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)

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty.

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI) generated a 1% total return, which was not far behind that of the MSCI AC Asia Pacific Index. However, the 1% gain is hardly the full story for the 30 STI stocks in the year thus far.  All five Global Industry Classification Standards (GICS®) Sectors without STI representation also generated gains over the first 10 months. These Sectors are also at junctures of opportunity and challenge, with Sector-wide themes such as technology disruptors, population longevity &amp; growth and asymmetric trends in commodity prices. The five Sectors have also become increasingly important for investors who seek portfolio diversification in times of increased economic uncertainty. 

Buoyant Returns Beyond the Benchmark in 2016 YTD

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Event-Driven

Henderson Land Development / Event-Driven

<ul><li class="p1">For full-year 2015, Henderson Land Development reported an underlying profit of HKD 11 billion, up 12% year on year, but 4% below our estimate of HKD 11.5 billion.</li><li class="p1">Underlying EPS was HKD 3.33, up 11% year on year.</li><li class="p1">Overall the results are slightly below our expectations.</li></ul>Analysts: Philip Zhong

For full-year 2015, Henderson Land Development reported an underlying profit of HKD 11 billion, up 12% year on year, but 4% below our estimate of HKD 11.5 billion.Underlying EPS was HKD 3.33, up 11% year on year.Overall the results are slightly below our expectations.Analysts: Philip Zhong

Results Reasonable, but Property Sales May Slow in 2016

Equity Bottom-Up

<ul><li class="p1">We recently reviewed Hong Kong and China Gas' business, and we remain comfortable with our overall business outlook.</li><li class="p1">We anticipate that the firm’s Hong Kong gas business will remain stable, providing resilient earnings and robust cash inflows, while its China gas distribution business continues to drive growth.</li></ul>Analyst: Jennifer Song

We recently reviewed Hong Kong and China Gas' business, and we remain comfortable with our overall business outlook.We anticipate that the firm’s Hong Kong gas business will remain stable, providing resilient earnings and robust cash inflows, while its China gas distribution business continues to drive growth.Analyst: Jennifer Song

Hong Kong

The Hong Kong and China Gas Company Limited produces, distributes, and markets gas and gas appliances to residential and industrial customers through its brands.The Company's subsidiaries develops gas projects in China and manages commercial properties.

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Hong Kong & China Gas (3 HK)

Buoyant Returns Beyond the Benchmark in 2016 YTD

The first 10 months of 2016 brought its fair share of macroeconomic challenges to the region. During the 10 months, the Straits Times Index (STI)...

Singapore Exchange Ltd (SGX)

Results Reasonable, but Property Sales May Slow in 2016

For full-year 2015, Henderson Land Development reported an underlying profit of HKD 11 billion, up 12% year on year, but 4% below our estimate of...

Morningstar, Inc.

Overall Business Outlook Is Healthy

We recently reviewed Hong Kong and China Gas' business, and we remain comfortable with our overall business outlook. We anticipate that the firm’s...

Morningstar, Inc.

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