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>Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.</li><li>This increased his total interest from 53.27 per cent to 53.61 per cent.</li><li>This followed his acquisition of 4.5 million shares between Feb 27 and 28.</li></ul>

Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through to Mar 7, with S$224 million of net institutional outflow, as 26 primary-listed companies conducted buybacks with a total consideration of S$24.4 million, quadrupling the buyback consideration of the preceding five sessions.This increased his total interest from 53.27 per cent to 53.61 per cent.This followed his acquisition of 4.5 million shares between Feb 27 and 28.

Director Filings & Buybacks Continue Stronger Pace

<ul><li>Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.</li><li>On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.</li></ul>

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing 500,000 shares at an average price of S$3.97 each on Feb 29.On Feb 26, LHT Holdings managing director Yap Mui Kee acquired 61,000 shares at an average price of S$1.05 per share.

Director filings and buyback momentum return

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The share price has increased by around 20% since mid-last year.</li>
<li>A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. </li>
<li>Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. </li>
</ul>


The share price has increased by around 20% since mid-last year.
A new revenue stream from the booking fee through the Zig app and calls that, albeit small, it was never possible to share upside with cabbies before. 
Extension from 15 days to 30 days visa-free for Chinese tourists to come to Singapore on early 2024. 


External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

External broker reports(aggregated public sources)

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.</li><li>With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.</li><li>Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

2022 profit margins expanded due to strong performance from the Healthcare Services segment; Raffles Medical is facing a global shortage of healthcare workers; increased contributions are expected as China operations pick up steam.With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target price S$1.90.Despite tapering COVID-19-related activities, Raffles Medical noted that the increase in 2022 profit margin for the Healthcare Services segment was led by better operating leverage due to higher volume of operations in 2022. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

Global Healthcare Analyst

Tina Banerjee

Thomson Medical Group Limited / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thomson-medical-group-limited" target="_blank" data-smartkarma-citation="entities:8495:1" rel="noopener">Thomson Medical Group Limited (TMG SP)</a> has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.</li>
<li>Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  </li>
<li>Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.</li>
</ul>



Thomson Medical Group Limited (TMG SP) has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.
Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.  
Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.


Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

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)

Director Filings & Buybacks Continue Stronger Pace

Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through...

Singapore Exchange Ltd (SGX)

Director filings and buyback momentum return

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing...

Singapore Exchange Ltd (SGX)

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

Thomson Medical is eyeing a controlling stake in a Vietnam-based hospital. With an aging population, rapidly growing middle class, and increasing...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Director Filings & Buybacks Continue Stronger Pace

Director filings and buybacks continue at stronger pace INSTITUTIONS were net sellers of Singapore stocks over the five trading sessions through...

Singapore Exchange Ltd (SGX)

Director filings and buyback momentum return

Director filings and buyback momentum return Singapore Technologies Engineering (ST Engg) led the buyback consideration tally, repurchasing...

Singapore Exchange Ltd (SGX)

Comfortdelgro (CD): The Chinese Is Back

Comfortdelgro enjoys new revenue stream that allows upside participation in the number of rides, and longer visa-free stay for Chinese tourists in...

Henry Soediarko

Raffles Medical Group - Attractive Valuation Arising From Recent Share Price Weakness

With tailwinds and Raffles Medical's share price currently trading at attractive valuations, we maintain BUY rating on Raffles Medical with target...

UOB Kay Hian

Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia

Thomson Medical is eyeing a controlling stake in a Vietnam-based hospital. With an aging population, rapidly growing middle class, and increasing...

Tina Banerjee