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)

<ul><li>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </li><li>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</li><li>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

It was reported in numerous press which mentioned that Facebook tried to acquire SNOW from <a href="https://www.smartkarma.com/entities/16029" target="_blank" data-smartkarma-citation="entities:16029:1">Naver Corp (035420 KS)</a> this past summer. A few years ago, Facebook tried to acquire Snapchat as well, which did not materialize. According to Naver, it has received several offers to buy SNOW, without specifying their names. SNOW has been surging in popularity in Korea, Japan, and China. As Snapchat gets ready for an IPO in 1H17, SNOW is also likely to share the spotlight as the biggest competitor to…

It was reported in numerous press which mentioned that Facebook tried to acquire SNOW from Naver Corp (035420 KS) this past summer. A few years ago, Facebook tried to acquire Snapchat as well, which did not materialize. According to Naver, it has received several offers to buy SNOW, without specifying their names. SNOW has been surging in popularity in Korea, Japan, and China. As Snapchat gets ready for an IPO in 1H17, SNOW is also likely to share the spotlight as the biggest competitor to…

Facebook Tried to Acquire SNOW & Naver Founder Lee Hae Jin's Next Moves

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC). This is faster than what the market anticipated. We believe this accelerated attempt to IPO Snap Inc. is positive to SNOW, Naver (75% owner of SNOW) and LINE (25% owner of SNOW), because it will result in a concrete public market value of Snapchat which could raise valuation profile of SNOW.  (See our report <a href="https://www.smartkarma.com/insights/snow-asia-s-snapchat" target="_blank" data-smartkarma-citation="insights:5000">SNOW - Asia’s Snapchat</a>. The timeframe of…

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC). This is faster than what the market anticipated. We believe this accelerated attempt to IPO Snap Inc. is positive to SNOW, Naver (75% owner of SNOW) and LINE (25% owner of SNOW), because it will result in a concrete public market value of Snapchat which could raise valuation profile of SNOW.  (See our report SNOW - Asia’s Snapchat. The timeframe of…

Snapchat Parent Is Preparing for an IPO in 1H17 - Impact on SNOW, Naver, & LINE

<ul><li>
It was reported today that <a href="https://www.smartkarma.com/entities/22772" target="_blank" data-smartkarma-citation="entities:22772:1">LINE Corp (3938 JP)</a> will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned company of <a href="https://www.smartkarma.com/entities/16029" target="_blank" data-smartkarma-citation="entities:16029:1">Naver Corp (035420 KS)</a>. This would put the private market value of SNOW at around US$180 million. Post this transaction, Naver has the remaining 75% stake in SNOW. We continue to have a positive view on LINE Corp. It is interesting how SNOW chose to receive its funding from Line Corp, instead of from Naver directly. Regardless, the amount is not…</li></ul>


It was reported today that LINE Corp (3938 JP) will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned company of Naver Corp (035420 KS). This would put the private market value of SNOW at around US$180 million. Post this transaction, Naver has the remaining 75% stake in SNOW. We continue to have a positive view on LINE Corp. It is interesting how SNOW chose to receive its funding from Line Corp, instead of from Naver directly. Regardless, the amount is not…

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

The under-performance of Japan's non-IT sector was our focus last time (see <a href="https://www.smartkarma.com/insights/japan-non-it-industries-overcoming-deflation-not-enough" target="_blank" data-smartkarma-citation="insights:4491">Japan Non-IT Industries: Overcoming Deflation Not Enough</a> ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

Overcoming Deflation Is Not Enough Part II: Japanese Services

Japan

A Holdings Corporation develops and operates the LINE application for smartphones. The Company offers games distribution, music distribution, advertisements, and other services. A Holdings serves clients across worldwide.

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A Holdings (3938 JP)

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Facebook Tried to Acquire SNOW & Naver Founder Lee Hae Jin's Next Moves

It was reported in numerous press which mentioned that Facebook tried to acquire SNOW from Naver Corp (035420 KS) this past summer. A few years...

Douglas Kim

Snapchat Parent Is Preparing for an IPO in 1H17 - Impact on SNOW, Naver, & LINE

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC)....

Douglas Kim

LINE Buys a 25% Stake in SNOW

It was reported today that LINE Corp (3938 JP) will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned...

Douglas Kim

Overcoming Deflation Is Not Enough Part II: Japanese Services

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we...

Naomi Fink

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