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

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<li>On 17 April, the 7-day rolling average of daily new confirmed cases of COVID-19 moved above its January 2021 high, to 766,231 cases. A key attributor is daily new infections in India soaring fivefold from more than 50,000 cases at the end of March, to more than 250,000 cases on 17 April.  </li>
			</ul>
<ul>
<li>Top Glove Corporation Bhd, Medtecs International, Riverstone Holdings, UG Healthcare Corporation and Aspen Group Holdings have all gained in the April month to 16 April, averaging 11.7% gains over the 11 sessions, bringing their average 2021 YTD total return to 8.0%. </li>
			</ul>
<ul>
<li>Aside from medical suppliers, the most traded Singapore-listed Healthcare-related stocks in 2021 have included Thomson Medical, Haw Par, Raffles Medical, Q&amp;M Dental and PLife REIT. The five stocks averaged a 1.0% gain over the past 11 sessions, bringing their median YTD total return to 26.0%. </li>
			</ul>
<ul>
<li>
Econ Healthcare (Asia), the largest private nursing home operator by revenue in Singapore and Malaysia, has listed on Catalist on 19 April. With an issue price of 28 cents per share, the stock ended the AM session at 29.5 cents per share and a market value of S$76 million. Click <a href="https://www.sgx.com/research-education/market-updates/20210419-econ-healthcare-largest-private-nursing-home-operator-sg">here</a> to read more. 
</li>
			</ul>
 

			Progress in COVID-19 vaccination roll-out across has now seen close to 900 million doses administered across the globe. Data from ourworldindata.org also shows that the current total number of confirmed cases (assumed lower than the actual number due to limited testing) is over 140 million cases. While the daily new confirmed cases of COVID-19 has returned to January highs, the smoothed 7-day rolling average has recently risen above its January 2021 high to 766,231 cases on 17 April. Daily new Infections in India have soared fivefold from more than 50,000 cases at the end of March, to more than 250,000 cases on 17 April. 
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2021-04/7-day%20Rolling%20Average%20of%20daily%20new%20Global%20COVID-19%20Cases_1.PNG' alt='7-day Rolling Average of daily new Global COVID-19 Cases' />
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 <div class='content-caption'>7-day Rolling Average of daily new Global COVID-19 Cases</div>
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Top Glove Corporation Bhd, Medtecs International, Riverstone Holdings, UG Healthcare Corporation and Aspen Group Holdings have all gained in the April month to 16 April, averaging 11.7% gains. As illustrated above, this has coincided with the 7-day rolling average of daily new global COVID-19 cases returning to above 700,000 cases per day, as seen in early January, and up from the less than 400,000 cases per day reported between mid-February and early-March.

In September 2020, Aspen Holdings announced its diversification into the manufacturing and distribution of rubber gloves in a joint venture with CMY Capital Sdn Bhd. Aspen Holdings has been among the top 100 traded Singapore stocks so far in 2021, after ranking among the top 500 traded stocks in 1H20. The five stocks are tabled below and sort by average daily turnover in the 2021 year to 16 April.

 

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock
			</td>
			<td>
			Code
			</td>
			<td>
			Market Cap (S$M) 
			</td>
			<td>
			Average Daily Turnover in YTD S$M
			</td>
			<td>
			Total Return MTD %
			</td>
			<td>
			Total Return YTD %
			</td>
			<td>
			Total Return 3Y %
			</td>
			<td>
			P/E (x)
			</td>
			<td>
			P/B (x)
			</td>
		</tr>
<tr>
<td>
			Top Glove
			</td>
			<td>
			BVA
			</td>
			<td>
			   14,007
			</td>
			<td>
			8.4
			</td>
			<td>
			        15.1
			</td>
			<td>
			        (8.2)
			</td>
			<td>
			247
			</td>
			<td>
			7
			</td>
			<td>
			6
			</td>
		</tr>
<tr>
<td>
			Medtecs Intl
			</td>
			<td>
			546
			</td>
			<td>
			         563
			</td>
			<td>
			7.7
			</td>
			<td>
			        10.8
			</td>
			<td>
			          3.0
			</td>
			<td>
			2,210
			</td>
			<td>
			3
			</td>
			<td>
			2
			</td>
		</tr>
<tr>
<td>
			Riverstone
			</td>
			<td>
			AP4
			</td>
			<td>
			     2,045
			</td>
			<td>
			5.4
			</td>
			<td>
			        12.2
			</td>
			<td>
			        24.3
			</td>
			<td>
			175
			</td>
			<td>
			10
			</td>
			<td>
			5
			</td>
		</tr>
<tr>
<td>
			UG Healthcare
			</td>
			<td>
			8K7
			</td>
			<td>
			         385
			</td>
			<td>
			3.5
			</td>
			<td>
			        11.6
			</td>
			<td>
			          7.0
			</td>
			<td>
			878
			</td>
			<td>
			6
			</td>
			<td>
			3
			</td>
		</tr>
<tr>
<td>
			Aspen
			</td>
			<td>
			1F3
			</td>
			<td>
			         271
			</td>
			<td>
			1.8
			</td>
			<td>
			          8.7
			</td>
			<td>
			        13.6
			</td>
			<td>
			22
			</td>
			<td>
			11
			</td>
			<td>
			2
			</td>
		</tr>
</tbody></table>
                                                                                                                                                                        Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 16 April 2021)

 

In a measured move, on the other side of the gains of the above five medical suppliers, the share price of Singapore Airlines has declined 2.7% in the April month to 16 April. On 15 April, Singapore’s flag carrier noted at the end of March 2021, Group capacity reached 23% of pre-COVID levels, which was lower than the earlier expectation of around 25%, and passenger capacity is expected to be around 27% of pre-COVID levels by June 2021. Like Singapore Airlines, global Airlines have seen marginal declines in the April month-to-date, yet on average maintain double-digit year-to-date gains.

For the Healthcare Sector overall, the iEdge SG All Healthcare Index has gained 4.5% in the month of April through to 16 April, bringing the 2021 year-to-date total return to 11.9%. Aside from the aforementioned five medical suppliers, the most traded Singapore-listed Healthcare-related stocks in 2021 have included Thomson Medical Group, Haw Par Corporation, Raffles Medical Group, Q&amp;M Dental Group Singapore and Parkway Life REIT. The five stocks averaged a 1.0% gain over the past 11 sessions, bringing their median year-to-date total return to 26.0%.

This morning, Econ Healthcare (Asia), the largest private nursing home operator by revenue in Singapore and Malaysia, <a href="https://www.sgx.com/research-education/market-updates/20210419-econ-healthcare-largest-private-nursing-home-operator-sg">listed on Catalist</a>. With an issue price of 28 cents per share, the stock ended the AM session at 29.5 cents per share and a market value of S$76 million. As discussed here, the company has track record of 30 years, and primarily provides residential nursing care, home care, rehabilitation, clinical as well as Traditional Chinese Medicine services in 10 Medicare centres and nursing homes in Singapore, Malaysia and China, with the establishment of Chongqing Nursing Home, which is expected to commence operations in 2021. According to Euromonitor, Econ Healthcare (Asia) is the largest private nursing home operator in Singapore and Malaysia by revenue with a market share of 26.9% and 43.2% respectively.
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On 17 April, the 7-day rolling average of daily new confirmed cases of COVID-19 moved above its January 2021 high, to 766,231 cases. A key attributor is daily new infections in India soaring fivefold from more than 50,000 cases at the end of March, to more than 250,000 cases on 17 April.  
			

Top Glove Corporation Bhd, Medtecs International, Riverstone Holdings, UG Healthcare Corporation and Aspen Group Holdings have all gained in the April month to 16 April, averaging 11.7% gains over the 11 sessions, bringing their average 2021 YTD total return to 8.0%. 
			

Aside from medical suppliers, the most traded Singapore-listed Healthcare-related stocks in 2021 have included Thomson Medical, Haw Par, Raffles Medical, Q&amp;M Dental and PLife REIT. The five stocks averaged a 1.0% gain over the past 11 sessions, bringing their median YTD total return to 26.0%. 
			


Econ Healthcare (Asia), the largest private nursing home operator by revenue in Singapore and Malaysia, has listed on Catalist on 19 April. With an issue price of 28 cents per share, the stock ended the AM session at 29.5 cents per share and a market value of S$76 million. Click here to read more. 

			
 

			Progress in COVID-19 vaccination roll-out across has now seen close to 900 million doses administered across the globe. Data from ourworldindata.org also shows that the current total number of confirmed cases (assumed lower than the actual number due to limited testing) is over 140 million cases. While the daily new confirmed cases of COVID-19 has returned to January highs, the smoothed 7-day rolling average has recently risen above its January 2021 high to 766,231 cases on 17 April. Daily new Infections in India have soared fivefold from more than 50,000 cases at the end of March, to more than 250,000 cases on 17 April. 
			
		


      
    
    7-day Rolling Average of daily new Global COVID-19 Cases


Top Glove Corporation Bhd, Medtecs International, Riverstone Holdings, UG Healthcare Corporation and Aspen Group Holdings have all gained in the April month to 16 April, averaging 11.7% gains. As illustrated above, this has coincided with the 7-day rolling average of daily new global COVID-19 cases returning to above 700,000 cases per day, as seen in early January, and up from the less than 400,000 cases per day reported between mid-February and early-March.

In September 2020, Aspen Holdings announced its diversification into the manufacturing and distribution of rubber gloves in a joint venture with CMY Capital Sdn Bhd. Aspen Holdings has been among the top 100 traded Singapore stocks so far in 2021, after ranking among the top 500 traded stocks in 1H20. The five stocks are tabled below and sort by average daily turnover in the 2021 year to 16 April.

 




			Stock
			
			
			Code
			
			
			Market Cap (S$M) 
			
			
			Average Daily Turnover in YTD S$M
			
			
			Total Return MTD %
			
			
			Total Return YTD %
			
			
			Total Return 3Y %
			
			
			P/E (x)
			
			
			P/B (x)
			
		


			Top Glove
			
			
			BVA
			
			
			   14,007
			
			
			8.4
			
			
			        15.1
			
			
			        (8.2)
			
			
			247
			
			
			7
			
			
			6
			
		


			Medtecs Intl
			
			
			546
			
			
			         563
			
			
			7.7
			
			
			        10.8
			
			
			          3.0
			
			
			2,210
			
			
			3
			
			
			2
			
		


			Riverstone
			
			
			AP4
			
			
			     2,045
			
			
			5.4
			
			
			        12.2
			
			
			        24.3
			
			
			175
			
			
			10
			
			
			5
			
		


			UG Healthcare
			
			
			8K7
			
			
			         385
			
			
			3.5
			
			
			        11.6
			
			
			          7.0
			
			
			878
			
			
			6
			
			
			3
			
		


			Aspen
			
			
			1F3
			
			
			         271
			
			
			1.8
			
			
			          8.7
			
			
			        13.6
			
			
			22
			
			
			11
			
			
			2
			
		

                                                                                                                                                                        Source: SGX StockFacts, Refinitv, Bloomberg (Data as of 16 April 2021)

 

In a measured move, on the other side of the gains of the above five medical suppliers, the share price of Singapore Airlines has declined 2.7% in the April month to 16 April. On 15 April, Singapore’s flag carrier noted at the end of March 2021, Group capacity reached 23% of pre-COVID levels, which was lower than the earlier expectation of around 25%, and passenger capacity is expected to be around 27% of pre-COVID levels by June 2021. Like Singapore Airlines, global Airlines have seen marginal declines in the April month-to-date, yet on average maintain double-digit year-to-date gains.

For the Healthcare Sector overall, the iEdge SG All Healthcare Index has gained 4.5% in the month of April through to 16 April, bringing the 2021 year-to-date total return to 11.9%. Aside from the aforementioned five medical suppliers, the most traded Singapore-listed Healthcare-related stocks in 2021 have included Thomson Medical Group, Haw Par Corporation, Raffles Medical Group, Q&amp;M Dental Group Singapore and Parkway Life REIT. The five stocks averaged a 1.0% gain over the past 11 sessions, bringing their median year-to-date total return to 26.0%.

This morning, Econ Healthcare (Asia), the largest private nursing home operator by revenue in Singapore and Malaysia, listed on Catalist. With an issue price of 28 cents per share, the stock ended the AM session at 29.5 cents per share and a market value of S$76 million. As discussed here, the company has track record of 30 years, and primarily provides residential nursing care, home care, rehabilitation, clinical as well as Traditional Chinese Medicine services in 10 Medicare centres and nursing homes in Singapore, Malaysia and China, with the establishment of Chongqing Nursing Home, which is expected to commence operations in 2021. According to Euromonitor, Econ Healthcare (Asia) is the largest private nursing home operator in Singapore and Malaysia by revenue with a market share of 26.9% and 43.2% respectively.



Medical Suppliers Edge 12% Higher in April with Global COVID-19 Resurgence

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Intco Medical Technology  Lt / Equity Capital Markets

On January 29th, 2021, the A-share listed company <a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

On January 29th, 2021, the A-share listed company Intco Medical Technology Co., Ltd-A (300677 CH) submitted its prospectus to the HKEX, officially starting the process of IPO in Hong Kong. Meanwhile, the Company released the financial results in 2020. Intco achieved revenue of RMB13.8 billion in 2020, up 564.29% YoY. Net income attributed to shareholders in 2020 was RMB7 billion, up 3829.22% YoY. The results were in line with expectations.

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

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.

<a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. <div class="content-highlight">Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. </div>

Intco Medical Technology Co., Ltd-A (300677 CH) is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. 

Intco Medical IPO Initiation: Riding the Cycle

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:<a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/coupang" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a>, <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>, <a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a>, <a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">Hcl Technologies (HCLT IN)</a>, <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:Hyundai Motor Co (005380 KS), Top Glove Corp (TOPG MK), Naver Corp (035420 KS), Coupang (CPNG US), Hon Hai Precision Industry (2317 TT), TSMC (2330 TT), Tata Consultancy Svcs (TCS IN), Infosys Ltd (INFO IN), Hcl Technologies (HCLT IN), Wipro Ltd (WPRO IN)

Global Emerging Markets Weekly: 2 April 2021

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

The US Customs and Border Protection Agency (CBP) ordered its ports to begin seizing all disposable gloves produced in Malaysia by <a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a>, citing that CBP has found sufficient evidence to determine that the imported goods were produced using forced labour practices. Top Glove shares sank 5.3% yesterday and another 5.4% today to close at MYR 4.52 per share.Even though the immediate financial impact from the above order is some what limited, we believe the order to have a significant impact on Top Glove’s financial performance in the post COVID era. Moreover, it could affect the company’s proposed Hong Kong Offering and also risk getting thrown out of ESG indices.

The US Customs and Border Protection Agency (CBP) ordered its ports to begin seizing all disposable gloves produced in Malaysia by Top Glove Corp (TOPG MK), citing that CBP has found sufficient evidence to determine that the imported goods were produced using forced labour practices. Top Glove shares sank 5.3% yesterday and another 5.4% today to close at MYR 4.52 per share.Even though the immediate financial impact from the above order is some what limited, we believe the order to have a significant impact on Top Glove’s financial performance in the post COVID era. Moreover, it could affect the company’s proposed Hong Kong Offering and also risk getting thrown out of ESG indices.

CBP to Seize Goods Over Forced Labour: The Impact Limited in The Short Run & Severe in The Long Run

Malaysia

Top Glove Corporation Bhd manufactures a wide range of latex gloves.  The Company's products include latex examination powdered, latex examination powderfree, nitrile examination gloves,soft nitrile examination gloves, vinyl examination gloves, surgical gloves, and other related products.

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Top Glove Corp (TOPG MK)

Medical Suppliers Edge 12% Higher in April with Global COVID-19 Resurgence

Top Glove Corporation Bhd, Medtecs International, Riverstone Holdings, UG Healthcare Corporation and Aspen Group Holdings...

Singapore Exchange Ltd (SGX)

Pre-IPO Intco Medical Technology - Economies of Scale or Overcapacity?

The article analyzed Intco Medical in terms of market potential, business (entry barrier, technology, capacity), financial position compared with...

Xinyao (Criss) Wang

Intco Medical IPO Initiation: Riding the Cycle

Intco is seeking an H Share listing to raise $1 billion, according to press reports. Overall, we think that Intco has attractive fundamentals to...

Arun George

Global Emerging Markets Weekly: 2 April 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

CBP to Seize Goods Over Forced Labour: The Impact Limited in The Short Run & Severe in The Long Run

The immediate financial impact from the CBP order is limited. Yet we believe it to have a significant impact on Top Glove’s financial performance...

Oshadhi Kumarasiri

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