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.

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Indicative Five Year STI Dollar Cost Returns at 8% p.a.

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New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/20" target="_blank" data-smartkarma-citation="entities:20:1">Singtel (ST SP)</a> recently reported FY March 18 results which on balance somewhat disappointing. There were misses in both the Consumer and Enterprise divisions, although within these, Optus numbers in Australia were quite encouraging. Singapore mobile service revenues fell 5.7% YoY, more steeply than expected ahead of <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG's (TPM AU)</a> arrival. In Australia, Optus saw good mobile subscriber gains although ARPU pressure hurt revenue growth. Singtel's Group Digital Life (GDL) finally achieved EBITDA…

Singtel (ST SP) recently reported FY March 18 results which on balance somewhat disappointing. There were misses in both the Consumer and Enterprise divisions, although within these, Optus numbers in Australia were quite encouraging. Singapore mobile service revenues fell 5.7% YoY, more steeply than expected ahead of TPG's (TPM AU) arrival. In Australia, Optus saw good mobile subscriber gains although ARPU pressure hurt revenue growth. Singtel's Group Digital Life (GDL) finally achieved EBITDA…

Singtel: Weakness in Singapore Offset by Strength in Australia.

A-REIT & Venture Re-join FTSE Value-Stocks ASEAN Index Effective 21 May

Unlike <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 (M1 SP)</a> which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), <a href="https://www.smartkarma.com/entities/119" target="_blank" data-smartkarma-citation="entities:119:1">Starhub (STH SP)</a> continues to struggle. In 1Q18, Starhub revenues missed expectations with MSR falling 7.1%, a real contrast to M1 (+2.6%) which has more fully embraced MVNOs. That said, Starhub has now announced an imminent launch of MyRepublic's MVNO on its network, which <a href="https://www.smartkarma.com/profiles/1916" target="_blank" data-smartkarma-citation="accounts:1916">Iain Johnston</a> sees as a sensible response to the looming challenge of <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG's (TPM AU)</a> entry later this year.…

Unlike M1 (M1 SP) which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), Starhub (STH SP) continues to struggle. In 1Q18, Starhub revenues missed expectations with MSR falling 7.1%, a real contrast to M1 (+2.6%) which has more fully embraced MVNOs. That said, Starhub has now announced an imminent launch of MyRepublic's MVNO on its network, which Iain Johnston sees as a sensible response to the looming challenge of TPG's (TPM AU) entry later this year.…

Starhub's Mobile & PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot.

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

<ul class=""><li class="">In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing on locally-founded companies in Southeast Asia. </li><li>In Part 2, I first discuss the market potential in Southeast Asia, followed by a comparison of these providers' fees, key partners, and market segment focus. Although most mobile/digital payment providers hope to benefit from the 'float' derived from cash collected on their platforms, their other revenue strategies differ somewhat. </li><li>In Part 3, I will present the fees, key partners, and market segment focus of Ant Financial (AliPay), Tencent (WeChat Pay), and PayPal in the region, followed by a discussion of who I think could be the big winners in this region. </li></ul>

In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing on locally-founded companies in Southeast Asia. In Part 2, I first discuss the market potential in Southeast Asia, followed by a comparison of these providers' fees, key partners, and market segment focus. Although most mobile/digital payment providers hope to benefit from the 'float' derived from cash collected on their platforms, their other revenue strategies differ somewhat. In Part 3, I will present the fees, key partners, and market segment focus of Ant Financial (AliPay), Tencent (WeChat Pay), and PayPal in the region, followed by a discussion of who I think could be the big winners in this region. 

Grab, Go-Jek, Garena(SEA), Who Will Be the Payment Goliath of Southeast Asia? - Part 2

Singapore

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

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Singtel (ST SP)

Indicative Five Year STI Dollar Cost Returns at 8% p.a.

Singapore Exchange Ltd (SGX)

Singtel: Weakness in Singapore Offset by Strength in Australia.

Singtel (ST SP) recently reported FY March 18 results which on balance somewhat disappointing. There were misses in both the Consumer and...

New Street Research

A-REIT & Venture Re-join FTSE Value-Stocks ASEAN Index Effective 21 May

Singapore Exchange Ltd (SGX)

Starhub's Mobile & PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot.

Unlike M1 (M1 SP) which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), Starhub (STH SP) continues to...

New Street Research

Grab, Go-Jek, Garena(SEA), Who Will Be the Payment Goliath of Southeast Asia? - Part 2

In Part 1 of this series, I compared the user numbers, investors and strategies of Grab, Go-Jek, and Garena(renamed to SEA), specifically focusing...

Valerie Law, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)