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.

Thematic (Sector/Industry)

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

In August 2014, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114:1">Oversea Chinese Banking Corp. (OCBC SP)</a> opened talks with <a href="https://www.smartkarma.com/entities/14550" target="_blank" data-smartkarma-citation="entities:14550:1">Thai Capital Corporation (TCC TB)</a> for the possible sale of their stake in <a href="https://www.smartkarma.com/entities/15566" target="_blank" data-smartkarma-citation="entities:15566:1">United Engineers Ltd (UEM SP)</a>. Both OCBC and <a href="https://www.smartkarma.com/entities/13993" target="_blank" data-smartkarma-citation="entities:13993:1">Great Eastern Holdings Ltd (GE SP)</a> entered into exclusivity agreements with TCC Group on 26 August 2014. Six months later, Feb 2015, OCBC announced that it did not reach a deal to sell its United Engineers stake to TCC Group. On 27 September 2016, OCBC announced that they are reviewing strategic options with respect to their combined stakes in United Engineers Limited. In this insight, we model out UEM's RNAV and look at the possible offer that could be made for the combined stakes.

In August 2014, Oversea Chinese Banking Corp. (OCBC SP) opened talks with Thai Capital Corporation (TCC TB) for the possible sale of their stake in United Engineers Ltd (UEM SP). Both OCBC and Great Eastern Holdings Ltd (GE SP) entered into exclusivity agreements with TCC Group on 26 August 2014. Six months later, Feb 2015, OCBC announced that it did not reach a deal to sell its United Engineers stake to TCC Group. On 27 September 2016, OCBC announced that they are reviewing strategic options with respect to their combined stakes in United Engineers Limited. In this insight, we model out UEM's RNAV and look at the possible offer that could be made for the combined stakes.

United Engineers - On the Selling Block Again

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Award-winning Financial Journalist

Ashish Saxena

Equity Bottom-Up

Like other REITs, <a href="https://www.smartkarma.com/entities/5994" target="_blank" data-smartkarma-citation="entities:5994:1">Sph Reit</a> also witnessed buying interest after the flight to safety and high-yield assets gathered pace since the Brexit vote last month.The Trust's unit price has rallied about 3.9% since the Brexit vote on June 23. However, it has under-performed the FTSE ST REIT Index which is up almost 7% since that day.In this insight, you'll read about the Trust's recently released quarterly earnings and the possible factors that might lead to a re-rating in the medium term.Trust announced…

Like other REITs, Sph Reit also witnessed buying interest after the flight to safety and high-yield assets gathered pace since the Brexit vote last month.The Trust's unit price has rallied about 3.9% since the Brexit vote on June 23. However, it has under-performed the FTSE ST REIT Index which is up almost 7% since that day.In this insight, you'll read about the Trust's recently released quarterly earnings and the possible factors that might lead to a re-rating in the medium term.Trust announced…

Sph Reit: Steady Show. Re-Rating Depends on Operating Efficiency, Possible Seletar Mall Acquisition.

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

Singapore

United Engineers Limited is a holding company and property developer.  The Company's subsidiaries primarily operate engineering design services for power and water treatment plants, property development and construction, healthcare services, tank container manufacturing, fabrication, supply of construction equipment, information technology, and distribution of construction materials.

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United Engineers (UEM SP)

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

United Engineers - On the Selling Block Again

In August 2014, Oversea Chinese Banking Corp. (OCBC SP) opened talks with Thai Capital Corporation (TCC TB) for the possible sale of their stake in...

Crispin Francis

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Sph Reit: Steady Show. Re-Rating Depends on Operating Efficiency, Possible Seletar Mall Acquisition.

Like other REITs, Sph Reit also witnessed buying interest after the flight to safety and high-yield assets gathered pace since the Brexit vote last...

Ashish Saxena

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure...

Rajan Govil

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