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>More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July.</li><li>Multi-Chem, SATS, Singtel, Civmec, Kim Heng, Accrelist, Great Eastern, Dyna-Mac, Venture, Azeus and Hock Lian Seng saw the most acceleration in net institutional inflow in July compared to 1H24 inflow, while averaging 12% price gains for the month.</li><li>The 63 stocks among the 300 most traded stocks this year that built upon their first-half gains in July are tabled below.</li></ul>

More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July.Multi-Chem, SATS, Singtel, Civmec, Kim Heng, Accrelist, Great Eastern, Dyna-Mac, Venture, Azeus and Hock Lian Seng saw the most acceleration in net institutional inflow in July compared to 1H24 inflow, while averaging 12% price gains for the month.The 63 stocks among the 300 most traded stocks this year that built upon their first-half gains in July are tabled below.

60+ Singapore Stocks that Added to 1H24 Gains in July

<ul><li>Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.</li><li>Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.</li></ul>

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200 shares at an average price of S$0.49 per share.Wing Tai Holdings chairman and managing director Cheng Wai Keung continued to build his deemed interest in the company, through his spouse Helen Chow acquiring shares.

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

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/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share. </li>
<li>The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.</li>
<li>The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.</li>
</ul>



Lian Beng (LBG SP)/LBG disclosed a revised final voluntary unconditional offer from the Ong family at S$0.68 per share, a 9.7% premium to the previous offer of S$0.62 per share. 
The final offer price remains unattractive in comparison to peer multiples and precedent transactions. The offer is open and closes on 26 May.
The Ong Family aims to privatise LBG. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around 64%, which could prove to be a challenge.


Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>/LBG has disclosed a voluntary unconditional offer from the Ong family at S$0.62 per share, an 8.8% premium to the undisturbed price (6 April).</li>
<li>The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise LBG, a bump is likely. </li>
<li>The offer will likely follow the <a href="https://www.smartkarma.com/entities/boustead-projects-ltd" target="_blank" data-smartkarma-citation="entities:26785:1" rel="noopener">Boustead Projects (BOCJ SP)</a> playbook, where <a href="https://www.smartkarma.com/entities/boustead-singapore-ltd" target="_blank" data-smartkarma-citation="entities:14843:1" rel="noopener">Boustead Singapore Limited (BOCS SP)</a> tabled a take-it-or-leave-it derisory 5.6% bump to its low-balled offer.   </li>
</ul>



Lian Beng (LBG SP)/LBG has disclosed a voluntary unconditional offer from the Ong family at S$0.62 per share, an 8.8% premium to the undisturbed price (6 April).
The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise LBG, a bump is likely. 
The offer will likely follow the Boustead Projects (BOCJ SP) playbook, where Boustead Singapore Limited (BOCS SP) tabled a take-it-or-leave-it derisory 5.6% bump to its low-balled offer.   


Lian Beng (LBG SP): Ong Family’s Derisory Unconditional Offer at S$0.62

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Highlights of SGX-Listed Construction Plays

Singapore

Hock Lian Seng Holdings Ltd. is a civil engineering firm. The Company carries out civil engineering works for bridges, expressways, tunnels, MRT, port facilities, water and sewage facilities and other infrastructure works.  Hock Lian also procures and sells building materials, namely, concreting sand and aggregates, for building and construction purposes.

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Hock Lian Seng Holdings (HLSH SP)

60+ Singapore Stocks that Added to 1H24 Gains in July

More than 60 of Singapore’s 300 most traded stocks this year added to their 1H24 gains in July. Multi-Chem, SATS, Singtel, Civmec, Kim Heng,...

Singapore Exchange Ltd (SGX)

Wing Tai Chair Cheng Wai Keung Continues Building Deemed Interest

Wing Tai chairman Cheng Wai Keung continues building deemed interest Heavy lifting specialist Sin Heng Heavy Machinery also bought back 648,200...

Singapore Exchange Ltd (SGX)

Lian Beng (LBG SP): Ong Family’s Final, Unconditional and Derisory S$0.68 Offer

The token bump is unlikely to appeal to minorities. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of around...

Arun George

Lian Beng (LBG SP): Ong Family’s Derisory Unconditional Offer at S$0.62

The offer price is unattractive in comparison to peer multiples and precedent transactions. The price is not final. As the family aims to privatise...

Arun George

Highlights of SGX-Listed Construction Plays

Singapore Exchange Ltd (SGX)

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