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>Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional inflow, as 20 primary-listed companies conducted buybacks by way of market acquisition with a total consideration of S$37.9 million.</li><li>Meanwhile Mapletree Pan Asia Commercial Trust, Singapore Airlines, Mapletree Logistics Trust, Jardine Cycle & Carriage, CapitaLand Ascendas Reit, Sembcorp Industries, UOL Group, Jardine Matheson Holdings, Mapletree Industrial Trust, and Keppel Reit led the net institutional outflow over the five sessions.</li><li>In addition to the 9.3 per cent interest that the Tang group owns in ARA H-Trust, the proposed acquisition increases the Tangs’ holding in ARA H-Trust to 28.3 per cent.</li></ul>

Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional inflow, as 20 primary-listed companies conducted buybacks by way of market acquisition with a total consideration of S$37.9 million.Meanwhile Mapletree Pan Asia Commercial Trust, Singapore Airlines, Mapletree Logistics Trust, Jardine Cycle & Carriage, CapitaLand Ascendas Reit, Sembcorp Industries, UOL Group, Jardine Matheson Holdings, Mapletree Industrial Trust, and Keppel Reit led the net institutional outflow over the five sessions.In addition to the 9.3 per cent interest that the Tang group owns in ARA H-Trust, the proposed acquisition increases the Tangs’ holding in ARA H-Trust to 28.3 per cent.

The Tang group ventures into the S-Reit sector

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Six(!) new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>, <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a>'; <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern (GE SP)</a>; <a href="https://www.smartkarma.com/entities/nihon-housing-co-ltd" target="_blank" data-smartkarma-citation="entities:9604:1" rel="noopener">Nihon Housing (4781 JP)</a> and <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a>'. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">QANTM Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>.</li>
</ul>


Tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Six(!) new deals was discussed on Smartkarma this week: Perpetual (PPT AU), Alps Logistics (9055 JP), Namoi Cotton (NAM AU)'; Great Eastern (GE SP); Nihon Housing (4781 JP) and GAPack (468 HK)'. 
Key updates took place on: QANTM Intellectual Property (QIP AU), Adbri (ABC AU), L'Occitane (973 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), and Shinko Electric Industries (6967 JP).


(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

<ul>
<li>Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.</li>
<li>It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.</li>
<li>Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.</li>
</ul>


Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.
It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.
Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.


2022 High Conviction - Kakao Bank - A Long Way to Go

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

The Tang group ventures into the S-Reit sector

Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional...

Singapore Exchange Ltd (SGX)

(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Tang group ventures into the S-Reit sector

Institutions were net buyers of Singapore stocks over the five trading sessions through to May 30, with S$108.4 million of net institutional...

Singapore Exchange Ltd (SGX)

(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh