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>From the 21 Oct to 21 Nov close, the STI rallied 9.4%, with Singapore’s 100 most traded stocks averaging 8.0% total returns.</li><li>The 100 stocks represent all key sectors, with Telecommunications, Banks, and Technology Sectors seeing the most net fund inflows, proportionate to their current market capitalisation over the month, while the Energy, Materials & Resources, and Utilities Sectors saw the most proportionate net fund outflows.</li><li>This saw the Telecommunications, Banks, and Technology Sectors book the highest net fund inflows, proportionate to their respective current market capitalisation over the month.</li></ul>

From the 21 Oct to 21 Nov close, the STI rallied 9.4%, with Singapore’s 100 most traded stocks averaging 8.0% total returns.The 100 stocks represent all key sectors, with Telecommunications, Banks, and Technology Sectors seeing the most net fund inflows, proportionate to their current market capitalisation over the month, while the Energy, Materials & Resources, and Utilities Sectors saw the most proportionate net fund outflows.This saw the Telecommunications, Banks, and Technology Sectors book the highest net fund inflows, proportionate to their respective current market capitalisation over the month.

Sectors & Stocks That Led the Past Month's Net Fund Inflows

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> announced salutary H1 results on Nov 1. The numbers were good, the innards suggested cost pressures. The revised forecasts suggested conservativeness, or risk of weakness.</li>
<li>The company also announced a stock buyback. It's only about 2% of shares out, which is 5-10% of Real World Float, but the stock has a low-beta risk character.</li>
<li>And it is quite cheap on a capital construct basis. EV/EBITDA to Mar23 on conservative guidance is 4.6x. Adj EV/EBITDA Mar23e deducing securities and net receivables? 3.7x. </li>
</ul>



ROHM Co Ltd (6963 JP) announced salutary H1 results on Nov 1. The numbers were good, the innards suggested cost pressures. The revised forecasts suggested conservativeness, or risk of weakness.
The company also announced a stock buyback. It's only about 2% of shares out, which is 5-10% of Real World Float, but the stock has a low-beta risk character.
And it is quite cheap on a capital construct basis. EV/EBITDA to Mar23 on conservative guidance is 4.6x. Adj EV/EBITDA Mar23e deducing securities and net receivables? 3.7x. 


Rohm (6963): Costs Up, FX Gains Up More, Small Buyback, Cheap (And N225 Inclusion In the Distance)

<ul><li>Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October, bringing their average 2022 YTD decline in total return of the stocks to 5%.</li><li>Total returns of the five stocks over the 43 weeks varied from -10% for Riverstone to +202% for Golden Energy & Res.</li><li>Similarly, as energy stocks have led the global stock market this year, the four energy stocks tabled below have averaged 57% total returns over the past 43 weeks (with the median gain at 26%).</li></ul>

Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October, bringing their average 2022 YTD decline in total return of the stocks to 5%.Total returns of the five stocks over the 43 weeks varied from -10% for Riverstone to +202% for Golden Energy & Res.Similarly, as energy stocks have led the global stock market this year, the four energy stocks tabled below have averaged 57% total returns over the past 43 weeks (with the median gain at 26%).

Mixed Oct Returns for Singapore's Most Traded Non-STI stocks

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced at IDR450, <a href="https://www.smartkarma.com/entities/giant-biogene-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:35950:1" rel="noopener">Giant Biogene Holding (2367 HK)</a>  priced at the bottom of the range, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>'s upcoming lock-up expiry.  </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>,  <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, Nitro. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Blibli (1437710D IJ) priced at IDR450, Giant Biogene Holding (2367 HK)  priced at the bottom of the range, GoTo (GOTO IJ)'s upcoming lock-up expiry.  
Event-Driven developments - Keppel Corp (KEP SP), Shandong Fengxiang (9977 HK), Jinke Smart Services (9666 HK), Kingston Financial (1031 HK),  Lifestyle International Holdings (1212 HK), Pushpay Holdings (PPH NZ), Nitro. 


Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

David Blennerhassett

<ul>
<li>Under revised terms, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp (SMM SP)</a> will issue fewer shares to <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a>. It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  </li>
<li>Stay cautiously positive on <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> until the stock starts trading as if those who bought on momentum look like they are getting out. </li>
<li>With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets</li>
</ul>


Under revised terms, Sembcorp (SMM SP) will issue fewer shares to Keppel (KEP SP). It's now a takeover rather than Scheme. Keppel will deliver more shares to shareholders, keeping less.  
Stay cautiously positive on Socionext (6526 JP) until the stock starts trading as if those who bought on momentum look like they are getting out. 
With investors chucking in the towel and the HSI touching a thirteen-year low, it's time for some old-school perspective applying Benjamin Graham's Net Nets


Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

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)

Sectors & Stocks That Led the Past Month's Net Fund Inflows

From the 21 Oct to 21 Nov close, the STI rallied 9.4%, with Singapore’s 100 most traded stocks averaging 8.0% total returns. The 100 stocks...

Singapore Exchange Ltd (SGX)

Rohm (6963): Costs Up, FX Gains Up More, Small Buyback, Cheap (And N225 Inclusion In the Distance)

Rohm's H1 results were good, goosed by FX, and hampered by cost rises. H2 looks conservative. It's cheap, there's a buyback, and longer-term a...

Travis Lundy

Mixed Oct Returns for Singapore's Most Traded Non-STI stocks

Singapore’s 30 most traded stocks outside of the STI have seen ~S$670 million in net fund outflows in the 2022 YTD, with declines in October,...

Singapore Exchange Ltd (SGX)

Weekly Deals Digest (30 Oct) - Keppel, GoTo, Fengxiang, Lifestyle, Jinke Services, Kingston, Pushpay

Last week, notable developments occurred in Event-Driven (Keppel, China VAST, Fengxiang, Kingston, Jinke, Lifestyle, Elmo, Pushpay, Nitro, Eagle...

Arun George

Last Week In Event SPACE: Keppel/Sembcorp, Socionext, Jinke Smart, Hitachi Transport, Lifestyle Intl

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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