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.

Thematic (Sector/Industry)

<ul><li>Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.</li></ul><ul><li>
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…</li></ul>

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average volume. The stock also gained 91.4% in August and earlier in the month reported a turnaround net profit of S$0.8 million for 1H2016 compared to a net loss of S$0.1 million in 1H2015.
Consumer Staples plays, Sheng Siong Group and Dairy Farm International Holdings were also amongst the 10 actively traded stocks that saw the biggest jump in August volume.…

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11" target="_blank" data-smartkarma-citation="entities:11:1">Sembcorp Marine Ltd (SMM SP)</a> reported its 2Q16 results hours ago (link to its <a href="http://infopub.sgx.com/FileOpen/SCM2Q2016%20Results%20Briefing.ashx?App=Announcement&amp;FileID=414471" target="_blank">presentation</a>, <a href="http://infopub.sgx.com/FileOpen/SCM2Q2016%20FinancialStatements%2028July2016.ashx?App=Announcement&amp;FileID=414469" target="_blank">financial statement</a>, <a href="http://infopub.sgx.com/FileOpen/SCM2Q2016%20CEO%20Address.ashx?App=Announcement&amp;FileID=414472" target="_blank">CEO's speech</a>). First Revenue was 27% lower compared to a year ago. First half EBITDA was 44% lower YoY. I have been warning the risk of the street under-estimating deceleration of rig builders' revenue (because of failure to replenish their order book and order delays) and profit (because of negative operating leveraging and order cancellation). Subscribers can read my previous…

Sembcorp Marine Ltd (SMM SP) reported its 2Q16 results hours ago (link to its presentation, financial statement, CEO's speech). First Revenue was 27% lower compared to a year ago. First half EBITDA was 44% lower YoY. I have been warning the risk of the street under-estimating deceleration of rig builders' revenue (because of failure to replenish their order book and order delays) and profit (because of negative operating leveraging and order cancellation). Subscribers can read my previous…

Sembcorp Marine 2Q16: Floater and Platform Shined, but What's Next?

<a href="https://www.smartkarma.com/entities/12" target="_blank" data-smartkarma-citation="entities:12:1">Keppel Corp Ltd (KEP SP)</a> reported its <a href="http://infopub.sgx.com/FileOpen/SGXNET_KCL%202Q%20and%201H2016%20Results.ashx?App=Announcement&amp;FileID=413576" target="_blank">second quarter results</a> this evening. Headline quarterly revenue and net profit were down by 37% and 48% YoY respectively. I would not dig too much to explain the reasons behind each segment's result, as Keppel's management has already done an excellent job in their <a href="http://infopub.sgx.com/FileOpen/SGXNET_KCL%202Q%20and%201H2016%20Results.ashx?App=Announcement&amp;FileID=413576" target="_blank">results announcement</a>. A quick snapshot of segment revenue is attached below.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/010/606/original/Screen%20Shot%202016-07-21%20at%209.37.37%20PM.png?1469108281" class="editor-image img-responsive" data-smartkarma-image-id="10606"></figure><div class="content-remarks">Source: Company Presentation Slide</div><h2>Plausible results in a tough environment</h2>What I would like to highlight is that despite…

Keppel Corp Ltd (KEP SP) reported its second quarter results this evening. Headline quarterly revenue and net profit were down by 37% and 48% YoY respectively. I would not dig too much to explain the reasons behind each segment's result, as Keppel's management has already done an excellent job in their results announcement. A quick snapshot of segment revenue is attached below.Source: Company Presentation SlidePlausible results in a tough environmentWhat I would like to highlight is that despite…

Keppel Corp 2Q16 Results: Plausible but Downside Remains

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure contributed about one-percentage points while government expenditure contributed 0.7 percentage points to the growth. Net exports detracted 3.8% from GDP growth the in quarter ended March 2016.While services sector remains a major contributor to overall GDP, 1Q2016 saw its contribution decelerate from 2.8% in 1Q2015 to 0.9% in 1Q2016 while that of goods…

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

I talked about downside to <a href="https://www.smartkarma.com/entities/11" target="_blank" data-smartkarma-citation="entities:11">Sembcorp Marine Ltd</a> 's revenue and margins in my earlier insights, particularly the following two insights:<ul>
<li>
<a href="https://www.smartkarma.com/insights/sembcorp-marine-4q15-write-offs-new-norms-of-low-nil-margin-and-high-gearing" target="_blank" data-smartkarma-citation="insights:2716">Sembcorp Marine 4Q15: Write-Offs, New Norms of Low (Nil?) Margin and High Gearing</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/keppel-s-4q-results-point-to-sembcorp-marine-s-bluesky-scenario" target="_blank" data-smartkarma-citation="insights:2442">Keppel’s 4Q Results Point to Sembcorp Marine’s Bluesky Scenario</a> </li>
</ul>SMM reported its 1Q results this evening. A quick take here:<ul>
<li>1Q Revenue is down 30% YoY. It is about 23% of consensus full year estimates. </li>
<li>1Q Net profit is down by 50% YoY. It is about 25% of consensus full year…</li>
</ul>

I talked about downside to Sembcorp Marine Ltd 's revenue and margins in my earlier insights, particularly the following two insights:

Sembcorp Marine 4Q15: Write-Offs, New Norms of Low (Nil?) Margin and High Gearing 

Keppel’s 4Q Results Point to Sembcorp Marine’s Bluesky Scenario 
SMM reported its 1Q results this evening. A quick take here:
1Q Revenue is down 30% YoY. It is about 23% of consensus full year estimates. 
1Q Net profit is down by 50% YoY. It is about 25% of consensus full year…


Sembcorp Marine 1Q15: Results Inline, Limited Downside in the near Term

Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

10 Biggest Volume Jumpers in August Spanned Seven Sectors

Of the actively traded stocks listed on SGX, Singapore Medical Group saw the biggest jump in volume in August compared to its three-month average...

Singapore Exchange Ltd (SGX)

Sembcorp Marine 2Q16: Floater and Platform Shined, but What's Next?

Sembcorp Marine Ltd (SMM SP) reported its 2Q16 results hours ago (link to its presentation, financial statement, CEO's speech). First Revenue was...

Ke Yan, CFA, FRM

Keppel Corp 2Q16 Results: Plausible but Downside Remains

Keppel Corp Ltd (KEP SP) reported its second quarter results this evening. Headline quarterly revenue and net profit were down by 37% and 48% YoY...

Ke Yan, CFA, FRM

Singapore: GDP Grows by 1.8% in 1Q2016 Driven by Consumption Expenditure

Singapore’s GDP grew by 1.8% y-o-y in 1Q2016 similar to the growth experienced in the previous two quarters. Private consumption expenditure...

Rajan Govil

Sembcorp Marine 1Q15: Results Inline, Limited Downside in the near Term

I talked about downside to Sembcorp Marine Ltd 's revenue and margins in my earlier insights, particularly the following two insights: Sembcorp...

Ke Yan, CFA, FRM

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