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)

<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

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

In this review, we look at the other major listed and non-listed assets of the Ministry of Finance, which owns the 35 state enterprises policed by SEPO (State Enterprise Policy Office). The three Groups we discussed earlier, PTT, KTB, and EGAT, were simply some of the more complex and largest ones, but today, AOT is one of the largest privately traded companies in Thailand. There's also a national carrier (THAI) and the country's main state broadcaster (MCOT). TMB is the second biggest of these. MOF has fewer shares than ING, but they won't be exiting any time soon. Then, there are the smaller ones you may never have heard of: NOK, INET...and non-listed giants (CAT, TOT, SRT...and Tobacco Monopoly of Thailand...seriously?) These guys are more powerful than any tycoon in Thailand's history yo. I'm not kidding. Of these, we think the only one you are trade on short-term basis would be AOT.

In this review, we look at the other major listed and non-listed assets of the Ministry of Finance, which owns the 35 state enterprises policed by SEPO (State Enterprise Policy Office). The three Groups we discussed earlier, PTT, KTB, and EGAT, were simply some of the more complex and largest ones, but today, AOT is one of the largest privately traded companies in Thailand. There's also a national carrier (THAI) and the country's main state broadcaster (MCOT). TMB is the second biggest of these. MOF has fewer shares than ING, but they won't be exiting any time soon. Then, there are the smaller ones you may never have heard of: NOK, INET...and non-listed giants (CAT, TOT, SRT...and Tobacco Monopoly of Thailand...seriously?) These guys are more powerful than any tycoon in Thailand's history yo. I'm not kidding. Of these, we think the only one you are trade on short-term basis would be AOT.

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of <a href="https://www.smartkarma.com/entities/214" target="_blank" data-smartkarma-citation="entities:214:1">Siam Commercial Bank Pub Co (SCB TB)</a>, and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy &amp; Business Development of Siam Commercial Bank Pub Co (SCB TB), and we found it pretty interesting. Basically, his view is that fintech has been around since the 50s, and in his view, we are on the third wave...There's something with the number three. I recall someone else (maybe Microsoft CEO Nadella) saying we are on the third Industrial or Digital Revolution. Well, let's just indulge the…

Event-Driven

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around Nation, one of Thailand's largest English daily. Amongst the major deals of Thailand in 2016, the largest by far was BJC's 3bn euro acquisition of Big C, the second largest hypermarket, while we personally made the most of was the unconfirmed JTS deal.Going forward, we see: 1) the Triple T Banks (TISCO, TCAP, TMB) potentially being involved in some form of international divestment by foreign partners (Deutsche, Nova Scotia, ING); 2) the possibility of CP Group trying to buy Tesco's Thai operations, which were actually founded by CP pre-crisis; and 3) a 50-50 chance on the KKP deal with Temasek. If you are someone who believes in making money from M&amp;A, the mosaic principle, and Thai markets, this is the review for you. And to all investment bankers who have their cups in the Thai punch bowl, all I'm gonna say is....Congrats!

November & Beyond (Part 2): Party Time for the Deal Makers

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

What matters most with Bank of Ayudhya’s latest results is the fact that it continues to show an improving trend of bad loans, while net interest margins are amongst the highest in Thailand, and where figures can rise due to high-yield Cambodia lending. ROA will expand as credit costs come in, and where margins remain strong. Consumer banks BAY, TCAP and BTPN (Indonesia) are more interesting than large, corporate focused banks.Change in NPL ratios at Thai banks – From year 2014 to 3Q16 (%)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/156/original/Dan1.png?1477196678" class="editor-image img-responsive" data-smartkarma-image-id="15156"></figure><div class="content-caption">…</div>

What matters most with Bank of Ayudhya’s latest results is the fact that it continues to show an improving trend of bad loans, while net interest margins are amongst the highest in Thailand, and where figures can rise due to high-yield Cambodia lending. ROA will expand as credit costs come in, and where margins remain strong. Consumer banks BAY, TCAP and BTPN (Indonesia) are more interesting than large, corporate focused banks.Change in NPL ratios at Thai banks – From year 2014 to 3Q16 (%)…

Bank of Ayudhya Reveals Divergent NPL Trends to Peer Thai Banks

Thailand

TMB Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.  It also has branches in Hong Kong, Laos, and Cayman Island.

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TMB Bank PCL (TMB-R TB)

Big Brother (Ep. 5): Men in Black

In this review, we look at the other major listed and non-listed assets of the Ministry of Finance, which owns the 35 state enterprises policed by...

Athaporn Arayasantiparb, CFA

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

November & Beyond (Part 2): Party Time for the Deal Makers

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around...

Athaporn Arayasantiparb, CFA

Bank of Ayudhya Reveals Divergent NPL Trends to Peer Thai Banks

What matters most with Bank of Ayudhya’s latest results is the fact that it continues to show an improving trend of bad loans, while net interest...

Daniel Tabbush

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52-week Range

Market Cap (USDm)

P/E

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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)

Big Brother (Ep. 5): Men in Black

In this review, we look at the other major listed and non-listed assets of the Ministry of Finance, which owns the 35 state enterprises policed by...

Athaporn Arayasantiparb, CFA

Silicon Sequel: SCB on Fintech

During the weekend, we attended a presentation by Vacharapong Potjaneenont, who is Manager for Strategy & Business Development of Siam...

Athaporn Arayasantiparb, CFA

November & Beyond (Part 2): Party Time for the Deal Makers

In this review, we explore existing major deals of 2016 and potential deals in the future as well as highlight the nation-shocking scandal around...

Athaporn Arayasantiparb, CFA

Bank of Ayudhya Reveals Divergent NPL Trends to Peer Thai Banks

What matters most with Bank of Ayudhya’s latest results is the fact that it continues to show an improving trend of bad loans, while net interest...

Daniel Tabbush