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)

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

§ The 10 biggest SGX-listed F&amp;B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August. Japfa, Thai Beverage PCL and Jumbo Group were the strongest performers of the 10.§ The next 10 biggest SGX-listed F&amp;B plays average a market cap of S$153 million, and also averaged a 23% gain in the 2016 year through to 26 August. Food Empire Holdings and Katrina Group were the amongst strongest performers of the 10.§ Katrina Group was incorporated in 1995…

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

<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

Founder Evidente. Top rated quantitative analyst, Evidente

Sam Ferraro

Founder Evidente. Top rated quantitative analyst

Evidente

Evidente is an independent financial education firm that delivers innovative financial advice to wholesale investors, including active long only funds, hedge funds, pension funds, and sovereign wealth funds, in Australia and globally.  Drawing on academic research in asset pricing, behavioural finance and portfolio construction, Evidente provides wholesale investors with commercial solutions to stock selection and asset allocation decisions across equities and other asset classes.

<ul><li>Annualised volatility in the S&amp;P500 spiked to 27% in August, its highest level since November 2011. &nbsp;Nonetheless, the 6 month moving average of volatility of 14% remains broadly in line with historical trends over the sweep of the past 45 years.</li><li>The positive surprise on 2Q US real GDP concealed the five year long stall in nominal GDP growth.&nbsp; The US Federal Reserve&rsquo;s unwillingness to combat disinflation has contributed to the growth stall.&nbsp; Investors remain unnerved by the Fed&rsquo;s willingness to tighten monetary policy at a time when inflation continues to undershoot its 2% target.</li><li>I expect financial market volatility to remain high until the Fed more clearly enunciates the goals of monetary policy and why it remains indifferent to achieving its inflation target.</li><li>In Australia, the poor 2Q capex survey confirmed that the economy is on the precipice of a 20% slump in business investment in FY2015/16.&nbsp; The long and drawn out transition from mining to non-mining capex continues to weigh on growth and frustrate the RBA.&nbsp; In my view, the re-balancing of growth will need an assist from further monetary stimulus.</li></ul>

Annualised volatility in the S&amp;P500 spiked to 27% in August, its highest level since November 2011. &nbsp;Nonetheless, the 6 month moving average of volatility of 14% remains broadly in line with historical trends over the sweep of the past 45 years.The positive surprise on 2Q US real GDP concealed the five year long stall in nominal GDP growth.&nbsp; The US Federal Reserve&rsquo;s unwillingness to combat disinflation has contributed to the growth stall.&nbsp; Investors remain unnerved by the Fed&rsquo;s willingness to tighten monetary policy at a time when inflation continues to undershoot its 2% target.I expect financial market volatility to remain high until the Fed more clearly enunciates the goals of monetary policy and why it remains indifferent to achieving its inflation target.In Australia, the poor 2Q capex survey confirmed that the economy is on the precipice of a 20% slump in business investment in FY2015/16.&nbsp; The long and drawn out transition from mining to non-mining capex continues to weigh on growth and frustrate the RBA.&nbsp; In my view, the re-balancing of growth will need an assist from further monetary stimulus.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> has traded lower over the last year and trades cheaper than some of its peers.</li>
<li>Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.</li>
<li>Potential passive buying could result in <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> outperforming peers in the near term.</li>
</ul>



Golden Agri Resources (GGR SP) has traded lower over the last year and trades cheaper than some of its peers.
Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.
Potential passive buying could result in Golden Agri Resources (GGR SP) outperforming peers in the near term.


Golden Agri-Resources (GGR SP): Could Outperform Peers

Singapore

Del Monte Pacific is a global branded food and beverage company that manufactures, processes, markets, and distributes a diverse range of products including packaged fruits, vegetables, tomato-based items, sauces, condiments, juices, and fresh and frozen pineapples. The company operates under brands such as Del Monte, S&W, Contadina, and College Inn. It was incorporated in 1999 and is headquartered in Road Town, British Virgin Islands.

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Del Monte Pacific (DELM SP)

Singapore's Strongest Food & Beverage Stocks in 2016 YTD

§ The 10 biggest SGX-listed F&B plays average a market cap of S$3.5 billion, and averaged a 23% gain in the 2016 year through to 26 August....

Singapore Exchange Ltd (SGX)

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

Weekly Impressions

Annualised volatility in the S&P500 spiked to 27% in August, its highest level since November 2011. Nonetheless, the 6 month moving average...

Sam Ferraro

Golden Agri-Resources (GGR SP): Could Outperform Peers

Golden Agri-Resources has trended lower over the last year and multiples have shrunk and the stock trades cheaper than peers. Passive buying could...

Brian Freitas

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