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

Ping An Insurance Group  of / Equity Bottom-Up

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<ul>
<li>
SGX lists three China-focused ETFs that seek to replicate the total returns of major equity market indices in China. They are: Xtrackers MSCI China UCITS ETF, United SSE 50 China ETF and Lyxor China Enterprise (HSCEI) UCITS ETF. 
	 </li>
	<li>
Xtrackers MSCI China UCITS ETF was the best performer among the three in the last 12M. The trio in terms of 1Y annualised total returns: Xtrackers MSCI China UCITS ETF (+33.9%), United SSE 50 China ETF (+16.8%) and Lyxor China Enterprise (HSCEI) UCITS ETF (-0.4%). They averaged an annualised 1Y total return of 16.8%, bringing their average 3Y and 5Y annualised total returns to 3.8% and 7.5% respectively. 
	 </li>
	<li>China's economy grew 3.2% YoY in 2Q, reversing a 6.8% decline in 1Q. It continues on its recovery path, with government-led investment boosting demand and the reopening of some overseas economies buoying the export sector. The hard-hit service industries have also rebounded as the government eases virus control measures. For 2020, the IMF has forecast China's real GDP to expand 1.0%, the only major economy expected to report growth this year.</li>
</ul>
 

SGX lists three China-focused ETFs that seek to replicate the total returns of major equity market indices in China. They are: Xtrackers MSCI China UCITS ETF, United SSE 50 China ETF and Lyxor China Enterprise (HSCEI) UCITS ETF. 
Among the three ETFs, Xtrackers MSCI China UCITS ETF was the best performer over the last 12M on an annualised basis. The trio of ETFs in terms of 1Y annualised total returns: Xtrackers MSCI China UCITS ETF (+33.9%), United SSE 50 China ETF (+16.8%) and Lyxor China Enterprise (HSCEI) UCITS ETF (-0.4%). They averaged a 1Y annualised total return of 16.8%, bringing their average three-year and five-year annualised total returns to 3.8% and 7.5% respectively.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Stock Code
			</td>
			<td>
			Total Return YTD 
			</td>
			<td>
			Total Return 1Y Annualised 
			</td>
			<td>
			Total Return 3Y Annualised 
			</td>
			<td>
			Total Return 5Y Annualised 
			</td>
		</tr>
<tr>
<td rowspan="2">
			Xtrackers MSCI China UCITS ETF*
			</td>
			<td>
			LG9
			</td>
			<td rowspan="2">
			17.8
			</td>
			<td rowspan="2">
			33.9
			</td>
			<td rowspan="2">
			8.8
			</td>
			<td rowspan="2">
			14.1
			</td>
		</tr>
<tr>
<td>
			TID
			</td>
		</tr>
<tr>
<td>
			United SSE 50 China ETF
			</td>
			<td>
			JK8
			</td>
			<td>
			13.9
			</td>
			<td>
			16.8
			</td>
			<td>
			4.1
			</td>
			<td>
			4.6
			</td>
		</tr>
<tr>
<td>
			Lyxor China Enterprise (HSCEI) UCITS ETF
			</td>
			<td>
			P58
			</td>
			<td>
			-8.6
			</td>
			<td>
			-0.4
			</td>
			<td>
			-1.5
			</td>
			<td>
			3.9
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			 
			</td>
			<td>
			7.7
			</td>
			<td>
			16.8
			</td>
			<td>
			3.8
			</td>
			<td>
			7.5
			</td>
		</tr>
</tbody></table>
<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Stock Code
			</td>
			<td>
			Currency
			</td>
			<td>
			Total Assets (US$M)
			</td>
			<td>
			Index Tracking
			</td>
			<td>
			ETF Constituents
			</td>
		</tr>
<tr>
<td rowspan="2">
			Xtrackers MSCI China UCITS ETF*
			</td>
			<td>
			LG9
			</td>
			<td>
			USD
			</td>
			<td rowspan="2">
			1,614
			</td>
			<td rowspan="2">
			MSCI China TR Net Index
			</td>
			<td rowspan="2">
			Large- and mid-cap Chinese companies (includes H shares, B shares, Red Chips, P Chips and foreign listings)
			</td>
		</tr>
<tr>
<td>
			TID
			</td>
			<td>
			SGD
			</td>
		</tr>
<tr>
<td>
			United SSE 50 China ETF
			</td>
			<td>
			JK8
			</td>
			<td>
			SGD
			</td>
			<td>
			19
			</td>
			<td>
			SSE 50 Index
			</td>
			<td>
			50 largest stocks of good liquidity listed on the Shanghai Stock Exchange (SSE).
			</td>
		</tr>
<tr>
<td>
			Lyxor China Enterprise (HSCEI) UCITS ETF
			</td>
			<td>
			P58
			</td>
			<td>
			USD
			</td>
			<td>
			365
			</td>
			<td>
			Hang Seng China Enterprise (HSCEI) Index
			</td>
			<td>
			H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index.
			</td>
		</tr>
</tbody></table>
 *Dual trading counters available; total return based on USD counter

Source: Bloomberg (data as of 4 Sept 2020)

 

Xtrackers MSCI China UCITS ETF 
Xtrackers MSCI China UCITS ETF, which leads SGX’s China-focused ETFs in 1Y, 3Y and 5Y annualised returns, has total assets under management of US$1.6 billion and trades in USD and SGD.
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<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-09/Capture_8.PNG' alt='Performance of Xtrackers MSCI China UCITS ETF' />
 </figure>
 <div class='content-caption'>Performance of Xtrackers MSCI China UCITS ETF</div>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd">
<html><body>Its underlying index is the MSCI China Total Return Net Index, which tracks large- and mid-cap Chinese companies (including H shares, B shares, Red Chips, P Chips and foreign listings). The top 10 constituents of the MSCI China Total Return Net Index comprise technology, telecom and financial services heavyweights, including Alibaba, Tencent, China Construction Bank, Ping An Insurance and JD.com.</body></html>

<figure>
 <img src='https://api2.sgx.com/sites/default/files/2020-09/Capture_9.PNG' alt='Top 10 Constituents of MSCI China TR Net Index' />
 </figure>
 <div class='content-caption'>Top 10 Constituents of MSCI China TR Net Index</div>
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<html><body>China’s Economic Outlook 
China's economy grew 3.2% YoY in the second quarter, reversing a 6.8% decline in the first quarter – the first contraction since at least 1992, according to data from China's National Bureau of Statistics (NBS). In 1H 2020, China's economy shrank by 1.6% YoY. The world’s second-largest economy continues to recover from its slump in 1Q, with government-led investment boosting demand and the reopening of some overseas economies buoying the export sector. The hard-hit service industries have also rebounded as the government eases virus control measures. 
For 2020, the International Monetary Fund has forecast China's real GDP to expand 1.0%, the only major economy expected to report growth in 2020. Investing in ETFs 
ETFs are investment funds listed and traded intraday on a stock exchange. The majority aim to track the performance of an index and provide access to a wide variety of markets and asset classes, including local stocks, international securities, bonds, commodities or money markets. 
Each ETF gives investors access to the performance of the asset that comprises the underlying index. Investing in the ETF is also less costly if one was to build a similar portfolio by buying the individual stocks. It also provides exposure to international markets and asset classes that may be inaccessible to individual investors. 
Investors can also invest in the SGX listed ETFs using a <a href="https://www.sgxacademy.com/home/infographics/what-you-need-to-know-about-investing-in-rss-plans/">Regular Shares Saving Plan (RSS)</a>. To find out more about ETFs, click <a href="https://www.sgxacademy.com/home/infographics/what-you-need-to-know-about-investing-in-etfs/">here</a>.</body></html>





SGX lists three China-focused ETFs that seek to replicate the total returns of major equity market indices in China. They are: Xtrackers MSCI China UCITS ETF, United SSE 50 China ETF and Lyxor China Enterprise (HSCEI) UCITS ETF. 
	 
	
Xtrackers MSCI China UCITS ETF was the best performer among the three in the last 12M. The trio in terms of 1Y annualised total returns: Xtrackers MSCI China UCITS ETF (+33.9%), United SSE 50 China ETF (+16.8%) and Lyxor China Enterprise (HSCEI) UCITS ETF (-0.4%). They averaged an annualised 1Y total return of 16.8%, bringing their average 3Y and 5Y annualised total returns to 3.8% and 7.5% respectively. 
	 
	China's economy grew 3.2% YoY in 2Q, reversing a 6.8% decline in 1Q. It continues on its recovery path, with government-led investment boosting demand and the reopening of some overseas economies buoying the export sector. The hard-hit service industries have also rebounded as the government eases virus control measures. For 2020, the IMF has forecast China's real GDP to expand 1.0%, the only major economy expected to report growth this year.

 

SGX lists three China-focused ETFs that seek to replicate the total returns of major equity market indices in China. They are: Xtrackers MSCI China UCITS ETF, United SSE 50 China ETF and Lyxor China Enterprise (HSCEI) UCITS ETF.  
Among the three ETFs, Xtrackers MSCI China UCITS ETF was the best performer over the last 12M on an annualised basis. The trio of ETFs in terms of 1Y annualised total returns: Xtrackers MSCI China UCITS ETF (+33.9%), United SSE 50 China ETF (+16.8%) and Lyxor China Enterprise (HSCEI) UCITS ETF (-0.4%). They averaged a 1Y annualised total return of 16.8%, bringing their average three-year and five-year annualised total returns to 3.8% and 7.5% respectively.




			Name
			
			
			Stock Code
			
			
			Total Return YTD 
			
			
			Total Return 1Y Annualised 
			
			
			Total Return 3Y Annualised 
			
			
			Total Return 5Y Annualised 
			
		


			Xtrackers MSCI China UCITS ETF*
			
			
			LG9
			
			
			17.8
			
			
			33.9
			
			
			8.8
			
			
			14.1
			
		


			TID
			
		


			United SSE 50 China ETF
			
			
			JK8
			
			
			13.9
			
			
			16.8
			
			
			4.1
			
			
			4.6
			
		


			Lyxor China Enterprise (HSCEI) UCITS ETF
			
			
			P58
			
			
			-8.6
			
			
			-0.4
			
			
			-1.5
			
			
			3.9
			
		


			Average
			
			
			 
			
			
			7.7
			
			
			16.8
			
			
			3.8
			
			
			7.5
			
		




			Name
			
			
			Stock Code
			
			
			Currency
			
			
			Total Assets (US$M)
			
			
			Index Tracking
			
			
			ETF Constituents
			
		


			Xtrackers MSCI China UCITS ETF*
			
			
			LG9
			
			
			USD
			
			
			1,614
			
			
			MSCI China TR Net Index
			
			
			Large- and mid-cap Chinese companies (includes H shares, B shares, Red Chips, P Chips and foreign listings)
			
		


			TID
			
			
			SGD
			
		


			United SSE 50 China ETF
			
			
			JK8
			
			
			SGD
			
			
			19
			
			
			SSE 50 Index
			
			
			50 largest stocks of good liquidity listed on the Shanghai Stock Exchange (SSE).
			
		


			Lyxor China Enterprise (HSCEI) UCITS ETF
			
			
			P58
			
			
			USD
			
			
			365
			
			
			Hang Seng China Enterprise (HSCEI) Index
			
			
			H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index.
			
		

 *Dual trading counters available; total return based on USD counter

Source: Bloomberg (data as of 4 Sept 2020)

 

Xtrackers MSCI China UCITS ETF  
Xtrackers MSCI China UCITS ETF, which leads SGX’s China-focused ETFs in 1Y, 3Y and 5Y annualised returns, has total assets under management of US$1.6 billion and trades in USD and SGD.



      
    
    Performance of Xtrackers MSCI China UCITS ETF

Its underlying index is the MSCI China Total Return Net Index, which tracks large- and mid-cap Chinese companies (including H shares, B shares, Red Chips, P Chips and foreign listings). The top 10 constituents of the MSCI China Total Return Net Index comprise technology, telecom and financial services heavyweights, including Alibaba, Tencent, China Construction Bank, Ping An Insurance and JD.com.


      
    
    Top 10 Constituents of MSCI China TR Net Index

China’s Economic Outlook  
China's economy grew 3.2% YoY in the second quarter, reversing a 6.8% decline in the first quarter – the first contraction since at least 1992, according to data from China's National Bureau of Statistics (NBS). In 1H 2020, China's economy shrank by 1.6% YoY. The world’s second-largest economy continues to recover from its slump in 1Q, with government-led investment boosting demand and the reopening of some overseas economies buoying the export sector. The hard-hit service industries have also rebounded as the government eases virus control measures.  
For 2020, the International Monetary Fund has forecast China's real GDP to expand 1.0%, the only major economy expected to report growth in 2020.  Investing in ETFs  
ETFs are investment funds listed and traded intraday on a stock exchange. The majority aim to track the performance of an index and provide access to a wide variety of markets and asset classes, including local stocks, international securities, bonds, commodities or money markets.  
Each ETF gives investors access to the performance of the asset that comprises the underlying index. Investing in the ETF is also less costly if one was to build a similar portfolio by buying the individual stocks. It also provides exposure to international markets and asset classes that may be inaccessible to individual investors.  
Investors can also invest in the SGX listed ETFs using a Regular Shares Saving Plan (RSS). To find out more about ETFs, click here.


SGX’s Three China-Focused ETFs Average 17% 1Y Total Return

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<ul>
<li>
DLCs, which offer flexibility to trade both rising and falling markets, provide long and short 5x leveraged exposure on the daily performance of selected Singapore and Hong Kong stocks. 
	 </li>
	<li>
DLCs also serves as an efficient tool  for trading these Singapore and Hong Kong stocks in pair, enabling investors to focus their trading on performance differentials between cyclical and defensive stocks, different sectors or different regions. 
	 </li>
	<li>Six Singapore stocks, which are continuing with the quarterly reporting framework, are expected to unveil their quarterly earnings later this month and in the month of May. For Hong Kong stocks, China Mobile, China Life Insurance and Ping An Insurance released results last week, while HSBC and China Construction Bank will report tomorrow.</li>
</ul>
Daily Leverage Certificates (DLCs) are financial instruments issued by a third-party financial institution, in this case Societe Generale, and are traded on SGX. DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying index or stock.

DLCs offer investors fixed leverage of up to 7 times of the daily performance of the underlying asset (eg. market indices or single stocks). If the underlying asset moves by 1% from its closing price of the previous trading day, the value of a 3x DLC will move by 3%, and correspondingly that of a 7x DLC will move by 7%. SGX hosts the trading of 89 DLCs on Singapore and Hong Kong stocks, including Singapore’s two most traded stocks – DBS Group Holdings (“DBS”) and Singapore Telecommunications (“Singtel”).

DBS &amp; Singtel DLC Pairs Trade in March 2020

Together, DBS and Singtel contributed 18% of the S$1.49 billion average daily turnover of Singapore’s stock market in the 2020 year through to 24 April. While DBS has been recipient of S$1.32 billion in net institutional outflow for the period, Singtel has been recipient to a lesser S$220 million in net institutional outflow. This has coincided with DBS generating a 27.9% decline in total return for the 17 weeks, with Singtel declining by a comparatively more defensive 19.9%. Furthermore, during the month of March, Singtel declined exactly one-third less than DBS, with a 15.3% decline versus DBS’ 23.0% decline.

Sophisticated investors who bought the 5x Short DBS DLC (“DFFW”) on 28 Feb 2020, while at the same time, bought the same notional dollar amount in SG 5x Long Singtel DLC (“DMQW”), would have made a 25% return not including cost and fees by the end of March.  At the same time, these investors would have mitigated part of the market risk of the pairs trade to the price ratio between the two DLCs and their underlying stocks as of 28 Feb 2020. 

<table class="table table-striped"><tbody>
<tr>
<td colspan="2">
			DBS/Singtel DLC Pairs Trade

			 
			</td>
			<td colspan="3">
			Buy (28 February)
			</td>
			<td colspan="3">
			Sell (31 March)
			</td>
		</tr>
<tr>
<td>
			Single Stock DLC
			</td>
			<td>
			Code
			</td>
			<td>
			Last Price
			</td>
			<td>
			Units
			</td>
			<td>
			Total $
			</td>
			<td>
			Last Price
			</td>
			<td>
			Units
			</td>
			<td>
			Total $
			</td>
		</tr>
<tr>
<td>
			5 x Short DBS DLC
			</td>
			<td>
			DFFW
			</td>
			<td>
			0.640
			</td>
			<td>
			10,000
			</td>
			<td>
			6,400
			</td>
			<td>
			1.420
			</td>
			<td>
			10,000
			</td>
			<td>
			14,200
			</td>
		</tr>
<tr>
<td>
			5x Long Singtel DLC
			</td>
			<td>
			DMQW
			</td>
			<td>
			0.166
			</td>
			<td>
			38,800
			</td>
			<td>
			6,441
			</td>
			<td>
			0.049
			</td>
			<td>
			38,800
			</td>
			<td>
			1,901
			</td>
		</tr>
<tr>
<td> </td>
			<td> </td>
			<td>
			Total Outlay
			</td>
			<td>
			 
			</td>
			<td>
			12,841
			</td>
			<td>
			Total 
			</td>
			<td>
			 
			</td>
			<td>
			16,101
			</td>
		</tr>
</tbody></table>
 Note: Calculation is before cost and fees. The above example is for illustrative purposes only, and is not indicative of future performance.

To have equal exposure to both 5 x Short DBS DLC and 5x Long Singtel DLC on 28 Feb, the investor would have had to buy close to four units of the 5x Long Singtel DLC for every one unit of the 5 x Short DBS DLC. This was because the price ratio of the 5 x Short DBS DLC 5x to the Long Singtel DLC was 0.386 (640/166). Hence assuming 10,000 units of the 5 x Short DBS DLC were bought at 0.640 (S$6,440), 38,800 units of the 5x Long Singtel DLC units would provide a similar notional dollar amount of (S$6,441).

With the initial outlay of S$12,881, the total position would have grown to S$16,101 as of the 31 March 2020, with a gain on the 5 x Short DBS DLC and a loss on the 5x Long Singtel DLC. Note this is purely an education example of the application of DLC trading based on prevailing market prices and DLCs are more suited to shorter-term sophisticated investors rather than investors with a medium-term timeframe spanning multiple weeks to a month. In addition, had the investor taken the converse trade and bought the 5x Short DBS DLC on 28 Feb 2020, while at the same time selling the same notional dollar amount in SG 5x Long Singtel DLC, the pairs trade would have resulted in a loss over the period.

Compounding Effect

Investors that hold the DLCs for longer than one Trading Day will notice that the return could be more or less than the leverage factor that is embedded within the DLC. This is because the performances of the underlying asset and the DLCs are reset at the end of each Trading Day.

When markets open on the next day, the performances of the underlying asset and the DLCs will be measured from the intrinsic closing levels recorded on the previous Trading Day. What this means, in practice, is the performance each day is locked in, and any subsequent returns are on top of what was achieved the day before. This is a process referred to as “compounding”.

The compounding effect can positively enhance returns in trending markets (upward or downward) whilst negatively impacting returns when the markets are more volatile or trend sideways for long periods. To learn more about the compounding effect and other features of the DLCs, click <a href="https://www.sgx.com/research-education/securities-products#Daily%20Leverage%20Certificates">here</a>.

89 DLCs on Singapore and Hong Kong Stocks

SGX hosts the trading of 89 DLCs on Singapore and Hong Kong stocks, including the three local banks, Venture, Tencent, and Geely Automobile. The single stock DLCs provide 5x leverage on the daily performance of the underlying stock. View the full list of Single Stock DLCs at the issuer’s website <a href="https://dlc.socgen.com/en/product/search">here</a> .

The table below details released, confirmed and estimated dates of upcoming earnings reports of Singapore-listed stocks over the next few weeks, sorted by date. For updated earnings release dates, check out the weekly <a href="https://www.sgxacademy.com/economiccalendar/">Economic Calendar</a>.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock Code
			</td>
			<td>
			Trading Name
			</td>
			<td>
			Type
			</td>
			<td>
			Leverage Factor
			</td>
			<td>
			Underlying Stock
			</td>
			<td>
			Quarterly Earnings Release Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			DGSW
			</td>
			<td>
			DLC SG5xShort SGX
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="3">
			SINGAPORE EXCHANGE
			</td>
			<td rowspan="3">
			24-Apr-20
			</td>
			<td rowspan="3">
			Released
			</td>
		</tr>
<tr>
<td>
			DYKW
			</td>
			<td>
			DLC SG5xShort SGX A
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DGRW
			</td>
			<td>
			DLC SG5xLong SGX
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DXUW
			</td>
			<td>
			DLC SG5xShort YZJ
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td>
			YANGZIJIANG SHIPBUILDING
			</td>
			<td>
			29-Apr-20
			</td>
			<td>
			Estimated
			</td>
		</tr>
<tr>
<td>
			DFFW
			</td>
			<td>
			DLC SG5xShort DBS
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="3">
			DBS BANK
			</td>
			<td rowspan="3">
			30-Apr-20
			</td>
			<td rowspan="3">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DOXW
			</td>
			<td>
			DLC SG5xLong DBS
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DTFW
			</td>
			<td>
			DLC SG5xShort DBS A
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DBZW
			</td>
			<td>
			DLC SG5xShort UOB
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="3">
			UNITED OVERSEAS BANK
			</td>
			<td rowspan="3">
			06-May-20
			</td>
			<td rowspan="3">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DDWW
			</td>
			<td>
			DLC SG5xLong UOB
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DEZW
			</td>
			<td>
			DLC SG5xShort UOB A
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DUZW
			</td>
			<td>
			DLC SG5xLong OCBC
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="4">
			OCBC BANK
			</td>
			<td rowspan="4">
			08-May-20
			</td>
			<td rowspan="4">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DFJW
			</td>
			<td>
			DLC SG5xShort OCBC A
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DJWW
			</td>
			<td>
			DLC SG5xShort OCBC
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DMUW
			</td>
			<td>
			DLC SG5xLong OCBC A
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DSIW
			</td>
			<td>
			DLC SG5xLong SIA
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="3">
			SINGAPORE AIRLINES
			</td>
			<td rowspan="3">
			15-May-20
			</td>
			<td rowspan="3">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DKKW
			</td>
			<td>
			DLC SG5xLong SIA A
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DSLW
			</td>
			<td>
			DLC SG5xShort SIA
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DMQW
			</td>
			<td>
			DLC SG5xLong Singtel
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			SINGTEL
			</td>
			<td rowspan="2">
			15-May-20
			</td>
			<td rowspan="2">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DDIW
			</td>
			<td>
			DLC SG5xShort Singtel
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
</tbody></table>
Note also that DBS Bank and OCBC Bank have said they will unveil detailed earnings reports semi-annually, but for 1Q and 3Q, they will provide “abridged financial disclosures”. These reports will include profit and loss account, key balance sheet items and financial ratios, as well as business commentary.

The table below details released, confirmed and estimated dates of upcoming earnings reports of Hong Kong-listed stocks over the next few weeks, sorted by date.

<table class="table table-striped"><tbody>
<tr>
<td>
			Stock Code
			</td>
			<td>
			Trading Name
			</td>
			<td>
			Type
			</td>
			<td>
			Leverage Factor
			</td>
			<td>
			Underlying Stock
			</td>
			<td>
			Quarterly Earnings Release Date
			</td>
			<td>
			Date Type
			</td>
		</tr>
<tr>
<td>
			DQBW
			</td>
			<td>
			DLC SG5xShort CMOB
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			CHINA MOBILE
			</td>
			<td rowspan="2">
			20-Apr-20
			</td>
			<td rowspan="2">
			Released
			</td>
		</tr>
<tr>
<td>
			DJAW
			</td>
			<td>
			DLC SG5xLong CMOB
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DHDW
			</td>
			<td>
			DLC SG5xLong CLIFE
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			CHINA LIFE INSURANCE CO-H
			</td>
			<td rowspan="2">
			23-Apr-20
			</td>
			<td rowspan="2">
			Released
			</td>
		</tr>
<tr>
<td>
			DNZW
			</td>
			<td>
			DLC SG5xShort CLIFE
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DCPW
			</td>
			<td>
			DLC SG5xShort PingAn
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			PING AN INSURANCE GROUP CO-H
			</td>
			<td rowspan="2">
			23-Apr-20
			</td>
			<td rowspan="2">
			Released
			</td>
		</tr>
<tr>
<td>
			DHYW
			</td>
			<td>
			DLC SG5xLong PingAn
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DZLW
			</td>
			<td>
			DLC SG5xLong HSBC
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			HSBC HOLDING
			</td>
			<td rowspan="2">
			28-Apr-20
			</td>
			<td rowspan="2">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DYAW
			</td>
			<td>
			DLC SG5xShort HSBC
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DXMW
			</td>
			<td>
			DLC SG5xLong CCB
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			CHINA CONSTRUCTION BANK
			</td>
			<td rowspan="2">
			28-Apr-20
			</td>
			<td rowspan="2">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DWBW
			</td>
			<td>
			DLC SG5xShort CCB
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DZAW
			</td>
			<td>
			DLC SG5xLong PetChina A
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="4">
			PETROCHINA CO LTD-H
			</td>
			<td rowspan="4">
			29-Apr-20
			</td>
			<td rowspan="4">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DSYW
			</td>
			<td>
			DLC SG5xLong PetChina
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			D00W
			</td>
			<td>
			DLC SG5xLong PetChina B
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DTAW
			</td>
			<td>
			DLC SG5xShort PetChina
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DKUW
			</td>
			<td>
			DLC SG5xShort CNOOC
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			CNOOC LTD
			</td>
			<td rowspan="2">
			6-May-20
			</td>
			<td rowspan="2">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DTJW
			</td>
			<td>
			DLC SG5xLong CNOOC A
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DVOW
			</td>
			<td>
			DLC SG5xLong HKEx
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			HONG KONG EXCHANGE
			</td>
			<td rowspan="2">
			7-May-20
			</td>
			<td rowspan="2">
			Confirmed
			</td>
		</tr>
<tr>
<td>
			DVVW
			</td>
			<td>
			DLC SG5xShort HKEx
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DUFW
			</td>
			<td>
			DLC SG5xLong CSPC
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="2">
			CSPC PHARMACEUTICAL GROUP
			</td>
			<td rowspan="2">
			15-May-20
			</td>
			<td rowspan="2">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DWAW
			</td>
			<td>
			DLC SG5xShort CSPC
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DANW
			</td>
			<td>
			DLC SG5xLong Tencent
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
			<td rowspan="4">
			TENCENT HOLDINGS
			</td>
			<td rowspan="4">
			15-May-20
			</td>
			<td rowspan="4">
			Estimated
			</td>
		</tr>
<tr>
<td>
			DQTW
			</td>
			<td>
			DLC SG5xShort Tencent
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DSBW
			</td>
			<td>
			DLC SG5xLongTencent A
			</td>
			<td>
			Long
			</td>
			<td>
			5x
			</td>
		</tr>
<tr>
<td>
			DDJW
			</td>
			<td>
			DLC SG5xShortTencent A
			</td>
			<td>
			Short
			</td>
			<td>
			5x
			</td>
		</tr>
</tbody></table>
 Source: Bloomberg

Specified Investment Products (SIPs)

Daily Leverage Certificates (DLCs) are for investors who are willing to accept the risk of substantial losses up to the principal investment amount, possibly within a very short time frame. Investors should also have sufficient understanding of the product and should possess either a high level of knowledge or sufficient trading experience to properly evaluate and assess the product structure, associated risks, valuation, costs and expected returns. All investors need to be Specified Investment Products (SIP) qualified to invest in DLCs.

Investors should also read all listing documents provided by the issuer for other features such as the airbag mechanism, the risks and other information related to the product before trading the DLCs. The documents can be found under company information on <a href="https://www.sgx.com/research-education/securities-products?fireglass_rsn=true#Daily%20Leverage%20Certificates">SGX</a> or the Issuer’s <a href="https://dlc.socgen.com/">website</a>.
</body></html>





DLCs, which offer flexibility to trade both rising and falling markets, provide long and short 5x leveraged exposure on the daily performance of selected Singapore and Hong Kong stocks. 
	 
	
DLCs also serves as an efficient tool  for trading these Singapore and Hong Kong stocks in pair, enabling investors to focus their trading on performance differentials between cyclical and defensive stocks, different sectors or different regions. 
	 
	Six Singapore stocks, which are continuing with the quarterly reporting framework, are expected to unveil their quarterly earnings later this month and in the month of May. For Hong Kong stocks, China Mobile, China Life Insurance and Ping An Insurance released results last week, while HSBC and China Construction Bank will report tomorrow.

Daily Leverage Certificates (DLCs) are financial instruments issued by a third-party financial institution, in this case Societe Generale, and are traded on SGX. DLCs seek to achieve short-term investment results that correspond to the daily magnified performance of the underlying index or stock.

DLCs offer investors fixed leverage of up to 7 times of the daily performance of the underlying asset (eg. market indices or single stocks). If the underlying asset moves by 1% from its closing price of the previous trading day, the value of a 3x DLC will move by 3%, and correspondingly that of a 7x DLC will move by 7%. SGX hosts the trading of 89 DLCs on Singapore and Hong Kong stocks, including Singapore’s two most traded stocks – DBS Group Holdings (“DBS”) and Singapore Telecommunications (“Singtel”).

DBS &amp; Singtel DLC Pairs Trade in March 2020

Together, DBS and Singtel contributed 18% of the S$1.49 billion average daily turnover of Singapore’s stock market in the 2020 year through to 24 April. While DBS has been recipient of S$1.32 billion in net institutional outflow for the period, Singtel has been recipient to a lesser S$220 million in net institutional outflow. This has coincided with DBS generating a 27.9% decline in total return for the 17 weeks, with Singtel declining by a comparatively more defensive 19.9%. Furthermore, during the month of March, Singtel declined exactly one-third less than DBS, with a 15.3% decline versus DBS’ 23.0% decline.

Sophisticated investors who bought the 5x Short DBS DLC (“DFFW”) on 28 Feb 2020, while at the same time, bought the same notional dollar amount in SG 5x Long Singtel DLC (“DMQW”), would have made a 25% return not including cost and fees by the end of March.  At the same time, these investors would have mitigated part of the market risk of the pairs trade to the price ratio between the two DLCs and their underlying stocks as of 28 Feb 2020. 




			DBS/Singtel DLC Pairs Trade

			 
			
			
			Buy (28 February)
			
			
			Sell (31 March)
			
		


			Single Stock DLC
			
			
			Code
			
			
			Last Price
			
			
			Units
			
			
			Total $
			
			
			Last Price
			
			
			Units
			
			
			Total $
			
		


			5 x Short DBS DLC
			
			
			DFFW
			
			
			0.640
			
			
			10,000
			
			
			6,400
			
			
			1.420
			
			
			10,000
			
			
			14,200
			
		


			5x Long Singtel DLC
			
			
			DMQW
			
			
			0.166
			
			
			38,800
			
			
			6,441
			
			
			0.049
			
			
			38,800
			
			
			1,901
			
		

 
			 
			
			Total Outlay
			
			
			 
			
			
			12,841
			
			
			Total 
			
			
			 
			
			
			16,101
			
		

 Note: Calculation is before cost and fees. The above example is for illustrative purposes only, and is not indicative of future performance.

To have equal exposure to both 5 x Short DBS DLC and 5x Long Singtel DLC on 28 Feb, the investor would have had to buy close to four units of the 5x Long Singtel DLC for every one unit of the 5 x Short DBS DLC. This was because the price ratio of the 5 x Short DBS DLC 5x to the Long Singtel DLC was 0.386 (640/166). Hence assuming 10,000 units of the 5 x Short DBS DLC were bought at 0.640 (S$6,440), 38,800 units of the 5x Long Singtel DLC units would provide a similar notional dollar amount of (S$6,441).

With the initial outlay of S$12,881, the total position would have grown to S$16,101 as of the 31 March 2020, with a gain on the 5 x Short DBS DLC and a loss on the 5x Long Singtel DLC. Note this is purely an education example of the application of DLC trading based on prevailing market prices and DLCs are more suited to shorter-term sophisticated investors rather than investors with a medium-term timeframe spanning multiple weeks to a month. In addition, had the investor taken the converse trade and bought the 5x Short DBS DLC on 28 Feb 2020, while at the same time selling the same notional dollar amount in SG 5x Long Singtel DLC, the pairs trade would have resulted in a loss over the period.

Compounding Effect

Investors that hold the DLCs for longer than one Trading Day will notice that the return could be more or less than the leverage factor that is embedded within the DLC. This is because the performances of the underlying asset and the DLCs are reset at the end of each Trading Day.

When markets open on the next day, the performances of the underlying asset and the DLCs will be measured from the intrinsic closing levels recorded on the previous Trading Day. What this means, in practice, is the performance each day is locked in, and any subsequent returns are on top of what was achieved the day before. This is a process referred to as “compounding”.

The compounding effect can positively enhance returns in trending markets (upward or downward) whilst negatively impacting returns when the markets are more volatile or trend sideways for long periods. To learn more about the compounding effect and other features of the DLCs, click here.

89 DLCs on Singapore and Hong Kong Stocks

SGX hosts the trading of 89 DLCs on Singapore and Hong Kong stocks, including the three local banks, Venture, Tencent, and Geely Automobile. The single stock DLCs provide 5x leverage on the daily performance of the underlying stock. View the full list of Single Stock DLCs at the issuer’s website here .

The table below details released, confirmed and estimated dates of upcoming earnings reports of Singapore-listed stocks over the next few weeks, sorted by date. For updated earnings release dates, check out the weekly Economic Calendar.




			Stock Code
			
			
			Trading Name
			
			
			Type
			
			
			Leverage Factor
			
			
			Underlying Stock
			
			
			Quarterly Earnings Release Date
			
			
			Date Type
			
		


			DGSW
			
			
			DLC SG5xShort SGX
			
			
			Short
			
			
			5x
			
			
			SINGAPORE EXCHANGE
			
			
			24-Apr-20
			
			
			Released
			
		


			DYKW
			
			
			DLC SG5xShort SGX A
			
			
			Short
			
			
			5x
			
		


			DGRW
			
			
			DLC SG5xLong SGX
			
			
			Long
			
			
			5x
			
		


			DXUW
			
			
			DLC SG5xShort YZJ
			
			
			Short
			
			
			5x
			
			
			YANGZIJIANG SHIPBUILDING
			
			
			29-Apr-20
			
			
			Estimated
			
		


			DFFW
			
			
			DLC SG5xShort DBS
			
			
			Short
			
			
			5x
			
			
			DBS BANK
			
			
			30-Apr-20
			
			
			Confirmed
			
		


			DOXW
			
			
			DLC SG5xLong DBS
			
			
			Long
			
			
			5x
			
		


			DTFW
			
			
			DLC SG5xShort DBS A
			
			
			Short
			
			
			5x
			
		


			DBZW
			
			
			DLC SG5xShort UOB
			
			
			Short
			
			
			5x
			
			
			UNITED OVERSEAS BANK
			
			
			06-May-20
			
			
			Confirmed
			
		


			DDWW
			
			
			DLC SG5xLong UOB
			
			
			Long
			
			
			5x
			
		


			DEZW
			
			
			DLC SG5xShort UOB A
			
			
			Short
			
			
			5x
			
		


			DUZW
			
			
			DLC SG5xLong OCBC
			
			
			Long
			
			
			5x
			
			
			OCBC BANK
			
			
			08-May-20
			
			
			Confirmed
			
		


			DFJW
			
			
			DLC SG5xShort OCBC A
			
			
			Short
			
			
			5x
			
		


			DJWW
			
			
			DLC SG5xShort OCBC
			
			
			Short
			
			
			5x
			
		


			DMUW
			
			
			DLC SG5xLong OCBC A
			
			
			Long
			
			
			5x
			
		


			DSIW
			
			
			DLC SG5xLong SIA
			
			
			Long
			
			
			5x
			
			
			SINGAPORE AIRLINES
			
			
			15-May-20
			
			
			Estimated
			
		


			DKKW
			
			
			DLC SG5xLong SIA A
			
			
			Long
			
			
			5x
			
		


			DSLW
			
			
			DLC SG5xShort SIA
			
			
			Short
			
			
			5x
			
		


			DMQW
			
			
			DLC SG5xLong Singtel
			
			
			Long
			
			
			5x
			
			
			SINGTEL
			
			
			15-May-20
			
			
			Estimated
			
		


			DDIW
			
			
			DLC SG5xShort Singtel
			
			
			Short
			
			
			5x
			
		

Note also that DBS Bank and OCBC Bank have said they will unveil detailed earnings reports semi-annually, but for 1Q and 3Q, they will provide “abridged financial disclosures”. These reports will include profit and loss account, key balance sheet items and financial ratios, as well as business commentary.

The table below details released, confirmed and estimated dates of upcoming earnings reports of Hong Kong-listed stocks over the next few weeks, sorted by date.




			Stock Code
			
			
			Trading Name
			
			
			Type
			
			
			Leverage Factor
			
			
			Underlying Stock
			
			
			Quarterly Earnings Release Date
			
			
			Date Type
			
		


			DQBW
			
			
			DLC SG5xShort CMOB
			
			
			Short
			
			
			5x
			
			
			CHINA MOBILE
			
			
			20-Apr-20
			
			
			Released
			
		


			DJAW
			
			
			DLC SG5xLong CMOB
			
			
			Long
			
			
			5x
			
		


			DHDW
			
			
			DLC SG5xLong CLIFE
			
			
			Long
			
			
			5x
			
			
			CHINA LIFE INSURANCE CO-H
			
			
			23-Apr-20
			
			
			Released
			
		


			DNZW
			
			
			DLC SG5xShort CLIFE
			
			
			Short
			
			
			5x
			
		


			DCPW
			
			
			DLC SG5xShort PingAn
			
			
			Short
			
			
			5x
			
			
			PING AN INSURANCE GROUP CO-H
			
			
			23-Apr-20
			
			
			Released
			
		


			DHYW
			
			
			DLC SG5xLong PingAn
			
			
			Long
			
			
			5x
			
		


			DZLW
			
			
			DLC SG5xLong HSBC
			
			
			Long
			
			
			5x
			
			
			HSBC HOLDING
			
			
			28-Apr-20
			
			
			Confirmed
			
		


			DYAW
			
			
			DLC SG5xShort HSBC
			
			
			Short
			
			
			5x
			
		


			DXMW
			
			
			DLC SG5xLong CCB
			
			
			Long
			
			
			5x
			
			
			CHINA CONSTRUCTION BANK
			
			
			28-Apr-20
			
			
			Confirmed
			
		


			DWBW
			
			
			DLC SG5xShort CCB
			
			
			Short
			
			
			5x
			
		


			DZAW
			
			
			DLC SG5xLong PetChina A
			
			
			Long
			
			
			5x
			
			
			PETROCHINA CO LTD-H
			
			
			29-Apr-20
			
			
			Estimated
			
		


			DSYW
			
			
			DLC SG5xLong PetChina
			
			
			Long
			
			
			5x
			
		


			D00W
			
			
			DLC SG5xLong PetChina B
			
			
			Long
			
			
			5x
			
		


			DTAW
			
			
			DLC SG5xShort PetChina
			
			
			Short
			
			
			5x
			
		


			DKUW
			
			
			DLC SG5xShort CNOOC
			
			
			Short
			
			
			5x
			
			
			CNOOC LTD
			
			
			6-May-20
			
			
			Estimated
			
		


			DTJW
			
			
			DLC SG5xLong CNOOC A
			
			
			Long
			
			
			5x
			
		


			DVOW
			
			
			DLC SG5xLong HKEx
			
			
			Long
			
			
			5x
			
			
			HONG KONG EXCHANGE
			
			
			7-May-20
			
			
			Confirmed
			
		


			DVVW
			
			
			DLC SG5xShort HKEx
			
			
			Short
			
			
			5x
			
		


			DUFW
			
			
			DLC SG5xLong CSPC
			
			
			Long
			
			
			5x
			
			
			CSPC PHARMACEUTICAL GROUP
			
			
			15-May-20
			
			
			Estimated
			
		


			DWAW
			
			
			DLC SG5xShort CSPC
			
			
			Short
			
			
			5x
			
		


			DANW
			
			
			DLC SG5xLong Tencent
			
			
			Long
			
			
			5x
			
			
			TENCENT HOLDINGS
			
			
			15-May-20
			
			
			Estimated
			
		


			DQTW
			
			
			DLC SG5xShort Tencent
			
			
			Short
			
			
			5x
			
		


			DSBW
			
			
			DLC SG5xLongTencent A
			
			
			Long
			
			
			5x
			
		


			DDJW
			
			
			DLC SG5xShortTencent A
			
			
			Short
			
			
			5x
			
		

 Source: Bloomberg

Specified Investment Products (SIPs)

Daily Leverage Certificates (DLCs) are for investors who are willing to accept the risk of substantial losses up to the principal investment amount, possibly within a very short time frame. Investors should also have sufficient understanding of the product and should possess either a high level of knowledge or sufficient trading experience to properly evaluate and assess the product structure, associated risks, valuation, costs and expected returns. All investors need to be Specified Investment Products (SIP) qualified to invest in DLCs.

Investors should also read all listing documents provided by the issuer for other features such as the airbag mechanism, the risks and other information related to the product before trading the DLCs. The documents can be found under company information on SGX or the Issuer’s website.



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