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

Thoresen Thai Agencies / Equity Bottom-Up

<ul><li>Paul Whiley, COO and Executive Director of oil and gas offshore and subsea services firm Mermaid Maritime, shares how it is moving into decommissioning and other sunrise specialities to thrive in the long term.</li><li>Even as the world shifts towards renewable energy, there will be many opportunities in the oil and gas industry in the coming decades, says Mermaid Maritime’s Chief Operating Officer and Executive Director Paul Whiley.</li><li>Mermaid is a leading international subsea and offshore drilling services company for major oil and gas companies or their contractors, with its corporate headquarters based in Thailand.</li></ul>

Paul Whiley, COO and Executive Director of oil and gas offshore and subsea services firm Mermaid Maritime, shares how it is moving into decommissioning and other sunrise specialities to thrive in the long term.Even as the world shifts towards renewable energy, there will be many opportunities in the oil and gas industry in the coming decades, says Mermaid Maritime’s Chief Operating Officer and Executive Director Paul Whiley.Mermaid is a leading international subsea and offshore drilling services company for major oil and gas companies or their contractors, with its corporate headquarters based in Thailand.

kopi-C with Mermaid Maritime’s Chief Operating Officer: ‘The oil and gas industry remains vital’

Yoma Strategic Holdings / Equity Bottom-Up

<ul><li>The top five performers among the 100 most traded stocks in Singapore for the year up to 17 July, were Beng Kuang Marine, Mermaid Maritime, Yoma Strategic, Yangzijiang Shipbuilding and Samudera Shipping.</li><li>Among the broader group of Singapore’s 200 most traded stocks this year, 63 stocks have generated YTD total returns of 10% or higher.</li><li>Among the 63 stocks, the Industrials Sector representing as many as 18 (29%) of the 63 stocks, compared to the sector representing 38 (19%) of the broader group of the 200 most traded stocks.</li></ul>

The top five performers among the 100 most traded stocks in Singapore for the year up to 17 July, were Beng Kuang Marine, Mermaid Maritime, Yoma Strategic, Yangzijiang Shipbuilding and Samudera Shipping.Among the broader group of Singapore’s 200 most traded stocks this year, 63 stocks have generated YTD total returns of 10% or higher.Among the 63 stocks, the Industrials Sector representing as many as 18 (29%) of the 63 stocks, compared to the sector representing 38 (19%) of the broader group of the 200 most traded stocks.

Singapore's Most Actively Traded Stocks with Double-Digit YTD Total Returns

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

We highlight 14 stocks in ASEAN that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the ASEAN markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Kerry Express Thailand / Equity Capital Markets

<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/179/974/original/BANNER-TTOtherDec20_GreyOrange.png?1608781028" class="editor-image img-responsive" data-smartkarma-image-id="179974"></figure></section>In a previous note we argued <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a>, at its IPO price of 28 baht per share, was attractively priced relative to comps in the Chinese express sector.However, after shares jumped 83% to 51.25 baht in their trading debut on December 24, KEX's EV/Revenue and EV/EBITDA multiples increased substantially (even as its Chinese comps faded).A day after its public debut, KEX is still a unique Thai play on eCommerce and the company enjoys strong market position in a growing segment. However, at 50+ baht per share it is no longer cheap.By the way, Merry Christmas!

In a previous note we argued Kerry Express Thailand (KEX TB), at its IPO price of 28 baht per share, was attractively priced relative to comps in the Chinese express sector.However, after shares jumped 83% to 51.25 baht in their trading debut on December 24, KEX's EV/Revenue and EV/EBITDA multiples increased substantially (even as its Chinese comps faded).A day after its public debut, KEX is still a unique Thai play on eCommerce and the company enjoys strong market position in a growing segment. However, at 50+ baht per share it is no longer cheap.By the way, Merry Christmas!

Kerry Express Thailand: Just One Day Into Public Life, KEX Suddenly Looks Expensive

In an updated filing, <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:<ul>
<li>What are the most useful 'comps' for KEX? </li>
<li>What are some appropriate valuation multiples to use in comparing KEX to peers?</li>
<li>How does KEX's valuation at 30 baht per share compare to the peer group we've identified?</li>
<li>What factors could support either a premium or discount valuation for KEX versus peers?</li>
</ul>At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

In an updated filing, Kerry Express Thailand (KEX TB) indicated it could sell as many as 300 mn new shares in its planned IPO. Many media reports have suggested the company hopes to raise about US$300 mn in the offering, suggesting KEX will come to market at around 30 baht per share.In this note, we try to answer the following questions regarding KEX's valuation:
What are the most useful 'comps' for KEX? 
What are some appropriate valuation multiples to use in comparing KEX to peers?
How does KEX's valuation at 30 baht per share compare to the peer group we've identified?
What factors could support either a premium or discount valuation for KEX versus peers?
At 30 baht per share (which implies market capitalization of US$1.7 bn), KEX would not be overvalued relative to peers, in our view, and there are reasons KEX could eventually demand a premium valuation relative to other express companies.

Kerry Express Thailand (KEX) IPO: Approach to Valuation

Thailand

Thoresen Thai Agencies PCL is a maritime and commodity-focused business group with Transport, Energy, and Infrastructure businesses in the Asia-Pacific region. The Group's businesses include dry bulk shipping, inter-island petroleum and gas tankering, offshore oil and gas services, coal mining, fertilizer production and distribution, and integrated port and logistics services.

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Thoresen Thai Agencies (TTA TB)

kopi-C with Mermaid Maritime’s Chief Operating Officer: ‘The oil and gas industry remains vital’

Paul Whiley, COO and Executive Director of oil and gas offshore and subsea services firm Mermaid Maritime, shares how it is moving into...

Singapore Exchange Ltd (SGX)

Singapore's Most Actively Traded Stocks with Double-Digit YTD Total Returns

The top five performers among the 100 most traded stocks in Singapore for the year up to 17 July, were Beng Kuang Marine, Mermaid Maritime, Yoma...

Singapore Exchange Ltd (SGX)

The Stocks to Own in ASEAN – Vol. 35

Since its inception, our FVMR ASEAN Strategy has generated a before-fee total return of 149% versus MSCI ASEAN’s 22%. Since the last rebalancing,...

A. Stotz Investment Research

Kerry Express Thailand: Just One Day Into Public Life, KEX Suddenly Looks Expensive

After it jumped by 83% to 51.25 baht per share in its trading debut, it's suddenly much tougher to argue that KEX is attractively priced versus peers.

Tracking Traffic

Kerry Express Thailand (KEX) IPO: Approach to Valuation

What's the right valuation approach to Kerry Express (KEX), which hopes to complete its IPO in Thailand in the coming weeks?

Tracking Traffic

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