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>CSE Global's FY24 revenue rose 18.8% y-o-y to S$861 million, with significant growth in Electrification and Automation.</li><li>The Group's operating profit and EBITDA grew by 41.3% and 29.1% y-o-y, supported by improved operating leverage.</li><li>CSE Global completed a share placement raising S$24 million, partially used for acquiring RFC Wireless, Inc.</li></ul>

CSE Global's FY24 revenue rose 18.8% y-o-y to S$861 million, with significant growth in Electrification and Automation.The Group's operating profit and EBITDA grew by 41.3% and 29.1% y-o-y, supported by improved operating leverage.CSE Global completed a share placement raising S$24 million, partially used for acquiring RFC Wireless, Inc.

10 in 10 with CSE Global - Leveraging Urbanisation, Electrification, and AI Megatrends for Growth

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

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>Strong top-line growth in the electrification business.</li><li>CSE Global reported strong topline growth for its electrification business in FY24, rising from S$334.5mn in FY23, to S$434.8mn in FY24, representing a 30.0% YoY growth.</li><li>The company’s automation business saw growth of 14.3% YoY, while its communications business saw a growth of 5.2% YoY. </li></ul>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.

Strong top-line growth in the electrification business.CSE Global reported strong topline growth for its electrification business in FY24, rising from S$334.5mn in FY23, to S$434.8mn in FY24, representing a 30.0% YoY growth.The company’s automation business saw growth of 14.3% YoY, while its communications business saw a growth of 5.2% YoY. 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.

CSE Global Ltd. (CSE SP/544.SI): Fundamentals Still Strong.

<ul><li>Singapore's Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks.</li><li>UMS, CSE Global, and Valuetronics ranked among the top 10 Mid-to-Small Cap stocks with highest net institutional inflow.</li><li>PC Partner Group anticipates FY24 net profit of at least HK$250 million, up from HK$60 million in FY23.</li></ul>

Singapore's Mid-to-Small Cap group averaged S$40 million daily trading turnover, with Technology stocks contributing 35% over 8 weeks.UMS, CSE Global, and Valuetronics ranked among the top 10 Mid-to-Small Cap stocks with highest net institutional inflow.PC Partner Group anticipates FY24 net profit of at least HK$250 million, up from HK$60 million in FY23.

Tech Sector's Recent Influence on Singapore's Mid-to-Small Cap Stocks

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>OCBC downgrades UOB to 'hold' due to new high share price, signaling potentially limited growth opportunities.</li><li>CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.</li><li>UOB Kay Hian raises Digital Core REIT's target price to 99 US cents and maintains 'buy' on SingPost, with positive outlook for both companies.</li></ul>

OCBC downgrades UOB to 'hold' due to new high share price, signaling potentially limited growth opportunities.CGSI reinitiates coverage on Food Empire, sets ambitious new target price at $1.43, indicating strong growth potential.UOB Kay Hian raises Digital Core REIT's target price to 99 US cents and maintains 'buy' on SingPost, with positive outlook for both companies.

Singapore Market Roundup (10-Jan-2025): OCBC downgrades UOB to 'hold'.

External broker reports(aggregated public sources), UOB Kay Hian

UOB Kay Hian

Backed by the UOB Group, UOB Kay Hian is one of Asia’s largest brokerage firms. Headquartered in Singapore, we are supported by more than 80 branches worldwide including a growing network of offices across Southeast Asia, Greater China, the United Kingdom and North America. Our global footprint and strong international presence have enabled us to feel the pulse of key financial markets and deliver incisive intelligence across industry sectors and asset classes. 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>CSE Global's 1Q23 revenue of S$159m (+36% y-o-y) was in line, forming 26% of our full-year estimate.</li><li>The higher revenue was mainly attributable to growth in infrastructure revenue in Australia and the Americas region as well as contributions from recent new acquisitions.</li><li>CSE Global offers an attractive 2023 dividend yield of around 8%. Maintain BUY and target price of S$0.42.</li></ul>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.

CSE Global's 1Q23 revenue of S$159m (+36% y-o-y) was in line, forming 26% of our full-year estimate.The higher revenue was mainly attributable to growth in infrastructure revenue in Australia and the Americas region as well as contributions from recent new acquisitions.CSE Global offers an attractive 2023 dividend yield of around 8%. Maintain BUY and target price of S$0.42.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.

CSE Global - 1Q23 Revenue In Line; Attractive Yield Of About 8%

Singapore

CSE Global Limited provides systems integration and information technology solutions, computer network systems, and industrial automation.  The Company also designs, manufactures, and installs management information systems. CSE Global develops, manufactures, and sells electronic and micro processor monitoring equipment.

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CSE Global Ltd (CSE SP)

10 in 10 with CSE Global - Leveraging Urbanisation, Electrification, and AI Megatrends for Growth

CSE Global's FY24 revenue rose 18.8% y-o-y to S$861 million, with significant growth in Electrification and Automation. The Group's operating...

Singapore Exchange Ltd (SGX)