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.

Equity Bottom-Up

<ul><li>In 1Q24, 50 SGX primary-listed companies bought back shares by way of market acquisitions with a combined consideration of ~S$230 million.</li><li>CapitaLand Investment bought back 31.2 million shares at an average price of S$2.96 in 1Q24 and City Developments bought back 6.7 million shares at an average price of S$5.91 per share.</li><li>The 1Q24 buyback activity compared to 41 primary-listed companies conducting S$111 million in buyback consideration in 1Q23.</li></ul>

In 1Q24, 50 SGX primary-listed companies bought back shares by way of market acquisitions with a combined consideration of ~S$230 million.CapitaLand Investment bought back 31.2 million shares at an average price of S$2.96 in 1Q24 and City Developments bought back 6.7 million shares at an average price of S$5.91 per share.The 1Q24 buyback activity compared to 41 primary-listed companies conducting S$111 million in buyback consideration in 1Q23.

Singapore Primary-listed Companies Bought Back S$230M in Shares in 1Q24 

<ul><li>kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and Covid-19,” recalls Louis d’Estienne d’Orves, chief executive officer of IREIT.</li><li>The REIT also has the backing of its joint sponsors, global real estate firm City Developments Limited and international alternative asset management group Tikehau Capital.</li></ul>

kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and Covid-19,” recalls Louis d’Estienne d’Orves, chief executive officer of IREIT.The REIT also has the backing of its joint sponsors, global real estate firm City Developments Limited and international alternative asset management group Tikehau Capital.

kopi-C with IREIT Global’s CEO: "Conviction is what matters"

<ul>
<li>Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to Mar 14, with S$156 million of net institutional outflow, as 24 primary-listed companies conducted buybacks with a total consideration of S$35.3 million, up from the S$24.4 million in buyback consideration for the preceding five sessions.</li>
<li>Between Mar 7 and 13, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share.</li>
</ul>


Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the five trading sessions through to Mar 14, with S$156 million of net institutional outflow, as 24 primary-listed companies conducted buybacks with a total consideration of S$35.3 million, up from the S$24.4 million in buyback consideration for the preceding five sessions.
Between Mar 7 and 13, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.7 million shares at an average price of S$1.02 per share.


Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration

<ul><li>STI Rebounds 5.2% in July, led by Seatrium & Keppel Corp The 5.2% gain on the month was the STI's strongest performing month since a 6.4% gain in November 2022, with the STI trading at March levels (below 3,150) in early July, then retesting February levels (above 3,350) in late July.  https://investors.sgx.com/_security-types/stocks/S51?lang=en led the STI constituents in July, gaining 12.8% while booking the highest net institutional inflow for the month at S$75.4 million.</li></ul>

STI Rebounds 5.2% in July, led by Seatrium & Keppel Corp The 5.2% gain on the month was the STI's strongest performing month since a 6.4% gain in November 2022, with the STI trading at March levels (below 3,150) in early July, then retesting February levels (above 3,350) in late July.  https://investors.sgx.com/_security-types/stocks/S51?lang=en led the STI constituents in July, gaining 12.8% while booking the highest net institutional inflow for the month at S$75.4 million.

STI Rebounds 5.2% in July, led by Seatrium & Keppel Corp

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>Singapore stocks have booked net retail inflow of S$1.01 billion in the 2024 year to 13 June, comprised of S$959 million in 1Q24 and S$50 million in 2Q24.</li><li>While the 2Q24 net inflow looks to have slowed considerably, S$597 million of net retail outflow in the trio of Banks has offset S$646 million of net retail inflow to other Singapore stocks.</li><li>As noted above, coinciding with price gains, UOB booked the most net selling by retail investors in the 2Q24 (to 13 June) at S$366 million, which followed S$10 million of net retail buying in 1Q24.</li></ul>

Singapore stocks have booked net retail inflow of S$1.01 billion in the 2024 year to 13 June, comprised of S$959 million in 1Q24 and S$50 million in 2Q24.While the 2Q24 net inflow looks to have slowed considerably, S$597 million of net retail outflow in the trio of Banks has offset S$646 million of net retail inflow to other Singapore stocks.As noted above, coinciding with price gains, UOB booked the most net selling by retail investors in the 2Q24 (to 13 June) at S$366 million, which followed S$10 million of net retail buying in 1Q24.

Recent Net Retail Flow in Singapore Stocks

Singapore

UOL Group Limited is a property company. The Company has a diversified portfolio of development and investment properties, hotels, and serviced suites. UOL Group, through its subsidiary owns a portfolio of commercial assets and hotels. UOL Group operates in Asia, Oceania, and North America.

Frasers Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

Singapore Land Group Limited operates as a real estate company. The Company develops and invests in properties, and provides property management, information technology, development management and consultancy services, as well as trades in computers and related products, and invests in hotels and retail centers. Singapore Land Group serves clients in Singapore.

Ascendas India Trust is a business trust that invests in real estate. The trust acquires, owns, and develops land for business use.

GuocoLand Limited is a regional property company with operations in Singapore, China, Malaysia and Vietnam. Headquartered in Singapore, the principal business activities of GuocoLand and its subsidiaries (“the Group”) are property development, property investment, hotel operations and property management.

Ho Bee Land Limited develops and invests in real estate properties in Singapore and United Kingdom.  The Company also operates hotels.

Wing Tai Holdings Limited is an investment holding company whose subsidiaries invest in and develop properties, manufacture woven labels, and trade garments and architectural products and accessories.  The Company also provides management services and operates restaurants.

First Sponsor Group Limited, an investment holding company, is engaged in the property development and investment activities primarily in the People's Republic of China. Its properties include residential and commercial properties.

Yanlord Land Group Ltd is a real estate development company. The Company develops high-end residential property projects in the Peoples Republic of China.

Bukit Sembawang Estates Limited, through its subsidiaries, operates in property development, property mortgage financing, and the holding of properties and investments. The Company provides residential property development throughout Singapore.

Hang Lung Properties Limited, through its subsidiaries, invests in, develops, and manages properties. The Company also manages parking lots. Hang Lung Properties serves customers in Hong Kong.

AEON Mall Co., Ltd. develops, manages, and maintains large-scale shopping malls throughout Japan. The Company develops shopping malls, rent the space, manages and maintains the shopping malls.

Highwealth Construction Corp. develops and sells residential and commercial buildings which are constructed by independent construction contractors.

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd. operates real estate development businesses. The Company provides new industry properties development, housing renovation, real estate sales, real estate rental, and other services. Shanghai Zhangjiang Hi-Tech Park Development also offers construction investment, hospitality operation, and other services.

Ruentex Development Co., Ltd. develops, sells, and leases residential and commercial buildings which are constructed by independent contractors.

China World Trade Center Co., Ltd. provides real estate services. The Company operates office building leasing business, shopping mall leasing business, apartment leasing business, hotel management business, and other related businesses. China World Trade Center offers services in China.

Tokyo Tatemono Co., Ltd. develops, sells, and leases commercial buildings, condominiums, and houses.   The Company also develops and manages hotels, vacation houses, leisure facilities, and resort places.

C&D International Investment Group Limited is a green building property development and management company based in Hong Kong.

Hangzhou Binjiang Real Estate Group Co., Ltd. develops and sells real estate properties. The Company also manages and operates hotels.

Hangzhou Binjiang Real Estate Grp (002244 CH)

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

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City Developments (CIT SP)

Singapore Primary-listed Companies Bought Back S$230M in Shares in 1Q24

In 1Q24, 50 SGX primary-listed companies bought back shares by way of market acquisitions with a combined consideration of ~S$230...

Singapore Exchange Ltd (SGX)

kopi-C with IREIT Global’s CEO: "Conviction is what matters"

kopi-C with IREIT Global’s CEO: "Conviction is what matters" “Everyone was saying we were crazy, that retail is over due to e-commerce and...

Singapore Exchange Ltd (SGX)

Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration

Raffles Medical executive chair continues acquisitions, CDL leads buyback consideration Institutions were net sellers of Singapore stocks over the...

Singapore Exchange Ltd (SGX)

STI Rebounds 5.2% in July, led by Seatrium & Keppel Corp

STI Rebounds 5.2% in July, led by Seatrium & Keppel Corp The 5.2% gain on the month was the STI's strongest performing month since a 6.4% gain...

Singapore Exchange Ltd (SGX)

Recent Net Retail Flow in Singapore Stocks

Singapore stocks have booked net retail inflow of S$1.01 billion in the 2024 year to 13 June, comprised of S$959 million in 1Q24 and S$50 million...

Singapore Exchange Ltd (SGX)

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