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>Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.</li><li>On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.</li></ul>

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.

Increasing Number of Real Estate Plays Among Director Acquisitions 

Mapletree Logistics Trust / Equity Bottom-Up

<ul><li>For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.</li><li>Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.</li><li>Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.</li></ul>

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per cent decline of the broader FTSE EPRA Nareit Developed Index.Across the sub-sectors, industrial S-Reits saw the least declines, averaging -3 per cent total returns during the quarter, while office S-Reits saw the most declines, averaging -16 per cent total returns.Digital Core Reit received net inflows of S$0.2 million from institutional investors and S million from retail investors.

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

<ul><li>REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking non-constituents of the STI, were: Olam International, Suntec Reit, Keppel Reit, Frasers Centrepoint Trust and Mapletree North Asia Commercial Trust (MNACT).</li><li>Four out of the 5 stocks in the STI reserve list were in the S-Reits and Property Trusts sector.</li></ul>

REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking non-constituents of the STI, were: Olam International, Suntec Reit, Keppel Reit, Frasers Centrepoint Trust and Mapletree North Asia Commercial Trust (MNACT).Four out of the 5 stocks in the STI reserve list were in the S-Reits and Property Trusts sector.

REIT Watch - Outperformance in S-Reits in STI reserve list

<ul><li>Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of 2H22.</li><li>However, the uneven global growth outlook has seen China stocks (as gauged by the FTSE China A50 Index) further decline by 10%, following the 6% decline in 1H22.</li><li>Growth, inflation, and the inflationary impact on growth has carried an uneven impact on global economic sectors and by extension sectors and industries in 1H22.</li></ul>

Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of 2H22.However, the uneven global growth outlook has seen China stocks (as gauged by the FTSE China A50 Index) further decline by 10%, following the 6% decline in 1H22.Growth, inflation, and the inflationary impact on growth has carried an uneven impact on global economic sectors and by extension sectors and industries in 1H22.

Recent Stockmarket Moves and Challenges Ahead

Mapletree Pan Asia Commercial Trust / Equity Bottom-Up

<ul><li>Last week, OCBC and DBS attracted a combined S$142M of net insti inflow, with UOB seeing S$35M of net outflow.</li><li>Combined, Singapore-listed stocks attracted S$182M of net insti inflows last week, curbing net outflow in the 2022 YTD to S$48M.</li><li>A non-STI stock, Raffles Medical Group, saw the fifth highest net institutional inflows last week, while rallying 17% last week and reporting 1H22 group revenue of S$382 million, representing 11.2% YoY growth.</li></ul>

Last week, OCBC and DBS attracted a combined S$142M of net insti inflow, with UOB seeing S$35M of net outflow.Combined, Singapore-listed stocks attracted S$182M of net insti inflows last week, curbing net outflow in the 2022 YTD to S$48M.A non-STI stock, Raffles Medical Group, saw the fifth highest net institutional inflows last week, while rallying 17% last week and reporting 1H22 group revenue of S$382 million, representing 11.2% YoY growth.

Last Week’s Institutional Rotation into Banks & REITs

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

Increasing Number of Real Estate Plays Among Director Acquisitions

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions...

Singapore Exchange Ltd (SGX)

REIT Watch - 5 S-Reits with net institutional and retail inflows in Q3 2022

For the quarter, Singapore’s Reits and Property Trusts (S-Reits) sector declined 7 per cent in total returns, slightly outperforming the 10 per...

Singapore Exchange Ltd (SGX)

REIT Watch - Outperformance in S-Reits in STI reserve list

REIT Watch - Outperformance in S-Reits in STI reserve list Post the June review, the STI reserve list, which consists of the 5 highest ranking...

Singapore Exchange Ltd (SGX)

Recent Stockmarket Moves and Challenges Ahead

Following the broad downtrend that gripped global stocks in 1H22, most benchmarks have posted partial recoveries over the first seven weeks of...

Singapore Exchange Ltd (SGX)

Last Week’s Institutional Rotation into Banks & REITs

Last week, OCBC and DBS attracted a combined S$142M of net insti inflow, with UOB seeing S$35M of net outflow. Combined, Singapore-listed stocks...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)