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

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
DBS, OCBC &amp; UOB averaged 4.2% total returns in August, outpacing 1.6% flat median returns of the top quartile of global banking stocks by market value. Similar performance parallels were observed in the 2020 year to 2 Sep, with the trio averaging 18.2% declines, compared to a 20.2% median decline for the top global quartile. 
	 </li>
	<li>
DBS and OCBC remain amongst the top ten constituents of the FTSE Developed Asia Pacific ex-Japan Sustainable Yield Index. Constituents meet financial and operating strength criteria, with emphasis on strong balance sheets and ability to generate cash flow. 
	 </li>
	<li>With the three banks directed to cap FY20 dividend distributions to 60% of FY19 distributions (to bolster ability to swerve credit needs and absorb potential shocks), potential FY20 dividend yields for the three banks could be as high as 3.5% to 4.0%, based on current market prices.  </li>
</ul>
 

Sector-Driven Performances in 2020 YTD 
DBS Group Holdings ("DBS"), Oversea-Chinese Banking Corp ("OCBC") and United Overseas Bank ("UOB") all distributed dividends in August, which saw their average 2.6% price return for the month extended to a 4.2% total return. By comparison, the top quartile of global banking stocks by market value generated a median total return of 1.6% over the month.  As illustrated below, the three banks have outpaced the top quartile of global banking stocks over the past five years.
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-09/Capture_1.PNG' alt='Total Return' />
 </figure>
 <div class='content-caption'>Total Return</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
The three banks have gradually increasing quarterly Net Interest Income to above S$4 billion in 2QFY15 and above S$5 billion in 2QFY18, maintaining a combined Net Interest Income of S$5.4 billion in 2QFY20 as discussed <a href="https://www.sgx.com/research-education/market-updates/20200820-bank-structured-warrants-recently-strengthened">here</a>. 
For the 2020 year to 2 September, accommodative monetary policy and economic lockdowns have meant that global banks have had to contend with a sudden reduction in interest rate margins and overall demand for financing, while needing to boost loan provisions, hence uniform drivers have seen parallel performances of banking sectors across the globe. Key Banking Sector themes continuing into the second half of 2020 include bank  abilities to generate income, tier 1 capital to risk-weighted assets and non-performing loan ratios. Note that on the ability to generate income, the top quartile of global banks with an ROE less than 4% generated a median decline of 30% in the 2020 year to date.     Dividend Yields Remain Competitive 
With the MAS recently directing the three Banks to cap dividends at 60% of FY19 levels “to bolster the ability to continue to support the credit needs of businesses and consumers as well as absorb economic shocks” the maximum dividends amounts for FY20 are as follows:

<ul>
<li>As DBS paid S$1.23 in FY19, 60% of this amount is S$0.738 max per share in FY20. Theoretically, if DBS would then save S$1.25 billion from the S$3.145 billion paid in FY19.</li>
	<li>As OCBC paid S$0.53 in FY19, 60% of this amount is S$0.318 max per share in FY20 . Theoretically, OCBC would then save S$924 million from S$2.31 billion paid in FY19. </li>
	<li>As UOB paid S$1.30 in FY19,  60% of this amount is S$0.780 max per share in FY20. Theoretically, this would save S$868 million from S$2.17 billion paid in FY19.</li>
</ul>
 

Based on the above caps, the maximum potential FY20 dividend yields for the three banks could still be as high as 3.5% to 4.0%based on current market prices.  The current median indicative dividend yield for the top quartile of global banks by market value is 4.4%. 
 

FTSE Global Sustainable Yield Index Series 
The FTSE Global Sustainable Yield Index Series is reviewed semi-annually in March and September using data at the close of the last business day of February and August. This means, results of the FTSE Developed Asia Pacific ex Japan Sustainable Yield Index which includes as many as 17 Singapore stocks, are expected to be released within the week. DBS Group Holdings ("DBS"), Oversea-Chinese Banking Corp ("OCBC") have remained in the top 10 constituent weights of the FTSE Developed Asia Pacific ex-Japan Sustainable Yield Index at the end of August. United Overseas Bank ("UOB") and Hong Kong listed CK Hutchison Holdings places were displaced as the 10 heavyweights in August by Korea-listed Hyundai Motor and Hong Kong listed Sun Hung Kai Props. 
The FTSE Global Sustainable Yield Index Series examines the financial and operating strength of prospective constituents with specific emphasis on companies with strong balance sheets and the ability to generate cash flow. Financial and operational strength metrics include Return on Assets, cash-flow from operations, accruals and changes in leverage. Note that other screening criteria include the pay-out ratio and incidence of historic or forecast dividend cuts (for the Factsheet and more detailed methodology, click <a href="https://www.ftserussell.com/products/indices/sustainable-yield?utm_source=MG&amp;utm_medium=EDM&amp;utm_campaign=alwayson&amp;utm_term=180219&amp;utm_content=HOTW">here</a>), hence the upcoming rebalance results will be of particular relevance to the Singapore Banking Sector.  To follow the FTSE Index announcements: click <a href="https://www.ftserussell.com/products/index-notices/Home/GetNotices/ALL">here</a>.
</body></html>





DBS, OCBC &amp; UOB averaged 4.2% total returns in August, outpacing 1.6% flat median returns of the top quartile of global banking stocks by market value. Similar performance parallels were observed in the 2020 year to 2 Sep, with the trio averaging 18.2% declines, compared to a 20.2% median decline for the top global quartile. 
	 
	
DBS and OCBC remain amongst the top ten constituents of the FTSE Developed Asia Pacific ex-Japan Sustainable Yield Index. Constituents meet financial and operating strength criteria, with emphasis on strong balance sheets and ability to generate cash flow.  
	 
	With the three banks directed to cap FY20 dividend distributions to 60% of FY19 distributions (to bolster ability to swerve credit needs and absorb potential shocks), potential FY20 dividend yields for the three banks could be as high as 3.5% to 4.0%, based on current market prices.  

 

Sector-Driven Performances in 2020 YTD  
DBS Group Holdings ("DBS"), Oversea-Chinese Banking Corp ("OCBC") and United Overseas Bank ("UOB") all distributed dividends in August, which saw their average 2.6% price return for the month extended to a 4.2% total return. By comparison, the top quartile of global banking stocks by market value generated a median total return of 1.6% over the month.  As illustrated below, the three banks have outpaced the top quartile of global banking stocks over the past five years.



      
    
    Total Return


The three banks have gradually increasing quarterly Net Interest Income to above S$4 billion in 2QFY15 and above S$5 billion in 2QFY18, maintaining a combined Net Interest Income of S$5.4 billion in 2QFY20 as discussed here.  
For the 2020 year to 2 September, accommodative monetary policy and economic lockdowns have meant that global banks have had to contend with a sudden reduction in interest rate margins and overall demand for financing, while needing to boost loan provisions, hence uniform drivers have seen parallel performances of banking sectors across the globe. Key Banking Sector themes continuing into the second half of 2020 include bank  abilities to generate income, tier 1 capital to risk-weighted assets and non-performing loan ratios. Note that on the ability to generate income, the top quartile of global banks with an ROE less than 4% generated a median decline of 30% in the 2020 year to date.      Dividend Yields Remain Competitive  
With the MAS recently directing the three Banks to cap dividends at 60% of FY19 levels “to bolster the ability to continue to support the credit needs of businesses and consumers as well as absorb economic shocks” the maximum dividends amounts for FY20 are as follows:


As DBS paid S$1.23 in FY19, 60% of this amount is S$0.738 max per share in FY20. Theoretically, if DBS would then save S$1.25 billion from the S$3.145 billion paid in FY19.
	As OCBC paid S$0.53 in FY19, 60% of this amount is S$0.318 max per share in FY20 . Theoretically, OCBC would then save S$924 million from S$2.31 billion paid in FY19. 
	As UOB paid S$1.30 in FY19,  60% of this amount is S$0.780 max per share in FY20. Theoretically, this would save S$868 million from S$2.17 billion paid in FY19.

 

Based on the above caps, the maximum potential FY20 dividend yields for the three banks could still be as high as 3.5% to 4.0%based on current market prices.  The current median indicative dividend yield for the top quartile of global banks by market value is 4.4%.   
 

FTSE Global Sustainable Yield Index Series  
The FTSE Global Sustainable Yield Index Series is reviewed semi-annually in March and September using data at the close of the last business day of February and August. This means, results of the FTSE Developed Asia Pacific ex Japan Sustainable Yield Index which includes as many as 17 Singapore stocks, are expected to be released within the week.  DBS Group Holdings ("DBS"), Oversea-Chinese Banking Corp ("OCBC") have remained in the top 10 constituent weights of the FTSE Developed Asia Pacific ex-Japan Sustainable Yield Index at the end of August. United Overseas Bank ("UOB") and Hong Kong listed CK Hutchison Holdings places were displaced as the 10 heavyweights in August by Korea-listed Hyundai Motor and Hong Kong listed Sun Hung Kai Props.  
The FTSE Global Sustainable Yield Index Series examines the financial and operating strength of prospective constituents with specific emphasis on companies with strong balance sheets and the ability to generate cash flow. Financial and operational strength metrics include Return on Assets, cash-flow from operations, accruals and changes in leverage. Note that other screening criteria include the pay-out ratio and incidence of historic or forecast dividend cuts (for the Factsheet and more detailed methodology, click here), hence the upcoming rebalance results will be of particular relevance to the Singapore Banking Sector.   To follow the FTSE Index announcements: click here.



<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
AMTD International is the first NYSE-listed company to do a secondary listing on SGX and the first company with a dual class share (DCS) structure to list on SGX. 
	 </li>
	<li>
AMTD International, is a leading Asia-based comprehensive financial services conglomerate. It operates a full-service platform encompassing 3 business lines: Investment Banking, Asset Management and Strategic Investment. 
	 </li>
	<li>
It has strong financial expertise in liaising between Hong Kong Companies and Financial Institutions in China. Participated in 7 out of the 13 Hong Kong IPOs of PRC Regional Banks, with an aggregate offering size of over US$6.2 billion. </li>
</ul>
 

 Founded by CK Hutchison Holdings in 2003, AMTD International is a Hong Kong-headquartered comprehensive financial institution with a market cap of S$3.2 billion as of last close. AMTD International was rated No. 1 independent investment banking firm in Asia (Source: CIC report) as measured by both the number and the aggregate offering size of Hong Kong and U.S IPOs completed in each of 2018 and the nine months ended 30 September 2019.

AMTD International has presence in both Mainland China and Hong Kong, connecting local clients from Greater China with global capital markets. Their 3 business lines include:

<ol>
<li>
Leading Investment Banking Business – offering a broad range of investment banking services, including equity underwriting, debt underwriting, advisory (on credit rating, liability management, financing, and mergers and acquisitions), securities brokerage, institutional sales and distribution, and research. 
	 </li>
	<li>
Top-tier Asset Management Services – provide professional investment management and advisory services primarily to corporate and other institutional clients. AMTD International was ranked one of the five largest HKSFC-licensed asset management firms headquartered in Hong Kong. 
	 </li>
	<li>
Proven Strategic Investment Platform – make long-term strategic investments focusing on Asia's financial and new economy sectors.</li>
</ol>
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/Revenue%20by%20business%20lines.png' alt='Revenue by business lines' />
 </figure>
 <div class='content-caption'>Revenue by business lines</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
Highlights from the <a href="https://links.sgx.com/FileOpen/AMTD%20International%20Inc.%20-%20Introductory%20Document%20(31%20March%202020).ashx?App=IPO&amp;FileID=6193">Introductory Document</a>

1. Fast-rising and active “super-connector” with unique brand identity

<ul>
<li>Prominent middle-man between Hong-Kong and China-based clients. 
	 </li>
	<li>The only global strategic partner associate of the World Economic Forum among Hong Kong-headquartered financial institutions.   
	 </li>
	<li> Initiated and established Regional Banks+ Strategic Cooperation Alliance through a partnership with seven leading regional banks from China, Hong Kong, and the United States.</li>
</ul>
2. Using “AMTD SpiderNet” ecosystem fostering rapid multi-dimensional expansion

<ul>
<li>
 An ever-extending network which consists of clients, shareholders, business partners and investee companies to actively explore business collaborative opportunities.   
	 </li>
	<li> Empower innovation and collaboration among multiple stakeholders by making full use of the uniqueness of “AMTD SpiderNet” to deliver greater synergies, stronger connections and economic benefits. 
</li>
</ul>
3. Comprehensive One-stop financial solutions platform with broad revenue mix

<ul>
<li>Operates a comprehensive platform providing one-stop financial solutions and services across the different sectors, products and services types. This diversity allows it to diversify revenue sources which provides them greater financial stability throughout different phases of the market cycles.  </li>
</ul>
4. Market leadership in providing financial services to PRC regional banks and New Economy Companies. 

<ul>
<li> Leading financial services provider for PRC regional banks to help them gain access to international capital markets and promote their internalisation strategy.   
	 </li>
	<li>Participated in 7 out of the 13 Hong Kong IPOs of PRC Regional Banks, with an aggregate offering size of over US$6.2 billion. 
	 </li>
	<li>Largest independent asset management firm in Asia for PRC regional banks as measured by AUM as at 30 September 2019 according to the CIC Report.</li>
</ul>
 Key Growth Strategies (See Page 6 of the Introductory Document for more)

<ul>
<li> Expand footprint in major capital markets globally – Plans to establish offices in key financial centers such as Singapore and New York to enhance the one-stop solutions strategy to target corporate and institutional clients. 
	 </li>
	<li>
Diversify mix of service capabilities – AMTD International seeks to apply for additional licenses to broaden their financial capabilities to serve clients that are based in China who want to access capital markets in Singapore and the US. 
	 </li>
	<li>
Continued investment in technology and people – Technology and people are key cornerstones in driving success for the business and there will be continued focus to improve to better the growth strategy.</li>
</ul>
 Key Risks (See Page 18 of the Introductory Document for more)

<ul>
<li>Relatively short operating history of current businesses compared to globally established competitors. 
	 </li>
	<li>Unfavorable financial market and economic conditions in Hong Kong, China and elsewhere in the world could materially and adversely affect our business, financial condition and results of operations. 
	 </li>
	<li>Ability to realise profits and manage liquidity risks of the strategic investments.</li>
</ul>
 

Financials

<ul>
<li>Revenue for 9 months ended 30 Sep 2019 was at HK$1,042.0 million vs. a negative amount of HK$143.0 million for 9 months ended 30 Sep 2018. The increase was primarily due to a significant fluctuation in AMTD International’s net fair value changes under their strategic investment business and a significant increase in their fee and commission income under the investment banking and asset management businesses. 
	 </li>
	<li>Net profit and total comprehensive income of HK$741.3 million for the 9 months ended 30 Sep 2019, compared to loss and total comprehensive loss of HK$190.6 million for the 9 months ended 30 Sep 2018.</li>
</ul>
</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-04/Revenue%20and%20Net%20Profit.PNG' alt='Revenue and Net Profit' />
 </figure>
 <div class='content-caption'>Revenue and Net Profit</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
Secondary Listing

SGX today welcomed the secondary listing of AMTD International under the stock code “HKB”. It will be SGX’s first NYSE-listed company to do a secondary listing on SGX. American Depository Shares (ADSs) are listed for trading on the NYSE under the stock code “HKIB”.

As part of its secondary listing, 23,873,655 Class A ordinary shares of the Company, that have been registered with the SEC, will be listed, by way of introduction, for trading on the Mainboard of SGX-ST. The Class A shares will be quoted and traded in SGD. 1 ADS represents 1 Class A Share and all the ADSs are currently listed on the NYSE.

A secondary listing is when a company seeks to list on an exchange which is not their primary exchange. The listing of AMTD International Inc. brings the total number of secondary listings on SGX to 30. Click <a href="https://www.sgx.com/regulation/secondary-listings#Companies%20with%20a%20Secondary%20Listing%20on%20SGX">here</a> for the full list of secondary listings on SGX.

Dual Class Share Structure

AMTD International has a dual-class share structure (DCS). A DCS is the issuance of two different types of shares. AMTD International’s structure is split into Class A and B shares. Holders of Class A shares entitles the holder to one vote on all matters and Class B shareholders are entitled to 20 votes per share on all matters. AMTD International has a total of 245,611,479 ordinary shares outstanding, consisting of 198,852,628 outstanding Class B ordinary shares and 46,758,851 outstanding Class A Shares.

Medium Term Note Programme

AMTD International concurrently dual-listed its US$1 billion medium term note (MTN) programme on SGX and the Hong Kong Stock Exchange (HKSE). Under the MTN programme, AMTD International may from time to time issue medium term notes or perpetual securities up to an aggregate amount of US$1 billion.
</body></html>





AMTD International is the first NYSE-listed company to do a secondary listing on SGX and the first company with a dual class share (DCS) structure to list on SGX. 
	 
	
AMTD International, is a leading Asia-based comprehensive financial services conglomerate. It operates a full-service platform encompassing 3 business lines: Investment Banking, Asset Management and Strategic Investment. 
	 
	
It has strong financial expertise in liaising between Hong Kong Companies and Financial Institutions in China. Participated in 7 out of the 13 Hong Kong IPOs of PRC Regional Banks, with an aggregate offering size of over US$6.2 billion. 

 

 Founded by CK Hutchison Holdings in 2003, AMTD International is a Hong Kong-headquartered comprehensive financial institution with a market cap of S$3.2 billion as of last close. AMTD International was rated No. 1 independent investment banking firm in Asia (Source: CIC report) as measured by both the number and the aggregate offering size of Hong Kong and U.S IPOs completed in each of 2018 and the nine months ended 30 September 2019.

AMTD International has presence in both Mainland China and Hong Kong, connecting local clients from Greater China with global capital markets. Their 3 business lines include:



Leading Investment Banking Business – offering a broad range of investment banking services, including equity underwriting, debt underwriting, advisory (on credit rating, liability management, financing, and mergers and acquisitions), securities brokerage, institutional sales and distribution, and research. 
	 
	
Top-tier Asset Management Services – provide professional investment management and advisory services primarily to corporate and other institutional clients. AMTD International was ranked one of the five largest HKSFC-licensed asset management firms headquartered in Hong Kong. 
	 
	
Proven Strategic Investment Platform – make long-term strategic investments focusing on Asia's financial and new economy sectors.




      
    
    Revenue by business lines


Highlights from the Introductory Document

1. Fast-rising and active “super-connector” with unique brand identity


Prominent middle-man between Hong-Kong and China-based clients. 
	 
	The only global strategic partner associate of the World Economic Forum among Hong Kong-headquartered financial institutions.   
	 
	 Initiated and established Regional Banks+ Strategic Cooperation Alliance through a partnership with seven leading regional banks from China, Hong Kong, and the United States.

2. Using “AMTD SpiderNet” ecosystem fostering rapid multi-dimensional expansion



 An ever-extending network which consists of clients, shareholders, business partners and investee companies to actively explore business collaborative opportunities.   
	 
	 Empower innovation and collaboration among multiple stakeholders by making full use of the uniqueness of “AMTD SpiderNet” to deliver greater synergies, stronger connections and economic benefits. 


3. Comprehensive One-stop financial solutions platform with broad revenue mix


Operates a comprehensive platform providing one-stop financial solutions and services across the different sectors, products and services types. This diversity allows it to diversify revenue sources which provides them greater financial stability throughout different phases of the market cycles.  

4. Market leadership in providing financial services to PRC regional banks and New Economy Companies. 


 Leading financial services provider for PRC regional banks to help them gain access to international capital markets and promote their internalisation strategy.   
	 
	Participated in 7 out of the 13 Hong Kong IPOs of PRC Regional Banks, with an aggregate offering size of over US$6.2 billion. 
	 
	Largest independent asset management firm in Asia for PRC regional banks as measured by AUM as at 30 September 2019 according to the CIC Report.

 Key Growth Strategies (See Page 6 of the Introductory Document for more)


 Expand footprint in major capital markets globally – Plans to establish offices in key financial centers such as Singapore and New York to enhance the one-stop solutions strategy to target corporate and institutional clients. 
	 
	
Diversify mix of service capabilities – AMTD International seeks to apply for additional licenses to broaden their financial capabilities to serve clients that are based in China who want to access capital markets in Singapore and the US. 
	 
	
Continued investment in technology and people – Technology and people are key cornerstones in driving success for the business and there will be continued focus to improve to better the growth strategy.

 Key Risks (See Page 18 of the Introductory Document for more)


Relatively short operating history of current businesses compared to globally established competitors. 
	 
	Unfavorable financial market and economic conditions in Hong Kong, China and elsewhere in the world could materially and adversely affect our business, financial condition and results of operations. 
	 
	Ability to realise profits and manage liquidity risks of the strategic investments.

 

Financials


Revenue for 9 months ended 30 Sep 2019 was at HK$1,042.0 million vs. a negative amount of HK$143.0 million for 9 months ended 30 Sep 2018. The increase was primarily due to a significant fluctuation in AMTD International’s net fair value changes under their strategic investment business and a significant increase in their fee and commission income under the investment banking and asset management businesses. 
	 
	Net profit and total comprehensive income of HK$741.3 million for the 9 months ended 30 Sep 2019, compared to loss and total comprehensive loss of HK$190.6 million for the 9 months ended 30 Sep 2018.




      
    
    Revenue and Net Profit


Secondary Listing

SGX today welcomed the secondary listing of AMTD International under the stock code “HKB”. It will be SGX’s first NYSE-listed company to do a secondary listing on SGX. American Depository Shares (ADSs) are listed for trading on the NYSE under the stock code “HKIB”.

As part of its secondary listing, 23,873,655 Class A ordinary shares of the Company, that have been registered with the SEC, will be listed, by way of introduction, for trading on the Mainboard of SGX-ST. The Class A shares will be quoted and traded in SGD. 1 ADS represents 1 Class A Share and all the ADSs are currently listed on the NYSE.

A secondary listing is when a company seeks to list on an exchange which is not their primary exchange. The listing of AMTD International Inc. brings the total number of secondary listings on SGX to 30. Click here for the full list of secondary listings on SGX.

Dual Class Share Structure

AMTD International has a dual-class share structure (DCS). A DCS is the issuance of two different types of shares. AMTD International’s structure is split into Class A and B shares. Holders of Class A shares entitles the holder to one vote on all matters and Class B shareholders are entitled to 20 votes per share on all matters. AMTD International has a total of 245,611,479 ordinary shares outstanding, consisting of 198,852,628 outstanding Class B ordinary shares and 46,758,851 outstanding Class A Shares.

Medium Term Note Programme

AMTD International concurrently dual-listed its US$1 billion medium term note (MTN) programme on SGX and the Hong Kong Stock Exchange (HKSE). Under the MTN programme, AMTD International may from time to time issue medium term notes or perpetual securities up to an aggregate amount of US$1 billion.



NYSE-listed AMTD International, a subsidiary of AMTD Group, Lists on SGX

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

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

CK Hutchison Holdings (1 HK)

Singapore Banks Amongst August Advancers

DBS, OCBC & UOB averaged 4.2% total returns in August, outpacing 1.6% flat median returns of the top quartile of global banking stocks by...

Singapore Exchange Ltd (SGX)

NYSE-listed AMTD International, a subsidiary of AMTD Group, Lists on SGX

AMTD International is the first NYSE-listed company to do a secondary listing on SGX and the first company with a dual class share (DCS)...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)