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>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.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.</li>
<li>The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. </li>
<li>The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.</li>
</ul>



Olam Group (OLG SP) has despatched the EGM circular to get shareholder approval for the next step in the restructuring exercise to unlock value - Olam Agri IPO.
The Olam Agri IPO through a dual primary listing (SGX ST and Saudi Arabia) involves a primary (IPO shares are 20% of enlarged shares) and secondary (25% vendor sale) offering. 
The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.


Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

<ul>
<li>On 10 January, <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a> announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. </li>
<li>The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.</li>
<li>The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.</li>
</ul>


On 10 January, Olam Group (OLG SP) announced the potential IPO of Olam Agri through a dual primary listing in SGX ST and Saudi Arabia as early as 1H2023. 
The Olam Agri IPO could raise US$1 billion, according to press reports. Olam will seek shareholder approval at an EGM for the transaction.
The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of S$1.56.


Olam Group (OLG SP): Entering the Final Stages to Unlock Value

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

<ul>
<li>A recent webinar hosted by Smartkarma with <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources</a> revealed a company confident in the outlook for both its plantation and its value-added processing businesses.</li>
<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</a> leads the industry in terms of the yields on its plantations versus both Indonesia and Malaysia and continues to replant with higher-yielding varieties.</li>
<li>The company has plentiful processing capacity for its own needs and those of third parties, which will help maintain margins. Management is confident in the outlook for palm oil prices.</li>
</ul>


A recent webinar hosted by Smartkarma with Golden Agri Resources revealed a company confident in the outlook for both its plantation and its value-added processing businesses.

Golden Agri Resources leads the industry in terms of the yields on its plantations versus both Indonesia and Malaysia and continues to replant with higher-yielding varieties.
The company has plentiful processing capacity for its own needs and those of third parties, which will help maintain margins. Management is confident in the outlook for palm oil prices.


Golden Agri Resources (GGR SP) - Replanting and Processing to Drive Future Growth

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar, we are glad to welcome <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142" rel="noopener">Golden Agri Resources (GGR SP) </a>Director, Investor Relations, Richard Fung. In the upcoming Webinar, Richard will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>. A live Q&amp;A session will follow.</p><h3>The Corporate Webinar will be hosted on Tuesday, 5 July 2022, 17:00 SGT.</h3><div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89650028931" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Listed on the Singapore Exchange since 1999, Golden Agri-Resources Ltd (GAR) is one of the leading integrated palm oil plantation companies in the world, with a market capitalisation of US$2.6 billion as of 31 May 2022. During 2021, it generated revenue of over US$10 billion and underlying profit of US$603 million. GAR’s integrated operations focus on the technology-driven production and distribution of an extensive portfolio of palm-based products.</p><p>GAR encompasses an efficient end-to-end supply chain, from responsible production to global delivery. It cultivates 536 thousand hectares of palm oil plantations in Indonesia, including plasma smallholders; harvesting and extracting fresh fruit bunches into crude palm oil and palm kernel; processing into a broad range of value-added products such as cooking oil, margarine, shortening, biodiesel, and oleochemicals.</p><p>GAR has a global market presence with destination refining, ex-tank operations, and sales representative offices in several markets. GAR’s products are sold globally to approximately 100 countries. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.</p><p>Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p><p></p></div>

For our next Corporate Webinar, we are glad to welcome Golden Agri Resources (GGR SP) Director, Investor Relations, Richard Fung. In the upcoming Webinar, Richard will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst Angus Mackintosh. A live Q&amp;A session will follow.The Corporate Webinar will be hosted on Tuesday, 5 July 2022, 17:00 SGT.Register for the Webinar hereListed on the Singapore Exchange since 1999, Golden Agri-Resources Ltd (GAR) is one of the leading integrated palm oil plantation companies in the world, with a market capitalisation of US$2.6 billion as of 31 May 2022. During 2021, it generated revenue of over US$10 billion and underlying profit of US$603 million. GAR’s integrated operations focus on the technology-driven production and distribution of an extensive portfolio of palm-based products.GAR encompasses an efficient end-to-end supply chain, from responsible production to global delivery. It cultivates 536 thousand hectares of palm oil plantations in Indonesia, including plasma smallholders; harvesting and extracting fresh fruit bunches into crude palm oil and palm kernel; processing into a broad range of value-added products such as cooking oil, margarine, shortening, biodiesel, and oleochemicals.GAR has a global market presence with destination refining, ex-tank operations, and sales representative offices in several markets. GAR’s products are sold globally to approximately 100 countries. GAR also has complementary businesses such as soybean-based products in China, sunflower-based products in India, and sugar businesses.Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Golden Agri-Resources: From Seed to Shelf

Singapore

Golden Agri-Resources (GAR) is a leading seed-to-shelf agribusiness primarily engaged in the palm oil industry. The company cultivates oil palms, extracts crude palm oil, and processes it into various value-added products including cooking oil, margarine, shortening, biodiesel, and oleochemicals. GAR also has complementary businesses in soybean-based products, sunflower-based products, and sugar distribution. Headquartered in Singapore, the company was founded in 1996.

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Golden Agri-Resources (GGR SP)

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)

Olam Group (OLG SP): EGM on 29 March Another Step to Realize Value

The EGM marks a key step in the strategy to unlock value. Our SoTP valuation is S$2.13 per share, which is a 28% upside to the last close price.

Arun George

Olam Group (OLG SP): Entering the Final Stages to Unlock Value

The IPO marks the final stages of the strategy to unlock value. Our SoTP valuation is S$1.85 per share, a 19% upside to the last close price of...

Arun George