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>While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.</li><li>External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.</li><li>Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.</li></ul>

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep drops.External factors also affect the prospects of the iEdge SG Advanced Manufacturing Index's most traded stocks.Some of the most traded index stocks, such as Yangzijiang Shipbuilding, Dyna-Mac and Food Empire, have high P/B ratios compared to their historical averages, indicating strong market valuation.

Taking Stock of Singapore’s Trade Contraction in 2023 

<ul><li>Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.</li><li>Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.</li></ul>

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.

Accrelist chairman Terence Tea increases stake in firm

<ul><li>For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining 4% to S$2.145 billion.</li><li>Outside of the STI, actively traded stocks that booked the highest total returns in 1H23 included Dyna-Mac, Tianjin Pharmaceutical Da Ren Tang Group, Delfi, Food Empire Holdings, PropNex, Marco Polo Marine & Samudera Shipping Line.</li><li>However, outlier performances within the Singapore stock market, saw the average total return of the 100 most traded stocks in 1H23 at 3.2% versus the median total return of 0.5%.</li></ul>

For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining 4% to S$2.145 billion.Outside of the STI, actively traded stocks that booked the highest total returns in 1H23 included Dyna-Mac, Tianjin Pharmaceutical Da Ren Tang Group, Delfi, Food Empire Holdings, PropNex, Marco Polo Marine & Samudera Shipping Line.However, outlier performances within the Singapore stock market, saw the average total return of the 100 most traded stocks in 1H23 at 3.2% versus the median total return of 0.5%.

STI Books 1.2% Total Return in 1H23 as Global Growth Decelerates

<ul><li>The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific.</li><li>Last week the 20 stocks booked S$34 million of net institutional inflow, reducing their combined YTD net institutional outflow to S$55 million.</li><li>Singapore’s 20 most traded Industrial stocks have booked net institutional fund outflows of S$54.5 million over the past 20 weeks, however last week saw S$33.6 million of net institutional fund inflows.</li></ul>

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific.Last week the 20 stocks booked S$34 million of net institutional inflow, reducing their combined YTD net institutional outflow to S$55 million.Singapore’s 20 most traded Industrial stocks have booked net institutional fund outflows of S$54.5 million over the past 20 weeks, however last week saw S$33.6 million of net institutional fund inflows.

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA 

<ul><li>Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.</li><li>On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.</li></ul>

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.

Dyna-Mac CEO adds to stake at S$0.188 per share

Singapore

Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure-Related Engineering and Technology Group listed on the SGX Mainboard.

Focusing on the niche engineering and development of key infrastructure to support sustainable shared socio-economic growth in global markets, our strong suite of engineering services under our Energy Engineering Division and Real Estate Division centres on energy infrastructure and smart, eco-sustainable and future-ready business park and industrial developments.

In addition, we provide technology-driven transformative solutions to improve quality of life for all walks of life.  Our Geospatial Division provides professional services and exclusively distributes Esri ArcGIS technology – the world’s leading geographic information system, smart mapping and location analytics platform – to major markets in the Asia Pacific.  The software creates digital infrastructure solutions and digital twins that enable smart nations, smart cities and smart communities to solve the world’s most complex problems through effective and sustainable improvement of human wellbeing and ecosystems, and planning and management of key infrastructure and resources.  Our Healthcare Division provides innovative medical solutions that address niche age-related chronic diseases and mobility issues, with a focus on rehabilitative care and sports science in the Asia Pacific.

With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world.  To date, we have undertaken projects in 90 countries and territories globally.

In 2008 and 2009, we were recognised in the prestigious Forbes Asia 200 Best Under A Billion as one of the Asia Pacific’s 200 best public-listed corporations under US$1 billion in revenue.  In 2017, we were ranked by FinanceAsia as Singapore’s Best Small-Cap in the annual Asia’s Best Companies Poll.  In 2019, we were awarded the Most Transparent Company in the Industrials Category and Sustainability Award (Runner-Up) in the Mid Cap Category by the Securities Investors Association (Singapore).  For the second successive year in 2021, we were ranked among Singapore’s Best Employers, at 40th overall and 1st under our respective category of Business Services & Supplies (including Real Estate) in an evaluation encompassing 1,700 large corporations.  In 2021, we were awarded the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition, a recognition of our best practices in corporate governance and leadership, innovation and resilience during the COVID-19 pandemic – among only 26 SGX-listed corporations to be honoured across all market capitalisation categories and only seven in the Mid Cap Category.  We are also listed on the MSCI World Micro Cap Index, FTSE Global Small Cap Index, FTSE Developed Small Cap Index and FTSE ST Industrials Index.

Visit us at www.boustead.sg.

Mermaid Maritime PCL is a provider of drilling and sub-sea engineering services for the offshore oil and gas industry. The Company's sub-sea engineering division services clients in South East Asia, India, China, Sakhlin, the North Sea, the Middle East and South America.

Atlantic Navigation Holdings (Singapore) Ltd. is a shipping company. The Company offers an integrated platform of services including vessel owning, operating, chartering of third party vessels, maintenance workshop and steel fabrication works for the offshore industry. Atlantic primarily operates its fleet in the Middle East and Indian markets.

Atlantic Navigation Holdings (Sing) (ATL SP)

Baker Technology Limited manufactures and provides equipment and services for the oil & gas industry. The Company's products include offshore pedestal cranes, anchor winches, skidding systems, jacking systems and raw water tower structures. Baker also provides services such as project management, engineering services, quality assurance, and construction supervision.

Hai Leck Holdings Ltd. provides scaffolding and corrosion prevention and insulation services to the oil and natural gas and petrochemical industries.

Pacific Radiance Ltd. offers offshore vessels and support services. The Company owns and operates offshore vessels and provides subsea services, shipyard services, marine equipment as well as project logistics to the oil and gas industry around the world.

MTQ Corporation Limited provides oilfield engineering services. The Company also rents oilfield equipment, sells and services turbocharger and fuel injection parts.

CH Offshore Limited owns and charters vessels to support and service the offshore oil and gas industry.  The Company also provides seismic surveys, towing and anchor handling of drill rigs and equipment, and transportation of supplies and personnel.  CH Offshore provides supporting services for the construction of platforms and laying of the pipelines.

Jasper Investments Limited and its subsidiaries provide engineering and construction services.  The Company also manufactures and trades building materials, trades, services and rents construction machinery and equipment, and develops and invests in properties.

CosmoSteel Holdings Ltd. sources and distributes piping system components. The Company distributes piping system components including pipes, fittings and flanges. CosmoSteel also provides machining services.

Velesto Energy Berhad provides services to the oil and gas industry. The Company offers drilling operations, pipe manufacturing, and oilfield services.

Zhejiang Kingland Pipeline and Technologies Co., Ltd. develops, manufactures, and sells high-grade oil and gas pipelines.  The Company's products are spiral welded pipe, galvanized steel pipe, and steel-plastic composite pipe etc.

Zhejiang Kingland Pipeline And Tech Co (002443 CH)

China Oil HBP Science & Technology Company Limited designs and develops  oil and gas field development technology ground systems and full set equipment and provides engineering services.

China Oil Hbp Science&Technology (002554 CH)

SEAMEC Ltd owns and operates diving support vessels.  The Company performs subsea inspections, repair, maintenance and light construction on offshore oil equipment.

PetroVietnam Transportation Corporation provides maritime transportation and services to the oil and gas industry in Vietnam and internationally. It owns, operates, and charters crude oil, oil products, gas products, and chemical tankers, as well as offshore support vessels and other cargo ships. The company transports crude oil, refined oil products, and gas products and chemicals. It also provides offshore technical services, such as FPSO/FSO services, offshore support vessels, marine survey, offshore fabrication, transportation, installation, maintenance, and repair, as well as manpower supply, etc. In addition, the company offers logistics services; industrial, agricultural, fishery, and household products import and export services; travel and tourist services; and man power training services. Further, it provides other services, including the procurement and supply of marine, oil, and gas materials and equipment; marine and container freight forwarding services; road and inland waterway transportation services; gas taxi and passenger transportation services; freight forwarding services; multi-modal transportation; and real estate and financial investment services. The company was founded in 2002 and is based in Ho Chi Minh City, Vietnam. PetroVietnam Transportation Corporation is a subsidiary of Vietnam National Oil and Gas Group.

Chengdu Huaqi Houpu Holding Co., Ltd. operates as a clean fuel refueling solution provider. The Company provides station management for LNG, CNG, and L-CNG stations.  Chengdu Huaqi Houpu serves customers around the world.

Chengdu Huaqihoupu Holding Co (300471 CH)

Ensign Energy Services Inc provides oilfield services in Canada, the United States and internationally.  The Company offers land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators. Additional services include directional drilling, rental equipment, managed pressure drilling, and production flow back units.

Dalian Energas Gas-System Co., Ltd. is a manufacturer of industrial systems. The Company offers fuel gas distribution system, fuel gas application system, spare parts, and services.

SEACOR Marine Holdings Inc. operates a fleet of offshore marine support vessels. The Company offers crew transportation, platform supply, offshore accommodation, maintenance support, standby safety, and anchor handling and mooring services. SEACOR Marine Holdings serves the offshore oil and gas exploration and production industry.

Matrix Service Company provides specialized on-site maintenance and construction services for petroleum refining and storage facilities, as well as water storage facilities for the private industry sector.  The Company's services include the maintenance, inspection, design, repair, and construction of aboveground storage tanks.

Dyna-Mac Holdings Ltd. offers engineering, procurement and construction services to the offshore oil and natural gas, marine construction and other industries.  The Company builds topside modules for floating production storage and offloading, semi-submersibles, manifolds, buoys, process piping, and tanks for petrochemical and pharmaceutical plants.

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Dyna Mac Holdings (DMHL SP)

Taking Stock of Singapore’s Trade Contraction in 2023

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep...

Singapore Exchange Ltd (SGX)

Accrelist chairman Terence Tea increases stake in firm

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an...

Singapore Exchange Ltd (SGX)

STI Books 1.2% Total Return in 1H23 as Global Growth Decelerates

For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining...

Singapore Exchange Ltd (SGX)

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific. Last...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taking Stock of Singapore’s Trade Contraction in 2023

While Singapore's exports have lagged behind Taiwan and Korea in Nov-Dec 2023, they have showed signs of recovery after a year of steep...

Singapore Exchange Ltd (SGX)

Accrelist chairman Terence Tea increases stake in firm

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an...

Singapore Exchange Ltd (SGX)

STI Books 1.2% Total Return in 1H23 as Global Growth Decelerates

For 1H23, the STI booked a 2% total return, in-line with the FTSE ASEAN Extended 60 Index’s 1.0% total return with combined STI ETF AUM declining...

Singapore Exchange Ltd (SGX)

Industrial Sector Recently Led by Marco Polo Marine, YZJSH & SIA

The Industrial Sector has ranked among the five strongest performing global Sectors in the YTD, with gains extending to the Asia Pacific. Last...

Singapore Exchange Ltd (SGX)

Dyna-Mac CEO adds to stake at S$0.188 per share

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17,...

Singapore Exchange Ltd (SGX)