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

<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

Founder, Riedel Research

David Riedel

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Independent equity research on GEM Markets

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<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

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually improving domestic demand is likely to see non-oil imports growth move back into positive territory. The four rate cuts that Bank Indonesia has undertaken since the start of 2016 is expected to provide a lift to domestic demand in the economy.On a 3 month moving average (3mma) basis, exports declined 8.8% y-o-y in June compared to a decline of 11.9% in…

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months ahead. The benchmark rate now stands at 6.50%. With inflation expected to stay within Bank Indonesia’s target range of 3% to 5% in the near term, having edged lower to 3.3% y-o-y in May, growth concerns were clearly the dominant driver for the recent move.Credit growth in Indonesia has continued to slow, with lending by commercial banks having risen 8.0%…

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

Indonesia

PT Blue Bird Tbk is a transportation services company. The Company offers taxis, limousines, car rentals, and chartered buses.

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Blue Bird (BIRD IJ)

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)

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

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually...

Rajan Govil

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months...

Rajan Govil

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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)

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)

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

Indonesia: Non-Oil Imports Growth Likely to Turn Positive on Gradually Improving Domestic Demand

While the ongoing slowdown in China and concerns about the global economy are expected to continue to weigh on Indonesia’s exports, gradually...

Rajan Govil

Indonesia: Bank Indonesia May Have Room to Cut Rates Further

The recent rate cut by Bank Indonesia at its policy meeting on 16th June is expected to provide some support to domestic demand in the months...

Rajan Govil