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)

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

Nine STI Stocks See Volume Surge in Early Week

Equity Bottom-Up

<ul><li>Singapore’s three listed banks, DBS, OCBC and UOB averaged a marginal gain yesterday amidst declines in the broader markets. This was on the back of a 4.0% average gain last week, in contrast to the Bloomberg Asia Pacific Banks Index gain of 3.4%.</li><li> Last week’s combined turnover of the three banks was more than double the preceding week. The average daily combined turnover of the three banks for last week was S$351 million, compared to S$132 million in the preceding week sessions.</li><li> The banks were the top three stocks that institutional investors bought for the week of 7 November. Together, institutional investors bought a combined value of S$425.7 million worth of stocks for the three banks. </li></ul>

Singapore’s three listed banks, DBS, OCBC and UOB averaged a marginal gain yesterday amidst declines in the broader markets. This was on the back of a 4.0% average gain last week, in contrast to the Bloomberg Asia Pacific Banks Index gain of 3.4%. Last week’s combined turnover of the three banks was more than double the preceding week. The average daily combined turnover of the three banks for last week was S$351 million, compared to S$132 million in the preceding week sessions. The banks were the top three stocks that institutional investors bought for the week of 7 November. Together, institutional investors bought a combined value of S$425.7 million worth of stocks for the three banks. 

Singapore Banks Averaged 4.1% Gain over Past Six Sessions

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of resources.  Yet surprising US election results and worries about mounting debt among domestic Chinese corporations and local governments have diverted focus away from one of the largest drivers of Chinese investment.  To kick off our analysis of China's "One Belt One Road" initiative, we outline briefly in qualitative terms why the "One Belt One Road" initiative meets many Chinese strategic policy criteria and is thus likely to remain a complementary external pillar to China's ongoing domestic policy agenda.In subsequent pieces, we will focus on financial flows into OBOR, and identify areas wherein investors might seek exposure to the benefits of rising OBOR investment.

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of resources.  Yet surprising US election results and worries about mounting debt among domestic Chinese corporations and local governments have diverted focus away from one of the largest drivers of Chinese investment.  To kick off our analysis of China's "One Belt One Road" initiative, we outline briefly in qualitative terms why the "One Belt One Road" initiative meets many Chinese strategic policy criteria and is thus likely to remain a complementary external pillar to China's ongoing domestic policy agenda.In subsequent pieces, we will focus on financial flows into OBOR, and identify areas wherein investors might seek exposure to the benefits of rising OBOR investment.

Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth rates in the past 20 years, the money stock is now so huge that the incremental growth remains outsized relative to both GDP and (form an FX point of view ) the equivalent growth in the USA. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/341/original/China-M2-growth-YoY-Last-Price_chartbuilder.png?1479113085" class="editor-image img-responsive" data-smartkarma-image-id="16341"></figure>Over the past 12 months China's money stock has risen from RMB136tr to RMB152tr (USD22.3tr at current fx rates) a growth of RMB16tr (USD2.35tr) in an economy that…

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth rates in the past 20 years, the money stock is now so huge that the incremental growth remains outsized relative to both GDP and (form an FX point of view ) the equivalent growth in the USA. Over the past 12 months China's money stock has risen from RMB136tr to RMB152tr (USD22.3tr at current fx rates) a growth of RMB16tr (USD2.35tr) in an economy that…

Money Matters: Chinese Monetary Aggregates Point to Accelerating RMB Weakness.

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.

In absolute terms, UOB has just breached its 10-year high for NPLs, with S$3.5bn as at 3Q16.  It was in year 2005 where the figurers were last higher, at US$3.9bn, although at that time the NPL ratio was a monstrous 5.6%. At present UOB’s NPL ratio is 1.6%, but with longer-term perspective, we can see that UOB – as with other Singapore banks – is not immune, nor as safe as often perceived.  The risk is that this perception changes fast.UOB NPLs (S$m)<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/335/original/Image%201.png?1479107279" class="editor-image img-responsive" data-smartkarma-image-id="16335"></figure><div class="content-caption">Source: SNL Financial</div>While the bank’s investor…

In absolute terms, UOB has just breached its 10-year high for NPLs, with S$3.5bn as at 3Q16.  It was in year 2005 where the figurers were last higher, at US$3.9bn, although at that time the NPL ratio was a monstrous 5.6%. At present UOB’s NPL ratio is 1.6%, but with longer-term perspective, we can see that UOB – as with other Singapore banks – is not immune, nor as safe as often perceived.  The risk is that this perception changes fast.UOB NPLs (S$m)Source: SNL FinancialWhile the bank’s investor…

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

Nine STI Stocks See Volume Surge in Early Week

§ As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21...

Singapore Exchange Ltd (SGX)

Singapore Banks Averaged 4.1% Gain over Past Six Sessions

Singapore’s three listed banks, DBS, OCBC and UOB averaged a marginal gain yesterday amidst declines in the broader markets. This was on the back...

Singapore Exchange Ltd (SGX)

Silk Roads Part I: Background

Most investors probably agree that it would be foolhardy to ignore China's strategic policy-driven investment, behind which sits a wealth of...

Naomi Fink

Money Matters: Chinese Monetary Aggregates Point to Accelerating RMB Weakness.

Friday saw the release of the Monthly Chinese monetary aggregates. M2 rose 11.6% year-over-year. Although this is one the lowest percentage growth...

Stewart Paterson

UOB Breaches Decade High NPLs

In absolute terms, UOB has just breached its 10-year high for NPLs, with S$3.5bn as at 3Q16. It was in year 2005 where the figurers were last...

Daniel Tabbush

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