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

Centurion Corporation Limited is a Singapore-based investment holding company that owns, develops, and manages specialized accommodation assets globally. It provides purpose-built worker accommodation under the "Westlite Accommodation" brand and purpose-built student accommodation under the "Dwell" and "EPIISOD" brands, alongside an optical storage media manufacturing business. The company was established in 1981 and is headquartered in Singapore.

<ul><li>Over five sessions, directors and substantial shareholders made 32 acquisitions and six disposals, with 32 companies conducting buybacks totaling S$71.5 million.</li><li>Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.</li><li>BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% with 574,800 units acquired.</li></ul>

Over five sessions, directors and substantial shareholders made 32 acquisitions and six disposals, with 32 companies conducting buybacks totaling S$71.5 million.Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% with 574,800 units acquired.

Institutional and Insider Accumulation as Buybacks Accelerate

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

CERES Inc provides internet marketing services. The Company's registered members earn reward points when they take actions at their website such as purchasing products. CERES also provides temporary staffing services online.

<ul><li>Ceres completed the sale of its bitbank stake on 1 October for ¥8.6bn and, the same day, announced a buyback of up to ¥2.5bn, as planned in June when the transaction was announced.</li><li>We think the buyback is incrementally positive for ROE, and if Ceres completes the buyback at the current share price by the end of FY12/26, we estimate that FY12/27E ROE would increase to ~18%.</li><li>The shares trade at 0.63x our SOTP value, so each share that Ceres buys back is also accretive to SOTP value per share.</li></ul>

Ceres completed the sale of its bitbank stake on 1 October for ¥8.6bn and, the same day, announced a buyback of up to ¥2.5bn, as planned in June when the transaction was announced.We think the buyback is incrementally positive for ROE, and if Ceres completes the buyback at the current share price by the end of FY12/26, we estimate that FY12/27E ROE would increase to ~18%.The shares trade at 0.63x our SOTP value, so each share that Ceres buys back is also accretive to SOTP value per share.

Ceres Inc. (3696 JP) - Exit Closed, Buyback Under Way

Hutchison Port Holdings / Equity Bottom-Up

Hutchison Port Holdings Trust is a Singapore-based business trust that invests in, develops, operates, and manages deep-water container ports. It provides cargo handling and port-related services, including trucking, warehousing, and distribution, primarily in the Pearl River Delta of South China, encompassing Hong Kong and Mainland China. The trust was founded in 2011 and is headquartered in Singapore.

<ul><li>Over five sessions, directors and substantial shareholders reported 32 acquisitions and six disposals, with substantial shareholders recording 22 acquisitions and two disposals.</li><li>Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.</li><li>BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% through market transactions.</li></ul>

Over five sessions, directors and substantial shareholders reported 32 acquisitions and six disposals, with substantial shareholders recording 22 acquisitions and two disposals.Centurion Corporation's Executive Directors acquired 1,077,500 shares, increasing their interests, while the company reported 31% revenue growth in 1HFY26.BlackRock became a substantial unitholder of Hutchison Port Holdings Trust, increasing its deemed interest to 5.00% through market transactions.

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 9th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), J&amp;T Express (1519 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Bidu (9888 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Oct 9th): Tencent, Xiaomi, J&T Express

Equity Long-Short

Mo Aziz

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul>
<li>3Q26 prelim OP ₩107.4T (+20.0% QoQ): 0.7% below our ₩108.2T, 1–2% above a street bar that fell 7% since August. Revenue ₩195T is 2.6% light on the won.</li>
<li>The 2.4% fall was plumbing: ETF rebalancing, options expiry and the end of the ₩15T buyback, which absorbed ~76% of September's selling. Samsung fell less than the KOSPI.</li>
<li>BULLISH, TP ₩400,000 held (+53%). At 3.9x consensus FY27E, the market doubts 2028, not 2027. January's ₩55–75T could be five times the buyback that just ended.</li>
</ul>


3Q26 prelim OP ₩107.4T (+20.0% QoQ): 0.7% below our ₩108.2T, 1–2% above a street bar that fell 7% since August. Revenue ₩195T is 2.6% light on the won.
The 2.4% fall was plumbing: ETF rebalancing, options expiry and the end of the ₩15T buyback, which absorbed ~76% of September's selling. Samsung fell less than the KOSPI.
BULLISH, TP ₩400,000 held (+53%). At 3.9x consensus FY27E, the market doubts 2028, not 2027. January's ₩55–75T could be five times the buyback that just ended.


Samsung Electronics (005930 KS): 3Q26 Prelim – ₩107T Clears a Lower Bar; the Selling Was Plumbing