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>Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.</li>
<li>The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.</li>
<li>
<a href="https://www.smartkarma.com/entities/19714" target="_blank" data-smartkarma-citation="entities:19714:1">Delfi Ltd (DELFI SP)</a>, <a href="https://www.smartkarma.com/entities/15597" target="_blank" data-smartkarma-citation="entities:15597:1">Japfa Ltd (JAP SP)</a>, <a href="https://www.smartkarma.com/entities/20972" target="_blank" data-smartkarma-citation="entities:20972:1">Super Group Ltd (SUPER SP)</a>, <a href="https://www.smartkarma.com/entities/9051" target="_blank" data-smartkarma-citation="entities:9051:1">Yeo Hiap Seng Ltd</a>…</li>
</ul>


Industry Associations see ongoing transformation of Singapore’s F&amp;B industry as manufacturers look towards innovation, growth, and internationalisation.
The 10 biggest Packaged Foods &amp; Meats stocks in Singapore have averaged a 12.6% total return in the year thus far. This compared to 10.1% for Asia Pacific’s biggest Packaged Foods &amp; Meats stocks and 8.9% for the world’s biggest Packaged Foods &amp; Meats stocks.

Delfi Ltd (DELFI SP), Japfa Ltd (JAP SP), Super Group Ltd (SUPER SP), Yeo Hiap Seng Ltd…


Key Drivers of the Packaged Food Industry

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had been released a few weeks ago had seen a decline of 15.1% y-o-y in March compared to a fall of 4.5% y-o-y in February. The trade balance in March recorded a wider deficit of USD 1.746bn compared to a deficit of USD 1.104bn in February.On a 3-month moving average basis, non-oil imports increased around 10.8% y-o-y compared to an increase of 11.4%…

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club (PGOLD PM)</a> is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. </li>
<li>The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. </li>
<li>
<a href="https://www.smartkarma.com/entities/puregold-price-club-inc" target="_blank" data-smartkarma-citation="entities:13890:1" rel="noopener">Puregold Price Club</a> booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. </li>
</ul>



Puregold Price Club (PGOLD PM) is now the largest groceries company by market share in the Philippines, recently overtaking SM Retail, through its Puregold and S&amp;R Warehouse stores. 
The company's S&amp;R Warehouse is a members-only big box retailer aiming at more affluent consumers, whilst Puregold stores cater for both Sari Sari (mom&amp;pop) and less affluent consumers. 

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for FY2025. Valuations are attractive. 


Puregold Price Club (PGOLD PM) - Members Bring Benefits

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.</li>
<li>Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.</li>
<li>We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.</li>
</ul>


Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.
Cosco Capital's dividend yield and dividend payout have been increasing nicely in the past several years from 1.5% in 2021 to 3% in 2022 and 8.8% in 2023.
We found Cosco Capital using Smartkarma's Smartscore Screener. We used three criteria including market cap, dividend score of 4 or more, and total SmartScore of 4 or more.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

99 Speed Mart Retail Holdings / Equity Capital Markets

99 Speed Mart Retail Holdings (99SMART MK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.</li>
<li>99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. </li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.
99 Speed Mart Retail Holdings (99 Speedmart) operates the “99 Speedmart” chain of mini-market outlets, retailing daily necessities across Malaysia. 
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


99 Speedmart Holdings IPO Trading - Poised for a Steady Listing

Philippines

Cosco Capital, Inc. is a diversified holding company based in Manila, Philippines. It operates dominant businesses in grocery retail through Puregold Price Club and S&R Membership Shopping, specialty retail via Office Warehouse, real estate development, liquor distribution through The Keepers, and oil & mining via Alcorn Petroleum & Minerals. The company was founded in 1988 and is headquartered in Manila, Philippines.

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Cosco Capital (COSCO PM)

Key Drivers of the Packaged Food Industry

Industry Associations see ongoing transformation of Singapore’s F&B industry as manufacturers look towards innovation, growth, and...

Singapore Exchange Ltd (SGX)

Philippines: Strong Domestic Demand Reflected in Rising Imports Data

Philippines imports came in stronger than expected rising 11.7% y-o-y in March compared to a 5.6% y-o-y decline in February. Exports data which had...

Rajan Govil

Puregold Price Club (PGOLD PM) - Members Bring Benefits

Puregold Price Club booked a solid start to the year, despite seasonal disruptions, with management remaining confident about the outlook for...

Angus Mackintosh

Asian Dividend Gems: Cosco Capital

Cosco Holdings' stakes in Puregold Price Club and The Keepers Holding is worth US$1.1 billion, which is 176% higher than Cosco's current market cap.

Douglas Kim

99 Speedmart Holdings IPO Trading - Poised for a Steady Listing

99 Speed Mart Retail Holdings (99SPD MK) raised around US$530m in its Malaysia IPO. The IPO had been a mix of primary and secondary shares.

Clarence Chu

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