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)

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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
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§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

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.

Research Reinvented

Equity Bottom-Up

We discussed SCI's 2Q16 results on Aug 2nd (<a href="https://www.smartkarma.com/insights/sembcorp-industries-2q16-long-term-prospects-come-with-short-term-challenges" target="_blank" data-smartkarma-citation="insights:5029">Sembcorp Industries 2Q16: Long Term Prospects Come with Short Term Challenges</a>). Since then, SCI has had a bumpy ride, having retreated by 11.8% to its low on Oct 26th, before bouncing back, now by 35% off its lows. The Street is upbeat on SCI, having rolled their valuation models forward by a year and now The Street seems to be looking beyond the short-term challenges. With SMM having only bounced back by 20% from its low, the Street seems to be upbeat…

We discussed SCI's 2Q16 results on Aug 2nd (Sembcorp Industries 2Q16: Long Term Prospects Come with Short Term Challenges). Since then, SCI has had a bumpy ride, having retreated by 11.8% to its low on Oct 26th, before bouncing back, now by 35% off its lows. The Street is upbeat on SCI, having rolled their valuation models forward by a year and now The Street seems to be looking beyond the short-term challenges. With SMM having only bounced back by 20% from its low, the Street seems to be upbeat…

SCI Into 2017: Utilities' Risk Under-Appreciated, Stub Expensive

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a>. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy <a href="https://www.smartkarma.com/insights/indonesia-firing-on-all-cylinders-but-one-with-inflation-at-a-60-year-low" target="_blank" data-smartkarma-citation="insights:7934">Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low</a> in the ASEAN region for 2017, followed by Vietnam <a href="https://www.smartkarma.com/insights/vietnam-export-champion-is-allowing-its-banking-problems-to-fester" target="_blank" data-smartkarma-citation="insights:7221">Vietnam: Export Champion Is Allowing Its Banking Problems to Fester</a> . Singapore <a href="https://www.smartkarma.com/insights/singapore-robust-4q-2016-in-the-bag" target="_blank" data-smartkarma-citation="insights:8266">Singapore: Robust 4Q 2016 in the</a>…

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, Prasenjit K. Basu. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low in the ASEAN region for 2017, followed by Vietnam Vietnam: Export Champion Is Allowing Its Banking Problems to Fester . Singapore Singapore: Robust 4Q 2016 in the…

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

<ul>
<li>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Event-Driven

More than a decade ago, Sembcorp Industries ("SCI") tried to privatize Sembcorp Marine ("SMM") but they weren't successful as SMM's shareholders turned down the offer. For close to 15 years, SCI have held more than a 60% stake in SMM and most of the time, SMM had been trading at PNTA (price to net-tangible assets) above the 1.71x offered by SCI in their 2002 failed privatization attempt. SMM is now below this level and has been hovering there for several months.If SCI wants to privatized SMM, now might be the time for them to do so, but will they?

More than a decade ago, Sembcorp Industries ("SCI") tried to privatize Sembcorp Marine ("SMM") but they weren't successful as SMM's shareholders turned down the offer. For close to 15 years, SCI have held more than a 60% stake in SMM and most of the time, SMM had been trading at PNTA (price to net-tangible assets) above the 1.71x offered by SCI in their 2002 failed privatization attempt. SMM is now below this level and has been hovering there for several months.If SCI wants to privatized SMM, now might be the time for them to do so, but will they? 

Sembcorp - 14 Years Wait, Will SCI Strike Again?

Singapore

Sembcorp Industries Ltd provides utilities and integrated services for industrial sites such as power, gas, steam, water, wastewater treatment and other on-site services. The Company's businesses also include marine & offshore engineering and urban development comprising industrial parks and business, commercial and residential spaces.

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Sembcorp Industries (SCI SP)

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

SCI Into 2017: Utilities' Risk Under-Appreciated, Stub Expensive

We discussed SCI's 2Q16 results on Aug 2nd (Sembcorp Industries 2Q16: Long Term Prospects Come with Short Term Challenges). Since then, SCI has had...

Ke Yan, CFA, FRM

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform,...

Angus Mackintosh

Sembcorp - 14 Years Wait, Will SCI Strike Again?

More than a decade ago, Sembcorp Industries ("SCI") tried to privatize Sembcorp Marine ("SMM") but they weren't successful as SMM's shareholders...

Crispin Francis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

SCI Into 2017: Utilities' Risk Under-Appreciated, Stub Expensive

We discussed SCI's 2Q16 results on Aug 2nd (Sembcorp Industries 2Q16: Long Term Prospects Come with Short Term Challenges). Since then, SCI has had...

Ke Yan, CFA, FRM

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform,...

Angus Mackintosh

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)

Sembcorp - 14 Years Wait, Will SCI Strike Again?

More than a decade ago, Sembcorp Industries ("SCI") tried to privatize Sembcorp Marine ("SMM") but they weren't successful as SMM's shareholders...

Crispin Francis