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.

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Annual Sector Rotations that Beat the STI in 2017 YTD

Longer Term Drivers of SGX Agricultural Plays

Singapore and emerging market real estate

Royston Foo

Equity Bottom-Up

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position of YPI and simulated a strategy to extract the greatest value both for YPI and the rest of the shareholders. We think that there are exciting days ahead for this centennial company.We have a long-term buy recommendation on UEL with an intrinsic value of S$3.26 to S$3.55 per share. Investors should look at opportunities to accumulate UEL on dips, especially at prices close to or below the MGO price of S$2.60 per share for margin of safety.This report has 3 sections:Part 1 - Background of UELPart 2 - Analysis of the Yanlord Perennial Takeover offerPart 3 - Valuation and Recommendation

United Engineers: Life After Takeover Offer (Part 2)

FTSE ST China Index generated 25% Total Return over Past 12M

Equity Sectors Booked Gains Across the Board in October

Singapore

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

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Wilmar International (WIL SP)

Annual Sector Rotations that Beat the STI in 2017 YTD

Singapore Exchange Ltd (SGX)

Longer Term Drivers of SGX Agricultural Plays

Singapore Exchange Ltd (SGX)

United Engineers: Life After Takeover Offer (Part 2)

The General Offer by Yanlord Perennial for UEL's shares ended without much success. What is next for UEL? We tried to put ourselves in the position...

Royston Foo

FTSE ST China Index generated 25% Total Return over Past 12M

Singapore Exchange Ltd (SGX)

Equity Sectors Booked Gains Across the Board in October

Singapore Exchange Ltd (SGX)

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