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

<ul><li>INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional outflow, a similar pace to the preceding five sessions of S$144 million of net outflow.</li><li>Stocks that led the net institutional outflow were DBS, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit, Genting Singapore, Seatrium, CapitaLand Investment, UOB, Sembcorp Industries, Mapletree Logistics Trust, and Singtel.</li><li>Sembcorp Industries On Oct 16, Sembcorp Industries’ subsidiary, Sembcorp Financial Services, priced S$350 million 3.65 per cent certified rate guaranteed notes due 2036 under its S$5 billion Euro Medium Term Note (EMTN) Programme Series 001 Notes.</li></ul>

INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional outflow, a similar pace to the preceding five sessions of S$144 million of net outflow.Stocks that led the net institutional outflow were DBS, CapitaLand Integrated Commercial Trust, CapitaLand Ascendas Reit, Genting Singapore, Seatrium, CapitaLand Investment, UOB, Sembcorp Industries, Mapletree Logistics Trust, and Singtel.Sembcorp Industries On Oct 16, Sembcorp Industries’ subsidiary, Sembcorp Financial Services, priced S$350 million 3.65 per cent certified rate guaranteed notes due 2036 under its S$5 billion Euro Medium Term Note (EMTN) Programme Series 001 Notes.

Sembcorp director participates in well-subscribed EMTN offering

<ul><li>Net institutional inflows into Singapore stocks continue Institutions were net buyers of Singapore stocks over the five trading sessions spanning Sep 6 to 13, with S$523 million of net institutional inflow, following the S$328 million in net institutional inflow for the preceding five sessions.</li><li>Eight of the stocks also led the net institutional inflow over the preceding five sessions, with SATS and Singapore Airlines the exceptions.</li></ul>

Net institutional inflows into Singapore stocks continue Institutions were net buyers of Singapore stocks over the five trading sessions spanning Sep 6 to 13, with S$523 million of net institutional inflow, following the S$328 million in net institutional inflow for the preceding five sessions.Eight of the stocks also led the net institutional inflow over the preceding five sessions, with SATS and Singapore Airlines the exceptions.

Net institutional inflows into Singapore stocks continue

Jardine Matheson Holdings / Equity Bottom-Up

<ul><li>Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.</li><li>This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.</li><li>Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.</li></ul>

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of S$38 million.This marked a slight reversal from the net inflow of S$384 million observed over the five preceding sessions up to Nov 14.Stocks that led the net institutional outflow over the five sessions through to Nov 22 were CapitaLand Integrated Commercial Trust, CapitaLand Ascendas REIT, DBS Group Holdings, Yangzijiang Shipbuilding Holdings, Genting Singapore, Mapletree Logistics Trust, Frasers Logistics & Commercial Trust, Keppel DC REIT, Wilmar International and Keppel REIT.

ABR Holdings managing director continues to grow interest

<ul><li>Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.</li><li>Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.</li></ul>

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares at an average price of S$1.55 per share over two sessions.Directors or CEOs filed eight acquisitions and one disposal while substantial shareholders filed three acquisitions and two disposals.

Earnings Focus Reduces Buybacks & Director Acquisition Filings

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Keppel O&amp;M / SMM Combination and Keppel Rig Asset Restructure were announced today and the arithmetic is both tough and interesting. There's a little magic here.</li>
<li>KEP shareholders receive SMM shares worth ~1/3 of today's share price, and the rest is currently valued at well under Net Tangible Assets post-Restructuring/Transaction.</li>
<li>That suggests Keppel has upside, but one must think carefully about the exposures.</li>
</ul>


The Keppel O&amp;M / SMM Combination and Keppel Rig Asset Restructure were announced today and the arithmetic is both tough and interesting. There's a little magic here.
KEP shareholders receive SMM shares worth ~1/3 of today's share price, and the rest is currently valued at well under Net Tangible Assets post-Restructuring/Transaction.
That suggests Keppel has upside, but one must think carefully about the exposures.


The Keppel Restructuring - Forward Sum Of The Parts Makes KEP Look Cheap. And It Is... But...

Singapore

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

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Sembcorp Industries (SCI SP)

Sembcorp director participates in well-subscribed EMTN offering

INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions spanning Oct 18 to 24, with S$158 million of net institutional...

Singapore Exchange Ltd (SGX)

Net institutional inflows into Singapore stocks continue

Net institutional inflows into Singapore stocks continue Institutions were net buyers of Singapore stocks over the five trading sessions spanning...

Singapore Exchange Ltd (SGX)

ABR Holdings managing director continues to grow interest

Over the five trading sessions from Nov 15 to 21, institutions were net sellers of Singapore stocks, resulting in a net institutional outflow of...

Singapore Exchange Ltd (SGX)

Earnings Focus Reduces Buybacks & Director Acquisition Filings

Earnings Focus Reduces Buybacks & Director Acquisition Filings The Hour Glass led the buyback consideration tally, buying back 795,000 shares...

Singapore Exchange Ltd (SGX)

The Keppel Restructuring - Forward Sum Of The Parts Makes KEP Look Cheap. And It Is... But...

Keppel and SMM announced a complicated restructuring package which gets KEP out of the rig business and delivers shares in SMM to its own...

Travis Lundy

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