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

China Sunsine Chemical Holdings Ltd / Equity Bottom-Up

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Recent geopolitical events have dictated global commodities prices in recent weak. Global commodities prices rallied 26% YTD amidst volatility on the back of strong global demand and concerns of supply shortages. 
	 </li>
	<li>
SGX 10 most traded Energy, Materials &amp; Resources plays saw combined daily turnover YTD jump 173% as compared to the whole of 2021. 
	 </li>
	<li>The 10 most actively traded names YTD averaged a price gain of +26.8% YTD, outperforming STI’s +6.6%. These 10 stocks can be bucketed into the following: Oil Exploration &amp; Producers, Coal Miners, Chemical Manufacturers, Gold Production, Iron ore concentrate Production, and Cement Production.</li>
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Recent geopolitical events have dictated global commodities prices in recent weeks. 
While commodities prices have been volatile recently, commodities have been one of the best-performing asset class globally as concerns of supply shortages amidst strong global demand impacted. Some of the key notable top-performers include Wheat, Oil, Palladium, Gold and Nickel. 
As seen from Refinitiv/CoreCommodity CRB® Index, which tracks 19 major commodities globally, commodities prices hit a year-high return of +33.1% in early March, declined 9.2% a week later but rebounded 4.2% and has not returned 25.8% in the year to date.
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 <img src='https://api2.sgx.com/sites/default/files/2022-03/Commodities%20prices.PNG' alt='Commodities prices' />
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 <div class='content-caption'>Commodities prices</div>
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Source: Refinitiv Eikon. Refinitiv/CoreCommodity CRB® Index Total Return

The Refinitiv/CoreCommodity CRB® Index is  based on Exchange Traded Futures. The Index represents 19 commodities, grouped by liquidity into 4 groups. Petroleum products capped at 33%, other 3 groups equal weighted SGX Energy, Materials &amp; Resources Plays in Focus 
SGX most traded Energy, Materials &amp; Resources plays have moved in tandem with global commodities prices in recent weeks. In the year-to-date, the most actively traded stocks come from sub-segments including chemicals, coals, gold, iron ore, and oil. 
The top 10 actively traded stocks in these segments saw a combined daily turnover of S$29.8 million, increasing 173% as compared to CY2021 overall daily turnover of S$17.2 million. In 2022 YTD, the average price gains of these 10 stocks are at +26.8%, outperforming STI’s +6.6%.  Amongst the 10, only China Sunsine Chemical (-4.1%) and International Cement (-3.6%) have seen negative returns YTD. 
Most of these names saw net institutional inflows YTD, with the exception from Rex International (-S$3.6 million), China Sunsine (-S$1.6 million), and Interra Resources (-S$0.4 million). 
Top 10 actively traded Energy, Materials &amp; Resources plays on SGX are bucketed into the following:

<ul>
<li>
Oil Exploration and Production Plays: Rex International (5WH), RH PetroGas (T13), Interra Resource (5GI)</li>
	<li>
Coal miners: Golden Energy and Resources (AUE), Geo Energy Resources (RE4)</li>
	<li>
Chemicals manufacturers: China Sunsine (QES), Jiutian Chemical (C8R)</li>
	<li>
Gold producer: CNMC Goldmine (5TP)</li>
	<li>
Iron ore concentrate producer: Fortress Minerals (OAJ)</li>
	<li>
Cement producer: International Cement Group (KUO)</li>
</ul>
<table class="table table-striped"><tbody>
<tr>
<td>
			Stock Name 
			</td>
			<td>
			Code
			</td>
			<td>
			Mkt Cap S$M
			</td>
			<td>
			2022 YTD Inti flows (S$m)
			</td>
			<td>
			2022 YTD Price Gains 

			%
			</td>
		</tr>
<tr>
<td>
			Golden Energy &amp; Resources
			</td>
			<td>
			AUE
			</td>
			<td>
			1,373
			</td>
			<td>
			4.0
			</td>
			<td>
			79.3
			</td>
		</tr>
<tr>
<td>
			Geo Energy Resources
			</td>
			<td>
			RE4
			</td>
			<td>
			711
			</td>
			<td>
			24.7
			</td>
			<td>
			49.3
			</td>
		</tr>
<tr>
<td>
			Rex International Holding
			</td>
			<td>
			5WH
			</td>
			<td>
			467
			</td>
			<td>
			-3.6
			</td>
			<td>
			16.4
			</td>
		</tr>
<tr>
<td>
			China Sunsine Chemical
			</td>
			<td>
			QES
			</td>
			<td>
			458
			</td>
			<td>
			-1.6
			</td>
			<td>
			-4.1
			</td>
		</tr>
<tr>
<td>
			RH Petrogas
			</td>
			<td>
			T13
			</td>
			<td>
			254
			</td>
			<td>
			3.0
			</td>
			<td>
			87.1
			</td>
		</tr>
<tr>
<td>
			Fortress Minerals
			</td>
			<td>
			OAJ
			</td>
			<td>
			238
			</td>
			<td>
			2.2
			</td>
			<td>
			20.3
			</td>
		</tr>
<tr>
<td>
			Jiutian Chemical
			</td>
			<td>
			C8R
			</td>
			<td>
			161
			</td>
			<td>
			8.0
			</td>
			<td>
			6.6
			</td>
		</tr>
<tr>
<td>
			International Cement
			</td>
			<td>
			KUO
			</td>
			<td>
			155
			</td>
			<td>
			0.7
			</td>
			<td>
			-3.6
			</td>
		</tr>
<tr>
<td>
			CNMC Goldmine
			</td>
			<td>
			5TP
			</td>
			<td>
			94
			</td>
			<td>
			0.3
			</td>
			<td>
			12.2
			</td>
		</tr>
<tr>
<td>
			Interra Resources
			</td>
			<td>
			5GI
			</td>
			<td>
			29
			</td>
			<td>
			-0.4
			</td>
			<td>
			4.7
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			26.8
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv (Data as of 18 March 2022).
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Recent geopolitical events have dictated global commodities prices in recent weak. Global commodities prices rallied 26% YTD amidst volatility on the back of strong global demand and concerns of supply shortages. 
	 
	
SGX 10 most traded Energy, Materials &amp; Resources plays saw combined daily turnover YTD jump 173% as compared to the whole of 2021. 
	 
	The 10 most actively traded names YTD averaged a price gain of +26.8% YTD, outperforming STI’s +6.6%. These 10 stocks can be bucketed into the following: Oil Exploration &amp; Producers, Coal Miners, Chemical Manufacturers, Gold Production, Iron ore concentrate Production, and Cement Production.

 

Recent geopolitical events have dictated global commodities prices in recent weeks.  
While commodities prices have been volatile recently, commodities have been one of the best-performing asset class globally as concerns of supply shortages amidst strong global demand impacted. Some of the key notable top-performers include Wheat, Oil, Palladium, Gold and Nickel.  
As seen from Refinitiv/CoreCommodity CRB® Index, which tracks 19 major commodities globally, commodities prices hit a year-high return of +33.1% in early March, declined 9.2% a week later but rebounded 4.2% and has not returned 25.8% in the year to date.



      
    
    Commodities prices


Source: Refinitiv Eikon. Refinitiv/CoreCommodity CRB® Index Total Return

The Refinitiv/CoreCommodity CRB® Index is  based on Exchange Traded Futures. The Index represents 19 commodities, grouped by liquidity into 4 groups. Petroleum products capped at 33%, other 3 groups equal weighted  SGX Energy, Materials &amp; Resources Plays in Focus  
SGX most traded Energy, Materials &amp; Resources plays have moved in tandem with global commodities prices in recent weeks. In the year-to-date, the most actively traded stocks come from sub-segments including chemicals, coals, gold, iron ore, and oil.  
The top 10 actively traded stocks in these segments saw a combined daily turnover of S$29.8 million, increasing 173% as compared to CY2021 overall daily turnover of S$17.2 million. In 2022 YTD, the average price gains of these 10 stocks are at +26.8%, outperforming STI’s +6.6%.  Amongst the 10, only China Sunsine Chemical (-4.1%) and International Cement (-3.6%) have seen negative returns YTD.  
Most of these names saw net institutional inflows YTD, with the exception from Rex International (-S$3.6 million), China Sunsine (-S$1.6 million), and Interra Resources (-S$0.4 million).  
Top 10 actively traded Energy, Materials &amp; Resources plays on SGX are bucketed into the following:



Oil Exploration and Production Plays: Rex International (5WH), RH PetroGas (T13), Interra Resource (5GI)
	
Coal miners: Golden Energy and Resources (AUE), Geo Energy Resources (RE4)
	
Chemicals manufacturers: China Sunsine (QES), Jiutian Chemical (C8R)
	
Gold producer: CNMC Goldmine (5TP)
	
Iron ore concentrate producer: Fortress Minerals (OAJ)
	
Cement producer: International Cement Group (KUO)




			Stock Name 
			
			
			Code
			
			
			Mkt Cap S$M
			
			
			2022 YTD Inti flows (S$m)
			
			
			2022 YTD Price Gains 

			%
			
		


			Golden Energy &amp; Resources
			
			
			AUE
			
			
			1,373
			
			
			4.0
			
			
			79.3
			
		


			Geo Energy Resources
			
			
			RE4
			
			
			711
			
			
			24.7
			
			
			49.3
			
		


			Rex International Holding
			
			
			5WH
			
			
			467
			
			
			-3.6
			
			
			16.4
			
		


			China Sunsine Chemical
			
			
			QES
			
			
			458
			
			
			-1.6
			
			
			-4.1
			
		


			RH Petrogas
			
			
			T13
			
			
			254
			
			
			3.0
			
			
			87.1
			
		


			Fortress Minerals
			
			
			OAJ
			
			
			238
			
			
			2.2
			
			
			20.3
			
		


			Jiutian Chemical
			
			
			C8R
			
			
			161
			
			
			8.0
			
			
			6.6
			
		


			International Cement
			
			
			KUO
			
			
			155
			
			
			0.7
			
			
			-3.6
			
		


			CNMC Goldmine
			
			
			5TP
			
			
			94
			
			
			0.3
			
			
			12.2
			
		


			Interra Resources
			
			
			5GI
			
			
			29
			
			
			-0.4
			
			
			4.7
			
		


			Average
			
			
			 
			
			
			 
			
			
			 
			
			
			26.8
			
		

 Source: SGX, Refinitiv (Data as of 18 March 2022).



Most Traded SGX Energy, Materials & Resources Plays +26.8% Price Gains YTD

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Lundin Gold Inc. is a Canadian mining company. The Company owns and operates gold projects located in southeast Ecuador.

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Lundin Gold Inc (LUG CN)

Most Traded SGX Energy, Materials & Resources Plays +26.8% Price Gains YTD

Recent geopolitical events have dictated global commodities prices in recent weak. Global commodities prices rallied 26% YTD amidst volatility...

Singapore Exchange Ltd (SGX)

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