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

Frasers Centrepoint Trust / Equity Bottom-Up

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

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><a href="https://www.smartkarma.com/entities/aims-amp-capital-industrial" target="_blank" data-smartkarma-citation="entities:933" rel="noopener">AIMS APAC REIT (AAREIT SP)</a> partners with SP Group to install large-scale rooftop solar system across SG properties</li><li><a href="https://www.smartkarma.com/entities/united-hampshire-us-reit" target="_blank" data-smartkarma-citation="entities:28874" rel="noopener">United Hampshire US REIT (UHU SP)</a> set to be included in three indices effective 26Sep22</li><li>New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   </li></ul>

AIMS APAC REIT (AAREIT SP) partners with SP Group to install large-scale rooftop solar system across SG propertiesUnited Hampshire US REIT (UHU SP) set to be included in three indices effective 26Sep22New private home sales dropped 48% MoM in Aug22; But take-up rate further rebounded to ~326%   

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>’s scheme just fell shy of clearing the value test as 74.88% of the total votes cast approved the scheme resolution vs the 75% requirement.</li>
<li>The shares were trading tight to terms as <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a>’s offer of S$0.714 comprising of S$0.70 cash per share + permitted distributions (estimated 1.356 cents) was attractive.  </li>
<li>We estimate that the surprising deal break will likely lead to a 15-20% share price fall. The last close price is around 24% higher than the undisturbed price (S$0.57).</li>
</ul>



Frasers Hospitality Trust (FHT SP)’s scheme just fell shy of clearing the value test as 74.88% of the total votes cast approved the scheme resolution vs the 75% requirement.
The shares were trading tight to terms as Frasers Property Ltd (FPL SP)’s offer of S$0.714 comprising of S$0.70 cash per share + permitted distributions (estimated 1.356 cents) was attractive.  
We estimate that the surprising deal break will likely lead to a 15-20% share price fall. The last close price is around 24% higher than the undisturbed price (S$0.57).


Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short

<ul><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launch</li><li><a href="https://www.smartkarma.com/entities/oxley-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1097" rel="noopener">Oxley Holdings (OHL SP)</a> to issue dividend in specie of Aspen Group (ASPEN SP) shares</li><li>HDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down</li></ul>

Frasers Property Ltd (FPL SP) sold ~75% of Sky Eden@Bedok at S$2,100psf on first day of launchOxley Holdings (OHL SP) to issue dividend in specie of Aspen Group (ASPEN SP) sharesHDB resale prices continued upward momentum of +0.4% MoM growth in Aug22; But price gains have slowed down

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

<ul><li>TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)</li><li>Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170m</li><li><a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670" rel="noopener">Frasers Property Ltd (FPL SP)</a> offering fixed rate green notes up to S$375m</li></ul>

TE Cap Partners/Lasalle IM JV eyeing a S$4,000psf forward sale of Solitaire On Cecil (former PIL building)Freehold Oakwood Studios in Orchard is on the market at a guided price of S$170mFrasers Property Ltd (FPL SP) offering fixed rate green notes up to S$375m

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Singapore

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Frasers Property Ltd (FPL SP)

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

10 in 10 with Frasers Centrepoint Trust - Capturing the suburban wave

Singapore Exchange Ltd (SGX)

ASEAN Builder's Scoop (16Sep22) - AAREIT Partners SP Group in ESG Move

UHU included in 3 indexes; New home sales take-up rate reached >300% in Aug22; FPL green note oversubsribed; New private home sales dropped 48% MoM...

SCCM Asia Research

Frasers Hospitality Trust’s Scheme Votes Unexpectedly Falls Short

The scheme failed to clear the 75% scheme resolution voting requirement. We estimate that the surprising deal break will likely lead to a 15-20%...

Arun George

ASEAN Builder's Scoop (9Sep22) - FPL Sold ~75% Sky Eden@Bedok at Launch Day

OHL to issue dividend in specie of ASPEN; HDB resale price rose at slower pace in Aug22; Horizon Towers, Sultan Plaza back on market; SSIA swung...

SCCM Asia Research

ASEAN Builder's Scoop (8Sep22) - Solitaire on Cecil on Market for ~S$4,000psf

Oakwood Studios on market for S$170m; MEG opening Mactan hotel; ADCP bagged new TOD project; Global air travel catching up

SCCM Asia Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)