Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>We looked at which regions in Asia are most correlated to the S&amp;P500. Over the last 8 years, 42% of Japanese companies have greater than 30% correlation to the S&amp;P500. The overall average correlation to the S&amp;P500 in Japan is 28%. The next closest is Taiwan with an average correlation of 28%, then Singapore with a correlation of 27% and Hong Kong with a correlation of 25%.  </p><h2>% of Companies with greater than 30% correlation to the US </h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/032/861/original/5.png?1504629108" class="editor-image img-responsive" data-smartkarma-image-id="32861"></figure><div class="content-caption">Source: Custom Products</div><p>China actually has 1 company, <a href="https://www.smartkarma.com/entities/10177" target="_blank" data-smartkarma-citation="entities:10177:1">Tongling</a>…</p>

We looked at which regions in Asia are most correlated to the S&amp;P500. Over the last 8 years, 42% of Japanese companies have greater than 30% correlation to the S&amp;P500. The overall average correlation to the S&amp;P500 in Japan is 28%. The next closest is Taiwan with an average correlation of 28%, then Singapore with a correlation of 27% and Hong Kong with a correlation of 25%.  % of Companies with greater than 30% correlation to the US Source: Custom ProductsChina actually has 1 company, Tongling…

Japan and the Financial Sector in Asia Highly Correlated to the US....

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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STI’s Strongest Sectors in YTD – Real Estate, Financials & Industrials

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI AC Asia Pacific Excluding Japan Index / Technical Analysis

MSCI AC Asia Pacific Excluding Japan Index

<p>As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.</p><p>Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.</p>

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<p><strong><a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114:1">Oversea Chinese Banking Corp. Limited (OCBC SP)</a></strong> describes its <strong><a href="https://www.smartkarma.com/entities/13993" target="_blank" data-smartkarma-citation="entities:13993:1">Great Eastern Holdings Ltd (GE SP; "GEH")</a></strong> non-operating profit as mainly comprising <em>“changes in the fair value of assets and liabilities, realized gains or losses on sale of investments, changes in liability discount rates and other non-recurring items.” </em> Without this so-called income stream, OCBC’s headline profit would not be so strong. Indeed, it reports bank only profit growth at 5% YoY in 2Q17, which to us makes more sense than…</p>

Oversea Chinese Banking Corp. Limited (OCBC SP) describes its Great Eastern Holdings Ltd (GE SP; "GEH") non-operating profit as mainly comprising “changes in the fair value of assets and liabilities, realized gains or losses on sale of investments, changes in liability discount rates and other non-recurring items.”  Without this so-called income stream, OCBC’s headline profit would not be so strong. Indeed, it reports bank only profit growth at 5% YoY in 2Q17, which to us makes more sense than…

OCBC Group Profit Inflated from GEH, Much of Which Is Non-Operational

<p>We believe that Singapore's banks will reveal worsening credit metrics when they release 2Q17 results. Declining oil prices and rising interest rates, is not a wonderful combination for companies in the oil and support services sectors. Singapore’s Purchasing Managers’ Index (PMI) for manufacturing has turned down in both April and May; a possible signal of weakening in the period.  Banks' loans in the ‘Loss’ category have moved sharply higher, but they are still tiny compared with ‘Special…</p>

We believe that Singapore's banks will reveal worsening credit metrics when they release 2Q17 results. Declining oil prices and rising interest rates, is not a wonderful combination for companies in the oil and support services sectors. Singapore’s Purchasing Managers’ Index (PMI) for manufacturing has turned down in both April and May; a possible signal of weakening in the period.  Banks' loans in the ‘Loss’ category have moved sharply higher, but they are still tiny compared with ‘Special…

Expect Deteriorating Credit Metrics at Singapore Banks in 2Q17

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)

Japan and the Financial Sector in Asia Highly Correlated to the US....

We looked at which regions in Asia are most correlated to the S&P500. Over the last 8 years, 42% of Japanese companies have greater than 30%...

Custom Products Group

STI’s Strongest Sectors in YTD – Real Estate, Financials & Industrials

Singapore Exchange Ltd (SGX)

Asia: Developing Leadership

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is...

Vermilion Research

OCBC Group Profit Inflated from GEH, Much of Which Is Non-Operational

Oversea Chinese Banking Corp. Limited (OCBC SP) describes its Great Eastern Holdings Ltd (GE SP; "GEH") non-operating profit as mainly comprising...

Daniel Tabbush

Expect Deteriorating Credit Metrics at Singapore Banks in 2Q17

We believe that Singapore's banks will reveal worsening credit metrics when they release 2Q17 results. Declining oil prices and rising...

Daniel Tabbush

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