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.

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Yangzijiang, GLP, Genting SP, UOL & City Dev Led STI in 3Q17

SGX Sustainability Leaders Index generated 15% YTD Total Return

ASEAN Plays Poised to Gain from China&#39;s Belt & Road Initiative (OBOR)

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>Modec is up about 22% in one and a half months rebounding close to its recent peak following SMBC initiating on the stock with a buy. The company's earnings are relatively difficult to forecast as an analyst (FY03/19 consensus has a spread of JPY2.6bn - JPY17.5bn at the OP level) due to a somewhat complicated earnings structure that perhaps makes some investors decide that it is not worth the bother. This has lead to a situation where the company is trading close to all time lows on forward and historical PE at just 7.9x and 6.5x respectively, and just over 1.2x PB. Its average since listing for the three metrics are 21x forward PE (since 2006), 26.6x historical PE (since 2003) and 1.75x PB (since 2006).</p>

Modec is up about 22% in one and a half months rebounding close to its recent peak following SMBC initiating on the stock with a buy. The company's earnings are relatively difficult to forecast as an analyst (FY03/19 consensus has a spread of JPY2.6bn - JPY17.5bn at the OP level) due to a somewhat complicated earnings structure that perhaps makes some investors decide that it is not worth the bother. This has lead to a situation where the company is trading close to all time lows on forward and historical PE at just 7.9x and 6.5x respectively, and just over 1.2x PB. Its average since listing for the three metrics are 21x forward PE (since 2006), 26.6x historical PE (since 2003) and 1.75x PB (since 2006).

Modec Price Momentum Strong, 230% of Market Cap in Orders Incoming by Year End - 8x PE Is Too Cheap

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Keppel Corp (KEP SP)

STI September Quarter Earnings Schedule

Singapore Exchange Ltd (SGX)

Yangzijiang, GLP, Genting SP, UOL & City Dev Led STI in 3Q17

Singapore Exchange Ltd (SGX)

SGX Sustainability Leaders Index generated 15% YTD Total Return

Singapore Exchange Ltd (SGX)

ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)

Singapore Exchange Ltd (SGX)

Modec Price Momentum Strong, 230% of Market Cap in Orders Incoming by Year End - 8x PE Is Too Cheap

Modec is up about 22% in one and a half months rebounding close to its recent peak following SMBC initiating on the stock with a buy. The company's...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

STI September Quarter Earnings Schedule

Singapore Exchange Ltd (SGX)

Yangzijiang, GLP, Genting SP, UOL & City Dev Led STI in 3Q17

Singapore Exchange Ltd (SGX)

SGX Sustainability Leaders Index generated 15% YTD Total Return

Singapore Exchange Ltd (SGX)

ASEAN Plays Poised to Gain from China&#39;s Belt & Road Initiative (OBOR)

Singapore Exchange Ltd (SGX)

Modec Price Momentum Strong, 230% of Market Cap in Orders Incoming by Year End - 8x PE Is Too Cheap

Modec is up about 22% in one and a half months rebounding close to its recent peak following SMBC initiating on the stock with a buy. The company's...

Mio Kato

ASEAN Plays Poised to Gain from China's Belt & Road Initiative (OBOR)