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>In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. <a href="https://www.smartkarma.com/entities/74" target="_blank" data-smartkarma-citation="entities:74">Singapore Airlines Ltd (SIA SP)</a>, <a href="https://www.smartkarma.com/entities/114" target="_blank" data-smartkarma-citation="entities:114">Oversea Chinese Banking Corp. Limited (OCBC SP)</a>, <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894">Global Logistic Properties Ltd (GLP SP)</a>, <a href="https://www.smartkarma.com/entities/765" target="_blank" data-smartkarma-citation="entities:765">Olam International Ltd (OLAM SP)</a> and <a href="https://www.smartkarma.com/entities/22" target="_blank" data-smartkarma-citation="entities:22">DBS Group Holdings Ltd (DBS SP)</a> ranked highest in terms of buyback consideration value over the calendar year.</li>
<li>More recently, for the month of December 2016, there were a total of 13,915,200 shares…</li>
</ul>


In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million. Singapore Airlines Ltd (SIA SP), Oversea Chinese Banking Corp. Limited (OCBC SP), Global Logistic Properties Ltd (GLP SP), Olam International Ltd (OLAM SP) and DBS Group Holdings Ltd (DBS SP) ranked highest in terms of buyback consideration value over the calendar year.
More recently, for the month of December 2016, there were a total of 13,915,200 shares…


Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>The <strong>Trivasavavet family of CK Group </strong>(or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the country's second largest construction company. Since then, they have also diversified big time into utilities, and they now own tollways &amp; subway trains (BEM), hydro power plants in Laos (CK Power), and residential water providers like Thai Tap Water. While we prefer companies in the BSR consortium, the market has richly rewarded CK Group yo. For those who enjoyed reading Sally Denton's story on Bechtel in <em>The Profiteers </em>(US$15 on Amazon.com), here's a little something on their kindred spirit in Bangkok yo.</p>

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the country's second largest construction company. Since then, they have also diversified big time into utilities, and they now own tollways &amp; subway trains (BEM), hydro power plants in Laos (CK Power), and residential water providers like Thai Tap Water. While we prefer companies in the BSR consortium, the market has richly rewarded CK Group yo. For those who enjoyed reading Sally Denton's story on Bechtel in The Profiteers (US$15 on Amazon.com), here's a little something on their kindred spirit in Bangkok yo.

The Little League (Ep.3): Bangkok's Bechtel

<p>According to <em>Looking Foward</em> TV program on NOW26, the Thai government approved Bt2.3trillion (US$63bn) of infrastructure projects. Many of these are mass transit projects: skytrains, subways, and monorails (similar to what we have in China and Malaysia). We call this "the Rainbow Wars", because the various train routes have different color. In most cases, BTS has emerged as the winner due to their experience and incumbent status, and this is our quick update yo:</p><table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap</td>
</tr>
</tbody></table>…

According to Looking Foward TV program on NOW26, the Thai government approved Bt2.3trillion (US$63bn) of infrastructure projects. Many of these are mass transit projects: skytrains, subways, and monorails (similar to what we have in China and Malaysia). We call this "the Rainbow Wars", because the various train routes have different color. In most cases, BTS has emerged as the winner due to their experience and incumbent status, and this is our quick update yo:

Stocks
Business
Shr pr (Bt/sh)
Mkt cap

…

<p>We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted were:</p><table class="table table-striped"><tbody>
<tr>
<td>Stocks</td>
<td style="text-align: center;">Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>BTS</td>
<td style="text-align: center;">Skytrain</td>
<td style="text-align: center;">8.6</td>
<td style="text-align: center;">2,900</td>
<td style="text-align: center;">58.6</td>
<td style="text-align: center;">7.9</td>
</tr>
<tr>
<td>MACO</td>
<td style="text-align: center;">Transit media</td>
<td style="text-align: center;">1.09</td>
<td style="text-align: center;">100</td>
<td style="text-align: center;">22.9</td>
<td style="text-align: center;">3.3</td>
</tr>
</tbody></table><ul><li>
<strong>Strong 33% growth in media revenues </strong>following the acquisition of MACO or Master Ad. Right now, you will notice that media accounts for an even bigger portion of revenues than transport, which was not the case in the last quarter. In…</li></ul>

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted were:

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BTS
Skytrain
8.6
2,900
58.6
7.9


MACO
Transit media
1.09
100
22.9
3.3


Strong 33% growth in media revenues following the acquisition of MACO or Master Ad. Right now, you will notice that media accounts for an even bigger portion of revenues than transport, which was not the case in the last quarter. In…

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<p>His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.</p><p>Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.</p><p>We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.</p>

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

Thailand

Bangkok Expressway and Metro PCL is a transportation company. The Company combines toll and metro line networks. Bangkok Expressway and Metro is based in Thailand.

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Bangkok Expressway and Metro (BEM TB)

The Little League (Ep.3): Bangkok's Bechtel

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the...

Athaporn Arayasantiparb, CFA

The Rainbow Wars: BTS Vs BEM (Round 2)

According to Looking Foward TV program on NOW26, the Thai government approved Bt2.3trillion (US$63bn) of infrastructure projects. Many of these are...

Athaporn Arayasantiparb, CFA

BTS: All Engines Firing

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Over 100 Firms Conducted Share Buybacks Totaling S$826M in 2016

In the 2016 calendar year, more than 100 companies were involved in share buybacks, with the buyback considerations amounting to S$826 million....

Singapore Exchange Ltd (SGX)

The Little League (Ep.3): Bangkok's Bechtel

The Trivasavavet family of CK Group (or Ch Karnchang) started from really humble beginnings a generation ago but used good connections to build the...

Athaporn Arayasantiparb, CFA

The Rainbow Wars: BTS Vs BEM (Round 2)

According to Looking Foward TV program on NOW26, the Thai government approved Bt2.3trillion (US$63bn) of infrastructure projects. Many of these are...

Athaporn Arayasantiparb, CFA

BTS: All Engines Firing

We met up with BTS management today and saw that things are clearly picking up in virtually all aspects of the business. Some key points we noted...

Athaporn Arayasantiparb, CFA

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research