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

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.</li><li>With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.</li></ul>

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.

Buyback and director filings taper off during pre-earnings period

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last week, <strong><a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a></strong>, a leading inflight catering and gateway service provider in Asia, <a href="https://links.sgx.com/FileOpen/Clarification%20Announcement_21092022.ashx?App=Announcement&amp;FileID=732064" target="_blank" rel="noopener">confirmed</a> media reports it was in talks to buy Cerberus Capital Management-backed Worldwide Flight Services.</li>
<li>Yesterday, SATS <a href="https://links.sgx.com/FileOpen/SATS_Chapter_10_Announcement_on_Proposed_WFS_Acquisition_20220928.ashx?App=Announcement&amp;FileID=732670" target="_blank" rel="noopener">announced</a> it will acquire WFS, the world's largest air cargo handler, for €1.187bn or S$1.639bn (9.7x EV/EBITDA). Funding is to be primarily sourced from a S$1.7bn equity fundraising. </li>
<li>The transaction appears all stitched up with SATS' 40% shareholder Temasek backing the deal. The acquisition is expected to close in March 2023, subject to regulatory clearance.   </li>
</ul>


Last week, SATS (SATS SP), a leading inflight catering and gateway service provider in Asia, confirmed media reports it was in talks to buy Cerberus Capital Management-backed Worldwide Flight Services.
Yesterday, SATS announced it will acquire WFS, the world's largest air cargo handler, for €1.187bn or S$1.639bn (9.7x EV/EBITDA). Funding is to be primarily sourced from a S$1.7bn equity fundraising. 
The transaction appears all stitched up with SATS' 40% shareholder Temasek backing the deal. The acquisition is expected to close in March 2023, subject to regulatory clearance.   


<ul><li>Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.</li><li>While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.</li><li>For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.</li></ul>

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include seven STI constituents.While the 100 most actively traded stocks this year booked close to S$230 million of net institutional outflow in July, the contingent of 16 Industrials stocks booked S$74 million of net institutional inflow, with Seatrium, ComfortDelGro, SATS, SingPost and YZJ Shipbldg leading the net inflow.For the month of July the Singapore stock market booked net institutional outflow in the vicinity of S$220 million, bringing the total net institutional outflow for the past seven months to S$2.9 billion.

Industrial Sector Led Institutional Fund Inflows in July

<ul><li>Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600 shares at an average price of S$2.64 per share.</li><li>On Jul 4, Centurion Corp CEO Kong Chee Min acquired 115,000 shares, at an average price of S$0.59 cents per share.</li></ul>

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600 shares at an average price of S$2.64 per share.On Jul 4, Centurion Corp CEO Kong Chee Min acquired 115,000 shares, at an average price of S$0.59 cents per share.

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share

<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

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

Buyback and director filings taper off during pre-earnings period

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration...

Singapore Exchange Ltd (SGX)

SATS/WFS: The Future Is Cargo

I estimate a proforma, normalised, EV/EBITDA of 9.7x. Not too demanding. But not what I would consider "cheap". I would not be jumping into SATS...

David Blennerhassett

Industrial Sector Led Institutional Fund Inflows in July

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include...

Singapore Exchange Ltd (SGX)

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)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Buyback and director filings taper off during pre-earnings period

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration...

Singapore Exchange Ltd (SGX)

SATS/WFS: The Future Is Cargo

I estimate a proforma, normalised, EV/EBITDA of 9.7x. Not too demanding. But not what I would consider "cheap". I would not be jumping into SATS...

David Blennerhassett

Industrial Sector Led Institutional Fund Inflows in July

Singapore’s 100 most traded stocks by trading turnover this year comprise as many as 16 stocks representing the Industrials Sector, which include...

Singapore Exchange Ltd (SGX)

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share

Centurion CEO Kong Chee Min adds to interest at S$0.59 per share CapitaLand Investment led the buyback consideration tally, acquiring 8,312,600...

Singapore Exchange Ltd (SGX)

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)