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.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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<p><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;</strong>SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></p>
<h2>An undervalued small-cap property developer that is worth looking at</h2>
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<p>We initiate coverage on the undervalued Sing Holdings (SGX: 5IC), a company with a reputable track record in property development and investment in the residential, commercial, industrial and hospitality space. Sing Holdings is a growing company, expanding with every new development project, but never overextending themselves.</p>
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<p>Analyst: Chloe Nadia Halim | Published on 10 Feb 2021</p>
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<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/198/481/original/image_866525809101617233133253.png?1617233143" class="editor-image img-responsive" data-smartkarma-image-id="198481"></figure>
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<li>We initiate coverage on Sing Holdings (SGX: 5IC) a property developer and investment group with an established track record spanning across the residential, commercial, industrial and hospitality space.</li>
<li>Singapore’s resilient residential market reflects the strong underlying demand for private homes, benefiting residential property developers such as Sing Holdings.</li>
<li>The group has recently been awarded a tender for a land parcel at Yishun Avenue 9 to undertake an Executive Condominium housing development project.</li>
<li>The demand for the Executive Condominium project is expected to be robust considering the sales performance of the past EC projects in Yishun – Signature at Yishun and The Criterion, which were all fully sold out.</li>
<li>Reopening of the borders of Australia's two most populous states — New South Wales and Victoria should boost domestic travel, benefiting the group’s hotel business in Melbourne.</li>
<li>Our 2022 target price for Sing Holdings is 0.48, which translates to an upside potential of 28%, based on the closing price of SGD 0.375 on 9 February 2021.</li>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.
An undervalued small-cap property developer that is worth looking at



We initiate coverage on the undervalued Sing Holdings (SGX: 5IC), a company with a reputable track record in property development and investment in the residential, commercial, industrial and hospitality space. Sing Holdings is a growing company, expanding with every new development project, but never overextending themselves.




Analyst: Chloe Nadia Halim | Published on 10 Feb 2021






We initiate coverage on Sing Holdings (SGX: 5IC) a property developer and investment group with an established track record spanning across the residential, commercial, industrial and hospitality space.
Singapore’s resilient residential market reflects the strong underlying demand for private homes, benefiting residential property developers such as Sing Holdings.
The group has recently been awarded a tender for a land parcel at Yishun Avenue 9 to undertake an Executive Condominium housing development project.
The demand for the Executive Condominium project is expected to be robust considering the sales performance of the past EC projects in Yishun – Signature at Yishun and The Criterion, which were all fully sold out.
Reopening of the borders of Australia's two most populous states — New South Wales and Victoria should boost domestic travel, benefiting the group’s hotel business in Melbourne.
Our 2022 target price for Sing Holdings is 0.48, which translates to an upside potential of 28%, based on the closing price of SGD 0.375 on 9 February 2021.














(Non-SGX Report) An Undervalued Small-Cap Property Developer that Is Worth Looking At