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>Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.</li><li>Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.</li><li>Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.</li></ul>

Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025.Financial Services and REITs saw the highest net institutional outflow, while Industrials and Real Estate (Ex-REITs) had inflow.Share buybacks totaled S$67.6 million, with significant transactions by Hongkong Land and ESR-REIT.

Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases

<ul><li>Institutions were net sellers of Singapore stocks from May 9 to May 15, with a net outflow of S$55 million.</li><li>Director transactions included acquisitions by executives in companies like Ho Bee Land, Wing Tai Holdings, and Federal International (2000).</li><li>Marco Polo Marine's revenue for 1HFY25 was S$52.7 million, with a gross margin improvement to 41.3 per cent.</li></ul>

Institutions were net sellers of Singapore stocks from May 9 to May 15, with a net outflow of S$55 million.Director transactions included acquisitions by executives in companies like Ho Bee Land, Wing Tai Holdings, and Federal International (2000).Marco Polo Marine's revenue for 1HFY25 was S$52.7 million, with a gross margin improvement to 41.3 per cent.

Directors in Developers & Maritime Stocks Elevating Interests

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>The <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">Avjennings Ltd (AVJ AU)</a> IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.</li>
<li>The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. </li>
<li>The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  </li>
</ul>


The Avjennings Ltd (AVJ AU) IE considers AVID’s A$0.655 offer fair and reasonable as it is above its A$0.54-0.61 valuation range.
The offer is conditional on shareholder and regulatory approvals (FIRB and OIO). The vote is low-risk, as SC Global (54.02% of outstanding shares) will vote in favour. 
The attractive offer represents a 98.5% premium to the undisturbed price. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.  


AVJennings (AVJ AU): Scheme Vote on 11 July

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>'s potential Offer.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)'s potential Offer.
The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

<ul>
<li>At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine (6135 JP)</a> is not a knock-out.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid</li>
<li>New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.</li>
</ul>


At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.

ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.


Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

Singapore

Ho Bee Land is a Singapore-based real estate development and investment company. It specializes in residential, commercial, and high-tech industrial projects, including luxury homes in Sentosa Cove and Grade A office developments like The Metropolis. The company was founded in 1987 and is headquartered in Singapore.

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Ho Bee Land (HOBEE SP)

Directors in Developers & Maritime Stocks Elevating Interests

Institutions were net sellers of Singapore stocks from May 9 to May 15, with a net outflow of S$55 million. Director transactions included...

Singapore Exchange Ltd (SGX)

AVJennings (AVJ AU): Scheme Vote on 11 July

This is a done deal as the largest shareholder is supportive. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.

Arun George

(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

For the month of April, 9 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Riverstone & Ho Bee Land Chairs Make Fresh Share Purchases

Institutions were net sellers of Singapore stocks with a net outflow of S$65 million, totaling S$1.73 billion for 2025. Financial Services and...

Singapore Exchange Ltd (SGX)

Directors in Developers & Maritime Stocks Elevating Interests

Institutions were net sellers of Singapore stocks from May 9 to May 15, with a net outflow of S$55 million. Director transactions included...

Singapore Exchange Ltd (SGX)

AVJennings (AVJ AU): Scheme Vote on 11 July

This is a done deal as the largest shareholder is supportive. At the last close and for a 14 August payment, the gross/annualised spread is 0.8%/2.8%.

Arun George

(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

For the month of April, 9 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett