company operates in two divisions, Product and Decorating. It also sells antiques, as well as provides interior and architectural design, project management, decoration, and furnishing services for private individuals and commercial firms. The company sells its products under the Colefax and Fowler, Cowtan and Tout, Jane Churchill, Larsen, and Manuel Canovas brand names to interior designers, and retail fabric and wallpaper shops. Colefax Group plc was founded in 1933 and is headquartered in London, the United Kingdom.

<ul><li>The Mikro Kap Watchlist series continues with another interior furnishing business.</li><li>This is a short story about Colefax, AIM's buyback machine No. 1 $CFX.L Colefax is yet another designer of luxury fabrics and wallpaper.</li><li>However, it's more asset-light than SDG, the company discussed in my previous write-up .</li></ul>

The Mikro Kap Watchlist series continues with another interior furnishing business.This is a short story about Colefax, AIM's buyback machine No. 1 $CFX.L Colefax is yet another designer of luxury fabrics and wallpaper.However, it's more asset-light than SDG, the company discussed in my previous write-up .

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 1st based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Swire Pacific (19 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 1st based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Swire Pacific (19 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Nov 1st): AIA, Swire Pacific, Sinopec

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

DENSO CORPORATION manufactures electronic parts for automobiles.  The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

<ul>
<li>13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.</li>
<li>Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.</li>
<li>Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.</li>
</ul>


13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.
Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.
Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.


Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Buybacks
Buy them before they do

Zheneng Jinjiang Environment Continues Buyback Pace

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of...

Singapore Exchange Ltd (SGX)

Cannibal ante portas

This is a short story about Colefax, AIM's buyback machine No. 1 $CFX.L Colefax is yet another designer of luxury fabrics and wallpaper.

The Mikro Kap

Hong Kong Buybacks Weekly (Nov 1st): AIA, Swire Pacific, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Toyota Group cross-holding unwinds are more than ¥1trln already and buybacks are close to ¥2trln since The Aisin Announcement. Today, TIC sells,...

Travis Lundy

Zheneng Jinjiang Environment Continues Buyback Pace

Zheneng Jinjiang Environment Continues Buyback Pace Over the four trading sessions from Oct 25 to Oct 30, institutions were net sellers of...

Singapore Exchange Ltd (SGX)

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (September and October 2024)

In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in September and...

Douglas Kim

Cannibal ante portas

This is a short story about Colefax, AIM's buyback machine No. 1 $CFX.L Colefax is yet another designer of luxury fabrics and wallpaper.

The Mikro Kap

Hong Kong Buybacks Weekly (Nov 1st): AIA, Swire Pacific, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Toyota Group cross-holding unwinds are more than ¥1trln already and buybacks are close to ¥2trln since The Aisin Announcement. Today, TIC sells,...

Travis Lundy