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.

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Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Biggest Hotel, Restaurant & Leisure Stocks Extend Average YTD Gain to 20%

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

Luxury hotel chain operator <a href="https://www.smartkarma.com/entities/18141" target="_blank" data-smartkarma-citation="entities:18141:1">Banyan Tree Holdings Ltd (BTH SP)</a> saw an improvement in underlying net profit versus the same period last year. EPS was 0.16 (SGD cents) vs 0.07 (SGD cents) one year ago. NAV per share at 31/3/17 was 0.73 SGD.<figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/025/891/original/1Q17%20nrs.jpg?1494541836" data-smartkarma-image-id="25891"></figure>Revenues were down as property sales at Cassia Phuket and Laguna Park Phuket were lower in the last quarter versus one year ago. Profits however went up mainly because reversal of bad debt provision following payments by several hotel owners in China.Hotel…

Luxury hotel chain operator Banyan Tree Holdings Ltd (BTH SP) saw an improvement in underlying net profit versus the same period last year. EPS was 0.16 (SGD cents) vs 0.07 (SGD cents) one year ago. NAV per share at 31/3/17 was 0.73 SGD.Revenues were down as property sales at Cassia Phuket and Laguna Park Phuket were lower in the last quarter versus one year ago. Profits however went up mainly because reversal of bad debt provision following payments by several hotel owners in China.Hotel…

Banyan Tree 1Q17 Results Show Bottom Line Improvement; NAV Per Share at 0.73 SGD

<ul><li><a href="https://www.smartkarma.com/entities/18141" target="_blank" data-smartkarma-citation="entities:18141:1">Banyan Tree Holdings Ltd (BTH SP)</a> is a homegrown Singapore brand</li><li>Operating luxury hotels since 1994</li><li>Strong asset backing but profitability track record is dismal</li><li>Entry of industry giants <a href="https://www.smartkarma.com/entities/21372" target="_blank" data-smartkarma-citation="entities:21372:1">Accor SA (AC FP)</a> and <a href="https://www.smartkarma.com/entities/18368" target="_blank" data-smartkarma-citation="entities:18368:1">China Vanke Co Ltd (H) (2202 HK)</a> in last 6 months could be transformational</li><li>Banyan Tree is potential next domino in industry consolidation</li><li>Brand value is key attraction to potential suitors</li><li>Fair Value: 20% upside in bear case, 50% upside in base case and 110% upside in bull case scenario</li></ul>

Banyan Tree Holdings Ltd (BTH SP) is a homegrown Singapore brandOperating luxury hotels since 1994Strong asset backing but profitability track record is dismalEntry of industry giants Accor SA (AC FP) and China Vanke Co Ltd (H) (2202 HK) in last 6 months could be transformationalBanyan Tree is potential next domino in industry consolidationBrand value is key attraction to potential suitorsFair Value: 20% upside in bear case, 50% upside in base case and 110% upside in bull case scenario

Discover Singapore: Banyan Tree (BTH SP) Luxury Hotel Group Catching Attention of Industry Giants

Singapore

Banyan Tree is a global hospitality group that manages and develops premium resorts, hotels, residences, and spas. It operates a diversified portfolio of brands including Banyan Tree, Angsana, Cassia, Dhawa, and Laguna. The company was established in 1994 and is headquartered in Singapore.

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Cyclical Sectors Led Market in 2017 YTD; IT Sector in the Lead

Singapore Exchange Ltd (SGX)

Biggest Hotel, Restaurant & Leisure Stocks Extend Average YTD Gain to 20%

Singapore Exchange Ltd (SGX)

Banyan Tree 1Q17 Results Show Bottom Line Improvement; NAV Per Share at 0.73 SGD

Luxury hotel chain operator Banyan Tree Holdings Ltd (BTH SP) saw an improvement in underlying net profit versus the same period last year. EPS...

Nicolas Van Broekhoven

Discover Singapore: Banyan Tree (BTH SP) Luxury Hotel Group Catching Attention of Industry Giants

Banyan Tree Holdings Ltd (BTH SP) is a homegrown Singapore brand Operating luxury hotels since 1994 Strong asset backing but profitability track...

Nicolas Van Broekhoven