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

Keppel Infrastructure Trust / Equity Bottom-Up

<p><i><b>These equity research reports are not written by the SGX.</b> SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</i></p><h2>Keppel Infrastructure Trust</h2>
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<p><strong>Investors seeking stable and regular income must have this 9%- yielding stock in their portfolio</strong></p>
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<p>Infrastructure assets can provide investors with a steady stream of income. In this article, we focus our attention on Keppel Infrastructure Trust, the largest diversified business trust in Singapore with a portfolio of strategic infrastructure assets located in Singapore, Australia and New Zealand.</p>
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<p>We initiate coverage on Keppel Infrastructure Trust, the only infrastructure trust listed on the SGX.</p>
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<p>KIT provides investors with stable distributions every quarter that are supported by long- term and defensive cash flows with governments and reputable counterparties. Distribution yield is attractive relative to most business trusts and REITs.</p>
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<p>Balance sheet is healthy with more than 90% of loans being non-recourse and debt obligations being refinanced at maturity.</p>
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<p>Future growth prospects looks promising with organic growth provided by evergreen businesses such as Ixom and City Gas due to favourable demand trends. There is also potential for more yield accretive acquisitions as net gearing ratio provides decent headroom for debt.</p>
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<p>We value Keppel Infrastructure Trust at SGD 0.565, which translates to an upside potential of 38% based on the closing price of SGD 0.410 on 26 March 2020.</p>
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These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.Keppel Infrastructure Trust



Investors seeking stable and regular income must have this 9%- yielding stock in their portfolio



Infrastructure assets can provide investors with a steady stream of income. In this article, we focus our attention on Keppel Infrastructure Trust, the largest diversified business trust in Singapore with a portfolio of strategic infrastructure assets located in Singapore, Australia and New Zealand.





We initiate coverage on Keppel Infrastructure Trust, the only infrastructure trust listed on the SGX.


KIT provides investors with stable distributions every quarter that are supported by long- term and defensive cash flows with governments and reputable counterparties. Distribution yield is attractive relative to most business trusts and REITs.


Balance sheet is healthy with more than 90% of loans being non-recourse and debt obligations being refinanced at maturity.


Future growth prospects looks promising with organic growth provided by evergreen businesses such as Ixom and City Gas due to favourable demand trends. There is also potential for more yield accretive acquisitions as net gearing ratio provides decent headroom for debt.


We value Keppel Infrastructure Trust at SGD 0.565, which translates to an upside potential of 38% based on the closing price of SGD 0.410 on 26 March 2020.












Non-SGX Report: Keppel Infrastructure Trust

10 in 10 with Keppel Infrastructure Trust - Driving Sustainable Growth

Singapore

Keppel Infrastructure Trust is a listed business trust that provides investors with the opportunity to invest in a large and well-diversified portfolio of core infrastructure assets located in jurisdictions with well-developed legal frameworks that support infrastructure investment. The Trust aims to provide long-term, regular, and sustainable distributions to its unit holders.

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Keppel Infrastructure Trust (KIT SP)

Non-SGX Report: Keppel Infrastructure Trust

These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external contributors. Please...

Singapore Exchange Ltd (SGX)

10 in 10 with Keppel Infrastructure Trust - Driving Sustainable Growth

Singapore Exchange Ltd (SGX)

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Market Cap (USDm)

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