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.

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Annual Sector Rotations that Beat the STI in 2017 YTD

Banks, REITs & Consumer Discretionary Sectors Led in November

Banks Average 36% YTD Gains, Wealth Management Income Surges

Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

United Engineers: Life After Takeover Offer (Part 2)

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

* Fundamentals at Standard Chartered Bank (Hong Kong) [SCBHK] have improved over the past several years. However, SCBHK has aggressively pulled on various non-core, low quality sources of revenue in order to buoy Standard Chartered’s (2888.HK/STAN.LN) profits  - making them look better than they otherwise would have.* There is some strain on SCBHK’s capital position. Our burn-down analysis suggests that SCBHK is already close to the 2019 Basel III floor level for Common Equity Tier 1 (CET1) capital. As such, on top of concerns over IFRS 9, Basel III/IV, and regulatory penalties - Standard Chartered may need to worry about capital at risk in its Hong Kong franchise prior to re-instituting a dividend.

* Fundamentals at Standard Chartered Bank (Hong Kong) [SCBHK] have improved over the past several years. However, SCBHK has aggressively pulled on various non-core, low quality sources of revenue in order to buoy Standard Chartered’s (2888.HK/STAN.LN) profits  - making them look better than they otherwise would have.* There is some strain on SCBHK’s capital position. Our burn-down analysis suggests that SCBHK is already close to the 2019 Basel III floor level for Common Equity Tier 1 (CET1) capital. As such, on top of concerns over IFRS 9, Basel III/IV, and regulatory penalties - Standard Chartered may need to worry about capital at risk in its Hong Kong franchise prior to re-instituting a dividend.  

Standard Chartered (Hong Kong) – A Messy Flagship

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)

Annual Sector Rotations that Beat the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Banks, REITs & Consumer Discretionary Sectors Led in November

Singapore Exchange Ltd (SGX)

Banks Average 36% YTD Gains, Wealth Management Income Surges

Singapore Exchange Ltd (SGX)

United Engineers: Life After Takeover Offer (Part 2)

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position...

Royston Foo

Standard Chartered (Hong Kong) – A Messy Flagship

* Fundamentals at Standard Chartered Bank (Hong Kong) [SCBHK] have improved over the past several years. However, SCBHK has aggressively pulled on...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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