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)

<ul>
<li>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

3BB Internet Infrastructure Fund / Equity Bottom-Up

The Thai Telco market has recently seen a number of M&amp;A rumors. The key targets are <a href="https://www.smartkarma.com/entities/949" target="_blank" data-smartkarma-citation="entities:949:1">Jasmine (JAS TB)</a> and <a href="https://www.smartkarma.com/entities/948" target="_blank" data-smartkarma-citation="entities:948:1">DTAC (DTAC TB)</a> with <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">AIS (ADVANC TB)</a> the likely buyer of Jasmine and <a href="https://www.smartkarma.com/entities/8" target="_blank" data-smartkarma-citation="entities:8:1">True Corp (TRUE TB)</a> the likely buyer of DTAC, but also possibly of Jasmine.Some of the possible permutations and combinations were previously discussed by <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb</a> in <a href="https://www.smartkarma.com/insights/the-new-world-order-in-thai-telecoms" target="_blank" data-smartkarma-citation="insights:7008">The New World Order in Thai Telecoms</a>. In early-mid November there was intense speculation about an imminent deal(s) where AIS would buy Jasmine…

The Thai Telco market has recently seen a number of M&amp;A rumors. The key targets are Jasmine (JAS TB) and DTAC (DTAC TB) with AIS (ADVANC TB) the likely buyer of Jasmine and True Corp (TRUE TB) the likely buyer of DTAC, but also possibly of Jasmine.Some of the possible permutations and combinations were previously discussed by Athaporn Arayasantiparb in The New World Order in Thai Telecoms. In early-mid November there was intense speculation about an imminent deal(s) where AIS would buy Jasmine…

Thai Telcos: M&A Heating Up. JASIF Looks like a Winner

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Total Access Communication / Equity Bottom-Up

New Street Research was in Thailand recently. It seems that competitive conditions have eased a bit but there is still no joy, or sign of joy, for <a href="https://www.smartkarma.com/entities/948" target="_blank" data-smartkarma-citation="entities:948:1">DTAC (DTAC TB)</a> . Its very existence now seems to be at risk, perhaps the long term result of their falling out with the post-coup government.  <a href="https://www.smartkarma.com/entities/8" target="_blank" data-smartkarma-citation="entities:8:1">TRUE Corp (TRUE TB)</a> continues to gain share while <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">AIS (ADVANC TB)</a> is securing spectrum and infrastructure access but at a very high price. The Infrastructure names have been the place to be and we still like…

New Street Research was in Thailand recently. It seems that competitive conditions have eased a bit but there is still no joy, or sign of joy, for DTAC (DTAC TB) . Its very existence now seems to be at risk, perhaps the long term result of their falling out with the post-coup government.  TRUE Corp (TRUE TB) continues to gain share while AIS (ADVANC TB) is securing spectrum and infrastructure access but at a very high price. The Infrastructure names have been the place to be and we still like…

Thai Telco Visits: TRUE Gaining, AIS Dealing with Issues, DTAC Left Behind.

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed rate hike. In the short term, we expect Thai banks to do well, as they and Asian counterparts (eg. Singapore's DBS) benefit in terms of relative growth if the US banks are hampered by the regulator's decision to increase capital requirements of the largest banks. We also see two companies run by Thailand's second richest tycoon Charoen Sirivadhanabhakdi, namely BJC and Thai Beverage, outperforming companies run by the larger CP Group, primarily due to corporate action and a market's tilt towards consumers and retailing sectors. Needless to say, we will be tactically overweight on banks, retailers, and consumers over the next two months.We also discuss: 1) the overall upgrade of Thailand's growth expectations on the back of stronger domestic consumption; and 2) highight the government's five strategic sectors, named 'The 5 S-Curves'.

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

Thailand

3BB Internet Infrastructure Fund operates as a closed-end infrastructure fund. The Company invests primarily in the telecommunication network infrastructure projects. 3BB Internet Infrastructure Fund serves clients in Thailand.

3BB Internet Infrastructure Fund (3BBIF TB)

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3BB Internet Infrastructure Fund (3BBIF TB)

Thai Telcos: M&A Heating Up. JASIF Looks like a Winner

The Thai Telco market has recently seen a number of M&A rumors. The key targets are Jasmine (JAS TB) and DTAC (DTAC TB) with AIS (ADVANC TB)...

New Street Research

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Thai Telco Visits: TRUE Gaining, AIS Dealing with Issues, DTAC Left Behind.

New Street Research was in Thailand recently. It seems that competitive conditions have eased a bit but there is still no joy, or sign of joy, for...

New Street Research

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)

Thai Telcos: M&A Heating Up. JASIF Looks like a Winner

The Thai Telco market has recently seen a number of M&A rumors. The key targets are Jasmine (JAS TB) and DTAC (DTAC TB) with AIS (ADVANC TB)...

New Street Research

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

Thai Telco Visits: TRUE Gaining, AIS Dealing with Issues, DTAC Left Behind.

New Street Research was in Thailand recently. It seems that competitive conditions have eased a bit but there is still no joy, or sign of joy, for...

New Street Research

American Capital Requirement Increase: Charoen and Thai Banks to Lead October Rally

In this review, we predict that Thai equities will rally in October and early November before another major correction in December with the Fed...

Athaporn Arayasantiparb, CFA