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.

Thematic (Sector/Industry)

Stocks categorised to the Capital Goods Industry are involved in a wide range of manufacturing and distribution activities. The majority of Singapore’s 20 biggest Capital Goods stocks have business activities that span across Asia.Singapore lists the third biggest Capital Goods stock in Asia Pacific – Industrial Conglomerate, Jardine Matheson Holdings, which re-joined the STI in November. Over the past 12 months, Jardine Matheson Holdings generated a 15.7% total return, with 2016 turnover 70.6%…

Stocks categorised to the Capital Goods Industry are involved in a wide range of manufacturing and distribution activities. The majority of Singapore’s 20 biggest Capital Goods stocks have business activities that span across Asia.Singapore lists the third biggest Capital Goods stock in Asia Pacific – Industrial Conglomerate, Jardine Matheson Holdings, which re-joined the STI in November. Over the past 12 months, Jardine Matheson Holdings generated a 15.7% total return, with 2016 turnover 70.6%…

Recent Resilience of the Capital Goods Industry

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Equity Bottom-Up

Jardine Strategic Holdings / Equity Bottom-Up

<ul><li>Low correlation with Western stock markets, strong price momentum, and low correlation to the Singaporean market relative to its sector</li><li>Automotive and heavy equipment subsidiary Astra’s (ASII IJ) 50% and 69% share in the car and motorcycle markets in Indonesia should continue to bring steady revenue to Jardine Strategic</li><li>Retail store operator and subsidiary Dairy Farm’s (DFI SP) acquisition of the San Miu Supermarket chain in Macau and 20% of Yonghui Superstores in China should bring in steady cash flow</li><li>Trades below book value with good trend in operating profit</li><li>Risks: Local currencies’ weakness and weakened consumer spending</li></ul>* Consensus Estimates

Low correlation with Western stock markets, strong price momentum, and low correlation to the Singaporean market relative to its sectorAutomotive and heavy equipment subsidiary Astra’s (ASII IJ) 50% and 69% share in the car and motorcycle markets in Indonesia should continue to bring steady revenue to Jardine StrategicRetail store operator and subsidiary Dairy Farm’s (DFI SP) acquisition of the San Miu Supermarket chain in Macau and 20% of Yonghui Superstores in China should bring in steady cash flowTrades below book value with good trend in operating profitRisks: Local currencies’ weakness and weakened consumer spending* Consensus Estimates

JS: Retail Acquisition to Boost Cash for Scottish Dynasty

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

A series of regulatory changes is raising questions about the ability of foreign companies to compete effectively in China’s automotive sector in the coming years. The latest change – draft rules on batteries for electric vehicles (EV) released by the government on 22 November – has disrupted at least one foreign battery maker’s plans to invest in the sector in China.

A series of regulatory changes is raising questions about the ability of foreign companies to compete effectively in China’s automotive sector in the coming years. The latest change – draft rules on batteries for electric vehicles (EV) released by the government on 22 November – has disrupted at least one foreign battery maker’s plans to invest in the sector in China. 

China: Main Competition Intensifies – Pressure on Foreign Firms' Electric Vehicle Plans

Transport Sector, China and Asia-focused Research

Charles De Trenck

In this piece I look at the failure of HK to meet its challenges, especially since 1997, while contrasting in less depth the different approach Singapore has maintained.HK is stuffed on several levels – until prices have a significant correction.I think we could write a few tales on Singapore vs Hong Kong:1) SMRT vs HK MTRC… (see <a href="https://www.smartkarma.com/insights/mtr-66-hk-conviction-sell-thesis" target="_blank" data-smartkarma-citation="insights:7982">MTR (66 HK): Conviction Sell Thesis</a>) and other recent points on the MTRC)2) PSA vs HIT/Hutch and HK Ports…3) Singapore vs HK middle classes, and the oppression of high prices

In this piece I look at the failure of HK to meet its challenges, especially since 1997, while contrasting in less depth the different approach Singapore has maintained.HK is stuffed on several levels – until prices have a significant correction.I think we could write a few tales on Singapore vs Hong Kong:1) SMRT vs HK MTRC… (see MTR (66 HK): Conviction Sell Thesis) and other recent points on the MTRC)2) PSA vs HIT/Hutch and HK Ports…3) Singapore vs HK middle classes, and the oppression of high prices

The Decline of the Entrepôt Economy, HK's Fall from Grace...The Socio-Political & Economic Drivers

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

In a positive start to the year, spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1,785 for the Rotterdam-New York index (up $4 this week), $2,210 for the Shanghai-Rotterdam index (up $257 this week) and $2,106 for the Shanghai-Los Angeles index (up $545 this week). On the back of…

In a positive start to the year, spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1,785 for the Rotterdam-New York index (up $4 this week), $2,210 for the Shanghai-Rotterdam index (up $257 this week) and $2,106 for the Shanghai-Los Angeles index (up $545 this week). On the back of…

Container Shipping - Spot Rates Touch 20-Month High

Singapore

Jardine Strategic Holdings Limited is a holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage.  The Company, through its subsidiaries, operates auto distribution, food and retailing, property investment, property development, and hotel operations.

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Jardine Strategic Holdings (JS SP)

Recent Resilience of the Capital Goods Industry

Stocks categorised to the Capital Goods Industry are involved in a wide range of manufacturing and distribution activities. The majority of...

Singapore Exchange Ltd (SGX)

JS: Retail Acquisition to Boost Cash for Scottish Dynasty

Low correlation with Western stock markets, strong price momentum, and low correlation to the Singaporean market relative to its sector Automotive...

A. Stotz Investment Research

China: Main Competition Intensifies – Pressure on Foreign Firms' Electric Vehicle Plans

A series of regulatory changes is raising questions about the ability of foreign companies to compete effectively in China’s automotive sector in...

Control Risks

The Decline of the Entrepôt Economy, HK's Fall from Grace...The Socio-Political & Economic Drivers

In this piece I look at the failure of HK to meet its challenges, especially since 1997, while contrasting in less depth the different approach...

Charles De Trenck

Container Shipping - Spot Rates Touch 20-Month High

In a positive start to the year, spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above...

Drewry Maritime Financial Research

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