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

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  <h2>Results Highlights:</h2><ul>
<li>Revenue: +0.3% on a continued drop in international patients</li>
<li>Operating income: down 0.9% with very tight cost containment in most expense categories.</li>
<li>…</li>
</ul>

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up losses at new hospitals in China in 2018 and 2019 make for a sobering outlook. Forward estimates have become much more realistic. The shares need to go lower to offer any real value.  Results Highlights:
Revenue: +0.3% on a continued drop in international patients
Operating income: down 0.9% with very tight cost containment in most expense categories.
…


SGX Healthcare Index Outperformed Asian Benchmark in YTD

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: +1.0% on a continued drop in international patients</li>
<li>Operating income: down 1.9% with very tight cost containment in most expense categories.</li>
<li>Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)</li>
</ul>Management noted the continued weakness in international patients as the main cause of slower growth. One…

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: +1.0% on a continued drop in international patients
Operating income: down 1.9% with very tight cost containment in most expense categories.
Net profit: +0.5% with income tax expense (rate: 18.0% v 20.0%)
Management noted the continued weakness in international patients as the main cause of slower growth. One…

Sluggish Revenue Growth With New Capacity Coming

<a href="https://www.smartkarma.com/entities/879" target="_blank" data-smartkarma-citation="entities:879:1">Raffles Medical Group Ltd (RFMD SP)</a> 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: <ul>
<li>Revenue: down 1.7% on a drop in international patients</li>
<li>Operating income: down 3.4% with very tight cost containment in most expense categories.</li>
<li>Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)</li>
</ul>Management's commentary was rightfully sober: <blockquote>Going forward, demand for healthcare services may be…</blockquote>

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company substantially expands its flagship hospital: 
Revenue: down 1.7% on a drop in international patients
Operating income: down 3.4% with very tight cost containment in most expense categories.
Net profit: down 1.6% with income tax expense down 11% (rate: 18.0% v 19.7%)
Management's commentary was rightfully sober: Going forward, demand for healthcare services may be…

Raffles Medical: Ouch! Revenue DECLINE in Q1

Singapore

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

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Raffles Medical Group (RFMD SP)

Annual Sector Rotations that Beat the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Q3: Reality Starting to Sink In

Raffles Medical Group Ltd (RFMD SP) 's Q3 2017 results featured practically zero growth in revenue and profits. Management's guidance for start-up...

Kemp Dolliver, CFA

SGX Healthcare Index Outperformed Asian Benchmark in YTD

Singapore Exchange Ltd (SGX)

Sluggish Revenue Growth With New Capacity Coming

Raffles Medical Group Ltd (RFMD SP) 's Q2 2017 results were similar to Q1's and point to continued challenges in 2017/2018 as the company...

Kemp Dolliver, CFA

Raffles Medical: Ouch! Revenue DECLINE in Q1

Raffles Medical Group Ltd (RFMD SP) 's Q1 2017 results were a big disappointment and harbinger of a challenging 2017/2018 as the company...

Kemp Dolliver, CFA

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