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

Yangzijiang Financial Holding / Equity Bottom-Up

<ul><li>Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.</li><li>On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.</li></ul>

Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back 11,965,200 shares at an average price of S$2.94 per share over the five sessions.On Jan 19, ABR Holdings managing director Ang Yee Lim acquired 175,300 shares of the company for a consideration of S$83,432 at an average price of S$0.476 per share.

Managing director of Swensen’s ABR Holdings adds to his stake

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2024 Asia IPO Pipeline - ASEAN and ANZ

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.</li>
<li>This week we look at the positive responses to the latest changes to policy in support of EV manufacturing in Indonesia which appears to have won the support of <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD.</a> </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s upcoming commitments to digibanks but it looks well prepared and has bigger fish to fry and we also look at Home Credit Indonesia and MUFG.</li>
</ul>


CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus on Indonesia.
This week we look at the positive responses to the latest changes to policy in support of EV manufacturing in Indonesia which appears to have won the support of BYD. 
We also look at Grab's upcoming commitments to digibanks but it looks well prepared and has bigger fish to fry and we also look at Home Credit Indonesia and MUFG.


CrossASEAN Ground Zero - BYD in Indonesia, Grab's Digibank Commitments, and Home Credit Indonesia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings</a> looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a delicate balance between growth and profitability.</li>
<li>The sale of 75% of Tokopedia by <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> may mean more intense competition in Indonesia as it focuses on online delivery services but <a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> is well-positioned to deal with this.</li>
<li>2024 will see the potential completion of the Transcab deal plus a potential acquisition in food delivery increasing scale and competitiveness. Valuations are attractive relative to growth and financial position.</li>
</ul>



Grab Holdings looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a delicate balance between growth and profitability.
The sale of 75% of Tokopedia by GoTo may mean more intense competition in Indonesia as it focuses on online delivery services but Grab is well-positioned to deal with this.
2024 will see the potential completion of the Transcab deal plus a potential acquisition in food delivery increasing scale and competitiveness. Valuations are attractive relative to growth and financial position.


Grab Holdings (GRAB US) - Risks and Rewards in 2024

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/ramayana-lestari-sentosa-tbk-pt" target="_blank" data-smartkarma-citation="entities:12266:1" rel="noopener">Ramayana Lestari Sentosa (RALS IJ)</a>, <a href="https://www.smartkarma.com/entities/pakuwon-jati-tbk-pt" target="_blank" data-smartkarma-citation="entities:8550:1" rel="noopener">Pakuwon Jati (PWON IJ)</a>, <a href="https://www.smartkarma.com/entities/charoen-pokphand-foods-public-company-limited" target="_blank" data-smartkarma-citation="entities:16131:1" rel="noopener">CP FOODS (CPF TB)</a>, and Thai Credit Bank IPO. </li>
<li>The was also a strategy piece on Indonesia as the pre-election jostling heats up and a macro insight on Thailand after the new PM's maiden policy speech, which was underwhelming.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Ramayana Lestari Sentosa (RALS IJ), Pakuwon Jati (PWON IJ), CP FOODS (CPF TB), and Thai Credit Bank IPO. 
The was also a strategy piece on Indonesia as the pre-election jostling heats up and a macro insight on Thailand after the new PM's maiden policy speech, which was underwhelming.
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo Initiatives, Ramayana Lestari, and Indonesia Strategy.

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)

Managing director of Swensen’s ABR Holdings adds to his stake

Managing director of Swensen’s ABR Holdings adds to his stake CapitaLand Investment again led the buyback consideration tally, buying back...

Singapore Exchange Ltd (SGX)

Aequitas 2024 Asia IPO Pipeline - ASEAN and ANZ

In this note, we will look at the Asia Pacific IPO pipeline for 2024, following up with ASEAN and ANZ after having looked at other regions earlier.

Sumeet Singh

CrossASEAN Ground Zero - BYD in Indonesia, Grab's Digibank Commitments, and Home Credit Indonesia

CrossASEAN Ground Zero is a new thematic weekly product that focuses on key Southeast Asian digital themes and technology trends with a core focus...

Angus Mackintosh

Grab Holdings (GRAB US) - Risks and Rewards in 2024

Grab Holdings looks set to move toward cashflow breakeven in 2H2024 having hit adjusted EBITDA breakeven in 3Q2023 as it successfully struck a...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - GoTo Initiatives, Ramayana Lestari, and Indonesia Strategy.

The past week saw insights on GoTo Gojek Tokopedia (GOTO IJ), Ramayana Lestari Sentosa (RALS IJ), Pakuwon Jati (PWON IJ), CP FOODS (CPF TB), and...

Angus Mackintosh

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