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.





Real Estate, Manufacturing and Food &amp; Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months of 2019. The stocks representing tech–laden Manufacturing were the best performers in 2019 YTD and preceding two years, with F&amp;B the best performer in 2016. 
	 
	
Distinct drivers of the three sectors included interest rate outlooks and property prices for Real Estate, technological advancements, value chain integration and global trade for Manufacturing while incomes, tastes, preferences and tourism drove Food &amp; Beverage sales.  
	 
	
Real estate stocks showed the most consistency in returns, with the least standard deviation amongst the individual stock performances, followed by food &amp; beverage stocks, with the individual manufacturing stocks showing the most performance deviation in past years.  
	 
	Returns amongst the relevant 23 manufacturing stocks have been more constant in the 2019 YTD, with the 18% average total return generated by  19 gainers and four decliners, and a median total return of 19%. Hi-P Int, Frencken &amp; Sunpower led the manufacturers over the 23 weeks. 

As 2019 rapidly approaches the halftime mark of 30 June, clear drivers of investor sentiment in the year thus far have included concerns of global growth deceleration at home and abroad, resumption of trade frictions amongst the world’s two largest economies in early May, and a more dovish outlook for US interest rates.

In Singapore, the Straits Times index (“STI”) has generated  a total return of 6.8% in the 2019 year-to-date, in-line with the FTSE ASEAN All Share Index which has gained 7.4%. 

Looking beyond the STI, the 200 most actively traded stocks have generated an average total return of 8.0%. This does not include the average total returns of RHT Health Trust, Memtech International and Indofood Agri Resources which averaged 89.2% gains on premium cash offers for these businesses.

60 Real Estate Stocks Amongst Top 200 Stocks by Turnover 

Singapore’s strong property and infrastructure fundamentals have provided beachheads for Singapore’s listed Real Estate Sector. For the first five months of 2019, the 60 Real Estate stocks amongst the 200 most active traded stocks by turnover accounted for the most day-to-day market turnover, which was followed by Financial Services. As discussed recently (click here) this year Singapore REITs have attracted investment flows from global funds which has included private equity funds.

The 23 manufacturing stocks that were amongst the 200 stocks by turnover accounted for the most day-to-day turnover after the 11 financial services stocks. After Real Estate’s 60 stocks, the 23 manufacturing stocks led by the likes of Yangzijiang Shipbuilding, Venture Corporation and Singapore Tech Engineering, contributed the next most number of stocks in the top 200 by turnover. Note these manufacturing stocks do not include Food Manufacturers or Processors, and span diverse business from advanced electronics to healthcare products.

With Food and Beverage (“F&amp;B”) contributing 14 stocks to the top 200 by turnover, and the next highest number of stocks after Manufacturing, the three sectors of Real Estate, Manufacturing and F&amp;B together made up 97 stocks. This was close to half the top 200 stocks by turnover. The average total returns of the three genres of stocks over recent years are illustrated in the chart below. 

      
    
    Total Returns of Three Genres
The average total returns illustrated above were built on various levels of consistency across the performances of each of the Sector’s stocks. For instance, the 60 real estate stocks showed the most consistency, with the least standard deviation amongst the individual stock performances in all four time periods.

This was followed by F&amp;B, which saw more consistency in the performances across its relevant 14 stocks than Manufacturing over the past three years ending 2018. As noted above, Singapore manufacturing stocks span a wide range of industries, with the diversification exponentiated by the geographical reach of these businesses. This was a contributing factor to the individual manufacturing stocks showing the most performance deviation over the preceding three years.  However, in the 2019 year to date, performances across manufacturing stocks have seen marginally less deviation than the F&amp;B stocks. 

The comparative performances of the relevant stocks are tabled below, with each table sorted by stocks with the most turnover over the first five months of 2019.  The 60 real estate stocks maintain a combined market capitalisation of S$175 billion, the 23 manufacturing stocks maintain a total market capitalisation of S$35 billion and the 14 F&amp;B stocks maintain a total market capitalisation of S$60 billion. Note the designated F&amp;B stocks do not include Palm Oil producers.




			Real Estate
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			ASCENDAS REAL ESTATE INV TRT
			
			
			A17U
			
			
			4.6
			
			
			27.4
			
			
			0.3
			
			
			18.7
			
		


			CAPITALAND
			
			
			C31
			
			
			-7.2
			
			
			20.1
			
			
			-9.0
			
			
			13.4
			
		


			CAPITALAND COMMERCIAL TRUST
			
			
			C61U
			
			
			16.6
			
			
			42.1
			
			
			-5.0
			
			
			19.3
			
		


			CAPITALAND MALL TRUST
			
			
			C38U
			
			
			3.0
			
			
			19.5
			
			
			12.7
			
			
			16.3
			
		


			MAPLETREE LOGISTICS TRUST
			
			
			M44U
			
			
			10.8
			
			
			38.7
			
			
			1.5
			
			
			24.9
			
		


			HONGKONG LAND HOLDINGS
			
			
			H78
			
			
			-4.8
			
			
			5.5
			
			
			-6.1
			
			
			10.8
			
		


			CITY DEVELOPMENTS
			
			
			C09
			
			
			10.3
			
			
			53.1
			
			
			-33.8
			
			
			12.9
			
		


			SUNTEC REIT
			
			
			T82U
			
			
			13.2
			
			
			37.6
			
			
			-12.8
			
			
			9.5
			
		


			MAPLETREE COMMERCIAL TRUST
			
			
			N2IU
			
			
			14.9
			
			
			23.0
			
			
			7.6
			
			
			25.5
			
		


			UOL GROUP
			
			
			U14
			
			
			-1.5
			
			
			51.2
			
			
			-28.8
			
			
			18.7
			
		


			MAPLETREE NORTH ASIA COMMERC
			
			
			RW0U
			
			
			11.7
			
			
			38.3
			
			
			-1.1
			
			
			22.9
			
		


			KEPPEL REIT
			
			
			K71U
			
			
			17.0
			
			
			30.1
			
			
			-5.2
			
			
			11.3
			
		


			MAPLETREE INDUSTRIAL TRUST
			
			
			ME8U
			
			
			15.8
			
			
			32.2
			
			
			-0.7
			
			
			15.5
			
		


			FRASERS LOGISTICS &amp; INDUSTRI
			
			
			BUOU
			
			
			0.0
			
			
			34.0
			
			
			-4.2
			
			
			19.1
			
		


			KEPPEL DC REIT
			
			
			AJBU
			
			
			26.1
			
			
			27.0
			
			
			-0.7
			
			
			24.6
			
		


			FRASERS CENTREPOINT TRUST
			
			
			J69U
			
			
			9.1
			
			
			24.8
			
			
			2.2
			
			
			20.3
			
		


			ASCOTT RESIDENCE TRUST
			
			
			A68U
			
			
			2.4
			
			
			20.2
			
			
			-6.1
			
			
			22.6
			
		


			FRASERS COMMERCIAL TRUST
			
			
			ND8U
			
			
			7.0
			
			
			27.1
			
			
			-1.7
			
			
			17.7
			
		


			CDL HOSPITALITY TRUSTS
			
			
			J85
			
			
			8.7
			
			
			39.9
			
			
			-8.6
			
			
			13.6
			
		


			YANLORD LAND GROUP
			
			
			Z25
			
			
			33.1
			
			
			25.6
			
			
			-21.6
			
			
			7.9
			
		


			CAPITALAND RETAIL CHINA TRUS
			
			
			AU8U
			
			
			-1.0
			
			
			29.4
			
			
			-12.5
			
			
			16.3
			
		


			ESR-REIT
			
			
			J91U
			
			
			3.6
			
			
			12.0
			
			
			-1.8
			
			
			12.7
			
		


			CROMWELL EUROPEAN REIT
			
			
			CNNU
			
			
			0.0
			
			
			0.0
			
			
			-13.3
			
			
			16.0
			
		


			STARHILL GLOBAL REIT
			
			
			P40U
			
			
			4.7
			
			
			11.6
			
			
			-6.5
			
			
			13.7
			
		


			YING LI INTERNATIONAL REAL E
			
			
			5DM
			
			
			-10.2
			
			
			1.3
			
			
			-23.2
			
			
			20.7
			
		


			CACHE LOGISTICS TRUST
			
			
			K2LU
			
			
			-3.5
			
			
			19.0
			
			
			-12.2
			
			
			12.4
			
		


			FAR EAST HOSPITALITY TRUST
			
			
			Q5T
			
			
			-3.1
			
			
			27.9
			
			
			-10.8
			
			
			9.8
			
		


			MANULIFE US REAL ESTATE INV
			
			
			BTOU
			
			
			0.0
			
			
			18.3
			
			
			-7.2
			
			
			18.5
			
		


			ASCENDAS INDIA TRUST
			
			
			CY6U
			
			
			23.3
			
			
			19.1
			
			
			0.2
			
			
			27.7
			
		


			OUE HOSPITALITY TRUST
			
			
			SK7
			
			
			-1.1
			
			
			38.2
			
			
			-16.0
			
			
			6.6
			
		


			SASSEUR REAL ESTATE INVESTME
			
			
			CRPU
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			31.7
			
		


			OXLEY HOLDINGS
			
			
			5UX
			
			
			1.0
			
			
			71.9
			
			
			-44.7
			
			
			8.0
			
		


			SPH REIT
			
			
			SK6U
			
			
			5.4
			
			
			16.8
			
			
			0.6
			
			
			7.8
			
		


			APAC REALTY
			
			
			CLN
			
			
			0.0
			
			
			0.0
			
			
			-46.4
			
			
			27.8
			
		


			HONG FOK CORP
			
			
			H30
			
			
			-2.4
			
			
			38.2
			
			
			-19.9
			
			
			23.9
			
		


			ASCENDAS HOSPITALITY TRUST
			
			
			Q1P
			
			
			2.9
			
			
			30.8
			
			
			-3.6
			
			
			25.8
			
		


			LIPPO MALLS INDONESIA RETAIL
			
			
			D5IU
			
			
			27.3
			
			
			17.5
			
			
			-50.6
			
			
			28.6
			
		


			WING TAI HOLDINGS
			
			
			W05
			
			
			-6.1
			
			
			47.1
			
			
			-11.8
			
			
			5.2
			
		


			KEPPEL-KBS US REIT
			
			
			CMOU
			
			
			0.0
			
			
			0.0
			
			
			-23.9
			
			
			28.3
			
		


			FRASERS HOSPITALITY TRUST
			
			
			ACV
			
			
			-1.8
			
			
			29.3
			
			
			-4.7
			
			
			4.6
			
		


			AIMS APAC REIT
			
			
			O5RU
			
			
			3.4
			
			
			13.5
			
			
			3.9
			
			
			10.1
			
		


			ACCORDIA GOLF TRUST
			
			
			ADQU
			
			
			31.0
			
			
			17.0
			
			
			-21.1
			
			
			11.1
			
		


			OUE COMMERCIAL REAL ESTATE I
			
			
			TS0U
			
			
			14.6
			
			
			11.0
			
			
			-22.6
			
			
			9.3
			
		


			SOILBUILD BUSINESS SPACE REI
			
			
			SV3U
			
			
			-8.7
			
			
			14.2
			
			
			-6.2
			
			
			8.9
			
		


			OUE
			
			
			LJ3
			
			
			0.5
			
			
			8.2
			
			
			-22.2
			
			
			12.2
			
		


			FRASERS PROPERTY
			
			
			TQ5
			
			
			-1.2
			
			
			39.0
			
			
			-17.4
			
			
			15.1
			
		


			SABANA SHARIAH COMP IND REIT
			
			
			M1GU
			
			
			-33.5
			
			
			12.2
			
			
			6.8
			
			
			18.2
			
		


			TUAN SING HOLDINGS
			
			
			T24
			
			
			-10.6
			
			
			60.8
			
			
			-18.9
			
			
			2.3
			
		


			GUOCOLAND
			
			
			F17
			
			
			4.4
			
			
			28.1
			
			
			-16.3
			
			
			10.0
			
		


			EC WORLD REIT
			
			
			BWCU
			
			
			0.0
			
			
			8.0
			
			
			-1.2
			
			
			16.1
			
		


			DASIN RETAIL TRUST
			
			
			CEDU
			
			
			0.0
			
			
			0.0
			
			
			7.3
			
			
			5.4
			
		


			BUKIT SEMBAWANG ESTATES
			
			
			B61
			
			
			6.7
			
			
			47.1
			
			
			-7.0
			
			
			-1.4
			
		


			IREIT GLOBAL
			
			
			UD1U
			
			
			12.9
			
			
			17.3
			
			
			0.8
			
			
			8.1
			
		


			HO BEE LAND
			
			
			H13
			
			
			3.8
			
			
			24.3
			
			
			0.1
			
			
			4.5
			
		


			PROPNEX
			
			
			OYY
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			18.2
			
		


			UNITED INDUSTRIAL CORP
			
			
			U06
			
			
			-2.8
			
			
			20.6
			
			
			-16.8
			
			
			8.9
			
		


			FORTUNE REIT
			
			
			F25U
			
			
			17.5
			
			
			8.0
			
			
			-0.4
			
			
			23.6
			
		


			BOUSTEAD SINGAPORE
			
			
			F9D
			
			
			-0.6
			
			
			9.8
			
			
			-3.4
			
			
			-2.5
			
		


			SINGHAIYI GROUP
			
			
			5H0
			
			
			-13.4
			
			
			30.7
			
			
			-22.5
			
			
			11.8
			
		


			CENTURION CORP
			
			
			OU8
			
			
			-10.7
			
			
			65.9
			
			
			-16.5
			
			
			1.1
			
		


			Average:
			
			
			 
			
			
			4.1
			
			
			24.7
			
			
			-10.0
			
			
			14.7
			
		

 




			Manufacturing
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			YANGZIJIANG SHIPBUILDING
			
			
			BS6
			
			
			-22.3
			
			
			86.3
			
			
			-11.4
			
			
			19.2
			
		


			VENTURE CORP
			
			
			V03
			
			
			28.0
			
			
			115.4
			
			
			-29.1
			
			
			19.1
			
		


			SINGAPORE TECH ENGINEERING
			
			
			S63
			
			
			12.3
			
			
			5.0
			
			
			11.8
			
			
			20.3
			
		


			AEM HOLDINGS
			
			
			AWX
			
			
			195.3
			
			
			498.6
			
			
			1.5
			
			
			22.4
			
		


			SEMBCORP MARINE
			
			
			S51
			
			
			-19.3
			
			
			34.9
			
			
			-15.9
			
			
			-1.9
			
		


			HI-P INTERNATIONAL
			
			
			H17
			
			
			4.6
			
			
			326.5
			
			
			-50.8
			
			
			57.1
			
		


			VALUETRONICS HOLDINGS
			
			
			BN2
			
			
			34.3
			
			
			103.5
			
			
			-22.8
			
			
			-2.3
			
		


			SUNPOWER GROUP
			
			
			5GD
			
			
			57.4
			
			
			-11.6
			
			
			-27.6
			
			
			53.0
			
		


			CREATIVE TECHNOLOGY
			
			
			C76
			
			
			-11.9
			
			
			10.9
			
			
			254.2
			
			
			0.5
			
		


			FRENCKEN GROUP
			
			
			E28
			
			
			30.3
			
			
			132.4
			
			
			-18.9
			
			
			53.9
			
		


			HAW PAR CORP
			
			
			H02
			
			
			14.9
			
			
			27.2
			
			
			7.9
			
			
			18.8
			
		


			SUNNINGDALE TECH
			
			
			BHQ
			
			
			22.4
			
			
			83.6
			
			
			-21.9
			
			
			-2.8
			
		


			FU YU CORP
			
			
			F13
			
			
			27.2
			
			
			6.6
			
			
			10.1
			
			
			13.2
			
		


			SARINE TECHNOLOGIES
			
			
			U77
			
			
			20.9
			
			
			-42.4
			
			
			-52.0
			
			
			-29.2
			
		


			RIVERSTONE HOLDINGS
			
			
			AP4
			
			
			-25.0
			
			
			25.6
			
			
			7.9
			
			
			-17.9
			
		


			INNOTEK
			
			
			M14
			
			
			48.6
			
			
			32.7
			
			
			18.3
			
			
			30.0
			
		


			MANUFACTURING INTEGRATION TE
			
			
			M11
			
			
			-25.7
			
			
			48.3
			
			
			18.1
			
			
			22.0
			
		


			CHUAN HUP HOLDINGS
			
			
			C33
			
			
			-15.7
			
			
			37.5
			
			
			-3.7
			
			
			32.1
			
		


			JEP HOLDINGS
			
			
			1J4
			
			
			-31.0
			
			
			86.2
			
			
			-3.6
			
			
			12.6
			
		


			HANWELL HOLDINGS
			
			
			DM0
			
			
			-9.4
			
			
			31.3
			
			
			-43.6
			
			
			41.5
			
		


			MIYOSHI
			
			
			M03
			
			
			19.0
			
			
			62.8
			
			
			-39.6
			
			
			4.9
			
		


			AVARGA
			
			
			U09
			
			
			64.7
			
			
			1.8
			
			
			-23.4
			
			
			20.7
			
		


			HALCYON AGRI CORP
			
			
			5VJ
			
			
			-8.3
			
			
			-5.7
			
			
			-29.8
			
			
			24.4
			
		


			Average:
			
			
			 
			
			
			17.9
			
			
			73.8
			
			
			-2.8
			
			
			17.9
			
		

 




			F&amp;B
			
			
			Stock

			Code
			
			
			2016 TR %
			
			
			2017 TR %
			
			
			TR 2018 %
			
			
			2019 TR to 11 June %
			
		


			THAI BEVERAGE PCL
			
			
			Y92
			
			
			27.2
			
			
			11.3
			
			
			-31.7
			
			
			40.8
			
		


			WILMAR INTERNATIONAL
			
			
			F34
			
			
			25.0
			
			
			-12.1
			
			
			4.3
			
			
			10.8
			
		


			SATS
			
			
			S58
			
			
			30.9
			
			
			10.9
			
			
			-7.2
			
			
			8.2
			
		


			JAPFA
			
			
			UD2
			
			
			94.0
			
			
			-42.8
			
			
			44.6
			
			
			-19.6
			
		


			OLAM INTERNATIONAL
			
			
			O32
			
			
			12.2
			
			
			6.5
			
			
			-15.9
			
			
			15.7
			
		


			KOUFU GROUP
			
			
			VL6
			
			
			0.0
			
			
			0.0
			
			
			0.0
			
			
			14.8
			
		


			SINO GRANDNESS FOOD INDUSTRY
			
			
			T4B
			
			
			-33.8
			
			
			-8.9
			
			
			-38.2
			
			
			-61.0
			
		


			DELFI
			
			
			P34
			
			
			12.0
			
			
			-35.1
			
			
			-5.3
			
			
			-6.8
			
		


			QAF
			
			
			Q01
			
			
			37.8
			
			
			-16.4
			
			
			-45.0
			
			
			36.5
			
		


			JUMBO GROUP
			
			
			42R
			
			
			49.4
			
			
			-9.6
			
			
			-31.4
			
			
			1.7
			
		


			FRASER AND NEAVE
			
			
			F99
			
			
			2.8
			
			
			26.0
			
			
			-32.1
			
			
			4.4
			
		


			BREADTALK GROUP
			
			
			CTN
			
			
			5.4
			
			
			52.1
			
			
			-1.6
			
			
			-2.5
			
		


			JB FOODS
			
			
			BEW
			
			
			32.0
			
			
			69.2
			
			
			38.7
			
			
			11.3
			
		


			KIMLY
			
			
			1D0
			
			
			0.0
			
			
			0.0
			
			
			-30.6
			
			
			2.8
			
		


			Average:
			
			
			 
			
			
			21.1
			
			
			3.7
			
			
			-10.8
			
			
			4.1
			
		

Source: SGX StockFacts, Bloomberg (Data as of 11 June 2019). Note TR = Total Return which assumes dividends are reinvested.

Distinct drivers of the three sectors included interest rate outlooks and property prices for real estate, technological advancements, value chain integration and global trade for manufacturing while incomes, tastes, preferences and tourism drive F&amp;B sales.



Real Estate, Manufacturing and F&B Shares on the Move in 1H19    

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
In May 2019, 24 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$123 million. This was up from S$36 million in April 2019 and down from S$135 million in May 2018. 
	 </li>
	<li>
13 stocks commenced new buyback mandates in the month of May 2019: DBS, OCBC, Sing Tech Engineering, China Sunsine Chemical Holdings, AEM Holdings, Japfa, Olam Int, Raffles Medical, Koufu, Jumbo, Cheung Woh Tech, Aspen (Group) Holdings &amp; Trek 2000 Int. 
	 </li>
	<li>The May 2019 buyback consideration was led by DBS &amp; OCBC, which contributed more than three-quarters of the total consideration. The previous year’s mandate saw DBS buy back 0.478% of its shares and OCBC buy back 0.378% of its shares.</li>
</ul>
Total share buyback consideration for the month of May 2019 totaled S$123.1 million. There were 24 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 39.1 million shares or units.

The S$123.1 million in buyback consideration was more than triple the buyback consideration of S$35.5 million filed in April 2019 (click <a href="https://www2.sgx.com/research-education/market-updates/20190503-april-buyback-consideration-led-ocbc-keppel-reit-hong">here</a> for more). The S$123.1 million in consideration was also the highest monthly tally since a total consideration of S$245.4 million was recorded in August 2018, when DBS Group Holdings (“DBS”) contributed S$150.8 million to that month’s tally.

Last month, the Straits Times Index (“STI”) declined 8.3%, with dividend distributions trimming the decline to a 7.0% decline in total return. The preceding month of April had seen the STI generate a total return of 6.1%. 

The three banks, DBS, Oversea-Chinese Banking Corporation (“OCBC”) and United Overseas Bank led the declines, whilst Real Estate Investment Trusts generated more defensive returns with the sector generating a total return of 0.4%. Telecommunication stocks also generated defensive returns with Singapore Telecommunications, NetLink NBN Trust and StarHub all gaining, averaging 1.3% total returns. Both these two sectors, which were comparatively defensive in May, were subject the highest net institutional inflows for the month.
<figure>
 <img src="https://api2.sgx.com/sites/default/files/2019-06/share%20buyback_1.JPG" alt="Share Buyback">
 </figure>
 <div class="content-caption">Share Buyback</div>
More than a Dozen New Mandates Commenced in May 2019 

The table below summarises the buyback considerations in May 2019. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions. The 13 stocks that commenced new mandates are highlighted in Bold.

<table class="table table-striped"><tbody>
<tr>
<td>
			Company /Trust
			</td>
			<td>
			Max of Number of Shares/units Authorised for Purchase in Mandate
			</td>
			<td>
			Total Number of Shares/units Purchased in May 2019
			</td>
			<td>
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares in May 2019
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date*
			</td>
		</tr>
<tr>
<td>
			DBS GROUP HOLDINGS 
			</td>
			<td>
			51,165,438
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$65,680,143
			</td>
			<td>
			2,600,000
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION 
			</td>
			<td>
			212,257,935
			</td>
			<td>
			2,780,000
			</td>
			<td>
			$30,643,985
			</td>
			<td>
			2,780,000
			</td>
		</tr>
<tr>
<td>
			BEST WORLD INTERNATIONAL
			</td>
			<td>
			55,032,011
			</td>
			<td>
			4,875,000
			</td>
			<td>
			$7,777,699
			</td>
			<td>
			6,220,000
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			170,210,715
			</td>
			<td>
			4,200,000
			</td>
			<td>
			$5,142,030
			</td>
			<td>
			6,390,700
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING 
			</td>
			<td>
			62,432,801
			</td>
			<td>
			1,100,000
			</td>
			<td>
			$4,323,524
			</td>
			<td>
			1,100,000
			</td>
		</tr>
<tr>
<td>
			CHINA SUNSINE CHEMICAL HOLDINGS 
			</td>
			<td>
			49,131,170
			</td>
			<td>
			2,579,000
			</td>
			<td>
			$2,974,024
			</td>
			<td>
			2,579,000
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			168,741,864
			</td>
			<td>
			10,748,700
			</td>
			<td>
			$1,415,269
			</td>
			<td>
			12,278,700
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TELECOMMUNICATIONS
			</td>
			<td>
			816,457,915
			</td>
			<td>
			437,333
			</td>
			<td>
			$1,362,963
			</td>
			<td>
			808,005
			</td>
		</tr>
<tr>
<td>
			KIMLY
			</td>
			<td>
			115,489,763
			</td>
			<td>
			3,600,000
			</td>
			<td>
			$867,056
			</td>
			<td>
			5,650,700
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS 
			</td>
			<td>
			27,096,300
			</td>
			<td>
			900,000
			</td>
			<td>
			$837,144
			</td>
			<td>
			900,000
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,620,496
			</td>
			<td>
			2,015,000
			</td>
			<td>
			$747,254
			</td>
			<td>
			2,315,000
			</td>
		</tr>
<tr>
<td>
			JAPFA 
			</td>
			<td>
			186,466,879
			</td>
			<td>
			855,500
			</td>
			<td>
			$459,859
			</td>
			<td>
			855,500
			</td>
		</tr>
<tr>
<td>
			OLAM INTERNATIONAL 
			</td>
			<td>
			159,528,594
			</td>
			<td>
			110,600
			</td>
			<td>
			$195,946
			</td>
			<td>
			110,600
			</td>
		</tr>
<tr>
<td>
			THE STRAITS TRADING COMPANY
			</td>
			<td>
			40,767,817
			</td>
			<td>
			60,600
			</td>
			<td>
			$132,388
			</td>
			<td>
			75,600
			</td>
		</tr>
<tr>
<td>
			NORDIC GROUP
			</td>
			<td>
			39,251,910
			</td>
			<td>
			477,100
			</td>
			<td>
			$129,556
			</td>
			<td>
			605,800
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP 
			</td>
			<td>
			179,835,340
			</td>
			<td>
			100,000
			</td>
			<td>
			$101,151
			</td>
			<td>
			100,000
			</td>
		</tr>
<tr>
<td>
			GRP
			</td>
			<td>
			19,370,161
			</td>
			<td>
			633,500
			</td>
			<td>
			$99,814
			</td>
			<td>
			944,200
			</td>
		</tr>
<tr>
<td>
			DUTY FREE INTERNATIONAL
			</td>
			<td>
			121,345,399
			</td>
			<td>
			420,000
			</td>
			<td>
			$80,430
			</td>
			<td>
			7,953,600
			</td>
		</tr>
<tr>
<td>
			KOUFU GROUP 
			</td>
			<td>
			55,516,300
			</td>
			<td>
			100,000
			</td>
			<td>
			$69,604
			</td>
			<td>
			100,000
			</td>
		</tr>
<tr>
<td>
			JUMBO GROUP 
			</td>
			<td>
			64,109,130
			</td>
			<td>
			92,300
			</td>
			<td>
			$34,702
			</td>
			<td>
			92,300
			</td>
		</tr>
<tr>
<td>
			CHEUNG WOH TECHNOLOGIES 
			</td>
			<td>
			30,221,180
			</td>
			<td>
			278,900
			</td>
			<td>
			$34,341
			</td>
			<td>
			278,900
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			43,701,979
			</td>
			<td>
			69,400
			</td>
			<td>
			$19,549
			</td>
			<td>
			11,821,800
			</td>
		</tr>
<tr>
<td>
			ASPEN (GROUP) HOLDINGS 
			</td>
			<td>
			96,353,530
			</td>
			<td>
			50,000
			</td>
			<td>
			$7,614
			</td>
			<td>
			50,000
			</td>
		</tr>
<tr>
<td>
			TREK 2000 INTERNATIONAL 
			</td>
			<td>
			32,002,002
			</td>
			<td>
			5,000
			</td>
			<td>
			$548
			</td>
			<td>
			5,000
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td> </td>
			<td>
			39,087,933
			</td>
			<td>
			$123,136,594
			</td>
			<td> </td>
		</tr>
</tbody></table>
*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 31 May 2019)

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they will be converted into treasury shares, which means they are no longer categorised as shares outstanding. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click <a href="http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements">here</a>). As best practice, companies should refrain from buying back their shares during the two weeks immediately before its quarterly financial statements and one month immediately before the full-year financial statements.
</body></html>





In May 2019, 24 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$123 million. This was up from S$36 million in April 2019 and down from S$135 million in May 2018. 
	 
	
13 stocks commenced new buyback mandates in the month of May 2019: DBS, OCBC, Sing Tech Engineering, China Sunsine Chemical Holdings, AEM Holdings, Japfa, Olam Int, Raffles Medical, Koufu, Jumbo, Cheung Woh Tech, Aspen (Group) Holdings &amp; Trek 2000 Int. 
	 
	The May 2019 buyback consideration was led by DBS &amp; OCBC, which contributed more than three-quarters of the total consideration. The previous year’s mandate saw DBS buy back 0.478% of its shares and OCBC buy back 0.378% of its shares.

Total share buyback consideration for the month of May 2019 totaled S$123.1 million. There were 24 SGX-listed stocks that reported buybacks of their SGX-listings over the month, buying back a total of 39.1 million shares or units.

The S$123.1 million in buyback consideration was more than triple the buyback consideration of S$35.5 million filed in April 2019 (click here for more). The S$123.1 million in consideration was also the highest monthly tally since a total consideration of S$245.4 million was recorded in August 2018, when DBS Group Holdings (“DBS”) contributed S$150.8 million to that month’s tally.

Last month, the Straits Times Index (“STI”) declined 8.3%, with dividend distributions trimming the decline to a 7.0% decline in total return. The preceding month of April had seen the STI generate a total return of 6.1%. 

The three banks, DBS, Oversea-Chinese Banking Corporation (“OCBC”) and United Overseas Bank led the declines, whilst Real Estate Investment Trusts generated more defensive returns with the sector generating a total return of 0.4%. Telecommunication stocks also generated defensive returns with Singapore Telecommunications, NetLink NBN Trust and StarHub all gaining, averaging 1.3% total returns. Both these two sectors, which were comparatively defensive in May, were subject the highest net institutional inflows for the month.

      
    
    Share Buyback
More than a Dozen New Mandates Commenced in May 2019 

The table below summarises the buyback considerations in May 2019. The table is sorted by the value of the total consideration amount for the month, which combines the amount of shares or units purchased and the purchasing price of the transactions. The 13 stocks that commenced new mandates are highlighted in Bold.




			Company /Trust
			
			
			Max of Number of Shares/units Authorised for Purchase in Mandate
			
			
			Total Number of Shares/units Purchased in May 2019
			
			
			Total Buyback Consideration  (including stamp duties, clearing changes etc.) paid or payable for the shares in May 2019
			
			
			Cumulative Number of Shares/units purchased in Mandate to date*
			
		


			DBS GROUP HOLDINGS 
			
			
			51,165,438
			
			
			2,600,000
			
			
			$65,680,143
			
			
			2,600,000
			
		


			OVERSEA-CHINESE BANKING CORPORATION 
			
			
			212,257,935
			
			
			2,780,000
			
			
			$30,643,985
			
			
			2,780,000
			
		


			BEST WORLD INTERNATIONAL
			
			
			55,032,011
			
			
			4,875,000
			
			
			$7,777,699
			
			
			6,220,000
			
		


			KEPPEL REIT
			
			
			170,210,715
			
			
			4,200,000
			
			
			$5,142,030
			
			
			6,390,700
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING 
			
			
			62,432,801
			
			
			1,100,000
			
			
			$4,323,524
			
			
			1,100,000
			
		


			CHINA SUNSINE CHEMICAL HOLDINGS 
			
			
			49,131,170
			
			
			2,579,000
			
			
			$2,974,024
			
			
			2,579,000
			
		


			GLOBAL INVESTMENTS
			
			
			168,741,864
			
			
			10,748,700
			
			
			$1,415,269
			
			
			12,278,700
			
		


			SINGAPORE TELECOMMUNICATIONS
			
			
			816,457,915
			
			
			437,333
			
			
			$1,362,963
			
			
			808,005
			
		


			KIMLY
			
			
			115,489,763
			
			
			3,600,000
			
			
			$867,056
			
			
			5,650,700
			
		


			AEM HOLDINGS 
			
			
			27,096,300
			
			
			900,000
			
			
			$837,144
			
			
			900,000
			
		


			TUAN SING HOLDINGS
			
			
			118,620,496
			
			
			2,015,000
			
			
			$747,254
			
			
			2,315,000
			
		


			JAPFA 
			
			
			186,466,879
			
			
			855,500
			
			
			$459,859
			
			
			855,500
			
		


			OLAM INTERNATIONAL 
			
			
			159,528,594
			
			
			110,600
			
			
			$195,946
			
			
			110,600
			
		


			THE STRAITS TRADING COMPANY
			
			
			40,767,817
			
			
			60,600
			
			
			$132,388
			
			
			75,600
			
		


			NORDIC GROUP
			
			
			39,251,910
			
			
			477,100
			
			
			$129,556
			
			
			605,800
			
		


			RAFFLES MEDICAL GROUP 
			
			
			179,835,340
			
			
			100,000
			
			
			$101,151
			
			
			100,000
			
		


			GRP
			
			
			19,370,161
			
			
			633,500
			
			
			$99,814
			
			
			944,200
			
		


			DUTY FREE INTERNATIONAL
			
			
			121,345,399
			
			
			420,000
			
			
			$80,430
			
			
			7,953,600
			
		


			KOUFU GROUP 
			
			
			55,516,300
			
			
			100,000
			
			
			$69,604
			
			
			100,000
			
		


			JUMBO GROUP 
			
			
			64,109,130
			
			
			92,300
			
			
			$34,702
			
			
			92,300
			
		


			CHEUNG WOH TECHNOLOGIES 
			
			
			30,221,180
			
			
			278,900
			
			
			$34,341
			
			
			278,900
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			43,701,979
			
			
			69,400
			
			
			$19,549
			
			
			11,821,800
			
		


			ASPEN (GROUP) HOLDINGS 
			
			
			96,353,530
			
			
			50,000
			
			
			$7,614
			
			
			50,000
			
		


			TREK 2000 INTERNATIONAL 
			
			
			32,002,002
			
			
			5,000
			
			
			$548
			
			
			5,000
			
		


			Total
			
			 
			
			39,087,933
			
			
			$123,136,594
			
			 
		

*Percentage of company’s issued shares excluding treasury shares as at the date of the share buyback resolutions.   
Source: SGX May Gateway (Data as of 31 May 2019)

Share buyback transactions involve share issuers repurchasing some of their outstanding shares from shareholders through the open market. Once the shares are bought back, they will be converted into treasury shares, which means they are no longer categorised as shares outstanding. Other motivations for share buybacks include companies moving to align stock valuations with balance sheet objectives.

The date of the relevant share buyback mandate is also provided in the table above, in addition to the amount of shares authorised to be bought back under the mandate. The total number of shares purchased under the mandate and the percentage of the companies that issued shares that have been repurchased under the mandate are also provided.

Share buyback information can be found on the company disclosure page on the SGX website, using the Announcement category and sub-category of Share Buy Back-On Market (click here). As best practice, companies should refrain from buying back their shares during the two weeks immediately before its quarterly financial statements and one month immediately before the full-year financial statements.



May Share Buyback Consideration at S$123M, a 9 Month High

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
The highlights this week in <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> include commentary from CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> on the simmering political situation in Indonesia, which has been putting pressure on both the stock market and the currency there, as we approach the deadline for the results of the "real count" from the country's recent Presidential Election. It is more a question as to whether Prabowo will gracefully accept a convincing defeat rather than over an argument over the actual result. We also have an insight from<a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> on <a href="https://www.smartkarma.com/entities/424" target="_blank" data-smartkarma-citation="entities:424:1">Bekasi Fajar Industrial Estate (BEST IJ)</a>, which is part of an ongoing series of insights on Indonesian Property under Smartkarma Originals. CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> also writes on <a href="https://www.smartkarma.com/entities/18395" target="_blank" data-smartkarma-citation="entities:18395:1">Sunpower Group (SPWG SP)</a>, <a href="https://www.smartkarma.com/entities/14150" target="_blank" data-smartkarma-citation="entities:14150:1">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/16331" target="_blank" data-smartkarma-citation="entities:16331:1">Alliance Mineral Assets (AMS SP)</a>and <a href="https://www.smartkarma.com/profiles/1005" target="_blank" data-smartkarma-citation="accounts:1005">Howard J Klein</a>comments on what is wrong with the metrics that Asian Gaming Analysts are using to analyse that sector. 
</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/jkt-unrest-possible-next-week-rp-slides-margin-nears-11-ga-tariff-cap-smi-sees-slower-growth" target="_blank" data-smartkarma-citation="insights:29871">Jkt Unrest Possible Next Week, Rp Slides / Margin Nears 11% / GA Tariff Cap / SMI Sees Slower Growth</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/2060" target="_blank" data-smartkarma-citation="accounts:2060">Kevin O’Rourke</a> provides his value added on the most important political and economic developments over the past week. Prabowo remains defiant and vitriolic, escalating tensions and contributing to a rupiah slide.  He may forgo an electoral appeal and move to protest next week, although his party backers differ.  Widodo's 'Real Count' margin over Prabowo is likely to finish at 11%.  Ministers cut the domestic airfare price cap by 12-16%, impacting <a href="https://www.smartkarma.com/entities/12151" target="_blank" data-smartkarma-citation="entities:12151:1">Garuda Indonesia (Persero) (GIAA IJ)</a>, jeopardizing cash flows -- and safety standards -- while demonstrating that excessive regulation persists despite Widodo having secured re-election.  The finance minister cited weak tax receipts and warned of an economic slowdown akin to 2014-15.  Plus: Kevin provides his assessment of incoming parliament. <h2>Equity Bottom-Up Insights</h2><div class="content-highlight">In <a href="https://www.smartkarma.com/insights/indonesia-property-in-search-of-the-end-of-the-rainbow-part-8-bekasi-fajar-best-ij" target="_blank" data-smartkarma-citation="insights:29557">Indonesia Property - In Search of the End of the Rainbow - Part 8 - Bekasi Fajar (BEST IJ)</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/3145" target="_blank" data-smartkarma-citation="accounts:3145">Jessica Irene</a> takes a deep dive into Industrial Estate player <a href="https://www.smartkarma.com/entities/424" target="_blank" data-smartkarma-citation="entities:424:1">Bekasi Fajar Industrial Estate (BEST IJ)</a> as part of an ongoing Smartkarma Originals Series on Indonesia Property. The company is an industrial estate operator in the Cikarang, East of Greater Jakarta with an overall estate portfolio of 2,300ha. About 1,250ha is fully developed, leaving BEST with 1,051ha gross landbank (716ha net). BEST's estate is located 30km from Central Jakarta, the closest one to the city centre among other integrated industrial estates in the Cikarang Area. </div>In <a href="https://www.smartkarma.com/insights/sunpower-spwg-sp-1q19-shows-revenue-and-profits-growing-30-yoy-fair-value-1-sgd-112-upside" target="_blank" data-smartkarma-citation="insights:29806">Sunpower (SPWG SP): 1Q19 Shows Revenue and Profits Growing 30% YoY; Fair Value 1 SGD (112% Upside)</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/18395" target="_blank" data-smartkarma-citation="entities:18395:1">Sunpower Group (SPWG SP)</a>, which has seen an incredible transformation over the past 24 months.In <a href="https://www.smartkarma.com/insights/silverlake-axis-silv-sp-third-consecutive-quarter-of-strong-growth-merimen-to-become-new-star" target="_blank" data-smartkarma-citation="insights:29819">Silverlake Axis (SILV SP): Third Consecutive Quarter of Strong Growth, Merimen to Become New Star</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> revisits enterprise software player <a href="https://www.smartkarma.com/entities/14150" target="_blank" data-smartkarma-citation="entities:14150:1">Silverlake Axis (SILV SP)</a> and continues to favour the company. In <a href="https://www.smartkarma.com/insights/alliance-mineral-ams-sp-galaxy-resources-now-largest-shareholder-tick-tock-until-full-takeover" target="_blank" data-smartkarma-citation="insights:29830">Alliance Mineral (AMS SP): Galaxy Resources Now Largest Shareholder, Tick Tock Until Full Takeover?</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> circles back to this mining play following the news that Australian company <a href="https://www.smartkarma.com/entities/13914" target="_blank" data-smartkarma-citation="entities:13914:1">Galaxy Resources (GXY AU)</a> has become its largest shareholder. In <a href="https://www.smartkarma.com/insights/singapore-airlines-sia-sp-c6l-uncomfortable-rate-of-descent-to-continue" target="_blank" data-smartkarma-citation="insights:29815">Singapore Airlines (SIA: SP) (C6L)– Uncomfortable Rate of Descent to Continue</a>, <a href="https://www.smartkarma.com/profiles/667" target="_blank" data-smartkarma-citation="accounts:667">Alan Greene</a> revisits <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74:1">Singapore Airlines (SIA SP)</a> and lays out his thoughts on the company ahead of last week's results.  In <a href="https://www.smartkarma.com/insights/golden-land-tender-offer-into-the-home-straight" target="_blank" data-smartkarma-citation="insights:29785">Golden Land: Tender Offer Into The Home Straight</a>, <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> takes another look at <a href="https://www.smartkarma.com/entities/12764" target="_blank" data-smartkarma-citation="entities:12764:1">Golden Land Prop Dvlp (GOLD TB)</a> which is in the midst of a takeover.  In <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-it-will-be-a-us-5bn-raise-owing-to-its-clean-balance-sheet" target="_blank" data-smartkarma-citation="insights:29748">Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet</a>, <a href="https://www.smartkarma.com/profiles/4" target="_blank" data-smartkarma-citation="accounts:4">Sumeet Singh</a> lays out his thoughts on this upcoming IPO. Budweiser Brewing Company APAC Limited (ABIAPAC) filed for its Hong Kong listing last week. While media reports have been indicating a raising of US$5bn, looking at the numbers it looks like it will probably be bigger. <a href="https://www.smartkarma.com/entities/865" target="_blank" data-smartkarma-citation="entities:865:1">Anheuser Busch Inbev Sa/Nv (ABI BB)</a>, the parent entity, has not allocated much debt to the Asia operations which will mean its market cap will be higher than the range Sumeet spoke about in his previous insight. In <a href="https://www.smartkarma.com/insights/fct-placement-little-dpu-accretiveness-but-a-quality-target-for-long-term-growth" target="_blank" data-smartkarma-citation="insights:29834">FCT Placement: Little DPU Accretiveness but A Quality Target for Long Term Growth</a>, <a href="https://www.smartkarma.com/profiles/1680" target="_blank" data-smartkarma-citation="accounts:1680">Arun George</a> comments on recent money-raising plans from <a href="https://www.smartkarma.com/entities/2870" target="_blank" data-smartkarma-citation="entities:2870:1">Frasers Centrepoint Trust (FCT SP)</a>. <h2>
<a href="https://www.smartkarma.com/insights/frasers-centrepoint-trust-placement-accretive-acquisitions" target="_blank" data-smartkarma-citation="insights:29847"></a>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/asia-gaming-sector-why-buy-side-analysis-needs-sharper-earnings-call-metrics" target="_blank" data-smartkarma-citation="insights:29875">Asia Gaming Sector: Why Buy Side Analysis Needs Sharper Earnings Call Metrics</a>, Gaming Specialist <a href="https://www.smartkarma.com/profiles/1005" target="_blank" data-smartkarma-citation="accounts:1005">Howard J Klein</a> suggests that analysts of the sector are somewhat lacking in the metric they use. In <a href="https://www.smartkarma.com/insights/company-visits-chayo-precious-shipping" target="_blank" data-smartkarma-citation="insights:29098">Company Visits: CHAYO, Precious Shipping</a>, our Thai Guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> comments on <a href="https://www.smartkarma.com/entities/26729" target="_blank" data-smartkarma-citation="entities:26729:1">Chayo Group PCL (CHAYO TB)</a> and <a href="https://www.smartkarma.com/entities/13819" target="_blank" data-smartkarma-citation="entities:13819:1">Precious Shipping (PSL TB)</a> following visits to those two companies. In <a href="https://www.smartkarma.com/insights/singapore-s-key-technology-stocks-average-23-ytd-total-return" target="_blank" data-smartkarma-citation="insights:29844">Singapore’s Key Technology Stocks Average 23% YTD Total Return</a>, <a href="https://www.smartkarma.com/profiles/847" target="_blank" data-smartkarma-citation="accounts:847">Geoff Howie</a> takes a close look at the performance of Listed Technology Stocks in Singapore. In <a href="https://www.smartkarma.com/insights/singapore-property-30-decline-in-property-sales-in-april-rising-inventory-remains-a-concern" target="_blank" data-smartkarma-citation="insights:29825">Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern</a>, <a href="https://www.smartkarma.com/profiles/2053" target="_blank" data-smartkarma-citation="accounts:2053">Royston Foo</a> analyses the most recent property sales numbers coming out of Singapore.


This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
The highlights this week in ASEAN@Smartkarma include commentary from CrossASEAN Insight Provider Kevin O’Rourke on the simmering political situation in Indonesia, which has been putting pressure on both the stock market and the currency there, as we approach the deadline for the results of the "real count" from the country's recent Presidential Election. It is more a question as to whether Prabowo will gracefully accept a convincing defeat rather than over an argument over the actual result. We also have an insight fromJessica Irene on Bekasi Fajar Industrial Estate (BEST IJ), which is part of an ongoing series of insights on Indonesian Property under Smartkarma Originals. CrossASEAN Insight Provider Nicolas Van Broekhoven also writes on Sunpower Group (SPWG SP), Silverlake Axis (SILV SP), Alliance Mineral Assets (AMS SP)and Howard J Kleincomments on what is wrong with the metrics that Asian Gaming Analysts are using to analyse that sector. 
Macro InsightsIn Jkt Unrest Possible Next Week, Rp Slides / Margin Nears 11% / GA Tariff Cap / SMI Sees Slower Growth, CrossASEAN Insight Provider Kevin O’Rourke provides his value added on the most important political and economic developments over the past week. Prabowo remains defiant and vitriolic, escalating tensions and contributing to a rupiah slide.  He may forgo an electoral appeal and move to protest next week, although his party backers differ.  Widodo's 'Real Count' margin over Prabowo is likely to finish at 11%.  Ministers cut the domestic airfare price cap by 12-16%, impacting Garuda Indonesia (Persero) (GIAA IJ), jeopardizing cash flows -- and safety standards -- while demonstrating that excessive regulation persists despite Widodo having secured re-election.  The finance minister cited weak tax receipts and warned of an economic slowdown akin to 2014-15.  Plus: Kevin provides his assessment of incoming parliament. Equity Bottom-Up InsightsIn Indonesia Property - In Search of the End of the Rainbow - Part 8 - Bekasi Fajar (BEST IJ), CrossASEAN Insight Provider Jessica Irene takes a deep dive into Industrial Estate player Bekasi Fajar Industrial Estate (BEST IJ) as part of an ongoing Smartkarma Originals Series on Indonesia Property. The company is an industrial estate operator in the Cikarang, East of Greater Jakarta with an overall estate portfolio of 2,300ha. About 1,250ha is fully developed, leaving BEST with 1,051ha gross landbank (716ha net). BEST's estate is located 30km from Central Jakarta, the closest one to the city centre among other integrated industrial estates in the Cikarang Area. In Sunpower (SPWG SP): 1Q19 Shows Revenue and Profits Growing 30% YoY; Fair Value 1 SGD (112% Upside), CrossASEAN Insight Provider Nicolas Van Broekhoven revisits Sunpower Group (SPWG SP), which has seen an incredible transformation over the past 24 months.In Silverlake Axis (SILV SP): Third Consecutive Quarter of Strong Growth, Merimen to Become New Star, Nicolas Van Broekhoven revisits enterprise software player Silverlake Axis (SILV SP) and continues to favour the company. In Alliance Mineral (AMS SP): Galaxy Resources Now Largest Shareholder, Tick Tock Until Full Takeover?, Nicolas Van Broekhoven circles back to this mining play following the news that Australian company Galaxy Resources (GXY AU) has become its largest shareholder. In Singapore Airlines (SIA: SP) (C6L)– Uncomfortable Rate of Descent to Continue, Alan Greene revisits Singapore Airlines (SIA SP) and lays out his thoughts on the company ahead of last week's results.  In Golden Land: Tender Offer Into The Home Straight, David Blennerhassett takes another look at Golden Land Prop Dvlp (GOLD TB) which is in the midst of a takeover.  In Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet, Sumeet Singh lays out his thoughts on this upcoming IPO. Budweiser Brewing Company APAC Limited (ABIAPAC) filed for its Hong Kong listing last week. While media reports have been indicating a raising of US$5bn, looking at the numbers it looks like it will probably be bigger. Anheuser Busch Inbev Sa/Nv (ABI BB), the parent entity, has not allocated much debt to the Asia operations which will mean its market cap will be higher than the range Sumeet spoke about in his previous insight. In FCT Placement: Little DPU Accretiveness but A Quality Target for Long Term Growth, Arun George comments on recent money-raising plans from Frasers Centrepoint Trust (FCT SP). 
Sector and Thematic InsightsIn Asia Gaming Sector: Why Buy Side Analysis Needs Sharper Earnings Call Metrics, Gaming Specialist Howard J Klein suggests that analysts of the sector are somewhat lacking in the metric they use. In Company Visits: CHAYO, Precious Shipping, our Thai Guru Athaporn Arayasantiparb, CFA comments on Chayo Group PCL (CHAYO TB) and Precious Shipping (PSL TB) following visits to those two companies. In Singapore’s Key Technology Stocks Average 23% YTD Total Return, Geoff Howie takes a close look at the performance of Listed Technology Stocks in Singapore. In Singapore Property – 30% Decline in Property Sales in April; Rising Inventory Remains a Concern, Royston Foo analyses the most recent property sales numbers coming out of Singapore.  

The Week that Was in ASEAN@Smartkarma - Jakarta Unrest (?), Indonesia Property, and Asia Gaming

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This week's offering of Insights across <a href="mailto:ASEAN@Smartkarma" target="_blank">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This week's highlights include Insights from <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> on the winners in Asia as trade is diverted from China and on <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata Group (AXIATA MK)</a>, Insights from<a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> on <a href="https://www.smartkarma.com/entities/878" target="_blank" data-smartkarma-citation="entities:878:1">Siloam International Hospital (SILO IJ)</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> on <a href="https://www.smartkarma.com/entities/11019" target="_blank" data-smartkarma-citation="entities:11019:1">Aem Holdings (AEM SP)</a> and <a href="https://www.smartkarma.com/entities/2293" target="_blank" data-smartkarma-citation="entities:2293:1">Moya Holdings Asia (MHAL SP)</a>, <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> on <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">Xl Axiata (EXCL IJ)</a>, and a Quiddity Thailand M&amp;A Guide from <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a>.
</div><h2>Macro Insights</h2>In <a href="https://www.smartkarma.com/insights/winners-as-trade-is-diverted-from-china-vietnam-taiwan-skorea-india-s-pore-mexico" target="_blank" data-smartkarma-citation="insights:29741">Winners as Trade Is Diverted from China: Vietnam, Taiwan, SKorea, India, S'pore, Mexico</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> presents his views on the implications of the ongoing US-China Trade War, which took a turn for the worse last week. In <a href="https://www.smartkarma.com/insights/game-of-loans-philippines-can-only-benefit-from-chinese-funded-projects" target="_blank" data-smartkarma-citation="insights:29732">Game of Loans: Philippines Can Only Benefit from Chinese-Funded Projects</a>, <a href="https://www.smartkarma.com/profiles/1457" target="_blank" data-smartkarma-citation="accounts:1457">Nicole Alpert</a> zeros in on the issue of the Philippines potentially being caught in a debt-trap by its China-funded projects and asks whether this concern is justified. <h2>Equity Bottom-Up Insights</h2>In <a href="https://www.smartkarma.com/insights/siloam-international-hospital-silo-ij-harvest-time-ahead-on-the-ground" target="_blank" data-smartkarma-citation="insights:29603">Siloam International Hospital (SILO IJ) - Harvest Time Ahead?</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/937" target="_blank" data-smartkarma-citation="accounts:937">Angus Mackintosh</a> circles back to one of Indonesia's largest hospital stocks after a meeting with management. In <a href="https://www.smartkarma.com/insights/agm-aem-1q19-results-riding-the-5g-wave-investors-should-watch-novoflex-and-huawei-developments" target="_blank" data-smartkarma-citation="insights:29639">AGM AEM + 1Q19 Results: Riding the 5G Wave; Investors Should Watch NovoFlex and Huawei Developments</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> reports back on <a href="https://www.smartkarma.com/entities/11019" target="_blank" data-smartkarma-citation="entities:11019:1">Aem Holdings (AEM SP)</a> after attending the company's AGM, which suggests was one of the most informative out of the hundreds he has attended. In <a href="https://www.smartkarma.com/insights/agm-moya-indonesian-water-story-on-track-to-grow-in-fy19-trading-at-1-3rd-of-replacement-cost" target="_blank" data-smartkarma-citation="insights:29612">AGM Moya: Indonesian Water Story on Track to Grow in FY19; Trading at 1/3rd of Replacement Cost</a>, <a href="https://www.smartkarma.com/profiles/1208" target="_blank" data-smartkarma-citation="accounts:1208">Nicolas Van Broekhoven</a> zeros in on Indonesia's largest water play having attended the company's AGM. In <a href="https://www.smartkarma.com/insights/telenor-purchase-of-axiata-s-regional-assets-good-for-norway-not-so-for-axiata" target="_blank" data-smartkarma-citation="insights:29642">Telenor Purchase of Axiata's Regional Assets: Good for Norway, Not so for Axiata</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> zeros in on <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata Group (AXIATA MK)</a> following the announcement that Telenor will buy the company's regional assets. In <a href="https://www.smartkarma.com/insights/xl-axiata-turnaround-continues-while-parent-axiata-seeks-a-mega-merger-with-telenor" target="_blank" data-smartkarma-citation="insights:29637">XL Axiata Turnaround Continues While Parent Axiata Seeks a Mega Merger with Telenor</a>, our friends <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> revisit <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">Xl Axiata (EXCL IJ)</a> following the company's results, as well as discussing the merger with Telenor. In <a href="https://www.smartkarma.com/insights/ais-1q19-result-shows-improvements-dtac-continues-to-struggle" target="_blank" data-smartkarma-citation="insights:29725">AIS 1Q19 Result Shows Improvements. DTAC Continues to Struggle</a>, <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> revisits <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">Advanced Info Service (ADVANC TB)</a> following the company's1Q19 numbers and find a better picture ahead. In <a href="https://www.smartkarma.com/insights/ipo-radar-bangkok-aviation-center-training-ground-for-thai-pilots" target="_blank" data-smartkarma-citation="insights:29527">IPO Radar: Bangkok Aviation Center, Training Ground for Thai Pilots</a>, our Thai guru <a href="https://www.smartkarma.com/profiles/766" target="_blank" data-smartkarma-citation="accounts:766">Athaporn Arayasantiparb, CFA</a> takes a look at an interesting recent IPO, <a href="https://www.smartkarma.com/entities/28063" target="_blank" data-smartkarma-citation="entities:28063:1">Bangkok Aviation Center (BACEN TB)</a>, which is pilot training school affiliated to Air Asia. In <a href="https://www.smartkarma.com/insights/asia-commercial-bank-strong-report-card-though-could-do-better-on-jaws" target="_blank" data-smartkarma-citation="insights:29731">Asia Commercial Bank: Strong Report Card Though Could Do Better On "Jaws"</a>, <a href="https://www.smartkarma.com/profiles/2554" target="_blank" data-smartkarma-citation="accounts:2554">Paul Hollingworth</a> revisits <a href="https://www.smartkarma.com/entities/22956" target="_blank" data-smartkarma-citation="entities:22956:1">Asia Commercial Bank/Vietnam (ACB VN)</a>, where he finds a strong fundamental story. In <a href="https://www.smartkarma.com/insights/ptt-set-for-bull-breakout" target="_blank" data-smartkarma-citation="insights:29643">PTT Set for Bull Breakout</a>, <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder</a> works his technical magic on <a href="https://www.smartkarma.com/entities/197" target="_blank" data-smartkarma-citation="entities:197:1">PTT PCL (PTT TB)</a>.  In <a href="https://www.smartkarma.com/insights/deep-value-in-salient-themes-loc-troi-group" target="_blank" data-smartkarma-citation="insights:29625">Deep Value in Salient Themes: Loc Troi Group</a>, Frontiersman <a href="https://www.smartkarma.com/profiles/334" target="_blank" data-smartkarma-citation="accounts:334">Dylan Waller</a> looks at this agricultural play which he sees is now trading on compelling valuations. <h2>Sector and Thematic Insights</h2>In <a href="https://www.smartkarma.com/insights/quiddity-thailand-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:29577">Quiddity Thailand M&amp;A Guide 2019</a><a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> presents the Quiddity Thailand M&amp;A Guide, which is part of a series of M&amp;A guides that the Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference.


This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up pieces. Please find a brief summary below, with a fuller write up in the detailed section.
This week's highlights include Insights from Prasenjit K. Basu on the winners in Asia as trade is diverted from China and on Axiata Group (AXIATA MK), Insights fromAngus Mackintosh on Siloam International Hospital (SILO IJ), Nicolas Van Broekhoven on Aem Holdings (AEM SP) and Moya Holdings Asia (MHAL SP), New Street Research on Xl Axiata (EXCL IJ), and a Quiddity Thailand M&amp;A Guide from David Blennerhassett.
Macro InsightsIn Winners as Trade Is Diverted from China: Vietnam, Taiwan, SKorea, India, S'pore, Mexico, CrossASEAN Insight Provider Prasenjit K. Basu presents his views on the implications of the ongoing US-China Trade War, which took a turn for the worse last week. In Game of Loans: Philippines Can Only Benefit from Chinese-Funded Projects, Nicole Alpert zeros in on the issue of the Philippines potentially being caught in a debt-trap by its China-funded projects and asks whether this concern is justified. Equity Bottom-Up InsightsIn Siloam International Hospital (SILO IJ) - Harvest Time Ahead?, CrossASEAN Insight Provider Angus Mackintosh circles back to one of Indonesia's largest hospital stocks after a meeting with management. In AGM AEM + 1Q19 Results: Riding the 5G Wave; Investors Should Watch NovoFlex and Huawei Developments, Nicolas Van Broekhoven reports back on Aem Holdings (AEM SP) after attending the company's AGM, which suggests was one of the most informative out of the hundreds he has attended. In AGM Moya: Indonesian Water Story on Track to Grow in FY19; Trading at 1/3rd of Replacement Cost, Nicolas Van Broekhoven zeros in on Indonesia's largest water play having attended the company's AGM. In Telenor Purchase of Axiata's Regional Assets: Good for Norway, Not so for Axiata, CrossASEAN Insight Provider Prasenjit K. Basu zeros in on Axiata Group (AXIATA MK) following the announcement that Telenor will buy the company's regional assets. In XL Axiata Turnaround Continues While Parent Axiata Seeks a Mega Merger with Telenor, our friends New Street Research revisit Xl Axiata (EXCL IJ) following the company's results, as well as discussing the merger with Telenor. In AIS 1Q19 Result Shows Improvements. DTAC Continues to Struggle, New Street Research revisits Advanced Info Service (ADVANC TB) following the company's1Q19 numbers and find a better picture ahead. In IPO Radar: Bangkok Aviation Center, Training Ground for Thai Pilots, our Thai guru Athaporn Arayasantiparb, CFA takes a look at an interesting recent IPO, Bangkok Aviation Center (BACEN TB), which is pilot training school affiliated to Air Asia. In Asia Commercial Bank: Strong Report Card Though Could Do Better On "Jaws", Paul Hollingworth revisits Asia Commercial Bank/Vietnam (ACB VN), where he finds a strong fundamental story. In PTT Set for Bull Breakout, Thomas Schroeder works his technical magic on PTT PCL (PTT TB).  In Deep Value in Salient Themes: Loc Troi Group, Frontiersman Dylan Waller looks at this agricultural play which he sees is now trading on compelling valuations. Sector and Thematic InsightsIn Quiddity Thailand M&amp;A Guide 2019David Blennerhassett presents the Quiddity Thailand M&amp;A Guide, which is part of a series of M&amp;A guides that the Quiddity* team are publishing to aid investors in understanding the rules, parameters, possibilities, and processes when companies conduct mergers and acquisitions. These insights are designed to be used as a reference.

The Week that Was in ASEAN@Smartkarma - Trade War Winners, Indonesian Hospitals, and Thailand M&A

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Equity Bottom-Up

Late April I attended the AGM of <a href="https://www.smartkarma.com/entities/11019" target="_blank" data-smartkarma-citation="entities:11019:1">Aem Holdings (AEM SP)</a> in Singapore. Having attended hundreds of AGMs over the years, AEMs was surely one of the most informative. The Chairman, Loke Wai San, allowed all of the key business heads to give a short presentation which is a great initiative more companies should copy.The story of <a href="https://www.smartkarma.com/entities/11019" target="_blank" data-smartkarma-citation="entities:11019:1">Aem Holdings (AEM SP)</a> remains closely linked to the success of <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> but it is clear that AEMs engineers are hard at work to find a new growth engine and diversify its customer base in the coming years. As written previously, two wild cards remain, the potential success of Novoflex (in which AEM has a 20% stake) and its new 5G cable testing product for Chinese IT giant Huawei. AEM published its 1Q19 results on 8/5 which showed revenues decreasing by -19.7% YoY, EBITDA -8.3% YoY and NPAT -19.7% YoY. Compared to 4Q18 results improved sequentially by +34% on a revenue line and +50% on the bottom line. The company also reiterated its sales guidance for 2019 which is now between 225M SGD and 250M SGD (vs 262M SGD in FY18). My Fair Value of 2.10 SGD/share remains unchanged (500M SGD EV). This level is easily justified by applying a 2x revenue multiple or by applying a 10x FY20 EV/EBITDA to our estimates for the company. Over time the company remains a prime M&amp;A candidate.

Late April I attended the AGM of Aem Holdings (AEM SP) in Singapore. Having attended hundreds of AGMs over the years, AEMs was surely one of the most informative. The Chairman, Loke Wai San, allowed all of the key business heads to give a short presentation which is a great initiative more companies should copy.The story of Aem Holdings (AEM SP) remains closely linked to the success of Intel Corp (INTC US) but it is clear that AEMs engineers are hard at work to find a new growth engine and diversify its customer base in the coming years. As written previously, two wild cards remain, the potential success of Novoflex (in which AEM has a 20% stake) and its new 5G cable testing product for Chinese IT giant Huawei. AEM published its 1Q19 results on 8/5 which showed revenues decreasing by -19.7% YoY, EBITDA -8.3% YoY and NPAT -19.7% YoY. Compared to 4Q18 results improved sequentially by +34% on a revenue line and +50% on the bottom line. The company also reiterated its sales guidance for 2019 which is now between 225M SGD and 250M SGD (vs 262M SGD in FY18). My Fair Value of 2.10 SGD/share remains unchanged (500M SGD EV). This level is easily justified by applying a 2x revenue multiple or by applying a 10x FY20 EV/EBITDA to our estimates for the company. Over time the company remains a prime M&amp;A candidate.

AGM AEM + 1Q19 Results: Riding the 5G Wave; Investors Should Watch NovoFlex and Huawei Developments

Singapore

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

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AEM (AEM SP)

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AGM AEM + 1Q19 Results: Riding the 5G Wave; Investors Should Watch NovoFlex and Huawei Developments

Late April I attended the AGM of Aem Holdings (AEM SP) in Singapore. Having attended hundreds of AGMs over the years, AEMs was surely one of the...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Real Estate, Manufacturing and F&B Shares on the Move in 1H19

Real Estate, Manufacturing and Food & Beverage stocks made up close to half of Singapore’s top 200 stocks by turnover in the first 5 months...

Singapore Exchange Ltd (SGX)

May Share Buyback Consideration at S$123M, a 9 Month High

In May 2019, 24 primary-listed stocks on SGX repurchased close to 40 million shares with a total consideration of S$123 million. This was up...

Singapore Exchange Ltd (SGX)

The Week that Was in ASEAN@Smartkarma - Jakarta Unrest (?), Indonesia Property, and Asia Gaming

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

The Week that Was in ASEAN@Smartkarma - Trade War Winners, Indonesian Hospitals, and Thailand M&A

This week's offering of Insights across ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable...

Angus Mackintosh

AGM AEM + 1Q19 Results: Riding the 5G Wave; Investors Should Watch NovoFlex and Huawei Developments

Late April I attended the AGM of Aem Holdings (AEM SP) in Singapore. Having attended hundreds of AGMs over the years, AEMs was surely one of the...

Nicolas Van Broekhoven