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

CapitaLand Investment /Sing / Equity Bottom-Up

<ul><li>5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition  Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.</li></ul>

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand Integrated Commercial Trust 3-Sep 1,108 Acquisition 19-Nov 1,086 Acquisition  Elsewhere, CapitaLand Integrated Commercial Trust (CICT) also carried out a billion-dollar EFR this year, raising S$1.1 billion in September, comprising a S$350.3 million private placement and S$757.2 million preferential offering.

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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

Thematic (Sector/Industry)

<ul>
<li>China/HK real estate developers used to operate on “asset heavy” business model, where they build, own and operate the assets on balance sheet</li>
<li>We think a new “asset light” model is emerging: the new model is charactered by minimized asset ownership, reduced financial risk and improved ROE</li>
<li>In particular, we like CLI, Link REIT and China Resources Land.  We think they are on a transformational path and will provide further upside to shareholders</li>
</ul>


China/HK real estate developers used to operate on “asset heavy” business model, where they build, own and operate the assets on balance sheet
We think a new “asset light” model is emerging: the new model is charactered by minimized asset ownership, reduced financial risk and improved ROE
In particular, we like CLI, Link REIT and China Resources Land.  We think they are on a transformational path and will provide further upside to shareholders


Transforming from Asset Heavy to Asset Light: The New Business Model of Real Estate in Asia

<ul>
<li>In this research, we look at the latest landscape regarding application of PropTech in Asia, and evaluate which companies have an edge</li>
<li>PropTech is widely adopted in order to 1) enhance valuation process 2) improve efficiency to reduce costs and 3) green and sustainability buildings</li>
<li>Among all real estate companies in Asia, we think CapitaLand Investment (CLI) and Sun Hung Kai Properties (16 HK) are leading in the application of PropTech</li>
</ul>


In this research, we look at the latest landscape regarding application of PropTech in Asia, and evaluate which companies have an edge
PropTech is widely adopted in order to 1) enhance valuation process 2) improve efficiency to reduce costs and 3) green and sustainability buildings
Among all real estate companies in Asia, we think CapitaLand Investment (CLI) and Sun Hung Kai Properties (16 HK) are leading in the application of PropTech


AI and Data-Driven Real Estate: PropTech Opportunities for Enhanced Efficiency and Valuation in Asia

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. </li>
<li>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
</ul>



Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

Singapore

CapitaLand Investment Limited (CLI) is a global real estate investment manager with the aim to scale its FUM and fee-related earnings through its full stack of investment management and operating capabilities. The Company's portfolio of integrated developments, retail, office, lodging and new economy assets are either owned/managed directly or through its fund management platform.

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CapitaLand Investment /Sing (CLI SP)

REIT Watch - S-Reits’ secondary fundraising rebounds in 2024; more may tap capital markets next year

5 Largest S-REITs’ equity fundraising in 2024-to-date Date Announced Gross Proceeds (S$m unless otherwise) Main use of proceeds CapitaLand...

Singapore Exchange Ltd (SGX)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Transforming from Asset Heavy to Asset Light: The New Business Model of Real Estate in Asia

We think real estate companies in Asia are transforming from asset-heavy to asset-light, highlighted by minimized asset ownership, reduced...

Jacob Cheng

AI and Data-Driven Real Estate: PropTech Opportunities for Enhanced Efficiency and Valuation in Asia

PropTech is widely adopted in real estate, in order to 1) improve valuation 2) enhance cost efficiency and 3) in green and sustainability...

Jacob Cheng

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

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