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

Great Eastern Holdings / Equity Bottom-Up

<ul><li>Share buybacks by primary listed companies 16 - 22 Jun 2023 UOB, OCBC, Keppel Corporation, ST Engineering and Singtel led the net institutional outflow for the five sessions.</li><li>On Jun 19, OCBC acquired 2,345,800 shares of Great Eastern Holdings at S$16.99 per share.</li></ul>

Share buybacks by primary listed companies 16 - 22 Jun 2023 UOB, OCBC, Keppel Corporation, ST Engineering and Singtel led the net institutional outflow for the five sessions.On Jun 19, OCBC acquired 2,345,800 shares of Great Eastern Holdings at S$16.99 per share.

Nio enters share subscription agreement with CYVN Holdings; OCBC ups Great Eastern stake

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about valuations and undertake a peer comparison versus its international peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about valuations and undertake a peer comparison versus its international peers.


Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li><em><strong>OCBC reported 4Q21 net profit of SGD 973 mn, declining 20.5% linked quarter, as a result of an increase in loss provisions and higher costs; </strong></em></li>
<li><em><strong>Were it not for the 51.8% decline in Singapore NPLs, credit quality would have been disastrous for OCBC with credit falling off of a cliff regionally; and </strong></em></li>
<li><em><strong>Given the increase in net new NPLs, reserves would appear to now be wanting by SGD 2.8 bn plus or nearly three quarters of bottom-line results. </strong></em></li>
</ul>


OCBC reported 4Q21 net profit of SGD 973 mn, declining 20.5% linked quarter, as a result of an increase in loss provisions and higher costs; 
Were it not for the 51.8% decline in Singapore NPLs, credit quality would have been disastrous for OCBC with credit falling off of a cliff regionally; and 
Given the increase in net new NPLs, reserves would appear to now be wanting by SGD 2.8 bn plus or nearly three quarters of bottom-line results. 


Oversea Chinese Banking Corp.- Another Weak Print

<ul>
<li>
<em><strong>Better, But Off A Low Base:</strong></em> AIA Group's (1299.HK) [AIA] limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume; </li>
<li>
<em><strong>Many Deal Distractions:</strong></em>AIA has gone on a deal-making spree in 2021, announcing six separate transactions to date; and  </li>
<li>
<em><strong>Suffocating Hong Kong Business:</strong></em> AIA’s core Hong Kong business has been an unmitigated disaster during COVID-19, struggling with mainland Chinese visitors. Further, there is limited clarity on AIA’s legacy agents. </li>
</ul>



Better, But Off A Low Base: AIA Group's (1299.HK) [AIA] limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume; 

Many Deal Distractions:AIA has gone on a deal-making spree in 2021, announcing six separate transactions to date; and  

Suffocating Hong Kong Business: AIA’s core Hong Kong business has been an unmitigated disaster during COVID-19, struggling with mainland Chinese visitors. Further, there is limited clarity on AIA’s legacy agents. 


AIA Group – No Word On Massive Deal Risk

FWD Group Holdings / Equity Capital Markets

<div><p>FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. </p></div><div><p>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.</p></div><div>
<div>In our previous note, we spoke about the positive  and negatives aspects of the deal in our earleir notes, <a href="https://www.smartkarma.com/insights/fwd-pre-ipo-the-positives-growing-fast" target="_blank" rel="noopener">FWD Pre-IPO - The Positives - Growing Fast</a>, <a href="https://www.smartkarma.com/insights/fwd-pre-ipo-the-negatives-strategy-remains-unclear" target="_blank" rel="noopener">FWD Pre-IPO - The Negatives - Strategy Remains Unclear </a>and <a href="https://www.smartkarma.com/insights/fwd-pre-ipo-peer-comparison" target="_blank" rel="noopener">FWD Pre-IPO - Peer Comparison</a>.</div>
<div></div>
<div>In this note we will talk about valuations.</div>
</div>

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.
In our previous note, we spoke about the positive  and negatives aspects of the deal in our earleir notes, FWD Pre-IPO - The Positives - Growing Fast, FWD Pre-IPO - The Negatives - Strategy Remains Unclear and FWD Pre-IPO - Peer Comparison.

In this note we will talk about valuations.


Singapore

Great Eastern Holdings Limited operates in the life insurance business. The Company provides fund management services including retirement plans and endowments as well as life and health insurance, personal accident insurance, and general insurance

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Great Eastern Holdings (GE SP)

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

Oversea Chinese Banking Corp.- Another Weak Print

OCBC: OCBC reported 4Q21 net profit decline of 20.5% QOQ due to increases in loss provisions and costs. Were it not for the improvement in...

Thomas J. Monaco

AIA Group – No Word On Massive Deal Risk

AIA: AIA reported a limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume. No word on AIA's...

Thomas J. Monaco

FWD Pre-IPO - Thoughts on Valuation

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note we will talk about our thoughts on...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nio enters share subscription agreement with CYVN Holdings; OCBC ups Great Eastern stake

Share buybacks by primary listed companies 16 - 22 Jun 2023 UOB, OCBC, Keppel Corporation, ST Engineering and Singtel led the net institutional...

Singapore Exchange Ltd (SGX)

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

Oversea Chinese Banking Corp.- Another Weak Print

OCBC: OCBC reported 4Q21 net profit decline of 20.5% QOQ due to increases in loss provisions and costs. Were it not for the improvement in...

Thomas J. Monaco

AIA Group – No Word On Massive Deal Risk

AIA: AIA reported a limited set of 3Q21 results, where VONB declined 3.5% on a linked quarter basis due weaker new sales volume. No word on AIA's...

Thomas J. Monaco

FWD Pre-IPO - Thoughts on Valuation

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note we will talk about our thoughts on...

Sumeet Singh