Mark Artherton, CFA

Inteqres

Equity Bottom-Up

<p>Investors will sit up and take notice.  An analysis of the numbers shows interesting sustainable trends, especially within the FICC business.  Unfortunately, SGX sits in the wrong geography, trades at a premium to more exciting stories in other sectors and is unlikely to attract too much international investor attention despite the positive story that is unfolding.  Local investors should dig deep and consider their positioning, however.  I have tagged this as positive for local investors only.  The margin performance is the biggest positive from our analysis of the numbers.</p><p>This analysis is fairly 'quick and dirty' as we are always interested in outlying stock movements.  However, we have decided not to dig too much further as it does not dislodge any of our existing ideas in the model portfolio and does not make the 'possible' list.</p>

Investors will sit up and take notice.  An analysis of the numbers shows interesting sustainable trends, especially within the FICC business.  Unfortunately, SGX sits in the wrong geography, trades at a premium to more exciting stories in other sectors and is unlikely to attract too much international investor attention despite the positive story that is unfolding.  Local investors should dig deep and consider their positioning, however.  I have tagged this as positive for local investors only.  The margin performance is the biggest positive from our analysis of the numbers.This analysis is fairly 'quick and dirty' as we are always interested in outlying stock movements.  However, we have decided not to dig too much further as it does not dislodge any of our existing ideas in the model portfolio and does not make the 'possible' list.

SGX

SGX 1QFY20 a Game Changer??