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>SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.</li>
<li>
Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…</li>
</ul>


SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the Sector is still trading near one standard deviation below its historical mean.

Potential drivers for the Singapore property market exist on both the supply and demand front. The biggest Real Estate Developer stocks with substantial Singapore exposure include UOL Group, United Industrial Corporation, Wheelock Properties, Wing Tai Holdings and Bukit…


Real Estate Sector Outperformed in the Year to Date

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing investing strategies and found it quite interesting. Firstly, they defined open source and explained why it was so useful. Typically, open source is free and bound by certain license terms; it allows various users to change the source code and develop commercial applications for it. Probably, the best example of this is how Bloomberg terminals, a highly…

Equity Bottom-Up

In this review, we add PTT and Thai Union to our list of top picks. Energy prices are likely set to rise with renewed Iran sanctions, and a third of TU's business is based in America...not an exporter but a domestic company called Chicken of the Sea. (Make Tuna Great Again!) We retain BTS, TIPCO, and DTAC as top picks, but given the M&amp;A execution risk, offer STEC as an option to DTAC for those who don't wanna put their chips with the deal (We still favor DTAC as a target BTW). Also, most indications (a weak Euro unity and Trump's leaning towards weaker dollar and protectionism) point to a stronger Baht. Importers like Jubilee could benefit, as could those who make money in Baht but have expenses in dollars like AIS (capex) and CPN (foreign luxury brands).

In this review, we add PTT and Thai Union to our list of top picks. Energy prices are likely set to rise with renewed Iran sanctions, and a third of TU's business is based in America...not an exporter but a domestic company called Chicken of the Sea. (Make Tuna Great Again!) We retain BTS, TIPCO, and DTAC as top picks, but given the M&amp;A execution risk, offer STEC as an option to DTAC for those who don't wanna put their chips with the deal (We still favor DTAC as a target BTW). Also, most indications (a weak Euro unity and Trump's leaning towards weaker dollar and protectionism) point to a stronger Baht. Importers like Jubilee could benefit, as could those who make money in Baht but have expenses in dollars like AIS (capex) and CPN (foreign luxury brands).

The CIO's Corner: Iran Sanctions, Eurozone Breakdown, and Importers

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Smartkarma

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

Research Reinvented

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a>. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy <a href="https://www.smartkarma.com/insights/indonesia-firing-on-all-cylinders-but-one-with-inflation-at-a-60-year-low" target="_blank" data-smartkarma-citation="insights:7934">Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low</a> in the ASEAN region for 2017, followed by Vietnam <a href="https://www.smartkarma.com/insights/vietnam-export-champion-is-allowing-its-banking-problems-to-fester" target="_blank" data-smartkarma-citation="insights:7221">Vietnam: Export Champion Is Allowing Its Banking Problems to Fester</a> . Singapore <a href="https://www.smartkarma.com/insights/singapore-robust-4q-2016-in-the-bag" target="_blank" data-smartkarma-citation="insights:8266">Singapore: Robust 4Q 2016 in the</a>…

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform, Prasenjit K. Basu. and canvas his views on the South East Asian Economies. Indonesia remains his favourite economy Indonesia: Firing on All Cylinders (But One) With Inflation at a 60-Year Low in the ASEAN region for 2017, followed by Vietnam Vietnam: Export Champion Is Allowing Its Banking Problems to Fester . Singapore Singapore: Robust 4Q 2016 in the…

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

Reality vs Perception. So Mahidol University did this random survey on campus girls over 18. They didn't quite say how old the upper limit is, but MCorp Review is guessing 21, 22...I dunno. Apparently, there are only 1.2m of them, so they are nothing compare to the old geezers in the forked review who will eventually dominate our economy, but these chics (as a group) are growing 12.9%, so I guess it's worth a look if it doesn't take up too  much time.<table class="table table-striped"><tbody>
<tr>
<td style="width: 226.833px;">Stocks</td>
<td style="width: 115.167px;">Business </td>
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<td style="text-align: center; width: 178px;">Mkt cap (US$ m)</td>
</tr>
</tbody></table>…

Reality vs Perception. So Mahidol University did this random survey on campus girls over 18. They didn't quite say how old the upper limit is, but MCorp Review is guessing 21, 22...I dunno. Apparently, there are only 1.2m of them, so they are nothing compare to the old geezers in the forked review who will eventually dominate our economy, but these chics (as a group) are growing 12.9%, so I guess it's worth a look if it doesn't take up too  much time.

Stocks
Business 
Shr pr (Bt/sh)
Mkt cap (US$ m)

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Thailand

Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental.  The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra,  Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

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Central Pattana Pub (CPN TB)

Real Estate Sector Outperformed in the Year to Date

SGX’s Real Estate Developers and Operators have returned 12% YTD, outperforming the STI’s +8%. Despite the rally, the price-to-book ratio of the...

Singapore Exchange Ltd (SGX)

EB on Open Source & Investing

Recently, MCorp Review listened to a talk by E8 Consulting on open source and its applications in building fintech platforms and developing...

Athaporn Arayasantiparb, CFA

The CIO's Corner: Iran Sanctions, Eurozone Breakdown, and Importers

In this review, we add PTT and Thai Union to our list of top picks. Energy prices are likely set to rise with renewed Iran sanctions, and a third...

Athaporn Arayasantiparb, CFA

The Week that Was in ASEAN@Smartkarma - Groceries, Noodles and Gossip Girls

In our inaugural ASEAN weekly offering, we kick off with an interview with one of our most experienced and erudite economists on the platform,...

Angus Mackintosh

Mahidol on Gossip Girls

Reality vs Perception. So Mahidol University did this random survey on campus girls over 18. They didn't quite say how old the upper limit is,...

Athaporn Arayasantiparb, CFA

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52-week Range

Market Cap (USDm)

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