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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20 Largest China Plays Returned 27% in the YTD

Equity Bottom-Up

Chan Iz-Lynn, Chief Executive Officer of the manager of SGX-listed BHG Retail REIT, firmly believes in pursuing her dreams.
Johor-born Chan left home at the age of eight, crossing the Malaysia-Singapore border to live with different families, all because she yearned to attend a school in "Lee Kuan Yew's country".
"I grew up wanting different experiences," she said.
"As a kid, I heard adults talk about Singapore, and got the sense that it's a good place to be in, so I asked my parents if I could study in Singapore."
This was one of the toughest choices she had ever made.

Chan Iz-Lynn, Chief Executive Officer of the manager of SGX-listed BHG Retail REIT, firmly believes in pursuing her dreams.
Johor-born Chan left home at the age of eight, crossing the Malaysia-Singapore border to live with different families, all because she yearned to attend a school in "Lee Kuan Yew's country".
"I grew up wanting different experiences," she said.
"As a kid, I heard adults talk about Singapore, and got the sense that it's a good place to be in, so I asked my parents if I could study in Singapore."
This was one of the toughest choices she had ever made.

China's Insatiable Appetites Boost BHG Retail REIT

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Dasin Retail Trust / Equity Capital Markets

China Zhongshan City based Dasin Retail Trust plans to raise US$100m through its IPO in Singapore. In this insight, we will analyse the deal's fundamentals, its financials, valuation and its scores in our Smartkarma ECM Framework.<hr><div><h2>Deal and framework score overview</h2></div>Regular readers will be familiar with the below embed from our IPO tool which has been designed to provide you with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the…

China Zhongshan City based Dasin Retail Trust plans to raise US$100m through its IPO in Singapore. In this insight, we will analyse the deal's fundamentals, its financials, valuation and its scores in our Smartkarma ECM Framework.Deal and framework score overviewRegular readers will be familiar with the below embed from our IPO tool which has been designed to provide you with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the…

Dasin Retail Trust IPO: Sponsor Waiver Will Increase DPU by 122%

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

EC World REIT (ECW) plans to raise US$250m (including cornerstone tranche, US$110m without) in its IPO to fund its purchase of six logistics properties in PRC. At the offering price range, the IPO provides for a 7.2-7.8% FY17 yield.In this insight, we analyse some of the factors that could impact the deal, like the actual e-commerce exposure, the master lease, and yield comparison with other PRC exposed REITs listed in Singapore.

EC World REIT (ECW) plans to raise US$250m (including cornerstone tranche, US$110m without) in its IPO to fund its purchase of six logistics properties in PRC. At the offering price range, the IPO provides for a 7.2-7.8% FY17 yield.In this insight, we analyse some of the factors that could impact the deal, like the actual e-commerce exposure, the master lease, and yield comparison with other PRC exposed REITs listed in Singapore.

EC World REIT IPO - More Industrial than E-Commerce

BHG Retail REIT (BHG) plans to raise US$182m through its IPO in Singapore. Bulk of the deal has been taken up cornerstone investors, leaving US$85 to be raised. The deal doesn't look attractive, even with the sponsor waiving their right to dividend, as acquisition cap rates appear aggressive versus other listed peers while the offered yield still remains below peers. Our fellow insight provider, <a href="https://www.smartkarma.com/profiles/11" target="_blank" data-smartkarma-citation="accounts:11">Crispin Francis</a> , had earlier highlighted that financially engineered REITs tend to underperform…

BHG Retail REIT (BHG) plans to raise US$182m through its IPO in Singapore. Bulk of the deal has been taken up cornerstone investors, leaving US$85 to be raised. The deal doesn't look attractive, even with the sponsor waiving their right to dividend, as acquisition cap rates appear aggressive versus other listed peers while the offered yield still remains below peers. Our fellow insight provider, Crispin Francis , had earlier highlighted that financially engineered REITs tend to underperform…

Unattractive Despite the Financial Engineering

Singapore

BHG Retail REIT is a Singapore-based real estate investment trust that invests in and manages a diversified portfolio of income-producing retail properties, primarily shopping malls, located in various cities across China. These properties offer a mix of shopping, dining, education, and entertainment services to local communities. The company was established in Singapore on November 18, 2015, and its headquarters are located in Singapore.

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BHG Retail REIT (BHGREIT SP)

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

China's Insatiable Appetites Boost BHG Retail REIT

Chan Iz-Lynn, Chief Executive Officer of the manager of SGX-listed BHG Retail REIT, firmly believes in pursuing her dreams. Johor-born Chan left...

Singapore Exchange Ltd (SGX)

EC World REIT IPO - More Industrial than E-Commerce

EC World REIT (ECW) plans to raise US$250m (including cornerstone tranche, US$110m without) in its IPO to fund its purchase of six logistics...

Sumeet Singh

Unattractive Despite the Financial Engineering

BHG Retail REIT (BHG) plans to raise US$182m through its IPO in Singapore. Bulk of the deal has been taken up cornerstone investors, leaving US$85...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

20 Largest China Plays Returned 27% in the YTD

Singapore Exchange Ltd (SGX)

China's Insatiable Appetites Boost BHG Retail REIT

Chan Iz-Lynn, Chief Executive Officer of the manager of SGX-listed BHG Retail REIT, firmly believes in pursuing her dreams. Johor-born Chan left...

Singapore Exchange Ltd (SGX)

Dasin Retail Trust IPO: Sponsor Waiver Will Increase DPU by 122%

China Zhongshan City based Dasin Retail Trust plans to raise US$100m through its IPO in Singapore. In this insight, we will analyse the deal's...

Ke Yan, CFA, FRM

EC World REIT IPO - More Industrial than E-Commerce

EC World REIT (ECW) plans to raise US$250m (including cornerstone tranche, US$110m without) in its IPO to fund its purchase of six logistics...

Sumeet Singh

Unattractive Despite the Financial Engineering

BHG Retail REIT (BHG) plans to raise US$182m through its IPO in Singapore. Bulk of the deal has been taken up cornerstone investors, leaving US$85...

Sumeet Singh