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>Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.</li><li>This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.</li></ul>

Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered double-digit percentage growth in daily trading turnover from their respective 2022 levels.This saw the stock rank among the 85 most traded stocks so far this year, after ranking just outside the 170 most traded stocks in 2022.

Vibrant activity among top traded stocks on SGX

<ul><li>Within the Singapore stock market, Sembcorp Industries and Seatrium have booked the most net institutional fund inflows in the year to Jul 18.</li><li>Seatrium has been Singapore’s sixth most traded stock, while Sembcorp Industries has ranked among the 15 most traded stocks, up from ranking among the 30 most traded stocks in 2022.</li><li>Overall, Singapore Exchange-listed stocks have booked S$2.8 billion of net institutional fund outflow and S 4 billion of net retail inflow in the 2023 year to Jul 18.</li></ul>

Within the Singapore stock market, Sembcorp Industries and Seatrium have booked the most net institutional fund inflows in the year to Jul 18.Seatrium has been Singapore’s sixth most traded stock, while Sembcorp Industries has ranked among the 15 most traded stocks, up from ranking among the 30 most traded stocks in 2022.Overall, Singapore Exchange-listed stocks have booked S$2.8 billion of net institutional fund outflow and S 4 billion of net retail inflow in the 2023 year to Jul 18.

Taking stock of institutional and retail fund flows

<ul><li>Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor arrivals to over 4 million in the year-to-date (YTD).</li><li>The 10 stocks booked net institutional inflows of S$186.7 million, while the broader Singapore stock market recorded over S$2.3 billion of net institutional outflows.</li><li>In the YTD ending 18 May 2023, Genting booked the highest net institutional inflows across the Singapore stock market.</li></ul>

Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor arrivals to over 4 million in the year-to-date (YTD).The 10 stocks booked net institutional inflows of S$186.7 million, while the broader Singapore stock market recorded over S$2.3 billion of net institutional outflows.In the YTD ending 18 May 2023, Genting booked the highest net institutional inflows across the Singapore stock market.

Tourism and Hospitality Stocks Benefit from Recovery Momentum

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

UOB Kay Hian

External broker reports(aggregated public sources)

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>Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected lower non-gaming revenues and presumably a less favourable normalisation of luck factor. RWS’ gaming revenue significantly trailed rival MBS’.</li><li>Resorts World Singapore’s (RWS) 1Q23 adjusted EBITDA of S$191.7m (-25% q-o-q; +54% y-o-y) accounted for 16% of our full-year forecast.</li><li>Gaming and non-gaming revenue fell 9% and 15% respectively from the seasonally strong 4Q22.</li></ul><p><em>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.</em></p>

Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected lower non-gaming revenues and presumably a less favourable normalisation of luck factor. RWS’ gaming revenue significantly trailed rival MBS’.Resorts World Singapore’s (RWS) 1Q23 adjusted EBITDA of S$191.7m (-25% q-o-q; +54% y-o-y) accounted for 16% of our full-year forecast.Gaming and non-gaming revenue fell 9% and 15% respectively from the seasonally strong 4Q22.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.

Genting Singapore - Poorer Gaming Revenues In 1Q23, But Better Quarters Ahead

<ul><li>Global consumer non-cyclical stocks have ranked among the three most strongest performing sectors since the global spotlight on US regional banks began on 9 March through to 5 May.</li><li>At the same time, the consumer cyclical sector has ranked among the three most strongest performing sectors since the beginning of 2023.</li><li>Over the past 17 weeks, Golden Agri-Resources ranked as Singapore’s fifth most traded consumer stock while booking the tenth highest net institutional inflow across the Singapore stock market and generating a 6% total return.</li></ul>

Global consumer non-cyclical stocks have ranked among the three most strongest performing sectors since the global spotlight on US regional banks began on 9 March through to 5 May.At the same time, the consumer cyclical sector has ranked among the three most strongest performing sectors since the beginning of 2023.Over the past 17 weeks, Golden Agri-Resources ranked as Singapore’s fifth most traded consumer stock while booking the tenth highest net institutional inflow across the Singapore stock market and generating a 6% total return.

Singapore

Genting Singapore develops, manages, and operates integrated resort destinations, including gaming, attractions, hospitality, MICE, leisure, and entertainment facilities. The company owns and operates Resorts World Sentosa (RWS) in Singapore, which features Universal Studios Singapore, S.E.A. Aquarium, Adventure Cove Waterpark, hotels, a casino, and MICE facilities. Genting Singapore was incorporated in 1984 and is headquartered in Singapore.

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Genting Singapore (GENS SP)

Vibrant activity among top traded stocks on SGX

Actively traded high-turnover stocks in 2023 YTD This year, close to a quarter of Singapore’s 100 most actively traded stocks have registered...

Singapore Exchange Ltd (SGX)

Taking stock of institutional and retail fund flows

Within the Singapore stock market, Sembcorp Industries and Seatrium have booked the most net institutional fund inflows in the year to Jul...

Singapore Exchange Ltd (SGX)

Tourism and Hospitality Stocks Benefit from Recovery Momentum

Singapore’s visitor arrivals surpassed 1 million in April 2023, the highest in a month since the pandemic, bringing the total number of visitor...

Singapore Exchange Ltd (SGX)

Genting Singapore - Poorer Gaming Revenues In 1Q23, But Better Quarters Ahead

Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected...

UOB Kay Hian

Recent Consumer Sector Highlights

Global consumer non-cyclical stocks have ranked among the three most strongest performing sectors since the global spotlight on US regional banks...

Singapore Exchange Ltd (SGX)

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