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><strong>SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.</strong></li>
<li>
<strong>Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks</strong>…</li>
</ul>


SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold mining stocks. These 11 stocks are at different stages in the exploration, development, production cycle and have averaged a 19.0% gain in 2017 YTD.

Of the three segments, mining industrial minerals has been the strongest performer in the 2017 YTD with an average 30.4% gain, led Alliance Minerals Assets. Coal was the next best performer with the four stocks…


Average 19% YTD Gain in Key Mining Stocks

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Research Reinvented

Equity Capital Markets

Cemex Holdings Philippines / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/22700" target="_blank" data-smartkarma-citation="entities:22700">Cemex Holdings Philippines</a> recently launched its institutional book building for its US$500m IPO. I had written on the deal earlier, <a href="https://www.smartkarma.com/insights/cemex-philippines-ipo-early-thoughts-supply-glut-notes-on-cg" target="_blank" data-smartkarma-citation="insights:3582">Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG</a> .</p><p>In this insight I revise my earlier thought on Philippines cement supply situation, and provide further thoughts on the deal, together with ratings from our Smartkarma framework. </p><div><h2>Deal and framework score overview</h2></div><p>Regular readers will be familiar with the below embed from our IPO tool which has been…</p>

Cemex Holdings Philippines recently launched its institutional book building for its US$500m IPO. I had written on the deal earlier, Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG .In this insight I revise my earlier thought on Philippines cement supply situation, and provide further thoughts on the deal, together with ratings from our Smartkarma framework. Deal and framework score overviewRegular readers will be familiar with the below embed from our IPO tool which has been…

Cemex Philippines IPO: Sound Industry Fundamentals, But Limited Upside

<p><a href="https://www.smartkarma.com/entities/22701" target="_blank" data-smartkarma-citation="entities:22701">Cemex SAB De CV (ADR)</a> 's Philippines subsidiary <a href="https://www.smartkarma.com/entities/22700" target="_blank" data-smartkarma-citation="entities:22700">Cemex Holdings Philippines</a>  is planning to raise up to US$860m by June.</p><p>In this insight, I look to answer the following questions:</p><ul><li>How is the company positioned in its market?</li><li>How does it fare versus its peers? </li><li>What are the key market trends one needs to be aware of? </li><li>Will the company's related party transactions be a concern?</li></ul><p>Once the deal is launched, we will re-evaluate the deal and run it through our framework in our next insight.</p>

Cemex SAB De CV (ADR) 's Philippines subsidiary Cemex Holdings Philippines  is planning to raise up to US$860m by June.In this insight, I look to answer the following questions:How is the company positioned in its market?How does it fare versus its peers? What are the key market trends one needs to be aware of? Will the company's related party transactions be a concern?Once the deal is launched, we will re-evaluate the deal and run it through our framework in our next insight.

Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG

Philippines

Holcim Philippines Incorporated manufactures and distributes portland cement and pozzolan cement.  The Company was incorporated in 1964.

Concrete Aggregates Corporation engages in quarrying, crushing, and selling basalt concrete aggregates in the Philippines. Its product portfolio includes G-1 concrete aggregates that are used for concrete pavements, massive foundations, granular beddings/fillers, and asphalt concrete mix with coarser design specifications; 3/4 inch concrete aggregates, which are the basic size for structural concrete mixes, pre-stress or pre-cast concrete products, and asphalt concrete mixes; and 3/8 inch concrete aggregates for concrete mixes used in densely reinforced structures, pre-stress/pre-cast products, and asphalt wearing and surface courses. The company also provides S-1 crushed sand, which is used as structural bedding, pavement seal coat, fairways sand cap, and an ingredient in concrete and asphalt mixes; and composite crushed aggregate materials for use in pavement base prior to concreting or asphalting. In addition, it offers banday banda, banlik/mineral filler, topsoil/backfill, weathered rock, blue sand vibro, and basalt powder. The company is based in Pasig, the Philippines. Concrete Aggregates Corporation is a subsidiary of Ortigas & Company, Limited Partnership.

Atlas Consolidated Mining & Development Corporation is a Philippine company engaged in metallic mineral mining and exploration. The Company currently produces copper concentrate (with gold and silver), magnetite iron ore concentrate and laterite nickel.

Atlas Consolidated Mining & Development (AT PM)

Philex Mining Corporation produces copper concentrates, containing copper, gold, and silver. The Company was incorporated in 1955.

Apex Mining Co., Inc. engages in the exploration, development, production, and sale of gold, silver, copper, lead, zinc brass, iron, steel, and other metals and minerals in the Philippines. It operates the Maco mines located in Maco, Compostela Valley. The company is also involved in the oil exploration and development activities. The company was founded in 1970 and is headquartered in Pasig City, the Philippines.

Atok-Big Wedge Co., Inc., through its subsidiaries, operates as a gas and oil exploration and production company with a portfolio of projects in the Philippines. The company has an interest in the Service Contract 72, an oil and gas project situated offshore West of Palawan Island. It also provides stock transfer agency services. The company was formerly known as Atok-Big Wedge Mining Co., Inc. and changed its name to Atok-Big Wedge Co., Inc. in 1996. Atok-Big Wedge Co., Inc. was incorporated in 1931 and is based in Makati, the Philippines. Atok-Big Wedge Co., Inc. is a subsidiary of Boerstar Corporation.

Lepanto Consolidated Mining Company engages in the exploration and mining of mineral properties primarily in the Philippines. The company operates through three segments: Mining Activities, Service, and Others. It explores for gold, silver, copper, lead, and zinc, as well as various kinds of ores, metals, minerals, oil, gas, coal, and related by-products. The company holds interests in the Victoria and Teresa gold projects, and the Enargite copper project located in Mankayan, Benguet. It is also involved in drilling, hauling, and sawmilling activities; apartments/guesthouses and warehouses leasing activities; and insurance and real estate brokerage businesses. In addition, the company offers diamond drilling services primarily to mining companies; and manufactures, distributes, and sells industrial diamond tools, including diamond core and non-core bits, reamer shells, casing bits, diamond circular segmental and diamond gang saws, and tubular and other products for mining exploration, marble cutting, and the construction industry. Lepanto Consolidated Mining Company was founded in 1936 and is based in Makati, the Philippines.

Phinma Corporation operates property and shelter, education, energy and financial services businesses.  The Company produces galvanized and painted steel coils and sheets; builds affordable housing; holds the Philippine master franchise for a motel company; operates universities; explores for oil; generates electricity; and offers securities brokerage and transfer services.

Mabuhay Vinyl Corporation manufactures and distributes basic and intermediate chemicals for various household and industrial applications in the Philippines. The company provides caustic soda, hydrochloric acid, liquid chlorine, and sodium hypochlorite. It is also involved in the trading of caustic soda pearls and Asahi valves. The company was formerly known as Mabuhay Rubber Corporation and changed its name to Mabuhay Vinyl Corporation in 1966. Mabuhay Vinyl Corporation was incorporated in 1934 and is based in Makati City, the Philippines. Mabuhay Vinyl Corporation is a subsidiary of Tosoh Corporation.

Marcventures Holdings, Inc., through its subsidiary, Marcventures Mining and Development Corporation, primarily explores for, develops, and mines nickel ores in the Philippines. It has a mineral production sharing agreement that covers an area of approximately 4,799 hectares located in Cantilan, Surigao Del Sur. The company was incorporated in 1957 and is based in Makati City, the Philippines. Marcventures Holdings, Inc. is a subsidiary of PCD Nominee Corporation.

Mangalam Cement Limited develops, manufactures and distributes portland cement and clinker.

China Shanshui Cement Group Ltd produces cement and clinker.  The Company also quarries limestone.

Hanil Holdings Co.,Ltd. manufactures cement products. The Company produces and sells cement, ready-mixed concrete, ready-mixed dry mortar, and other related products. Hanil Holdings also provides information technology services and construction services.

Asia Cement Co., Ltd. manufactures cement and aggregate products.  The Company produces and sells cement, ready-mix concrete, and dry mortar. Asia Cement offers its products to construction industry in Korea.

Beijing Taikong Panel Industry Corp was founded in 1999. The Company's line of business includes the manufacturing of concrete products from a combination of cement and aggregate.

Beijing Taikong Panel Industry (300344 CH)

Udaipur Cement Works Ltd. manufactures and sells cement and related products. The Company supplies cement and aggregates for use in construction and related industries.

Sanghi Industries Ltd. manufactures cement.

Zhejiang Kaier New Materials Company Limited develops, designs, promotes, manufactures and sells vitreous enamel cladding panels. The Company's main products are ceramic plates, the parts of ceramic heat transfer and enamel glaze.

Xiamen Academy of Building Research Group Co.,Ltd. provides construction and engineering consulting services, develops, manufactures and sells construction materials.  The Company's products include concrete, concrete water reducer, concrete strengthener, and other concrete admixtures.

Xiamen Acad Of Buil. Res. Gro. Co.,Ltd. (002398 CH)

Jiangsu Baoli International Investments Co., manufactures road asphalt products.  The Company also warehouses and distributes imported asphalt products.

Jiangsu Baoli Intl Investment (300135 CH)

Cemex Holdings Philippines, Inc. is a cement producer. The Company produces and markets cement and cement products, such as ready-mix concrete and clinker. Cemex Holdings Philippines sells its products throughout the Philippines.

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Cemex Holdings Philippines (CHP PM)

Average 19% YTD Gain in Key Mining Stocks

SGX lists four stocks mining industrial minerals including tantalite, phosphate, limestone and marble, four coal mining stocks and three gold...

Singapore Exchange Ltd (SGX)

Cemex Philippines IPO: Sound Industry Fundamentals, But Limited Upside

Cemex Holdings Philippines recently launched its institutional book building for its US$500m IPO. I had written on the deal earlier, Cemex...

Ke Yan, CFA, FRM

Cemex Philippines IPO Early Thoughts: Supply Glut, Notes on CG

Cemex SAB De CV (ADR) 's Philippines subsidiary Cemex Holdings Philippines is planning to raise up to US$860m by June.In this insight, I look to...

Ke Yan, CFA, FRM

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