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>Share buybacks by primary-listed companies The five sessions also saw 16 primary-listed companies conduct buybacks with a total consideration of S$20.2 million, similar to the consideration in the preceding week.</li><li>Sats maintains that repurchased shares held in treasury can be transferred for share schemes without diluting existing shares.</li></ul>

Share buybacks by primary-listed companies The five sessions also saw 16 primary-listed companies conduct buybacks with a total consideration of S$20.2 million, similar to the consideration in the preceding week.Sats maintains that repurchased shares held in treasury can be transferred for share schemes without diluting existing shares.

Buybacks continue at moderate pace; Far East Orchard chair acquires shares

<ul><li>kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’ Nearly a decade after entering the student housing market in the United Kingdom in 2015, Singaporean real estate company Far East Orchard continues to see massive potential for growth.</li><li>Established since 1967, Far East Orchard has a track record in real estate development, investment and management across residential, commercial, hospitality and Purpose-Built Student Accommodation ("PBSA") properties in Australia, Japan, Malaysia, Singapore, and the United Kingdom ("UK").</li></ul>

kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’ Nearly a decade after entering the student housing market in the United Kingdom in 2015, Singaporean real estate company Far East Orchard continues to see massive potential for growth.Established since 1967, Far East Orchard has a track record in real estate development, investment and management across residential, commercial, hospitality and Purpose-Built Student Accommodation ("PBSA") properties in Australia, Japan, Malaysia, Singapore, and the United Kingdom ("UK").

kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>AEW acquires Westgate Tower for S$2,200psf; Parkview Square at Bugis under exclusive DD for S$2,700psf</li><li>Condo resale prices rise for 22nd straight month in May22; Jumping 0.3% MoM</li><li><a href="https://www.smartkarma.com/entities/far-east-orchard-ltd" target="_blank" data-smartkarma-citation="entities:9875" rel="noopener">Far East Orchard (FEOR SP)</a> made 4th investment in student hostel in Bristol</li></ul>

AEW acquires Westgate Tower for S$2,200psf; Parkview Square at Bugis under exclusive DD for S$2,700psfCondo resale prices rise for 22nd straight month in May22; Jumping 0.3% MoMFar East Orchard (FEOR SP) made 4th investment in student hostel in Bristol

ASEAN Builder's Scoop (15Jun22) - AEW Buys Westgate Tower, Parkview Square Under DD

<ul><li><a href="https://www.smartkarma.com/entities/manulife-us-reit" target="_blank" data-smartkarma-citation="entities:567" rel="noopener">Manulife US REIT (MUST) (MUST SP)</a> 1Q22 Business Updates – Slow and bumpy return to office</li><li><a href="https://www.smartkarma.com/entities/first-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:15848" rel="noopener">First REIT (FIRT SP)</a> 1Q22 DPU +1.5% YoY; New chapter began with a steady DPU growth and lower gearing</li><li>ABSD of 35% to be imposed on transfers of residential property to living trust</li></ul>

Manulife US REIT (MUST) (MUST SP) 1Q22 Business Updates – Slow and bumpy return to officeFirst REIT (FIRT SP) 1Q22 DPU +1.5% YoY; New chapter began with a steady DPU growth and lower gearingABSD of 35% to be imposed on transfers of residential property to living trust

ASEAN Builder's Scoop (9May22) - MUST Slow and Bumpy Road

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-investment-ltd-si" target="_blank" data-smartkarma-citation="entities:33774" rel="noopener">Capitaland Investment (CLI SP)</a> FY21 performance beats as fund management business takes off; Lodging recovering further</li><li><a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57" rel="noopener">City Developments (CIT SP)</a> returns to black in 2H21; A surprise CDREIT dividend in specie</li><li><a href="https://www.smartkarma.com/entities/propnex-ltd" target="_blank" data-smartkarma-citation="entities:27209" rel="noopener">Propnex Ltd (PROP SP)</a> 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)</li></ul>

Capitaland Investment (CLI SP) FY21 performance beats as fund management business takes off; Lodging recovering furtherCity Developments (CIT SP) returns to black in 2H21; A surprise CDREIT dividend in speciePropnex Ltd (PROP SP) 4Q21 net profit rose 90.5% YoY; Declared total dividends of S$0.125/share (~7.3% implied yield)

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

Singapore

Far East Orchard Limited operates a diversified portfolio focusing on property development, hospitality real estate development and management and healthcare real estate. The Company operates a hospitality portfolio spanning Australia, China, Denmark, Germany, Hungary, Malaysia, New Zealand, and Singapore and owns purpose-built medical suites in Singapore.

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Far East Orchard (FEOR SP)

Buybacks continue at moderate pace; Far East Orchard chair acquires shares

Share buybacks by primary-listed companies The five sessions also saw 16 primary-listed companies conduct buybacks with a total consideration of...

Singapore Exchange Ltd (SGX)

kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’

kopi-C with Far East Orchard’s Group CEO: ‘We’re building an enduring Singapore real estate enterprise’ Nearly a decade after entering the student...

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (15Jun22) - AEW Buys Westgate Tower, Parkview Square Under DD

Condo resale price rose again in May22; FEOR expands PBSA in Bristol; Russians led condo revival in Phuket; MER-RLC partners to boost capacity

SCCM Asia Research

ASEAN Builder's Scoop (9May22) - MUST Slow and Bumpy Road

FIRT new chapter began with steady growth; ABSD 35% imposed to Living Trust; Piccadilly Grand 77% sold; BS previews Liv @ MB; YLLG Apr22 presales...

SCCM Asia Research

ASEAN Builder's Scoop 25Feb22 - CLI Fund Management Takes Off

CIT surprise CDREIT divvy in specie; PROP ~7.3% implied divvy yield; ALLHC 4Q21 earnings fell 27% YoY; SDPR targets MYR2.8bn new launches

SCCM Asia Research

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