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)

<ul>
<li>Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.</li>
<li>The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.</li>
<li>While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average</li>
</ul>


Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the internet on a subscription basis. This has brought about greater convenience, flexibility, and potentially lower costs for users compared to traditional software.
The global SaaS market experienced a 20% growth in 2024 and is projected to expand at an annual growth rate of 12%, with the market potentially exceeding US$800 billion by 2030.
While North America remains the largest market, the Asia Pacific region is emerging as a key growth driver, with SaaS adoption expected to grow at a 15% CAGR by 2030, outpacing the global average


Software-As-A-Service (SaaS): A Guide for Investors

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

<ul>
<li>SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.</li>
<li>Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  </li>
<li>SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.</li>
</ul>


SailPoint, a pioneer and leader in identity industry with the best identity governance product, filed to go public in January.
Thoma Bravo-backed technology company has a best-in-class product within a large market opportunity. They secure large enterprises and grow at scale.  
SailPoint has completed its first IPO in 2017 and raised =$160M. Then, the company was reacquired by Thoma Bravo and now they reportedly plan to go public.


SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>President Donald Trump announced the Stargate Project, a new company which intends to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States.</li>
<li>Elon Musk is miffed, Microsoft says they "approved" the project and have a new Right of First Refusal agreement in place with OpenAI. </li>
<li>Stargate is exclusively for OpenAI and the press release states that its mission is to provide a strategic capability to protect the national security of America and its allies.</li>
</ul>


President Donald Trump announced the Stargate Project, a new company which intends to invest $500 billion over four years building new AI infrastructure for OpenAI in the United States.
Elon Musk is miffed, Microsoft says they "approved" the project and have a new Right of First Refusal agreement in place with OpenAI. 
Stargate is exclusively for OpenAI and the press release states that its mission is to provide a strategic capability to protect the national security of America and its allies.


Stargate. It's Not All About You Microsoft. Or You Either Elon

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.</li>
<li>The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. </li>
<li>There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.</li>
</ul>


S&amp;P500 is up 27.7% YTD, outperforming KOSPI which is down 6.9% YTD. Global fund flow continues to pour into top quality US stocks such as Palantir, Tesla, and NVIDIA.
The top 20 best performing stocks in KOSPI 200 are up on average 106.8% YTD. However, the remaining 180 stocks in KOSPI 200 are down on average 9.2% YTD. 
There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are increasingly expanding their AI/data analytics related business.


A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.</li>
<li>Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.</li>
<li>High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA </li>
</ul>


We screen for Global companies at the extreme ends of their positioning or momentum ranges among active Global equity funds.
Low Positioning coupled with Negative Momentum:  Intel Corporation and Nippon Telegraph and Telephone Corporation.
High Positioning coupled with High Momentum:  Amphenol Corporation and Iberdrola SA 


United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Oracle Corp (ORCL US)

Software-As-A-Service (SaaS): A Guide for Investors

Instead of buying software as a one-time purchase and installing it on a single device, SaaS allows users to access applications through the...

Singapore Exchange Ltd (SGX)

SailPoint IPO Preview: A Well-Established Provider of Identity Management, First SaaS US IPO In 2025

SailPoint, a pioneer of enterprise identity governance market, plans to raise fresh capital to repay debt obligations. In my insight, I discuss key...

Andrei Zakharov

Stargate. It's Not All About You Microsoft. Or You Either Elon

Stargate is effectively positioning Open AI as a strategic capability to protect the national security of America and its allies.Yikes, how did...

William Keating

A Comparison of KOSPI 200 and S&P 500 Companies Performances in 2024

There is no large Palantir-like company that deals with AI/data analytics in Korea. However, large cap IT services and telcos in Korea are...

Douglas Kim

Global Funds: Extreme Stocks

In this report, we utilize our Global fund holdings database to screen for stocks at the extreme ends of their positioning or momentum ranges.

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)