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

Singtel (Singapore Telecommunications) / Equity Bottom-Up

<ul><li>Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional outflow, reducing total net inflows from the 20 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 26, to S$1.165 billion.</li><li>Leading the net institutional outflow over the five sessions through to Sep 26 were Singapore Telecommunications, Yangzijiang Shipbuilding Holdings, CapitaLand Investment, Singapore Exchange, Mapletree Logistics Trust, Capitaland Ascendas REIT, City Developments, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust and Mapletree Industrial Trust.</li><li>Between Sep 24 and 25, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.15 million shares at S$0.89 per share.</li></ul>

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional outflow, reducing total net inflows from the 20 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 26, to S$1.165 billion.Leading the net institutional outflow over the five sessions through to Sep 26 were Singapore Telecommunications, Yangzijiang Shipbuilding Holdings, CapitaLand Investment, Singapore Exchange, Mapletree Logistics Trust, Capitaland Ascendas REIT, City Developments, Jardine Cycle & Carriage, Frasers Logistics & Commercial Trust and Mapletree Industrial Trust.Between Sep 24 and 25, Raffles Medical Group executive chairman Loo Choon Yong acquired 2.15 million shares at S$0.89 per share.

Raffles Medical executive chairman expands interest; First REIT independent director cashes in

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close, with S$31.5 million of net institutional inflow.</li><li>Leading the net institutional inflow over the four sessions were Singapore Exchange, Singapore Telecommunications, Yangzijiang Shipbuilding (Holdings), Jardine Cycle & Carriage, CapitaLand Ascendas REIT, Sembcorp Industries, Keppel DC REIT, Sheng Siong Group, ComfortDelGro Corporation, and CapitaLand Integrated Commercial Trust.</li><li>On August 12, IFS Capital Executive Director & Group CEO Randy Sim Cheng Leong acquired 1.1 million shares at an average price of S$0.11 per share.</li></ul>

Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close, with S$31.5 million of net institutional inflow.Leading the net institutional inflow over the four sessions were Singapore Exchange, Singapore Telecommunications, Yangzijiang Shipbuilding (Holdings), Jardine Cycle & Carriage, CapitaLand Ascendas REIT, Sembcorp Industries, Keppel DC REIT, Sheng Siong Group, ComfortDelGro Corporation, and CapitaLand Integrated Commercial Trust.On August 12, IFS Capital Executive Director & Group CEO Randy Sim Cheng Leong acquired 1.1 million shares at an average price of S$0.11 per share.

SIA Leads Buyback Consideration, Multi-Chem CEO Trims 69% Stake

CDL Hospitality Trusts / Equity Bottom-Up

<ul><li>REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.</li><li>The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).</li></ul>

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency Index (SGTI) 2024 rankings, the overall scores for Singapore real estate investment trusts (S-Reits) and business trusts declined to 86.6 points from 89.3 last year.The five S-Reits with the greatest yoy improvement in overall scores: Frasers Centrepoint Trust (+21.9 points), Elite UK Reit (+16.7 points), CDLHT (+16.6 points), Keppel Reit (+10.4 points) and Prime US Reit (+9.8 points).

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

CapitaLand Ascendas REIT / Equity Bottom-Up

<ul>
<li>US-10 year treasury yield and Singapore 10-year bond yield are closely correlated</li>
<li>Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut</li>
<li>We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs</li>
</ul>


US-10 year treasury yield and Singapore 10-year bond yield are closely correlated
Singapore real estate stocks’ trading performance are therefore related to expectation of a US rate cut
We expect SG RE stocks will show stable industry fundamentals in upcoming results.  We like our trade idea to Long CLAR SP and SHORT Keppel REIT among S-REITs


Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.</li><li>With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.</li></ul>

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.

Buyback and director filings taper off during pre-earnings period

Singapore

CapitaLand Ascendas REIT is an industrial real estate investment trust. The Trust invests in business and science park properties, integrated development, amenities, and retail (IDAR) properties, high-specifications industrial properties and data centers, light industrial and flatted factories, and logistics and distribution centers.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CapitaLand Ascendas REIT (CLAR SP)

Raffles Medical executive chairman expands interest; First REIT independent director cashes in

Institutions were net sellers of Singapore stocks over the five trading sessions spanning Sep 20 to 26, with S$54 million of net institutional...

Singapore Exchange Ltd (SGX)

SIA Leads Buyback Consideration, Multi-Chem CEO Trims 69% Stake

Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close,...

Singapore Exchange Ltd (SGX)

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement

REIT Watch - S-Reits score lower in transparency overall but five see marked improvement In this year’s Singapore Governance and Transparency...

Singapore Exchange Ltd (SGX)

Short Note: Singapore Real Estate - Position for a Re-Rating on Fed Rate Cut Cycle

Singapore bond yields have high correlation with US treasury. If US starts a rate cut cycle, Singapore rates will also see downward pressure. ...

Jacob Cheng

Buyback and director filings taper off during pre-earnings period

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)