ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bfi-finance-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8447:1" rel="noopener">BFI Finance Indonesia (BFIN IJ)</a>, and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> post recent results. </li>
<li>We also take a close look at <a href="https://www.smartkarma.com/entities/siam-commercial-bank-pub-co" target="_blank" data-smartkarma-citation="entities:214:1" rel="noopener">Siam Commercial Bank Pub Co (SCB TB)</a> after its numbers but also look more closely at its upcoming restructuring.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on XL Axiata (EXCL IJ), Kalbe Farma (KLBF IJ), BFI Finance Indonesia (BFIN IJ), and Astra International (ASII IJ) post recent results. 
We also take a close look at Siam Commercial Bank Pub Co (SCB TB) after its numbers but also look more closely at its upcoming restructuring.


The Week That Was in ASEAN@Smartkarma - XL Coverging, Kalbe Rebalancing, and SCB Refocusing

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> released record 2H21 results which indicate <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> ramp continues as expected. Management expects more of the same in FY22.</li>
<li>
<a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> has a variety of issues but it will spend massive amounts of cash to keep up with rivals. <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM (AEM SP)</a> remains a major beneficiary.</li>
<li>Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.</li>
</ul>



AEM (AEM SP) released record 2H21 results which indicate Intel Corp (INTC US) ramp continues as expected. Management expects more of the same in FY22.

Intel Corp (INTC US) has a variety of issues but it will spend massive amounts of cash to keep up with rivals. AEM (AEM SP) remains a major beneficiary.
Fair value unchanged at 8 SGD, or 78% upside from current 4.5 SGD share price.


AEM Holdings: 2H21 Revenue Acceleration to Continue into FY22. Fair Value Maintained at 8 SGD

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.

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<table class="table table-striped"><tbody>
<tr>
<td>
			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			</td>
			<td>
			Number of Shares/units Authorised for Purchase in Current Mandate
			</td>
			<td>
			Total Number of Shares/Units Purchased in Dec 2021
			</td>
			<td>
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			</td>
			<td>
			Average Price Paid
			</td>
			<td>
			Cumulative Number of Shares/units purchased in Mandate to date
			</td>
			<td>
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			</td>
		</tr>
<tr>
<td>
			CAPITALAND INVESTMENT
			</td>
			<td>
			260,159,789
			</td>
			<td>
			33,596,500
			</td>
			<td>
			$112,710,385
			</td>
			<td>
			$3.35
			</td>
			<td>
			61,995,700
			</td>
			<td>
			1.21
			</td>
		</tr>
<tr>
<td>
			OVERSEA-CHINESE BANKING CORPORATION
			</td>
			<td>
			223,511,333
			</td>
			<td>
			2,600,000
			</td>
			<td>
			$29,525,209
			</td>
			<td>
			$11.36
			</td>
			<td>
			27,680,100
			</td>
			<td>
			0.62
			</td>
		</tr>
<tr>
<td>
			UNITED OVERSEAS BANK
			</td>
			<td>
			83,744,151
			</td>
			<td>
			577,500
			</td>
			<td>
			$15,334,868
			</td>
			<td>
			$26.55
			</td>
			<td>
			4,900,000
			</td>
			<td>
			0.29
			</td>
		</tr>
<tr>
<td>
			WILMAR INTERNATIONAL
			</td>
			<td>
			631,140,890
			</td>
			<td>
			3,380,900
			</td>
			<td>
			$13,859,911
			</td>
			<td>
			$4.10
			</td>
			<td>
			19,905,300
			</td>
			<td>
			0.32
			</td>
		</tr>
<tr>
<td>
			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			</td>
			<td>
			394,851,600
			</td>
			<td>
			8,339,500
			</td>
			<td>
			$10,801,230
			</td>
			<td>
			$1.30
			</td>
			<td>
			25,101,500
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			SEMBCORP INDUSTRIES
			</td>
			<td>
			35,714,993
			</td>
			<td>
			2,915,000
			</td>
			<td>
			$5,775,593
			</td>
			<td>
			$1.98
			</td>
			<td>
			6,780,700
			</td>
			<td>
			0.38
			</td>
		</tr>
<tr>
<td>
			SINGAPORE TECHNOLOGIES ENGINEERING
			</td>
			<td>
			62,409,095
			</td>
			<td>
			1,000,000
			</td>
			<td>
			$3,728,481
			</td>
			<td>
			$3.73
			</td>
			<td>
			7,300,000
			</td>
			<td>
			0.23
			</td>
		</tr>
<tr>
<td>
			SINGAPORE EXCHANGE
			</td>
			<td>
			107,164,240
			</td>
			<td>
			399,200
			</td>
			<td>
			$3,680,309
			</td>
			<td>
			$9.22
			</td>
			<td>
			2,145,400
			</td>
			<td>
			0.20
			</td>
		</tr>
<tr>
<td>
			RAFFLES MEDICAL GROUP
			</td>
			<td>
			186,740,892
			</td>
			<td>
			2,436,900
			</td>
			<td>
			$3,229,944
			</td>
			<td>
			$1.33
			</td>
			<td>
			2,436,900
			</td>
			<td>
			0.13
			</td>
		</tr>
<tr>
<td>
			THE HOUR GLASS
			</td>
			<td>
			69,664,318
			</td>
			<td>
			1,482,200
			</td>
			<td>
			$2,966,836
			</td>
			<td>
			$2.00
			</td>
			<td>
			10,810,500
			</td>
			<td>
			1.55
			</td>
		</tr>
<tr>
<td>
			GEO ENERGY RESOURCES
			</td>
			<td>
			139,927,311
			</td>
			<td>
			8,900,000
			</td>
			<td>
			$2,938,896
			</td>
			<td>
			$0.33
			</td>
			<td>
			8,900,000
			</td>
			<td>
			0.64
			</td>
		</tr>
<tr>
<td>
			WING TAI HOLDINGS
			</td>
			<td>
			77,054,716
			</td>
			<td>
			1,230,900
			</td>
			<td>
			$2,285,592
			</td>
			<td>
			$1.86
			</td>
			<td>
			6,700,100
			</td>
			<td>
			0.87
			</td>
		</tr>
<tr>
<td>
			JAPFA
			</td>
			<td>
			204,707,032
			</td>
			<td>
			2,089,200
			</td>
			<td>
			$1,302,595
			</td>
			<td>
			$0.62
			</td>
			<td>
			6,269,800
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			OUE
			</td>
			<td>
			87,879,966
			</td>
			<td>
			886,300
			</td>
			<td>
			$1,181,616
			</td>
			<td>
			$1.33
			</td>
			<td>
			6,768,900
			</td>
			<td>
			0.77
			</td>
		</tr>
<tr>
<td>
			SINGAPORE SHIPPING CORPORATION
			</td>
			<td>
			39,889,089
			</td>
			<td>
			3,416,700
			</td>
			<td>
			$973,138
			</td>
			<td>
			$0.28
			</td>
			<td>
			5,506,800
			</td>
			<td>
			1.38
			</td>
		</tr>
<tr>
<td>
			STARHUB
			</td>
			<td>
			173,110,176
			</td>
			<td>
			600,000
			</td>
			<td>
			$816,553
			</td>
			<td>
			$1.36
			</td>
			<td>
			1,253,000
			</td>
			<td>
			0.07
			</td>
		</tr>
<tr>
<td>
			PAN-UNITED CORPORATION
			</td>
			<td>
			69,857,582
			</td>
			<td>
			2,188,100
			</td>
			<td>
			$704,590
			</td>
			<td>
			$0.32
			</td>
			<td>
			2,188,100
			</td>
			<td>
			0.31
			</td>
		</tr>
<tr>
<td>
			COMFORTDELGRO CORPORATION
			</td>
			<td>
			216,731,916
			</td>
			<td>
			462,500
			</td>
			<td>
			$645,277
			</td>
			<td>
			$1.40
			</td>
			<td>
			462,500
			</td>
			<td>
			0.02
			</td>
		</tr>
<tr>
<td>
			AEM HOLDINGS
			</td>
			<td>
			28,088,477
			</td>
			<td>
			115,000
			</td>
			<td>
			$582,242
			</td>
			<td>
			$5.06
			</td>
			<td>
			1,208,000
			</td>
			<td>
			0.39
			</td>
		</tr>
<tr>
<td>
			AZTECH GLOBAL
			</td>
			<td>
			77,382,554
			</td>
			<td>
			552,600
			</td>
			<td>
			$488,472
			</td>
			<td>
			$0.88
			</td>
			<td>
			1,872,600
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			SHS HOLDINGS
			</td>
			<td>
			68,509,831
			</td>
			<td>
			2,461,000
			</td>
			<td>
			$383,129
			</td>
			<td>
			$0.16
			</td>
			<td>
			2,461,000
			</td>
			<td>
			0.36
			</td>
		</tr>
<tr>
<td>
			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			</td>
			<td>
			107,379,200
			</td>
			<td>
			672,100
			</td>
			<td>
			$366,822
			</td>
			<td>
			$0.55
			</td>
			<td>
			672,100
			</td>
			<td>
			0.06
			</td>
		</tr>
<tr>
<td>
			HG METAL MANUFACTURING
			</td>
			<td>
			3,822,532
			</td>
			<td>
			885,400
			</td>
			<td>
			$339,500
			</td>
			<td>
			$0.38
			</td>
			<td>
			1,123,400
			</td>
			<td>
			0.88
			</td>
		</tr>
<tr>
<td>
			GLOBAL INVESTMENTS
			</td>
			<td>
			159,744,243
			</td>
			<td>
			2,002,600
			</td>
			<td>
			$312,126
			</td>
			<td>
			$0.16
			</td>
			<td>
			54,125,500
			</td>
			<td>
			3.39
			</td>
		</tr>
<tr>
<td>
			HOTUNG INVESTMENT HLDGS
			</td>
			<td>
			9,595,108
			</td>
			<td>
			124,100
			</td>
			<td>
			$267,678
			</td>
			<td>
			$2.16
			</td>
			<td>
			777,600
			</td>
			<td>
			0.81
			</td>
		</tr>
<tr>
<td>
			CSC HOLDINGS
			</td>
			<td>
			356,782,817
			</td>
			<td>
			17,400,000
			</td>
			<td>
			$244,377
			</td>
			<td>
			$0.01
			</td>
			<td>
			24,400,000
			</td>
			<td>
			0.68
			</td>
		</tr>
<tr>
<td>
			FOOD EMPIRE HOLDINGS
			</td>
			<td>
			53,774,969
			</td>
			<td>
			277,600
			</td>
			<td>
			$217,572
			</td>
			<td>
			$0.78
			</td>
			<td>
			2,781,100
			</td>
			<td>
			0.52
			</td>
		</tr>
<tr>
<td>
			BOUSTEAD SINGAPORE
			</td>
			<td>
			48,403,012
			</td>
			<td>
			155,000
			</td>
			<td>
			$150,656
			</td>
			<td>
			$0.97
			</td>
			<td>
			1,179,200
			</td>
			<td>
			0.24
			</td>
		</tr>
<tr>
<td>
			BROADWAY INDUSTRIAL GROUP
			</td>
			<td>
			46,822,156
			</td>
			<td>
			551,600
			</td>
			<td>
			$121,729
			</td>
			<td>
			$0.22
			</td>
			<td>
			10,000,000
			</td>
			<td>
			2.14
			</td>
		</tr>
<tr>
<td>
			ANCHUN INTERNATIONAL HOLDINGS
			</td>
			<td>
			4,819,090
			</td>
			<td>
			450,000
			</td>
			<td>
			$120,030
			</td>
			<td>
			$0.27
			</td>
			<td>
			500,000
			</td>
			<td>
			1.04
			</td>
		</tr>
<tr>
<td>
			SARINE TECHNOLOGIES
			</td>
			<td>
			17,491,596
			</td>
			<td>
			200,000
			</td>
			<td>
			$117,999
			</td>
			<td>
			$0.59
			</td>
			<td>
			550,000
			</td>
			<td>
			0.15
			</td>
		</tr>
<tr>
<td>
			G. K. GOH HOLDINGS
			</td>
			<td>
			32,481,013
			</td>
			<td>
			98,400
			</td>
			<td>
			$110,626
			</td>
			<td>
			$1.12
			</td>
			<td>
			2,765,800
			</td>
			<td>
			0.85
			</td>
		</tr>
<tr>
<td>
			SOUTHERN ALLIANCE MINING 
			</td>
			<td>
			48,900,000
			</td>
			<td>
			47,000
			</td>
			<td>
			$34,637
			</td>
			<td>
			$0.74
			</td>
			<td>
			211,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			ST GROUP FOOD INDUSTRIES HOLDINGS
			</td>
			<td>
			24,290,050
			</td>
			<td>
			120,000
			</td>
			<td>
			$17,459
			</td>
			<td>
			$0.15
			</td>
			<td>
			120,000
			</td>
			<td>
			0.05
			</td>
		</tr>
<tr>
<td>
			CNMC GOLDMINE HOLDINGS
			</td>
			<td>
			40,769,300
			</td>
			<td>
			80,000
			</td>
			<td>
			$16,350
			</td>
			<td>
			$0.20
			</td>
			<td>
			2,403,900
			</td>
			<td>
			0.59
			</td>
		</tr>
<tr>
<td>
			TUAN SING HOLDINGS
			</td>
			<td>
			118,736,488
			</td>
			<td>
			34,000
			</td>
			<td>
			$15,744
			</td>
			<td>
			$0.46
			</td>
			<td>
			480,000
			</td>
			<td>
			0.04
			</td>
		</tr>
<tr>
<td>
			Total
			</td>
			<td>
			 
			</td>
			<td>
			102,727,800
			</td>
			<td>
			$216,368,172
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)
</body></html>






			Primary-listed Stocks that Conducted Buybacks in Dec 2021
			
			
			Number of Shares/units Authorised for Purchase in Current Mandate
			
			
			Total Number of Shares/Units Purchased in Dec 2021
			
			
			Total Buyback Consideration (including stamp duties, clearing changes etc.) paid or payable for the shares
			
			
			Average Price Paid
			
			
			Cumulative Number of Shares/units purchased in Mandate to date
			
			
			Pct of Outstanding Shares (Excl. Treas) purchased in Mandate to date
			
		


			CAPITALAND INVESTMENT
			
			
			260,159,789
			
			
			33,596,500
			
			
			$112,710,385
			
			
			$3.35
			
			
			61,995,700
			
			
			1.21
			
		


			OVERSEA-CHINESE BANKING CORPORATION
			
			
			223,511,333
			
			
			2,600,000
			
			
			$29,525,209
			
			
			$11.36
			
			
			27,680,100
			
			
			0.62
			
		


			UNITED OVERSEAS BANK
			
			
			83,744,151
			
			
			577,500
			
			
			$15,334,868
			
			
			$26.55
			
			
			4,900,000
			
			
			0.29
			
		


			WILMAR INTERNATIONAL
			
			
			631,140,890
			
			
			3,380,900
			
			
			$13,859,911
			
			
			$4.10
			
			
			19,905,300
			
			
			0.32
			
		


			YANGZIJIANG SHIPBUILDING (HOLDINGS)
			
			
			394,851,600
			
			
			8,339,500
			
			
			$10,801,230
			
			
			$1.30
			
			
			25,101,500
			
			
			0.64
			
		


			SEMBCORP INDUSTRIES
			
			
			35,714,993
			
			
			2,915,000
			
			
			$5,775,593
			
			
			$1.98
			
			
			6,780,700
			
			
			0.38
			
		


			SINGAPORE TECHNOLOGIES ENGINEERING
			
			
			62,409,095
			
			
			1,000,000
			
			
			$3,728,481
			
			
			$3.73
			
			
			7,300,000
			
			
			0.23
			
		


			SINGAPORE EXCHANGE
			
			
			107,164,240
			
			
			399,200
			
			
			$3,680,309
			
			
			$9.22
			
			
			2,145,400
			
			
			0.20
			
		


			RAFFLES MEDICAL GROUP
			
			
			186,740,892
			
			
			2,436,900
			
			
			$3,229,944
			
			
			$1.33
			
			
			2,436,900
			
			
			0.13
			
		


			THE HOUR GLASS
			
			
			69,664,318
			
			
			1,482,200
			
			
			$2,966,836
			
			
			$2.00
			
			
			10,810,500
			
			
			1.55
			
		


			GEO ENERGY RESOURCES
			
			
			139,927,311
			
			
			8,900,000
			
			
			$2,938,896
			
			
			$0.33
			
			
			8,900,000
			
			
			0.64
			
		


			WING TAI HOLDINGS
			
			
			77,054,716
			
			
			1,230,900
			
			
			$2,285,592
			
			
			$1.86
			
			
			6,700,100
			
			
			0.87
			
		


			JAPFA
			
			
			204,707,032
			
			
			2,089,200
			
			
			$1,302,595
			
			
			$0.62
			
			
			6,269,800
			
			
			0.31
			
		


			OUE
			
			
			87,879,966
			
			
			886,300
			
			
			$1,181,616
			
			
			$1.33
			
			
			6,768,900
			
			
			0.77
			
		


			SINGAPORE SHIPPING CORPORATION
			
			
			39,889,089
			
			
			3,416,700
			
			
			$973,138
			
			
			$0.28
			
			
			5,506,800
			
			
			1.38
			
		


			STARHUB
			
			
			173,110,176
			
			
			600,000
			
			
			$816,553
			
			
			$1.36
			
			
			1,253,000
			
			
			0.07
			
		


			PAN-UNITED CORPORATION
			
			
			69,857,582
			
			
			2,188,100
			
			
			$704,590
			
			
			$0.32
			
			
			2,188,100
			
			
			0.31
			
		


			COMFORTDELGRO CORPORATION
			
			
			216,731,916
			
			
			462,500
			
			
			$645,277
			
			
			$1.40
			
			
			462,500
			
			
			0.02
			
		


			AEM HOLDINGS
			
			
			28,088,477
			
			
			115,000
			
			
			$582,242
			
			
			$5.06
			
			
			1,208,000
			
			
			0.39
			
		


			AZTECH GLOBAL
			
			
			77,382,554
			
			
			552,600
			
			
			$488,472
			
			
			$0.88
			
			
			1,872,600
			
			
			0.24
			
		


			SHS HOLDINGS
			
			
			68,509,831
			
			
			2,461,000
			
			
			$383,129
			
			
			$0.16
			
			
			2,461,000
			
			
			0.36
			
		


			G.H.Y CULTURE &amp; MEDIA HOLDING CO
			
			
			107,379,200
			
			
			672,100
			
			
			$366,822
			
			
			$0.55
			
			
			672,100
			
			
			0.06
			
		


			HG METAL MANUFACTURING
			
			
			3,822,532
			
			
			885,400
			
			
			$339,500
			
			
			$0.38
			
			
			1,123,400
			
			
			0.88
			
		


			GLOBAL INVESTMENTS
			
			
			159,744,243
			
			
			2,002,600
			
			
			$312,126
			
			
			$0.16
			
			
			54,125,500
			
			
			3.39
			
		


			HOTUNG INVESTMENT HLDGS
			
			
			9,595,108
			
			
			124,100
			
			
			$267,678
			
			
			$2.16
			
			
			777,600
			
			
			0.81
			
		


			CSC HOLDINGS
			
			
			356,782,817
			
			
			17,400,000
			
			
			$244,377
			
			
			$0.01
			
			
			24,400,000
			
			
			0.68
			
		


			FOOD EMPIRE HOLDINGS
			
			
			53,774,969
			
			
			277,600
			
			
			$217,572
			
			
			$0.78
			
			
			2,781,100
			
			
			0.52
			
		


			BOUSTEAD SINGAPORE
			
			
			48,403,012
			
			
			155,000
			
			
			$150,656
			
			
			$0.97
			
			
			1,179,200
			
			
			0.24
			
		


			BROADWAY INDUSTRIAL GROUP
			
			
			46,822,156
			
			
			551,600
			
			
			$121,729
			
			
			$0.22
			
			
			10,000,000
			
			
			2.14
			
		


			ANCHUN INTERNATIONAL HOLDINGS
			
			
			4,819,090
			
			
			450,000
			
			
			$120,030
			
			
			$0.27
			
			
			500,000
			
			
			1.04
			
		


			SARINE TECHNOLOGIES
			
			
			17,491,596
			
			
			200,000
			
			
			$117,999
			
			
			$0.59
			
			
			550,000
			
			
			0.15
			
		


			G. K. GOH HOLDINGS
			
			
			32,481,013
			
			
			98,400
			
			
			$110,626
			
			
			$1.12
			
			
			2,765,800
			
			
			0.85
			
		


			SOUTHERN ALLIANCE MINING 
			
			
			48,900,000
			
			
			47,000
			
			
			$34,637
			
			
			$0.74
			
			
			211,000
			
			
			0.04
			
		


			ST GROUP FOOD INDUSTRIES HOLDINGS
			
			
			24,290,050
			
			
			120,000
			
			
			$17,459
			
			
			$0.15
			
			
			120,000
			
			
			0.05
			
		


			CNMC GOLDMINE HOLDINGS
			
			
			40,769,300
			
			
			80,000
			
			
			$16,350
			
			
			$0.20
			
			
			2,403,900
			
			
			0.59
			
		


			TUAN SING HOLDINGS
			
			
			118,736,488
			
			
			34,000
			
			
			$15,744
			
			
			$0.46
			
			
			480,000
			
			
			0.04
			
		


			Total
			
			
			 
			
			
			102,727,800
			
			
			$216,368,172
			
			
			 
			
			
			 
			
			
			 
			
		

 Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)



Primary-Listed Buyback Consideration Tops S$1bn in 2021

Thematic (Sector/Industry)

<ul>
<li>2021's vintage of my 5 High Convictions Ideas did extremely well</li>
<li>
<a href="https://www.smartkarma.com/entities/pc-partner-group-ltd" target="_blank" data-smartkarma-citation="entities:8492:1" rel="noopener">PC Partner (1263 HK)</a> was up 543%, <a href="https://www.smartkarma.com/entities/rex-international-holding" target="_blank" data-smartkarma-citation="entities:17074:1" rel="noopener">Rex International Holding (REXI SP)</a> was up 80%, <a href="https://www.smartkarma.com/entities/straits-trading-co-ltd" target="_blank" data-smartkarma-citation="entities:15745:1" rel="noopener">Straits Trading (STRTR SP)</a> was up almost 74% and Shougang Fushan just under 40%.</li>
<li>The underperformer award goes to HK restaurant operator <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet Group Ltd (8371 HK)</a> as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.</li>
</ul>


2021's vintage of my 5 High Convictions Ideas did extremely well

PC Partner (1263 HK) was up 543%, Rex International Holding (REXI SP) was up 80%, Straits Trading (STRTR SP) was up almost 74% and Shougang Fushan just under 40%.
The underperformer award goes to HK restaurant operator Taste Gourmet Group Ltd (8371 HK) as it declined 25%. Below the fold we'll give our 5 High Conviction Ideas for 2022.


Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

Hutchison Port Holdings Trust / Equity Bottom-Up

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>
<ul>
<li>
The STI and broader FTSE ST All-Share Index have generated 13% total returns in the 2021 year to 17 Dec, outpacing the FTSE ASEAN All-Share Index and FTSE Asia Pacific Index which returned 10% and 2% respectively. While the Bank-led FTSE ASEAN All-Share Index lagged the technology-led FTSE All-World Index in 1H21, the ASEAN benchmark has kept pace with the global benchmark in 2H21.</li>
</ul>
<ul>
<li>
Globally, value-style stocks and growth-style stocks have logged similar returns from the onset of the stock market recovery on 2 Nov 2020, as have global large-cap and small-cap Indices. Similarly, in Singapore, from 30 Oct 2020, through to 17 Dec 2021, Singapore’s three stocks that ranked highest for value factors and the three stocks that ranked highest for growth factors (in a screening that took place around 30 Jun 2020) also logged similar average total returns. The three most actively traded Singapore-listed stocks that 17 months ago ranked highest for value factors, included Yanlord Land, Hutchison Port Holdings Trust and China Everbright Water which have averaged 45% total returns since 30 Oct 2020. Likewise, the three stocks that ranked highest for growth factors, which included AEM Holdings, COSCO Shipping International Singapore and BRC Asia, also averaged total returns of 45% since 30 Oct 2020.</li>
</ul>
<ul>
<li>
From the onset of a stock market rally in Nov 2020, through to 17 Dec 2021, performances in the local and global stock market have been most differentiated by Sectors and Industries. The uneven impact of the overarching COVID-19 constrained growth was highly evident in the different sector performances throughout the year. For much of 2021, banks, energy and semiconductors sectors and trade-orientated industries led the global stock market, while the cyclical consumer-orientated, hospitality, travel, real estate and construction sectors faced more COVID-19 led obstacles. Thus, rotations have been prevalent in 2021, enabled by resilient investment activity across the globe, and triggered by the week-to week impacts of the COVID-19 on sector and industry performances. Sectors continue to be on the move. For instance, uneven sector outlooks saw global semiconductor stocks outpace global utility stocks by more than 30% for the first 11 months of 2021, before global utility stocks outpaced global semiconductor stocks by 7% since 30 Nov. Likewise, China Everbright Water has outpaced UMS Holdings by 9% from 30 Nov to 17 Dec, while the latter outpaced the former by 37% for the first 11 months of 2021.</li>
</ul>
<ul>
<li>
While 2022 brings economic hopes of a more even economic keel, this will be dependent on further global progress in containing COVID-19, and the globe backing up the remarkable feat of administering 9 billion global vaccine doses in 2021. For the moment, in Singapore, growth is expected to remain above trend in 2022, while “the recovery of the various sectors of the economy in 2022 is expected to remain uneven (click <a href="https://www.mti.gov.sg/Newsroom/Press-Releases/2021/11/MTI-Forecasts-GDP-Growth-of-around-7_0-Per-Cent-in-2021-and-3_0-to-5_0-Per-Cent-in-2022">here</a> for more)”. Aside from the uneven growth, global policymakers are not just focused on growth and aggregate demand, but also on higher consumer and producer prices, which has been exacerbated by constraints in supplies across key strategic sectors. Meanwhile beyond the macro, multiple SGX-listed companies, have engaged strategic initiatives to restructure, pivot or adjust their businesses to improve operational efficiency and boost shareholder value. This provides for a dynamic range of market drivers for 2022, making for an opportune time for investors to re-acquaint themselves with industry leaders, laggards, and on the back of the spate of restructures, new industry entrants.</li>
</ul>
The SGX Research Team wish you the very best for the year ahead and please note that the SGX My Gateway Newsletter will resume on 10 Jan 2022.
</body></html>





The STI and broader FTSE ST All-Share Index have generated 13% total returns in the 2021 year to 17 Dec, outpacing the FTSE ASEAN All-Share Index and FTSE Asia Pacific Index which returned 10% and 2% respectively. While the Bank-led FTSE ASEAN All-Share Index lagged the technology-led FTSE All-World Index in 1H21, the ASEAN benchmark has kept pace with the global benchmark in 2H21.



Globally, value-style stocks and growth-style stocks have logged similar returns from the onset of the stock market recovery on 2 Nov 2020, as have global large-cap and small-cap Indices. Similarly, in Singapore, from 30 Oct 2020, through to 17 Dec 2021, Singapore’s three stocks that ranked highest for value factors and the three stocks that ranked highest for growth factors (in a screening that took place around 30 Jun 2020) also logged similar average total returns. The three most actively traded Singapore-listed stocks that 17 months ago ranked highest for value factors, included Yanlord Land, Hutchison Port Holdings Trust and China Everbright Water which have averaged 45% total returns since 30 Oct 2020. Likewise, the three stocks that ranked highest for growth factors, which included AEM Holdings, COSCO Shipping International Singapore and BRC Asia, also averaged total returns of 45% since 30 Oct 2020.



From the onset of a stock market rally in Nov 2020, through to 17 Dec 2021, performances in the local and global stock market have been most differentiated by Sectors and Industries. The uneven impact of the overarching COVID-19 constrained growth was highly evident in the different sector performances throughout the year. For much of 2021, banks, energy and semiconductors sectors and trade-orientated industries led the global stock market, while the cyclical consumer-orientated, hospitality, travel, real estate and construction sectors faced more COVID-19 led obstacles. Thus, rotations have been prevalent in 2021, enabled by resilient investment activity across the globe, and triggered by the week-to week impacts of the COVID-19 on sector and industry performances. Sectors continue to be on the move. For instance, uneven sector outlooks saw global semiconductor stocks outpace global utility stocks by more than 30% for the first 11 months of 2021, before global utility stocks outpaced global semiconductor stocks by 7% since 30 Nov. Likewise, China Everbright Water has outpaced UMS Holdings by 9% from 30 Nov to 17 Dec, while the latter outpaced the former by 37% for the first 11 months of 2021.



While 2022 brings economic hopes of a more even economic keel, this will be dependent on further global progress in containing COVID-19, and the globe backing up the remarkable feat of administering 9 billion global vaccine doses in 2021. For the moment, in Singapore, growth is expected to remain above trend in 2022, while “the recovery of the various sectors of the economy in 2022 is expected to remain uneven (click here for more)”. Aside from the uneven growth, global policymakers are not just focused on growth and aggregate demand, but also on higher consumer and producer prices, which has been exacerbated by constraints in supplies across key strategic sectors. Meanwhile beyond the macro, multiple SGX-listed companies, have engaged strategic initiatives to restructure, pivot or adjust their businesses to improve operational efficiency and boost shareholder value. This provides for a dynamic range of market drivers for 2022, making for an opportune time for investors to re-acquaint themselves with industry leaders, laggards, and on the back of the spate of restructures, new industry entrants.

The SGX Research Team wish you the very best for the year ahead and please note that the SGX My Gateway Newsletter will resume on 10 Jan 2022.



Key Takeaway from 2021 as the STI Outpaced the Region 

Singapore

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

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AEM (AEM SP)

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Primary-Listed Buyback Consideration Tops S$1bn in 2021

Source: SGX, Refinitiv, Bloomberg (Data as of 31 Dec 2021)

Singapore Exchange Ltd (SGX)

Overview of My Winners and Losers in 2021... And 5 High Conviction Ideas Going Into 2022

2021's vintage of 5 High Conviction Ideas did extremely well led by star performer Pc Partner. Our new selection for 2022 will hopefully have some...

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Singapore Exchange Ltd (SGX)

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