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

<ul><li>Bumitama Agri's EBITDA margin improved by seven percentage points to 30%, with free cash flow reaching IDR2.1 trillion.</li><li>Bumitama Agri recorded a 2% year-on-year revenue dip in 9M24, with net profit and EBITDA declining by 30% and 22%.</li><li>Bumitama Agri's dividend policy includes up to a 40% payout ratio, with recent years seeing a 55% payout.</li></ul>

Bumitama Agri's EBITDA margin improved by seven percentage points to 30%, with free cash flow reaching IDR2.1 trillion.Bumitama Agri recorded a 2% year-on-year revenue dip in 9M24, with net profit and EBITDA declining by 30% and 22%.Bumitama Agri's dividend policy includes up to a 40% payout ratio, with recent years seeing a 55% payout.

10 in 10 with Bumitama  Agri - Driving Productivity In The Palm Oil Sector

<ul><li>LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900 shares at an average of S$5.93 per share.</li><li>Between Apr 19 and 23, LHT Holdings managing director Yap Mui Kee acquired 138,000 shares at an average price of S$1.186 per share.</li></ul>

LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900 shares at an average of S$5.93 per share.Between Apr 19 and 23, LHT Holdings managing director Yap Mui Kee acquired 138,000 shares at an average price of S$1.186 per share.

LHT, Bumitama and JB Foods directors add to stakes

<ul><li>Just over 40 Singapore-listed stocks that posted price gains over the past year, maintain single-digit P/E ratios and double-digit ROEs.</li><li>Aside from Singapore Airlines, the most traded stocks of the cohort over the past 5 weeks were Geo Energy Res, Golden Agri, Food Empire, TJ DaRenTang, Valuetronics, Marco Polo Marine, Ley Choon, Bumitama Agri and Stamford Land.</li><li>Among these stocks, Golden Agri, Food Empire, TJ DaRenTang, Bumitama Agri are currently trading below their Consensus Estimate Target Prices.</li></ul>

Just over 40 Singapore-listed stocks that posted price gains over the past year, maintain single-digit P/E ratios and double-digit ROEs.Aside from Singapore Airlines, the most traded stocks of the cohort over the past 5 weeks were Geo Energy Res, Golden Agri, Food Empire, TJ DaRenTang, Valuetronics, Marco Polo Marine, Ley Choon, Bumitama Agri and Stamford Land.Among these stocks, Golden Agri, Food Empire, TJ DaRenTang, Bumitama Agri are currently trading below their Consensus Estimate Target Prices.

Singapore’s Most Defensive High ROE & Low P/E Stocks Over Past Year

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We consider Bumitama Agri (SGX:P8Z)’s 1Q23 results to be in line with estimates. Earnings should improve in 2H as productivity recovers and costs moderate.</li><li>Valuation is fair at 6x CY23F P/E, in line with peers of 6-9x. Bumitama Agri's share price should be supported by decent FY23F dividend yield of 6.7%.</li><li>Maintain NEUTRAL, with new S$0.60 target price from S$0.66, 1% upside.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We consider Bumitama Agri (SGX:P8Z)’s 1Q23 results to be in line with estimates. Earnings should improve in 2H as productivity recovers and costs moderate.Valuation is fair at 6x CY23F P/E, in line with peers of 6-9x. Bumitama Agri's share price should be supported by decent FY23F dividend yield of 6.7%.Maintain NEUTRAL, with new S$0.60 target price from S$0.66, 1% upside.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bumitama Agri - 1Q23 Earnings Helped By Inventory Sales

Indonesia

Bumitama Agri is a Singapore-based holding company primarily engaged in oil palm cultivation and the production of crude palm oil (CPO) and palm kernel (PK) in Indonesia. The company manages extensive oil palm plantations and operates multiple mills, selling its products to refineries within the country. Bumitama Agri Ltd. was founded in 1996 and is headquartered in Singapore.

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Bumitama Agri (BAL SP)

10 in 10 with Bumitama Agri - Driving Productivity In The Palm Oil Sector

Bumitama Agri's EBITDA margin improved by seven percentage points to 30%, with free cash flow reaching IDR2.1 trillion. Bumitama Agri recorded a...

Singapore Exchange Ltd (SGX)

Company Spotlight: Bumitama Agri

Company Spotlight: Bumitama Agri

Singapore Exchange Ltd (SGX)

LHT, Bumitama and JB Foods directors add to stakes

LHT, Bumitama and JB Foods directors add to stakes City Developments again led the buyback consideration tally for the week, acquiring 2,439,900...

Singapore Exchange Ltd (SGX)

Singapore’s Most Defensive High ROE & Low P/E Stocks Over Past Year

Just over 40 Singapore-listed stocks that posted price gains over the past year, maintain single-digit P/E ratios and double-digit ROEs. Aside...

Singapore Exchange Ltd (SGX)

Bumitama Agri - 1Q23 Earnings Helped By Inventory Sales

We consider Bumitama Agri (SGX:P8Z)’s 1Q23 results to be in line with estimates. Earnings should improve in 2H as productivity recovers and costs...

RHB Invest

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